Intrinsic value of Legacy Texas Financial Group - LTXB

Previous Close

$44.53

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$44.53

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as LTXB.

We calculate the intrinsic value of LTXB stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.70
  2.93
  3.14
  3.32
  3.49
  3.64
  3.78
  3.90
  4.01
  4.11
  4.20
  4.28
  4.35
  4.42
  4.47
  4.53
  4.57
  4.62
  4.65
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.83
  4.85
  4.87
  4.88
  4.89
Revenue, $m
  325
  334
  345
  356
  368
  382
  396
  412
  428
  446
  465
  484
  505
  528
  551
  576
  603
  631
  660
  691
  723
  758
  794
  832
  872
  914
  959
  1,005
  1,054
  1,106
Variable operating expenses, $m
  155
  160
  165
  171
  176
  183
  190
  197
  205
  214
  222
  232
  242
  253
  264
  276
  289
  302
  316
  331
  347
  363
  380
  399
  418
  438
  459
  482
  505
  530
Fixed operating expenses, $m
  9
  9
  10
  10
  10
  10
  10
  11
  11
  11
  11
  12
  12
  12
  12
  13
  13
  13
  14
  14
  14
  15
  15
  15
  16
  16
  16
  17
  17
  17
Total operating expenses, $m
  164
  169
  175
  181
  186
  193
  200
  208
  216
  225
  233
  244
  254
  265
  276
  289
  302
  315
  330
  345
  361
  378
  395
  414
  434
  454
  475
  499
  522
  547
Operating income, $m
  160
  165
  170
  176
  182
  189
  196
  204
  212
  221
  231
  241
  251
  263
  275
  288
  301
  315
  330
  346
  363
  380
  399
  418
  439
  460
  483
  507
  532
  559
EBITDA, $m
  1,057
  1,088
  1,122
  1,160
  1,200
  1,244
  1,291
  1,342
  1,396
  1,454
  1,515
  1,580
  1,649
  1,722
  1,799
  1,881
  1,967
  2,058
  2,155
  2,256
  2,363
  2,475
  2,594
  2,719
  2,850
  2,988
  3,134
  3,286
  3,447
  3,616
Interest expense (income), $m
  35
  455
  424
  434
  445
  457
  470
  484
  499
  515
  532
  550
  569
  590
  612
  635
  659
  685
  712
  741
  771
  803
  837
  872
  910
  949
  991
  1,034
  1,080
  1,128
  1,179
Earnings before tax, $m
  -295
  -260
  -264
  -269
  -275
  -281
  -288
  -295
  -302
  -311
  -319
  -329
  -338
  -349
  -360
  -372
  -384
  -397
  -411
  -425
  -441
  -457
  -474
  -492
  -510
  -530
  -551
  -573
  -596
  -620
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -295
  -260
  -264
  -269
  -275
  -281
  -288
  -295
  -302
  -311
  -319
  -329
  -338
  -349
  -360
  -372
  -384
  -397
  -411
  -425
  -441
  -457
  -474
  -492
  -510
  -530
  -551
  -573
  -596
  -620

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  6,905
  7,107
  7,330
  7,574
  7,838
  8,124
  8,431
  8,759
  9,111
  9,485
  9,883
  10,306
  10,754
  11,229
  11,731
  12,263
  12,823
  13,415
  14,040
  14,698
  15,392
  16,123
  16,892
  17,703
  18,555
  19,452
  20,396
  21,389
  22,432
  23,530
Adjusted assets (=assets-cash), $m
  6,905
  7,107
  7,330
  7,574
  7,838
  8,124
  8,431
  8,759
  9,111
  9,485
  9,883
  10,306
  10,754
  11,229
  11,731
  12,263
  12,823
  13,415
  14,040
  14,698
  15,392
  16,123
  16,892
  17,703
  18,555
  19,452
  20,396
  21,389
  22,432
  23,530
Revenue / Adjusted assets
  0.047
  0.047
  0.047
  0.047
  0.047
  0.047
  0.047
  0.047
  0.047
  0.047
  0.047
  0.047
  0.047
  0.047
  0.047
  0.047
  0.047
  0.047
  0.047
  0.047
  0.047
  0.047
  0.047
  0.047
  0.047
  0.047
  0.047
  0.047
  0.047
  0.047
Average production assets, $m
  8,972
  9,235
  9,525
  9,841
  10,185
  10,556
  10,955
  11,382
  11,838
  12,325
  12,842
  13,392
  13,974
  14,591
  15,244
  15,934
  16,663
  17,432
  18,243
  19,099
  20,001
  20,950
  21,950
  23,003
  24,111
  25,277
  26,503
  27,793
  29,149
  30,575
Working capital, $m
  -8,174
  -8,413
  -8,677
  -8,965
  -9,278
  -9,616
  -9,980
  -10,369
  -10,785
  -11,228
  -11,699
  -12,200
  -12,730
  -13,292
  -13,887
  -14,516
  -15,180
  -15,880
  -16,620
  -17,399
  -18,220
  -19,085
  -19,996
  -20,955
  -21,965
  -23,027
  -24,144
  -25,319
  -26,554
  -27,853
Total debt, $m
  7,861
  8,043
  8,243
  8,463
  8,701
  8,957
  9,234
  9,530
  9,846
  10,183
  10,541
  10,921
  11,325
  11,752
  12,205
  12,682
  13,187
  13,720
  14,282
  14,875
  15,499
  16,157
  16,849
  17,579
  18,346
  19,153
  20,003
  20,896
  21,835
  22,823
Total liabilities, $m
  6,214
  6,397
  6,597
  6,816
  7,054
  7,311
  7,587
  7,883
  8,200
  8,536
  8,895
  9,275
  9,679
  10,106
  10,558
  11,036
  11,541
  12,074
  12,636
  13,228
  13,853
  14,511
  15,203
  15,932
  16,700
  17,507
  18,357
  19,250
  20,189
  21,177
Total equity, $m
  690
  711
  733
  757
  784
  812
  843
  876
  911
  948
  988
  1,031
  1,075
  1,123
  1,173
  1,226
  1,282
  1,342
  1,404
  1,470
  1,539
  1,612
  1,689
  1,770
  1,856
  1,945
  2,040
  2,139
  2,243
  2,353
Total liabilities and equity, $m
  6,904
  7,108
  7,330
  7,573
  7,838
  8,123
  8,430
  8,759
  9,111
  9,484
  9,883
  10,306
  10,754
  11,229
  11,731
  12,262
  12,823
  13,416
  14,040
  14,698
  15,392
  16,123
  16,892
  17,702
  18,556
  19,452
  20,397
  21,389
  22,432
  23,530
Debt-to-equity ratio
  11.380
  11.320
  11.250
  11.170
  11.100
  11.030
  10.950
  10.880
  10.810
  10.740
  10.670
  10.600
  10.530
  10.470
  10.400
  10.340
  10.280
  10.230
  10.170
  10.120
  10.070
  10.020
  9.970
  9.930
  9.890
  9.850
  9.810
  9.770
  9.730
  9.700
Adjusted equity ratio
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -295
  -260
  -264
  -269
  -275
  -281
  -288
  -295
  -302
  -311
  -319
  -329
  -338
  -349
  -360
  -372
  -384
  -397
  -411
  -425
  -441
  -457
  -474
  -492
  -510
  -530
  -551
  -573
  -596
  -620
Depreciation, amort., depletion, $m
  897
  924
  952
  984
  1,019
  1,056
  1,095
  1,138
  1,184
  1,232
  1,284
  1,339
  1,397
  1,459
  1,524
  1,593
  1,666
  1,743
  1,824
  1,910
  2,000
  2,095
  2,195
  2,300
  2,411
  2,528
  2,650
  2,779
  2,915
  3,057
Funds from operations, $m
  603
  664
  688
  715
  743
  774
  808
  843
  881
  922
  965
  1,011
  1,059
  1,110
  1,165
  1,222
  1,282
  1,346
  1,414
  1,485
  1,560
  1,638
  1,721
  1,809
  1,901
  1,997
  2,099
  2,206
  2,319
  2,437
Change in working capital, $m
  -215
  -239
  -264
  -288
  -313
  -338
  -363
  -389
  -416
  -443
  -471
  -501
  -531
  -562
  -595
  -629
  -664
  -701
  -739
  -779
  -821
  -865
  -911
  -959
  -1,009
  -1,062
  -1,117
  -1,175
  -1,235
  -1,299
Cash from operations, $m
  817
  903
  952
  1,003
  1,056
  1,112
  1,171
  1,233
  1,297
  1,365
  1,436
  1,511
  1,590
  1,672
  1,759
  1,850
  1,946
  2,047
  2,153
  2,264
  2,381
  2,504
  2,632
  2,768
  2,910
  3,059
  3,216
  3,381
  3,554
  3,736
Maintenance CAPEX, $m
  -872
  -897
  -924
  -952
  -984
  -1,019
  -1,056
  -1,095
  -1,138
  -1,184
  -1,232
  -1,284
  -1,339
  -1,397
  -1,459
  -1,524
  -1,593
  -1,666
  -1,743
  -1,824
  -1,910
  -2,000
  -2,095
  -2,195
  -2,300
  -2,411
  -2,528
  -2,650
  -2,779
  -2,915
New CAPEX, $m
  -248
  -263
  -290
  -317
  -344
  -371
  -399
  -427
  -456
  -486
  -517
  -549
  -583
  -617
  -653
  -690
  -729
  -769
  -811
  -855
  -902
  -950
  -1,000
  -1,053
  -1,108
  -1,166
  -1,226
  -1,290
  -1,356
  -1,426
Cash from investing activities, $m
  -1,120
  -1,160
  -1,214
  -1,269
  -1,328
  -1,390
  -1,455
  -1,522
  -1,594
  -1,670
  -1,749
  -1,833
  -1,922
  -2,014
  -2,112
  -2,214
  -2,322
  -2,435
  -2,554
  -2,679
  -2,812
  -2,950
  -3,095
  -3,248
  -3,408
  -3,577
  -3,754
  -3,940
  -4,135
  -4,341
Free cash flow, $m
  -303
  -257
  -261
  -266
  -271
  -277
  -283
  -290
  -297
  -305
  -314
  -323
  -332
  -342
  -353
  -364
  -376
  -388
  -402
  -416
  -431
  -446
  -463
  -480
  -498
  -517
  -538
  -559
  -581
  -605
Issuance/(repayment) of debt, $m
  -557
  182
  201
  219
  238
  257
  276
  296
  316
  337
  358
  381
  404
  427
  452
  478
  505
  533
  562
  593
  624
  658
  693
  729
  767
  807
  849
  893
  939
  988
Issuance/(repurchase) of shares, $m
  989
  280
  287
  294
  302
  310
  318
  328
  338
  348
  359
  371
  383
  396
  410
  425
  440
  456
  473
  491
  510
  530
  551
  573
  596
  620
  645
  672
  700
  730
Cash from financing (excl. dividends), $m  
  432
  462
  488
  513
  540
  567
  594
  624
  654
  685
  717
  752
  787
  823
  862
  903
  945
  989
  1,035
  1,084
  1,134
  1,188
  1,244
  1,302
  1,363
  1,427
  1,494
  1,565
  1,639
  1,718
Total cash flow (excl. dividends), $m
  129
  205
  226
  247
  268
  290
  311
  333
  356
  380
  404
  429
  455
  482
  510
  539
  569
  600
  633
  668
  704
  741
  781
  822
  865
  910
  957
  1,007
  1,059
  1,113
Retained Cash Flow (-), $m
  -989
  -280
  -287
  -294
  -302
  -310
  -318
  -328
  -338
  -348
  -359
  -371
  -383
  -396
  -410
  -425
  -440
  -456
  -473
  -491
  -510
  -530
  -551
  -573
  -596
  -620
  -645
  -672
  -700
  -730
Prev. year cash balance distribution, $m
  3
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  12
  12
  13
  13
  14
  14
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  32
  33
  35
  36
  38
  40
Cash available for distribution, $m
  -856
  -75
  -61
  -47
  -33
  -20
  -7
  6
  19
  32
  45
  58
  72
  85
  99
  114
  129
  144
  160
  177
  194
  212
  230
  249
  269
  290
  312
  334
  358
  383
Discount rate, %
  14.40
  15.12
  15.88
  16.67
  17.50
  18.38
  19.30
  20.26
  21.28
  22.34
  23.46
  24.63
  25.86
  27.15
  28.51
  29.94
  31.43
  33.01
  34.66
  36.39
  38.21
  40.12
  42.12
  44.23
  46.44
  48.76
  51.20
  53.76
  56.45
  59.27
PV of cash for distribution, $m
  -749
  -56
  -39
  -25
  -15
  -7
  -2
  1
  3
  4
  4
  4
  4
  3
  2
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  50.0
  35.6
  25.3
  18.1
  12.9
  9.3
  6.7
  4.8
  3.5
  2.5
  1.8
  1.3
  1.0
  0.7
  0.5
  0.4
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

LegacyTexas Financial Group, Inc. is a bank holding company. LegacyTexas Bank (the Bank) is the Company's principal operating subsidiary, which is a commercial bank that is focused on meeting the needs of businesses and consumers in the North Texas area. Its principal business consists of attracting retail deposits from general public and business community and investing those funds, along with borrowed funds, in commercial real estate loans, secured and unsecured commercial and industrial loans, as well as permanent loans secured by first and second mortgages on one- to four-family residences and consumer loans. Its Warehouse Purchase Program allows mortgage banking company customers to close one- to four-family real estate loans in their own name and manage its cash flow needs until the loans are sold to investors. It offers title services, as well as brokerage services for purchase and sale of non-deposit investment and insurance products through a third-party brokerage arrangement.

FINANCIAL RATIOS  of  Legacy Texas Financial Group (LTXB)

Valuation Ratios
P/E Ratio 21.8
Price to Sales 0
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 16.2
Price to Free Cash Flow 17.2
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 33.3%
Cap. Spend. - 3 Yr. Gr. Rate 14.9%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 25%
Total Debt to Equity 25%
Interest Coverage 5
Management Effectiveness
Return On Assets 1.5%
Ret/ On Assets - 3 Yr. Avg. 1.3%
Return On Total Capital 9.4%
Ret/ On T. Cap. - 3 Yr. Avg. 7.9%
Return On Equity 11.6%
Return On Equity - 3 Yr. Avg. 9.2%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 35.1%
Eff/ Tax Rate - 3 Yr. Avg. 35.6%
Payout Ratio 28.6%

LTXB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LTXB stock intrinsic value calculation we used $316 million for the last fiscal year's total revenue generated by Legacy Texas Financial Group. The default revenue input number comes from 2017 income statement of Legacy Texas Financial Group. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our LTXB stock valuation model: a) initial revenue growth rate of 2.7% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 14.4%, whose default value for LTXB is calculated based on our internal credit rating of Legacy Texas Financial Group, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Legacy Texas Financial Group.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of LTXB stock the variable cost ratio is equal to 47.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $9 million in the base year in the intrinsic value calculation for LTXB stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Legacy Texas Financial Group.

Corporate tax rate of 27% is the nominal tax rate for Legacy Texas Financial Group. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the LTXB stock is equal to 3.8%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for LTXB are equal to 2764.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Legacy Texas Financial Group operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for LTXB is equal to -2518.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for Legacy Texas Financial Group - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 48 million for Legacy Texas Financial Group is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Legacy Texas Financial Group at the current share price and the inputted number of shares is $2.1 billion.

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COMPANY NEWS

▶ LegacyTexas: 2Q Earnings Snapshot   [Jul-17-18 04:43PM  Associated Press]
▶ LegacyTexas: 1Q Earnings Snapshot   [Apr-17-18 04:35PM  Associated Press]
▶ Trump advisers bank among 10 DFW firms to catch break under Senate plan   [Apr-06-18 07:25AM  American City Business Journals]
▶ LegacyTexas misses Street 4Q forecasts   [Jan-23-18 04:43PM  Associated Press]
▶ LegacyTexas meets 3Q profit forecasts   [Oct-24-17 04:49PM  Associated Press]
▶ LegacyTexas beats 2Q profit forecasts   [Jul-18-17 09:32PM  Associated Press]
▶ [$$] Will This Small Bank See Texas-Sized Gains?   [Mar-24-17 07:15AM  Barrons.com]
▶ Charter Financial Sees Its Composite Rating Rise To 96   [Mar-14-17 11:21AM  Investor's Business Daily]
▶ Nick Galluccio: Buy These 4 Housing Recovery Stocks   [Jan-19-17 02:23PM  at Forbes]
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