Intrinsic value of M.D.C. Holdings - MDC

Previous Close

$31.38

  Intrinsic Value

$70.36

stock screener

  Rating & Target

str. buy

+124%

Previous close

$31.38

 
Intrinsic value

$70.36

 
Up/down potential

+124%

 
Rating

str. buy

We calculate the intrinsic value of MDC 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 1.8

 

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, %
  10.80
  10.22
  9.70
  9.23
  8.81
  8.42
  8.08
  7.77
  7.50
  7.25
  7.02
  6.82
  6.64
  6.47
  6.33
  6.19
  6.07
  5.97
  5.87
  5.78
  5.71
  5.63
  5.57
  5.51
  5.46
  5.42
  5.37
  5.34
  5.30
  5.27
Revenue, $m
  2,856
  3,148
  3,454
  3,772
  4,105
  4,450
  4,810
  5,184
  5,573
  5,976
  6,396
  6,832
  7,286
  7,758
  8,248
  8,759
  9,291
  9,846
  10,424
  11,027
  11,656
  12,313
  12,999
  13,715
  14,465
  15,248
  16,068
  16,925
  17,823
  18,763
Variable operating expenses, $m
  2,604
  2,869
  3,147
  3,436
  3,738
  4,052
  4,379
  4,718
  5,071
  5,438
  5,810
  6,206
  6,618
  7,047
  7,493
  7,957
  8,440
  8,944
  9,469
  10,017
  10,588
  11,185
  11,808
  12,459
  13,140
  13,851
  14,596
  15,375
  16,190
  17,044
Fixed operating expenses, $m
  64
  66
  67
  69
  70
  72
  73
  75
  77
  78
  80
  82
  84
  85
  87
  89
  91
  93
  95
  97
  99
  102
  104
  106
  109
  111
  113
  116
  118
  121
Total operating expenses, $m
  2,668
  2,935
  3,214
  3,505
  3,808
  4,124
  4,452
  4,793
  5,148
  5,516
  5,890
  6,288
  6,702
  7,132
  7,580
  8,046
  8,531
  9,037
  9,564
  10,114
  10,687
  11,287
  11,912
  12,565
  13,249
  13,962
  14,709
  15,491
  16,308
  17,165
Operating income, $m
  188
  213
  240
  268
  296
  327
  358
  391
  425
  460
  506
  544
  584
  625
  668
  713
  760
  809
  860
  913
  968
  1,026
  1,087
  1,150
  1,217
  1,286
  1,359
  1,435
  1,514
  1,598
EBITDA, $m
  502
  558
  617
  679
  743
  810
  880
  953
  1,028
  1,106
  1,188
  1,272
  1,361
  1,452
  1,548
  1,647
  1,750
  1,858
  1,971
  2,088
  2,211
  2,339
  2,473
  2,612
  2,758
  2,911
  3,071
  3,239
  3,414
  3,598
Interest expense (income), $m
  1
  12
  12
  12
  12
  12
  12
  12
  12
  12
  12
  12
  12
  12
  12
  12
  12
  12
  11
  11
  11
  11
  11
  11
  11
  11
  11
  11
  11
  11
  11
Earnings before tax, $m
  176
  201
  228
  255
  284
  315
  346
  379
  413
  448
  494
  532
  572
  614
  657
  702
  748
  797
  848
  901
  957
  1,015
  1,076
  1,139
  1,205
  1,275
  1,348
  1,424
  1,504
  1,587
Tax expense, $m
  47
  54
  61
  69
  77
  85
  93
  102
  111
  121
  133
  144
  154
  166
  177
  189
  202
  215
  229
  243
  258
  274
  290
  308
  325
  344
  364
  384
  406
  429
Net income, $m
  128
  147
  166
  187
  208
  230
  253
  276
  301
  327
  361
  389
  418
  448
  479
  512
  546
  582
  619
  658
  699
  741
  785
  832
  880
  931
  984
  1,039
  1,098
  1,159

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
  -1,742
  -1,920
  -2,106
  -2,300
  -2,503
  -2,714
  -2,933
  -3,161
  -3,398
  -3,644
  -3,900
  -4,166
  -4,443
  -4,730
  -5,030
  -5,341
  -5,666
  -6,004
  -6,356
  -6,724
  -7,107
  -7,508
  -7,926
  -8,363
  -8,820
  -9,298
  -9,797
  -10,320
  -10,868
  -11,441
Adjusted assets (=assets-cash), $m
  -1,742
  -1,920
  -2,106
  -2,300
  -2,503
  -2,714
  -2,933
  -3,161
  -3,398
  -3,644
  -3,900
  -4,166
  -4,443
  -4,730
  -5,030
  -5,341
  -5,666
  -6,004
  -6,356
  -6,724
  -7,107
  -7,508
  -7,926
  -8,363
  -8,820
  -9,298
  -9,797
  -10,320
  -10,868
  -11,441
Revenue / Adjusted assets
  -1.639
  -1.640
  -1.640
  -1.640
  -1.640
  -1.640
  -1.640
  -1.640
  -1.640
  -1.640
  -1.640
  -1.640
  -1.640
  -1.640
  -1.640
  -1.640
  -1.640
  -1.640
  -1.640
  -1.640
  -1.640
  -1.640
  -1.640
  -1.640
  -1.640
  -1.640
  -1.640
  -1.640
  -1.640
  -1.640
Average production assets, $m
  3,045
  3,356
  3,682
  4,021
  4,375
  4,744
  5,128
  5,526
  5,940
  6,371
  6,818
  7,283
  7,767
  8,270
  8,793
  9,338
  9,905
  10,496
  11,112
  11,755
  12,425
  13,125
  13,857
  14,621
  15,419
  16,254
  17,128
  18,042
  18,999
  20,001
Working capital, $m
  -1,522
  -1,678
  -1,841
  -2,011
  -2,188
  -2,372
  -2,564
  -2,763
  -2,970
  -3,185
  -3,409
  -3,642
  -3,883
  -4,135
  -4,396
  -4,669
  -4,952
  -5,248
  -5,556
  -5,877
  -6,213
  -6,563
  -6,928
  -7,310
  -7,710
  -8,127
  -8,564
  -9,021
  -9,500
  -10,001
Total debt, $m
  225
  224
  223
  223
  222
  222
  221
  220
  220
  219
  218
  217
  216
  216
  215
  214
  213
  212
  211
  210
  208
  207
  206
  205
  203
  202
  200
  199
  197
  195
Total liabilities, $m
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -26
  -28
  -29
  -31
  -33
  -34
Total equity, $m
  -1,736
  -1,914
  -2,100
  -2,293
  -2,495
  -2,705
  -2,924
  -3,151
  -3,388
  -3,633
  -3,888
  -4,154
  -4,429
  -4,716
  -5,014
  -5,325
  -5,649
  -5,986
  -6,337
  -6,704
  -7,086
  -7,485
  -7,902
  -8,338
  -8,793
  -9,270
  -9,768
  -10,289
  -10,835
  -11,406
Total liabilities and equity, $m
  -1,741
  -1,920
  -2,106
  -2,300
  -2,503
  -2,713
  -2,933
  -3,160
  -3,398
  -3,644
  -3,900
  -4,166
  -4,442
  -4,730
  -5,029
  -5,341
  -5,666
  -6,004
  -6,356
  -6,724
  -7,107
  -7,508
  -7,926
  -8,363
  -8,819
  -9,298
  -9,797
  -10,320
  -10,868
  -11,440
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  128
  147
  166
  187
  208
  230
  253
  276
  301
  327
  361
  389
  418
  448
  479
  512
  546
  582
  619
  658
  699
  741
  785
  832
  880
  931
  984
  1,039
  1,098
  1,159
Depreciation, amort., depletion, $m
  314
  345
  377
  411
  447
  484
  522
  562
  603
  646
  682
  728
  777
  827
  879
  934
  990
  1,050
  1,111
  1,175
  1,243
  1,313
  1,386
  1,462
  1,542
  1,625
  1,713
  1,804
  1,900
  2,000
Funds from operations, $m
  442
  492
  544
  598
  654
  713
  775
  838
  905
  973
  1,043
  1,117
  1,194
  1,275
  1,359
  1,446
  1,537
  1,632
  1,730
  1,833
  1,941
  2,053
  2,171
  2,294
  2,422
  2,556
  2,697
  2,844
  2,998
  3,159
Change in working capital, $m
  -148
  -156
  -163
  -170
  -177
  -184
  -192
  -199
  -207
  -215
  -224
  -233
  -242
  -251
  -262
  -272
  -284
  -296
  -308
  -321
  -335
  -350
  -366
  -382
  -399
  -418
  -437
  -457
  -478
  -501
Cash from operations, $m
  591
  647
  706
  768
  832
  898
  966
  1,038
  1,112
  1,189
  1,266
  1,349
  1,436
  1,526
  1,620
  1,718
  1,820
  1,927
  2,038
  2,155
  2,276
  2,404
  2,537
  2,676
  2,821
  2,974
  3,133
  3,301
  3,476
  3,660
Maintenance CAPEX, $m
  -275
  -304
  -336
  -368
  -402
  -438
  -474
  -513
  -553
  -594
  -637
  -682
  -728
  -777
  -827
  -879
  -934
  -990
  -1,050
  -1,111
  -1,175
  -1,243
  -1,313
  -1,386
  -1,462
  -1,542
  -1,625
  -1,713
  -1,804
  -1,900
New CAPEX, $m
  -298
  -311
  -325
  -340
  -354
  -369
  -383
  -399
  -414
  -431
  -447
  -465
  -483
  -503
  -523
  -545
  -567
  -591
  -616
  -643
  -671
  -700
  -731
  -764
  -799
  -835
  -874
  -914
  -957
  -1,002
Cash from investing activities, $m
  -573
  -615
  -661
  -708
  -756
  -807
  -857
  -912
  -967
  -1,025
  -1,084
  -1,147
  -1,211
  -1,280
  -1,350
  -1,424
  -1,501
  -1,581
  -1,666
  -1,754
  -1,846
  -1,943
  -2,044
  -2,150
  -2,261
  -2,377
  -2,499
  -2,627
  -2,761
  -2,902
Free cash flow, $m
  18
  32
  45
  60
  75
  92
  109
  126
  145
  164
  182
  203
  224
  247
  270
  294
  319
  346
  373
  401
  430
  461
  493
  526
  561
  597
  634
  674
  715
  758
Issuance/(repayment) of debt, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
Issuance/(repurchase) of shares, $m
  -169
  -177
  -186
  -194
  -202
  -210
  -219
  -227
  -236
  -246
  -255
  -265
  -276
  -287
  -298
  -311
  -323
  -337
  -351
  -367
  -382
  -399
  -417
  -436
  -455
  -476
  -498
  -521
  -546
  -571
Cash from financing (excl. dividends), $m  
  -170
  -178
  -187
  -195
  -203
  -211
  -220
  -228
  -237
  -247
  -256
  -266
  -277
  -288
  -299
  -312
  -324
  -338
  -352
  -368
  -383
  -400
  -418
  -437
  -456
  -477
  -499
  -523
  -548
  -573
Total cash flow (excl. dividends), $m
  -152
  -146
  -141
  -134
  -127
  -119
  -111
  -102
  -92
  -82
  -74
  -63
  -52
  -41
  -29
  -17
  -5
  8
  20
  33
  47
  60
  74
  89
  104
  119
  135
  151
  168
  185
Retained Cash Flow (-), $m
  169
  177
  186
  194
  202
  210
  219
  227
  236
  246
  255
  265
  276
  287
  298
  311
  323
  337
  351
  367
  382
  399
  417
  436
  455
  476
  498
  521
  546
  571
Prev. year cash balance distribution, $m
  1,568
  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
  5
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  19
  20
  21
  22
  23
  25
  26
  27
  29
  30
  32
  34
  36
Cash available for distribution, $m
  1,584
  177
  186
  194
  202
  210
  219
  227
  236
  246
  255
  265
  276
  287
  298
  311
  323
  345
  372
  400
  429
  460
  491
  525
  559
  595
  633
  672
  713
  756
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  1,519
  162
  162
  160
  157
  153
  148
  142
  136
  129
  121
  113
  105
  96
  88
  79
  70
  63
  57
  51
  44
  38
  32
  27
  22
  17
  14
  10
  8
  6
Current shareholders' claim on cash, %
  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
  100.0

M.D.C. Holdings, Inc. is engaged in two primary operations, including homebuilding and financial services. The Company's segments include West, including segments located in Arizona, California, Nevada and Washington; Mountain, including segments located in Colorado and Utah; East, including segments located in Virginia, Florida and Maryland, which includes Pennsylvania and New Jersey; mortgage operations, including HomeAmerican Mortgage Corporation, and Other, which includes Allegiant Insurance Company, Inc., StarAmerican Insurance Ltd., American Home Insurance Agency, Inc. and American Home Title and Escrow Company. The homebuilding operations consist of subsidiary companies that purchases finished lots or develop lots necessary for the construction and sale of single-family detached homes to first-time and first-time move-up homebuyers under the name Richmond American Homes. It also includes land acquisition and development, home construction, and sales and marketing.

FINANCIAL RATIOS  of  M.D.C. Holdings (MDC)

Valuation Ratios
P/E Ratio 16.9
Price to Sales 0.7
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 15
Price to Free Cash Flow 15.6
Growth Rates
Sales Growth Rate 21.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 300%
Cap. Spend. - 3 Yr. Gr. Rate 14.9%
Financial Strength
Quick Ratio 2
Current Ratio NaN
LT Debt to Equity 64.9%
Total Debt to Equity 73.6%
Interest Coverage 153
Management Effectiveness
Return On Assets 4.2%
Ret/ On Assets - 3 Yr. Avg. 3.2%
Return On Total Capital 4.6%
Ret/ On T. Cap. - 3 Yr. Avg. 3.5%
Return On Equity 8%
Return On Equity - 3 Yr. Avg. 6.2%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 17%
Gross Margin - 3 Yr. Avg. 17.3%
EBITDA Margin 6.8%
EBITDA Margin - 3 Yr. Avg. 6.2%
Operating Margin 6.4%
Oper. Margin - 3 Yr. Avg. 5.3%
Pre-Tax Margin 6.5%
Pre-Tax Margin - 3 Yr. Avg. 5.9%
Net Profit Margin 4.4%
Net Profit Margin - 3 Yr. Avg. 3.9%
Effective Tax Rate 32.2%
Eff/ Tax Rate - 3 Yr. Avg. 34.6%
Payout Ratio 47.6%

MDC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MDC stock intrinsic value calculation we used $2578 million for the last fiscal year's total revenue generated by M.D.C. Holdings. The default revenue input number comes from 2017 income statement of M.D.C. Holdings. 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 MDC stock valuation model: a) initial revenue growth rate of 10.8% 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 4.3%, whose default value for MDC is calculated based on our internal credit rating of M.D.C. Holdings, 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 M.D.C. Holdings.
    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 MDC stock the variable cost ratio is equal to 91.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $63 million in the base year in the intrinsic value calculation for MDC 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 M.D.C. Holdings.

Corporate tax rate of 27% is the nominal tax rate for M.D.C. Holdings. 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 MDC stock is equal to 0.2%.

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 MDC are equal to 106.6%.

Life of production assets of 10 years is the average useful life of capital assets used in M.D.C. Holdings 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 MDC is equal to -53.3%. 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 M.D.C. Holdings - 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 56 million for M.D.C. Holdings 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 M.D.C. Holdings at the current share price and the inputted number of shares is $1.8 billion.

RELATED COMPANIES Price Int.Val. Rating
HOV Hovnanian Ente 1.54 21.54  str.buy
KBH KB Home 23.56 168.65  str.buy
LEN Lennar Cl A 50.57 113.93  str.buy
TOL Toll Brothers 34.40 91.56  str.buy
DHI D.R. Horton 44.38 68.44  str.buy
NVR NVR 2,627.75 4,144.22  buy
MHO M/I Homes 25.64 160.78  str.buy
LGIH LGI Homes 55.96 1,110.29  str.buy
MTH Meritage Homes 41.90 58.75  buy

COMPANY NEWS

▶ M.D.C. Holdings, Inc. to Host Earnings Call   [Aug-01-18 10:30AM  ACCESSWIRE]
▶ Richmond American Introduces New Edgewood Community   [Jul-31-18 05:01PM  PR Newswire]
▶ M.D.C. Holdings Declares Quarterly Cash Dividend   [Jul-23-18 07:37PM  PR Newswire]
▶ Richmond American Introduces New Puyallup Community   [Jul-03-18 05:01PM  PR Newswire]
▶ Richmond American Homes To Break Ground In Oregon   [Jul-02-18 05:01PM  PR Newswire]
▶ Model Home Grand Opening In Hagerstown   [Jun-28-18 05:01PM  PR Newswire]
▶ MD.C. Holdings Inc. (NYSE:MDC): Commentary On Fundamentals   [Jun-19-18 05:09PM  Simply Wall St.]
▶ Are MD.C. Holdings Inc.s (NYSE:MDC) Interest Costs Too High?   [Jun-01-18 02:26PM  Simply Wall St.]
▶ Top Ranked Value Stocks to Buy for May 30th   [May-30-18 09:02AM  Zacks]
▶ Grand Opening Of New Emmitsburg Community   [May-23-18 05:01PM  PR Newswire]
▶ New Richmond American Community In Jacksonville   [May-17-18 05:01PM  PR Newswire]
▶ New Richmond American Community In Groveland   [May-15-18 05:01PM  PR Newswire]
▶ 5 Homebuilding Stocks With Solid Momentum Post Q1 Earnings   [May-14-18 03:35PM  InvestorPlace]
▶ M.D.C. Holdings Announces 2018 First Quarter Results   [May-03-18 06:00AM  PR Newswire]
▶ M.D.C. Holdings Declares Quarterly Cash Dividend   [Apr-30-18 09:00PM  PR Newswire]
▶ Richmond American To Celebrate New Community In Mesa   [Apr-12-18 05:01PM  PR Newswire]
▶ 3 Stocks That Have Doubled and Still Have Room to Grow   [Mar-24-18 11:21AM  Motley Fool]
▶ New Fallbrook Community In San Diego   [Mar-14-18 05:01PM  PR Newswire]
▶ New Richmond American Community In Jacksonville   [Mar-13-18 05:01PM  PR Newswire]
▶ New Haines City Community In Orlando   [Mar-12-18 05:01PM  PR Newswire]
▶ New Richmond American Community In Las Vegas   [Feb-28-18 05:01PM  PR Newswire]
▶ Richmond American To Celebrate New Community In Tucson   [Feb-27-18 05:01PM  PR Newswire]
▶ New Seasons Communities Coming To Jacksonville   [Feb-15-18 05:01PM  PR Newswire]
▶ New Richmond American Community In Henderson, Nevada   [Feb-12-18 05:01PM  PR Newswire]
▶ New Richmond American Community In Davenport   [Feb-05-18 05:01PM  PR Newswire]
▶ M.D.C. Holdings, Inc. to Host Earnings Call   [Feb-01-18 09:30AM  ACCESSWIRE]
▶ M.D.C. Holdings Increases Quarterly Cash Dividend By 20%   [Jan-23-18 07:30PM  PR Newswire]
▶ 3 Top Dividend Stocks to Buy Right Now   [03:37PM  Motley Fool]
▶ New Richmond American Community In Tucson, Arizona   [Jan-17-18 05:01PM  PR Newswire]
▶ Grand Opening: Two New Communities In Northern Virginia   [Jan-10-18 05:01PM  PR Newswire]
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