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

Previous Close

$36.34

  Intrinsic Value

$52.91

stock screener

  Rating & Target

buy

+46%

  Value-price divergence*

-30%

Previous close

$36.34

 
Intrinsic value

$52.91

 
Up/down potential

+46%

 
Rating

buy

 
Value-price divergence*

-30%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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 2016), $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 1.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  21.90
  13.80
  12.92
  12.13
  11.42
  10.77
  10.20
  9.68
  9.21
  8.79
  8.41
  8.07
  7.76
  7.49
  7.24
  7.01
  6.81
  6.63
  6.47
  6.32
  6.19
  6.07
  5.96
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
Revenue, $m
  2,327
  2,648
  2,990
  3,353
  3,736
  4,138
  4,560
  5,001
  5,462
  5,942
  6,442
  6,961
  7,502
  8,063
  8,647
  9,253
  9,883
  10,539
  11,220
  11,930
  12,668
  13,437
  14,238
  15,073
  15,944
  16,854
  17,803
  18,794
  19,830
  20,913
  22,045
Variable operating expenses, $m
 
  2,306
  2,604
  2,920
  3,253
  3,604
  3,971
  4,355
  4,757
  5,174
  5,610
  6,062
  6,532
  7,021
  7,529
  8,057
  8,606
  9,176
  9,770
  10,388
  11,030
  11,700
  12,398
  13,125
  13,883
  14,675
  15,502
  16,365
  17,267
  18,210
  19,196
Fixed operating expenses, $m
 
  160
  164
  168
  172
  176
  181
  185
  190
  195
  200
  205
  210
  215
  220
  226
  232
  237
  243
  249
  256
  262
  269
  275
  282
  289
  296
  304
  311
  319
  327
Total operating expenses, $m
  2,178
  2,466
  2,768
  3,088
  3,425
  3,780
  4,152
  4,540
  4,947
  5,369
  5,810
  6,267
  6,742
  7,236
  7,749
  8,283
  8,838
  9,413
  10,013
  10,637
  11,286
  11,962
  12,667
  13,400
  14,165
  14,964
  15,798
  16,669
  17,578
  18,529
  19,523
Operating income, $m
  149
  182
  222
  265
  310
  358
  408
  460
  515
  573
  632
  695
  760
  827
  897
  970
  1,046
  1,125
  1,207
  1,293
  1,382
  1,475
  1,572
  1,673
  1,779
  1,889
  2,005
  2,125
  2,252
  2,384
  2,522
EBITDA, $m
  154
  187
  228
  271
  317
  366
  417
  470
  526
  584
  644
  707
  773
  841
  912
  986
  1,063
  1,143
  1,227
  1,314
  1,404
  1,498
  1,597
  1,700
  1,807
  1,919
  2,036
  2,159
  2,287
  2,421
  2,561
Interest expense (income), $m
  1
  30
  35
  41
  47
  53
  60
  67
  74
  82
  90
  98
  106
  115
  125
  134
  144
  155
  165
  177
  188
  201
  213
  226
  240
  255
  270
  285
  302
  319
  336
Earnings before tax, $m
  152
  152
  187
  224
  263
  305
  348
  394
  441
  491
  543
  597
  653
  712
  773
  836
  902
  970
  1,042
  1,116
  1,193
  1,274
  1,359
  1,447
  1,539
  1,635
  1,735
  1,840
  1,950
  2,065
  2,186
Tax expense, $m
  49
  41
  50
  60
  71
  82
  94
  106
  119
  133
  147
  161
  176
  192
  209
  226
  243
  262
  281
  301
  322
  344
  367
  391
  415
  441
  468
  497
  527
  558
  590
Net income, $m
  103
  111
  136
  163
  192
  222
  254
  287
  322
  358
  396
  436
  477
  520
  564
  610
  658
  708
  760
  815
  871
  930
  992
  1,056
  1,123
  1,193
  1,267
  1,343
  1,424
  1,508
  1,596

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  283
  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
  2,529
  2,556
  2,886
  3,236
  3,606
  3,994
  4,402
  4,828
  5,272
  5,735
  6,218
  6,719
  7,241
  7,783
  8,346
  8,932
  9,540
  10,172
  10,830
  11,515
  12,228
  12,970
  13,743
  14,549
  15,390
  16,268
  17,184
  18,141
  19,141
  20,186
  21,279
Adjusted assets (=assets-cash), $m
  2,246
  2,556
  2,886
  3,236
  3,606
  3,994
  4,402
  4,828
  5,272
  5,735
  6,218
  6,719
  7,241
  7,783
  8,346
  8,932
  9,540
  10,172
  10,830
  11,515
  12,228
  12,970
  13,743
  14,549
  15,390
  16,268
  17,184
  18,141
  19,141
  20,186
  21,279
Revenue / Adjusted assets
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
Average production assets, $m
  28
  32
  36
  40
  45
  50
  55
  60
  66
  71
  77
  84
  90
  97
  104
  111
  119
  126
  135
  143
  152
  161
  171
  181
  191
  202
  214
  226
  238
  251
  265
Working capital, $m
  0
  -193
  -218
  -245
  -273
  -302
  -333
  -365
  -399
  -434
  -470
  -508
  -548
  -589
  -631
  -675
  -721
  -769
  -819
  -871
  -925
  -981
  -1,039
  -1,100
  -1,164
  -1,230
  -1,300
  -1,372
  -1,448
  -1,527
  -1,609
Total debt, $m
  971
  1,009
  1,171
  1,341
  1,522
  1,711
  1,910
  2,118
  2,335
  2,561
  2,796
  3,041
  3,296
  3,560
  3,835
  4,121
  4,417
  4,726
  5,047
  5,381
  5,729
  6,091
  6,469
  6,862
  7,273
  7,701
  8,148
  8,615
  9,103
  9,613
  10,146
Total liabilities, $m
  1,209
  1,247
  1,409
  1,579
  1,760
  1,949
  2,148
  2,356
  2,573
  2,799
  3,034
  3,279
  3,534
  3,798
  4,073
  4,359
  4,655
  4,964
  5,285
  5,619
  5,967
  6,329
  6,707
  7,100
  7,511
  7,939
  8,386
  8,853
  9,341
  9,851
  10,384
Total equity, $m
  1,320
  1,309
  1,478
  1,657
  1,846
  2,045
  2,254
  2,472
  2,699
  2,937
  3,183
  3,440
  3,707
  3,985
  4,273
  4,573
  4,884
  5,208
  5,545
  5,896
  6,261
  6,641
  7,037
  7,449
  7,880
  8,329
  8,798
  9,288
  9,800
  10,335
  10,895
Total liabilities and equity, $m
  2,529
  2,556
  2,887
  3,236
  3,606
  3,994
  4,402
  4,828
  5,272
  5,736
  6,217
  6,719
  7,241
  7,783
  8,346
  8,932
  9,539
  10,172
  10,830
  11,515
  12,228
  12,970
  13,744
  14,549
  15,391
  16,268
  17,184
  18,141
  19,141
  20,186
  21,279
Debt-to-equity ratio
  0.736
  0.770
  0.790
  0.810
  0.820
  0.840
  0.850
  0.860
  0.860
  0.870
  0.880
  0.880
  0.890
  0.890
  0.900
  0.900
  0.900
  0.910
  0.910
  0.910
  0.920
  0.920
  0.920
  0.920
  0.920
  0.920
  0.930
  0.930
  0.930
  0.930
  0.930
Adjusted equity ratio
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  103
  111
  136
  163
  192
  222
  254
  287
  322
  358
  396
  436
  477
  520
  564
  610
  658
  708
  760
  815
  871
  930
  992
  1,056
  1,123
  1,193
  1,267
  1,343
  1,424
  1,508
  1,596
Depreciation, amort., depletion, $m
  5
  5
  6
  7
  7
  8
  9
  9
  10
  11
  12
  12
  13
  14
  15
  16
  17
  19
  20
  21
  22
  24
  25
  27
  28
  30
  31
  33
  35
  37
  39
Funds from operations, $m
  89
  116
  142
  170
  199
  230
  263
  297
  332
  369
  408
  448
  490
  534
  579
  627
  676
  727
  780
  836
  894
  954
  1,017
  1,083
  1,151
  1,223
  1,298
  1,377
  1,459
  1,545
  1,635
Change in working capital, $m
  -27
  -23
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -64
  -66
  -69
  -72
  -76
  -79
  -83
Cash from operations, $m
  116
  140
  167
  196
  227
  260
  294
  329
  366
  404
  445
  486
  530
  575
  622
  671
  722
  775
  830
  887
  947
  1,010
  1,075
  1,144
  1,215
  1,289
  1,367
  1,449
  1,534
  1,624
  1,717
Maintenance CAPEX, $m
  0
  -4
  -5
  -5
  -6
  -7
  -7
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -19
  -20
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -37
New CAPEX, $m
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
Cash from investing activities, $m
  9
  -8
  -9
  -9
  -11
  -12
  -12
  -13
  -15
  -16
  -16
  -17
  -18
  -20
  -21
  -22
  -24
  -25
  -27
  -29
  -30
  -31
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -51
Free cash flow, $m
  125
  132
  158
  187
  217
  248
  281
  316
  352
  389
  428
  469
  511
  555
  601
  648
  698
  749
  803
  859
  918
  978
  1,042
  1,108
  1,178
  1,250
  1,326
  1,406
  1,489
  1,576
  1,667
Issuance/(repayment) of debt, $m
  26
  152
  161
  171
  180
  190
  199
  208
  217
  226
  235
  245
  255
  265
  275
  286
  297
  309
  321
  334
  348
  362
  377
  393
  410
  428
  447
  467
  488
  510
  533
Issuance/(repurchase) of shares, $m
  0
  47
  33
  16
  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 from financing (excl. dividends), $m  
  26
  199
  194
  187
  180
  190
  199
  208
  217
  226
  235
  245
  255
  265
  275
  286
  297
  309
  321
  334
  348
  362
  377
  393
  410
  428
  447
  467
  488
  510
  533
Total cash flow (excl. dividends), $m
  151
  331
  352
  373
  397
  438
  480
  523
  569
  615
  664
  713
  765
  819
  875
  934
  995
  1,058
  1,124
  1,193
  1,265
  1,341
  1,419
  1,502
  1,588
  1,679
  1,773
  1,873
  1,977
  2,086
  2,200
Retained Cash Flow (-), $m
  -64
  -158
  -169
  -179
  -189
  -199
  -209
  -218
  -228
  -237
  -247
  -257
  -267
  -278
  -288
  -300
  -312
  -324
  -337
  -351
  -365
  -380
  -396
  -413
  -431
  -449
  -469
  -490
  -512
  -535
  -560
Prev. year cash balance distribution, $m
 
  169
  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
 
  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
Cash available for distribution, $m
 
  342
  183
  194
  208
  239
  271
  305
  341
  378
  417
  457
  498
  542
  587
  634
  683
  734
  787
  843
  900
  961
  1,024
  1,089
  1,158
  1,229
  1,304
  1,383
  1,465
  1,551
  1,640
Discount rate, %
 
  6.50
  6.83
  7.17
  7.52
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.43
  17.25
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
PV of cash for distribution, $m
 
  321
  161
  158
  155
  163
  168
  170
  169
  166
  159
  151
  141
  129
  116
  103
  90
  77
  65
  53
  43
  34
  26
  20
  15
  11
  7
  5
  3
  2
  1
Current shareholders' claim on cash, %
  100
  97.2
  95.5
  94.8
  94.8
  94.8
  94.8
  94.8
  94.8
  94.8
  94.8
  94.8
  94.8
  94.8
  94.8
  94.8
  94.8
  94.8
  94.8
  94.8
  94.8
  94.8
  94.8
  94.8
  94.8
  94.8
  94.8
  94.8
  94.8
  94.8
  94.8

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 18.2
Price to Sales 0.8
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 16.1
Price to Free Cash Flow 16.7
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 $2327 million for the last fiscal year's total revenue generated by M.D.C. Holdings. The default revenue input number comes from 2016 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 13.8% 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 6.5%, 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 87.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $156 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 3.5% 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%.

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 1.2%.

Life of production assets of 6.8 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 -7.3%. 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 - $1320 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 51.885 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 $1.9 billion.

RELATED COMPANIES Price Int.Val. Rating
HOV Hovnanian Ente 2.26 0.96  str.sell
KBH KB Home 27.05 72.57  str.buy
LEN Lennar Cl A 57.50 107.14  str.buy
CAA CalAtlantic Gr 38.91 175.75  str.buy
TOL Toll Brothers 44.21 63.63  str.buy
DHI D.R. Horton 42.67 111.05  str.buy
NVR NVR 3,223.25 3,572.13  buy
MHO M/I Homes 28.79 51.33  str.buy
LGIH LGI Homes 55.92 374.09  str.buy
MTH Meritage Homes 48.40 36.60  hold

COMPANY NEWS

▶ New Phoenix Community Offers Homes With RV Garages   [Oct-20-17 05:01PM  PR Newswire]
▶ Why MDC Holdings Inc (MDC) Could Be A Buy   [Oct-13-17 10:17AM  Simply Wall St.]
▶ Why MDC Holdings Inc (MDC) Could Be A Buy   [Sep-28-17 07:35PM  Simply Wall St.]
▶ Richmond American Homes Enters Oregon Market   [Sep-21-17 05:01PM  PR Newswire]
▶ Richmond American Homes Announces September Sales Event   [Sep-14-17 05:01PM  PR Newswire]
▶ Top Fund Managers Are Buying These 4 Highly Rated Stocks   [Aug-04-17 12:45PM  Investor's Business Daily]
▶ M.D.C. Holdings beats Street 2Q forecasts   [Aug-01-17 09:32PM  Associated Press]
▶ As Homebuilders Wrap Up Earnings Season, 3 Key Names Yet To Report   [Jul-31-17 07:00PM  Investor's Business Daily]
▶ M.D.C. Holdings Declares Quarterly Cash Dividend   [Jul-24-17 08:34PM  PR Newswire]
▶ This Homebuilder Wins By Wooing New Entrants To Homeownership   [Jul-14-17 04:42PM  Investor's Business Daily]
▶ Real Estate Tech Stock Trying To Close On New Breakout   [Jul-07-17 04:10PM  Investor's Business Daily]
▶ As Homebuilders Show Strength, This Breakout Stock Gets Upgraded   [Jul-03-17 12:32PM  Investor's Business Daily]
▶ Nasdaq Cuts Losses; Is It Time To Take Gains In Apple, Other Big-Cap Techs?   [Jun-29-17 04:30PM  Investor's Business Daily]
▶ KB Home Rallies On Earnings; Peer MDC Breaks Out   [Jun-28-17 05:34AM  Investor's Business Daily]
▶ KB Home Earnings, Revenue Beat As These 4 Builders Near Buy Points   [Jun-27-17 04:54PM  Investor's Business Daily]
▶ May New Home Sales Top Views; Builder MDC Sets Up In Base   [Jun-23-17 04:45AM  Investor's Business Daily]
▶ Homebuilder Opens New Neighborhood In Las Vegas   [Jun-08-17 05:01PM  PR Newswire]
▶ Tesla, American Airlines Buoy Nasdaq; NYSE Indexes Lag A Bit   [May-09-17 02:56PM  Investor's Business Daily]
▶ M.D.C. Holdings tops Street 1Q forecasts   [06:08AM  Associated Press]
▶ 10 Best Home Builders in California   [Apr-26-17 06:20PM  Insider Monkey]
▶ M.D.C. Holdings Declares Quarterly Cash Dividend   [Apr-24-17 07:52PM  PR Newswire]
▶ Buy homebuilders on the dip?   [Mar-22-17 04:18PM  CNBC Videos]
▶ National Homebuilder Celebrates 40th Anniversary   [Feb-02-17 05:24PM  PR Newswire]
▶ M.D.C. Holdings beats Street 4Q forecasts   [06:16AM  Associated Press]
▶ M.D.C. Holdings Declares Quarterly Cash Dividend   [Jan-23-17 10:22PM  PR Newswire]
Financial statements of MDC
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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