Intrinsic value of M/I Homes - MHO

Previous Close

$28.79

  Intrinsic Value

$51.39

stock screener

  Rating & Target

str. buy

+79%

  Value-price divergence*

-49%

Previous close

$28.79

 
Intrinsic value

$51.39

 
Up/down potential

+79%

 
Rating

str. buy

 
Value-price divergence*

-49%

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

We calculate the intrinsic value of MHO 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 0.7

 

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, %
  19.25
  14.00
  13.10
  12.29
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.49
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.22
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
Revenue, $m
  1,691
  1,928
  2,180
  2,448
  2,731
  3,029
  3,342
  3,668
  4,010
  4,366
  4,736
  5,122
  5,522
  5,939
  6,372
  6,821
  7,289
  7,775
  8,280
  8,806
  9,353
  9,923
  10,517
  11,136
  11,782
  12,456
  13,159
  13,894
  14,661
  15,463
  16,302
Variable operating expenses, $m
 
  1,787
  2,021
  2,270
  2,532
  2,808
  3,098
  3,401
  3,717
  4,047
  4,390
  4,748
  5,119
  5,505
  5,906
  6,323
  6,757
  7,207
  7,676
  8,163
  8,671
  9,199
  9,750
  10,323
  10,922
  11,547
  12,198
  12,879
  13,591
  14,334
  15,112
Fixed operating expenses, $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 operating expenses, $m
  1,583
  1,787
  2,021
  2,270
  2,532
  2,808
  3,098
  3,401
  3,717
  4,047
  4,390
  4,748
  5,119
  5,505
  5,906
  6,323
  6,757
  7,207
  7,676
  8,163
  8,671
  9,199
  9,750
  10,323
  10,922
  11,547
  12,198
  12,879
  13,591
  14,334
  15,112
Operating income, $m
  109
  141
  159
  179
  199
  221
  244
  268
  293
  319
  346
  374
  403
  434
  465
  498
  532
  568
  604
  643
  683
  724
  768
  813
  860
  909
  961
  1,014
  1,070
  1,129
  1,190
EBITDA, $m
  120
  145
  164
  184
  205
  228
  251
  276
  302
  328
  356
  385
  415
  447
  479
  513
  548
  585
  623
  662
  703
  746
  791
  837
  886
  937
  990
  1,045
  1,103
  1,163
  1,226
Interest expense (income), $m
  7
  21
  25
  30
  35
  40
  45
  51
  56
  62
  69
  75
  82
  89
  97
  105
  113
  121
  130
  139
  148
  158
  168
  178
  189
  201
  213
  225
  238
  252
  266
Earnings before tax, $m
  92
  120
  134
  149
  165
  181
  199
  217
  236
  256
  277
  299
  321
  344
  368
  393
  420
  447
  475
  504
  535
  567
  600
  635
  671
  708
  748
  789
  832
  877
  924
Tax expense, $m
  35
  32
  36
  40
  44
  49
  54
  59
  64
  69
  75
  81
  87
  93
  99
  106
  113
  121
  128
  136
  144
  153
  162
  171
  181
  191
  202
  213
  225
  237
  249
Net income, $m
  57
  87
  98
  109
  120
  132
  145
  159
  173
  187
  202
  218
  234
  251
  269
  287
  306
  326
  347
  368
  390
  414
  438
  463
  490
  517
  546
  576
  607
  640
  674

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  34
  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
  1,549
  1,727
  1,954
  2,194
  2,447
  2,714
  2,994
  3,287
  3,593
  3,912
  4,244
  4,589
  4,948
  5,321
  5,709
  6,112
  6,531
  6,967
  7,420
  7,891
  8,381
  8,892
  9,424
  9,979
  10,557
  11,161
  11,791
  12,449
  13,137
  13,856
  14,607
Adjusted assets (=assets-cash), $m
  1,515
  1,727
  1,954
  2,194
  2,447
  2,714
  2,994
  3,287
  3,593
  3,912
  4,244
  4,589
  4,948
  5,321
  5,709
  6,112
  6,531
  6,967
  7,420
  7,891
  8,381
  8,892
  9,424
  9,979
  10,557
  11,161
  11,791
  12,449
  13,137
  13,856
  14,607
Revenue / Adjusted assets
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
Average production assets, $m
  18
  21
  24
  27
  30
  33
  37
  40
  44
  48
  52
  56
  61
  65
  70
  75
  80
  86
  91
  97
  103
  109
  116
  123
  130
  137
  145
  153
  161
  170
  179
Working capital, $m
  0
  27
  31
  34
  38
  42
  47
  51
  56
  61
  66
  72
  77
  83
  89
  95
  102
  109
  116
  123
  131
  139
  147
  156
  165
  174
  184
  195
  205
  216
  228
Total debt, $m
  638
  724
  853
  989
  1,133
  1,285
  1,444
  1,610
  1,784
  1,965
  2,154
  2,350
  2,554
  2,766
  2,986
  3,215
  3,453
  3,700
  3,957
  4,225
  4,504
  4,794
  5,096
  5,411
  5,740
  6,083
  6,440
  6,814
  7,205
  7,613
  8,040
Total liabilities, $m
  894
  981
  1,110
  1,246
  1,390
  1,542
  1,701
  1,867
  2,041
  2,222
  2,411
  2,607
  2,811
  3,023
  3,243
  3,472
  3,710
  3,957
  4,214
  4,482
  4,761
  5,051
  5,353
  5,668
  5,997
  6,340
  6,697
  7,071
  7,462
  7,870
  8,297
Total equity, $m
  654
  746
  844
  948
  1,057
  1,173
  1,294
  1,420
  1,552
  1,690
  1,833
  1,983
  2,138
  2,299
  2,466
  2,641
  2,821
  3,010
  3,205
  3,409
  3,621
  3,841
  4,071
  4,311
  4,561
  4,822
  5,094
  5,378
  5,675
  5,986
  6,310
Total liabilities and equity, $m
  1,548
  1,727
  1,954
  2,194
  2,447
  2,715
  2,995
  3,287
  3,593
  3,912
  4,244
  4,590
  4,949
  5,322
  5,709
  6,113
  6,531
  6,967
  7,419
  7,891
  8,382
  8,892
  9,424
  9,979
  10,558
  11,162
  11,791
  12,449
  13,137
  13,856
  14,607
Debt-to-equity ratio
  0.976
  0.970
  1.010
  1.040
  1.070
  1.100
  1.120
  1.130
  1.150
  1.160
  1.170
  1.190
  1.190
  1.200
  1.210
  1.220
  1.220
  1.230
  1.230
  1.240
  1.240
  1.250
  1.250
  1.260
  1.260
  1.260
  1.260
  1.270
  1.270
  1.270
  1.270
Adjusted equity ratio
  0.409
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  57
  87
  98
  109
  120
  132
  145
  159
  173
  187
  202
  218
  234
  251
  269
  287
  306
  326
  347
  368
  390
  414
  438
  463
  490
  517
  546
  576
  607
  640
  674
Depreciation, amort., depletion, $m
  11
  4
  5
  5
  6
  7
  7
  8
  9
  10
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  21
  22
  23
  25
  26
  27
  29
  31
  32
  34
  36
Funds from operations, $m
  -9
  92
  102
  114
  126
  139
  153
  167
  181
  197
  213
  229
  246
  264
  283
  302
  322
  343
  365
  388
  411
  436
  461
  488
  516
  545
  575
  606
  639
  674
  710
Change in working capital, $m
  -43
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
Cash from operations, $m
  34
  88
  99
  110
  122
  135
  148
  162
  177
  192
  207
  224
  241
  258
  277
  296
  316
  336
  358
  380
  403
  428
  453
  479
  506
  535
  565
  596
  629
  663
  698
Maintenance CAPEX, $m
  0
  -4
  -4
  -5
  -5
  -6
  -7
  -7
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -31
  -32
  -34
New CAPEX, $m
  -13
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
Cash from investing activities, $m
  -32
  -7
  -7
  -8
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -14
  -15
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
Free cash flow, $m
  2
  81
  92
  103
  114
  126
  138
  151
  165
  179
  194
  209
  225
  242
  259
  277
  296
  315
  335
  356
  378
  401
  424
  449
  475
  502
  530
  559
  590
  622
  655
Issuance/(repayment) of debt, $m
  24
  120
  129
  136
  144
  152
  159
  166
  174
  181
  189
  196
  204
  212
  220
  229
  238
  247
  257
  268
  279
  290
  302
  315
  329
  343
  358
  374
  391
  408
  427
Issuance/(repurchase) of shares, $m
  0
  5
  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 from financing (excl. dividends), $m  
  24
  125
  129
  136
  144
  152
  159
  166
  174
  181
  189
  196
  204
  212
  220
  229
  238
  247
  257
  268
  279
  290
  302
  315
  329
  343
  358
  374
  391
  408
  427
Total cash flow (excl. dividends), $m
  26
  206
  221
  239
  258
  277
  297
  318
  338
  360
  382
  405
  429
  454
  479
  506
  534
  562
  592
  624
  657
  691
  727
  764
  804
  845
  888
  933
  980
  1,030
  1,082
Retained Cash Flow (-), $m
  -57
  -92
  -98
  -104
  -110
  -115
  -121
  -127
  -132
  -138
  -143
  -149
  -155
  -161
  -168
  -174
  -181
  -188
  -196
  -204
  -212
  -221
  -230
  -240
  -250
  -261
  -272
  -284
  -297
  -310
  -325
Prev. year cash balance distribution, $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 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
 
  114
  123
  135
  148
  162
  176
  191
  206
  222
  239
  256
  274
  292
  312
  332
  353
  374
  397
  420
  445
  470
  497
  525
  554
  584
  616
  649
  683
  719
  757
Discount rate, %
 
  8.30
  8.72
  9.15
  9.61
  10.09
  10.59
  11.12
  11.68
  12.26
  12.88
  13.52
  14.20
  14.91
  15.65
  16.43
  17.26
  18.12
  19.02
  19.97
  20.97
  22.02
  23.12
  24.28
  25.49
  26.77
  28.11
  29.51
  30.99
  32.54
  34.16
PV of cash for distribution, $m
 
  106
  104
  104
  103
  100
  96
  91
  85
  78
  71
  63
  56
  48
  41
  34
  28
  22
  17
  13
  10
  7
  5
  4
  2
  2
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3

M/I Homes, Inc. is a builder of single-family homes. The Company consists of two operations: homebuilding and financial services. It operates through Midwest homebuilding, Southern homebuilding, Mid-Atlantic homebuilding and financial services operations segments. The Company and its subsidiaries are engaged primarily in the construction and sale of single-family residential homes in 15 markets: Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Chicago, Illinois; Minneapolis/St. Paul, Minnesota; Tampa, Orlando and Sarasota, Florida; Austin, Dallas/Fort Worth, Houston and San Antonio, Texas; Charlotte and Raleigh, North Carolina; and the Virginia and Maryland suburbs of Washington, D.C. The Company's financial services operations support its homebuilding operations by providing mortgage loans and title services to the customers of its homebuilding operations. It markets and sells homes primarily under the M/I Homes brand (M/I Homes and Showcase Collection (by M/I)).

FINANCIAL RATIOS  of  M/I Homes (MHO)

Valuation Ratios
P/E Ratio 12.5
Price to Sales 0.4
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 20.9
Price to Free Cash Flow 33.8
Growth Rates
Sales Growth Rate 19.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 225%
Cap. Spend. - 3 Yr. Gr. Rate 45.4%
Financial Strength
Quick Ratio 1
Current Ratio NaN
LT Debt to Equity 88.8%
Total Debt to Equity 97.6%
Interest Coverage 14
Management Effectiveness
Return On Assets 4.1%
Ret/ On Assets - 3 Yr. Avg. 4.6%
Return On Total Capital 4.6%
Ret/ On T. Cap. - 3 Yr. Avg. 4.8%
Return On Equity 9.1%
Return On Equity - 3 Yr. Avg. 9.4%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 19.7%
Gross Margin - 3 Yr. Avg. 20.7%
EBITDA Margin 6.5%
EBITDA Margin - 3 Yr. Avg. 7.1%
Operating Margin 6.4%
Oper. Margin - 3 Yr. Avg. 6.9%
Pre-Tax Margin 5.4%
Pre-Tax Margin - 3 Yr. Avg. 5.8%
Net Profit Margin 3.4%
Net Profit Margin - 3 Yr. Avg. 3.7%
Effective Tax Rate 38%
Eff/ Tax Rate - 3 Yr. Avg. 35.1%
Payout Ratio 8.8%

MHO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MHO stock intrinsic value calculation we used $1691 million for the last fiscal year's total revenue generated by M/I Homes. The default revenue input number comes from 2016 income statement of M/I Homes. 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 MHO stock valuation model: a) initial revenue growth rate of 14% 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 8.3%, whose default value for MHO is calculated based on our internal credit rating of M/I Homes, 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/I Homes.
    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 MHO stock the variable cost ratio is equal to 92.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for MHO 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/I Homes.

Corporate tax rate of 27% is the nominal tax rate for M/I Homes. 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 MHO 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 MHO are equal to 1.1%.

Life of production assets of 1.6 years is the average useful life of capital assets used in M/I Homes 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 MHO is equal to 1.4%. 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 - $654 million for M/I Homes - 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 24.982 million for M/I Homes 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/I Homes at the current share price and the inputted number of shares is $0.7 billion.

RELATED COMPANIES Price Int.Val. Rating
HOV Hovnanian Ente 2.26 0.96  str.sell
MDC M.D.C. Holding 36.34 52.47  str.buy
LGIH LGI Homes 55.92 374.09  str.buy
TOL Toll Brothers 44.21 63.63  str.buy
GS Goldman Sachs 244.73 416.51  str.buy
LEN Lennar Cl A 57.50 107.14  str.buy
KBH KB Home 27.05 72.57  str.buy
NVR NVR 3,223.25 3,572.13  buy
BEN Franklin Resou 45.07 68.06  str.buy

COMPANY NEWS

▶ M/I Homes, Inc. Announces Third Quarter Earnings Webcast   [Oct-10-17 07:45AM  PR Newswire]
▶ 3 Top Homebuilders With Solid Growth to Buy Now   [Sep-15-17 09:55AM  Zacks]
▶ 5 Small Cap Value Stocks to Buy Now   [Aug-09-17 08:30PM  Zacks]
▶ M/I Homes posts 2Q profit   [Jul-26-17 08:54PM  Associated Press]
▶ Top-Rated Stock In Top-10 Group Just Beat Earnings Views   [04:24PM  Investor's Business Daily]
▶ M/I Homes, Inc. Value Analysis (NYSE:MHO) : June 26, 2017   [Jun-26-17 05:57PM  Capital Cube]
▶ Why M/I Homes (MHO) Stock Might be a Great Pick   [May-30-17 08:49AM  Zacks]
▶ 5 Home Building Stocks to Buy Post Q1 Earnings   [May-15-17 08:58AM  Zacks]
▶ Top Ranked Value Stocks to Buy for May 5th   [May-05-17 10:19AM  Zacks]
▶ Which Companies Are Now Outperforming 95% Of All Stocks?   [03:30PM  Investor's Business Daily]
▶ M/I Homes posts 1Q profit   [Apr-26-17 08:36AM  Associated Press]
▶ Housing Could Be Ready to Explode: 5 Top Stocks to Buy Now   [Apr-05-17 10:35AM  24/7 Wall St.]
▶ M/I Homes (MHO) Enters Overbought Territory   [Mar-17-17 10:26AM  Zacks]
▶ National homebuilder Mattamy Homes exiting Minnesota   [Feb-22-17 12:38PM  at bizjournals.com]
▶ National homebuilder Mattamy Homes exiting Minnesota   [12:38PM  American City Business Journals]
▶ ETFs with exposure to M/I Homes, Inc. : February 3, 2017   [Feb-03-17 11:09AM  Capital Cube]
▶ M/I Homes touts record year of homebuilding   [03:33PM  at bizjournals.com]
▶ M/I Homes touts record year of homebuilding   [03:33PM  American City Business Journals]
▶ Home Builders: Will Uncertainty Overwhelm the Fundamentals?   [Dec-29-16 10:37AM  at Barrons.com]
▶ Is M/I Homes Inc (MHO) A Good Stock to Buy?   [Dec-12-16 09:05PM  at Insider Monkey]
▶ CoLucid Pharmaceuticals Inc (CLCD) Draws Hedge Funds Attention   [Dec-09-16 11:27AM  at Insider Monkey]
Financial statements of MHO
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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