Intrinsic value of Meritage Homes - MTH

Previous Close

$52.15

  Intrinsic Value

$47.98

stock screener

  Rating & Target

hold

-8%

Previous close

$52.15

 
Intrinsic value

$47.98

 
Up/down potential

-8%

 
Rating

hold

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

We calculate the intrinsic value of MTH 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  17.95
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
Revenue, $m
  3,042
  3,255
  3,476
  3,706
  3,946
  4,195
  4,454
  4,724
  5,006
  5,299
  5,605
  5,924
  6,258
  6,606
  6,970
  7,350
  7,748
  8,164
  8,599
  9,055
  9,532
  10,032
  10,556
  11,104
  11,679
  12,282
  12,914
  13,576
  14,271
  14,999
  15,763
Variable operating expenses, $m
 
  3,017
  3,223
  3,436
  3,658
  3,889
  4,129
  4,379
  4,640
  4,912
  5,196
  5,492
  5,801
  6,124
  6,461
  6,814
  7,182
  7,568
  7,972
  8,394
  8,837
  9,300
  9,785
  10,294
  10,827
  11,385
  11,971
  12,585
  13,229
  13,904
  14,612
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
  2,824
  3,017
  3,223
  3,436
  3,658
  3,889
  4,129
  4,379
  4,640
  4,912
  5,196
  5,492
  5,801
  6,124
  6,461
  6,814
  7,182
  7,568
  7,972
  8,394
  8,837
  9,300
  9,785
  10,294
  10,827
  11,385
  11,971
  12,585
  13,229
  13,904
  14,612
Operating income, $m
  218
  238
  254
  271
  288
  306
  325
  345
  365
  387
  409
  432
  457
  482
  509
  537
  566
  596
  628
  661
  696
  732
  771
  811
  853
  897
  943
  991
  1,042
  1,095
  1,151
EBITDA, $m
  234
  241
  257
  274
  292
  310
  330
  350
  370
  392
  415
  438
  463
  489
  516
  544
  573
  604
  636
  670
  705
  742
  781
  822
  864
  909
  956
  1,005
  1,056
  1,110
  1,166
Interest expense (income), $m
  2
  38
  42
  46
  50
  54
  58
  62
  67
  71
  76
  82
  87
  93
  98
  105
  111
  118
  125
  132
  140
  148
  156
  165
  174
  184
  194
  205
  216
  228
  240
Earnings before tax, $m
  218
  199
  212
  225
  239
  253
  267
  283
  299
  315
  333
  351
  370
  390
  410
  432
  455
  478
  503
  529
  556
  584
  614
  645
  678
  712
  748
  786
  826
  867
  911
Tax expense, $m
  68
  54
  57
  61
  64
  68
  72
  76
  81
  85
  90
  95
  100
  105
  111
  117
  123
  129
  136
  143
  150
  158
  166
  174
  183
  192
  202
  212
  223
  234
  246
Net income, $m
  150
  145
  155
  164
  174
  184
  195
  206
  218
  230
  243
  256
  270
  284
  300
  315
  332
  349
  367
  386
  406
  427
  448
  471
  495
  520
  546
  574
  603
  633
  665

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  132
  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
  2,889
  2,951
  3,152
  3,360
  3,577
  3,803
  4,038
  4,283
  4,538
  4,804
  5,082
  5,371
  5,673
  5,989
  6,319
  6,664
  7,024
  7,402
  7,796
  8,210
  8,642
  9,095
  9,570
  10,067
  10,589
  11,135
  11,708
  12,308
  12,938
  13,598
  14,291
Adjusted assets (=assets-cash), $m
  2,757
  2,951
  3,152
  3,360
  3,577
  3,803
  4,038
  4,283
  4,538
  4,804
  5,082
  5,371
  5,673
  5,989
  6,319
  6,664
  7,024
  7,402
  7,796
  8,210
  8,642
  9,095
  9,570
  10,067
  10,589
  11,135
  11,708
  12,308
  12,938
  13,598
  14,291
Revenue / Adjusted assets
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
Average production assets, $m
  17
  16
  17
  19
  20
  21
  22
  24
  25
  26
  28
  30
  31
  33
  35
  37
  39
  41
  43
  45
  48
  50
  53
  56
  58
  61
  65
  68
  71
  75
  79
Working capital, $m
  0
  -140
  -149
  -159
  -170
  -180
  -192
  -203
  -215
  -228
  -241
  -255
  -269
  -284
  -300
  -316
  -333
  -351
  -370
  -389
  -410
  -431
  -454
  -477
  -502
  -528
  -555
  -584
  -614
  -645
  -678
Total debt, $m
  1,095
  1,197
  1,304
  1,415
  1,530
  1,650
  1,775
  1,906
  2,041
  2,183
  2,330
  2,484
  2,645
  2,813
  2,989
  3,172
  3,364
  3,565
  3,775
  3,995
  4,225
  4,466
  4,718
  4,983
  5,260
  5,551
  5,856
  6,175
  6,510
  6,861
  7,230
Total liabilities, $m
  1,467
  1,570
  1,677
  1,788
  1,903
  2,023
  2,148
  2,279
  2,414
  2,556
  2,703
  2,857
  3,018
  3,186
  3,362
  3,545
  3,737
  3,938
  4,148
  4,368
  4,598
  4,839
  5,091
  5,356
  5,633
  5,924
  6,229
  6,548
  6,883
  7,234
  7,603
Total equity, $m
  1,421
  1,381
  1,475
  1,573
  1,674
  1,780
  1,890
  2,004
  2,124
  2,248
  2,378
  2,514
  2,655
  2,803
  2,957
  3,119
  3,287
  3,464
  3,649
  3,842
  4,045
  4,257
  4,479
  4,712
  4,956
  5,211
  5,479
  5,760
  6,055
  6,364
  6,688
Total liabilities and equity, $m
  2,888
  2,951
  3,152
  3,361
  3,577
  3,803
  4,038
  4,283
  4,538
  4,804
  5,081
  5,371
  5,673
  5,989
  6,319
  6,664
  7,024
  7,402
  7,797
  8,210
  8,643
  9,096
  9,570
  10,068
  10,589
  11,135
  11,708
  12,308
  12,938
  13,598
  14,291
Debt-to-equity ratio
  0.771
  0.870
  0.880
  0.900
  0.910
  0.930
  0.940
  0.950
  0.960
  0.970
  0.980
  0.990
  1.000
  1.000
  1.010
  1.020
  1.020
  1.030
  1.030
  1.040
  1.040
  1.050
  1.050
  1.060
  1.060
  1.070
  1.070
  1.070
  1.080
  1.080
  1.080
Adjusted equity ratio
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  150
  145
  155
  164
  174
  184
  195
  206
  218
  230
  243
  256
  270
  284
  300
  315
  332
  349
  367
  386
  406
  427
  448
  471
  495
  520
  546
  574
  603
  633
  665
Depreciation, amort., depletion, $m
  16
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
Funds from operations, $m
  -394
  149
  158
  168
  178
  189
  200
  211
  223
  236
  249
  262
  276
  291
  307
  323
  340
  357
  376
  395
  415
  437
  459
  482
  507
  532
  559
  587
  617
  648
  680
Change in working capital, $m
  -291
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -21
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -33
Cash from operations, $m
  -103
  158
  168
  178
  188
  199
  211
  223
  235
  248
  262
  276
  291
  306
  322
  339
  357
  375
  395
  415
  436
  458
  481
  506
  531
  558
  586
  616
  647
  679
  713
Maintenance CAPEX, $m
  0
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
New CAPEX, $m
  -17
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
Cash from investing activities, $m
  -20
  -3
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -18
  -19
Free cash flow, $m
  -123
  155
  163
  173
  183
  194
  205
  217
  229
  242
  255
  269
  283
  298
  314
  330
  347
  365
  384
  404
  425
  446
  469
  493
  518
  544
  571
  600
  630
  661
  695
Issuance/(repayment) of debt, $m
  -6
  102
  107
  111
  115
  120
  125
  130
  136
  141
  148
  154
  161
  168
  176
  183
  192
  201
  210
  220
  230
  241
  253
  265
  277
  291
  305
  319
  335
  351
  369
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  -7
  102
  107
  111
  115
  120
  125
  130
  136
  141
  148
  154
  161
  168
  176
  183
  192
  201
  210
  220
  230
  241
  253
  265
  277
  291
  305
  319
  335
  351
  369
Total cash flow (excl. dividends), $m
  -131
  257
  270
  284
  299
  314
  330
  347
  365
  383
  402
  423
  444
  466
  489
  514
  539
  566
  594
  624
  655
  687
  721
  757
  795
  834
  876
  919
  965
  1,013
  1,063
Retained Cash Flow (-), $m
  -162
  -92
  -94
  -98
  -102
  -106
  -110
  -115
  -119
  -124
  -130
  -135
  -141
  -148
  -154
  -161
  -169
  -177
  -185
  -193
  -202
  -212
  -222
  -233
  -244
  -256
  -268
  -281
  -295
  -309
  -324
Prev. year cash balance distribution, $m
 
  132
  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
 
  297
  176
  187
  197
  209
  220
  233
  245
  259
  273
  287
  302
  318
  335
  352
  370
  389
  409
  430
  452
  475
  499
  524
  551
  579
  608
  638
  670
  704
  739
Discount rate, %
 
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.51
  9.99
  10.49
  11.01
  11.57
  12.14
  12.75
  13.39
  14.06
  14.76
  15.50
  16.27
  17.09
  17.94
  18.84
  19.78
  20.77
  21.81
  22.90
  24.04
  25.25
  26.51
  27.83
  29.22
PV of cash for distribution, $m
 
  277
  153
  149
  144
  138
  131
  123
  115
  105
  96
  86
  76
  67
  58
  49
  41
  34
  27
  21
  17
  13
  9
  7
  5
  3
  2
  1
  1
  1
  0
Current shareholders' claim on cash, %
  100
  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

Meritage Homes Corporation operates as a holding company. The Company is a designer and builder of single-family homes. The Company operates through two segments: homebuilding and financial services. The homebuilding segment is engaged in the business of acquiring and developing land, constructing homes, marketing and selling those homes, and providing warranty and customer services. It builds homes in the regions of the United States and offers a range of homes that are designed for a range of homebuyers, including first-time, move-up, active adult and luxury. As of December 31, 2016, it had homebuilding operations in three regions: West, Central and East, which were consisted of nine states: Arizona, California, Colorado, Texas, Florida, Georgia, North Carolina, South Carolina and Tennessee. It also operates Carefree Title Agency, Inc. (Carefree Title) company. Carefree Title's core business includes title insurance and closing/settlement services it offers to its homebuyers.

FINANCIAL RATIOS  of  Meritage Homes (MTH)

Valuation Ratios
P/E Ratio 13.9
Price to Sales 0.7
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow -20.3
Price to Free Cash Flow -17.4
Growth Rates
Sales Growth Rate 18%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 6.3%
Cap. Spend. - 3 Yr. Gr. Rate 1.2%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 77.1%
Total Debt to Equity 77.1%
Interest Coverage 110
Management Effectiveness
Return On Assets 5.4%
Ret/ On Assets - 3 Yr. Avg. 5.8%
Return On Total Capital 6.2%
Ret/ On T. Cap. - 3 Yr. Avg. 6.5%
Return On Equity 11.2%
Return On Equity - 3 Yr. Avg. 12.2%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 10.6%
Gross Margin - 3 Yr. Avg. 12.1%
EBITDA Margin 7.8%
EBITDA Margin - 3 Yr. Avg. 8.7%
Operating Margin 7.2%
Oper. Margin - 3 Yr. Avg. 8%
Pre-Tax Margin 7.2%
Pre-Tax Margin - 3 Yr. Avg. 8%
Net Profit Margin 4.9%
Net Profit Margin - 3 Yr. Avg. 5.5%
Effective Tax Rate 31.2%
Eff/ Tax Rate - 3 Yr. Avg. 31.6%
Payout Ratio 0%

MTH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MTH stock intrinsic value calculation we used $3042 million for the last fiscal year's total revenue generated by Meritage Homes. The default revenue input number comes from 2016 income statement of Meritage 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 MTH stock valuation model: a) initial revenue growth rate of 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 7.1%, whose default value for MTH is calculated based on our internal credit rating of Meritage 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 Meritage 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 MTH 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 MTH 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 Meritage Homes.

Corporate tax rate of 27% is the nominal tax rate for Meritage 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 MTH 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 MTH are equal to 0.5%.

Life of production assets of 1 years is the average useful life of capital assets used in Meritage 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 MTH is equal to -4.3%. 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 - $1421 million for Meritage 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 40.625 million for Meritage 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 Meritage Homes at the current share price and the inputted number of shares is $2.1 billion.

RELATED COMPANIES Price Int.Val. Rating
MDC M.D.C. Holding 34.46 19.56  sell
LGIH LGI Homes 71.33 754.40  str.buy
TOL Toll Brothers 51.88 71.02  buy
LEN Lennar Cl A 71.82 102.56  str.buy
TMHC Taylor Morriso 27.74 30.90  buy
KBH KB Home 34.99 91.38  str.buy
MHO M/I Homes 36.46 33.46  hold
NWHM New Home 12.88 13.47  hold

COMPANY NEWS

▶ 5 Top Stocks for January   [Jan-04-18 11:00AM  Motley Fool]
▶ Meritage Homes Corporation to Host Earnings Call   [Oct-27-17 08:25AM  ACCESSWIRE]
▶ Meritage tops 3Q profit forecasts   [07:35AM  Associated Press]
▶ Analyzing the future of the housing market   [Oct-17-17 11:35AM  Yahoo Finance Video]
▶ Earnings season kicks into high gear   [08:56AM  Yahoo Finance]
▶ 3 Value Stocks for Nest-Egg Growth   [Oct-12-17 06:32AM  Motley Fool]
▶ Stocks With Rising Relative Price Strength: Meritage Homes   [03:00AM  Investor's Business Daily]
▶ 3 Stocks to Hold for the Next 10 Years   [Sep-23-17 08:45PM  Motley Fool]
▶ Meritage beats Street 2Q forecasts   [Aug-01-17 09:32PM  Associated Press]
▶ Big builder looks to up the ante on smart homes, Wi-Fi systems   [Jul-14-17 04:05PM  American City Business Journals]
▶ 5 Home Builder Stocks That Are Ready To Boom   [Jul-12-17 12:43PM  Zacks]
▶ 3 Top Stocks You've Been Overlooking   [Jun-19-17 12:33PM  Motley Fool]
▶ ETFs with exposure to Meritage Homes Corp. : May 12, 2017   [May-12-17 04:15PM  Capital Cube]
▶ Meritage Homes Presentation at J.P. Morgan   [May-03-17 10:00AM  GlobeNewswire]
▶ Homebuilder closes on Spring Branch golf course for new community   [03:00PM  American City Business Journals]
▶ Meritage tops Street 1Q forecasts   [Apr-27-17 09:10AM  Associated Press]
▶ 10 Best Home Builders in California   [Apr-26-17 06:20PM  Insider Monkey]
Financial statements of MTH
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