Intrinsic value of Meritage Homes - MTH

Previous Close

$41.80

  Intrinsic Value

$58.75

stock screener

  Rating & Target

buy

+41%

Previous close

$41.80

 
Intrinsic value

$58.75

 
Up/down potential

+41%

 
Rating

buy

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

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 1.7

 

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, %
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
Revenue, $m
  3,467
  3,687
  3,916
  4,154
  4,403
  4,662
  4,932
  5,214
  5,509
  5,816
  6,138
  6,473
  6,824
  7,192
  7,576
  7,978
  8,399
  8,840
  9,302
  9,786
  10,293
  10,825
  11,382
  11,966
  12,579
  13,221
  13,895
  14,602
  15,344
  16,122
Variable operating expenses, $m
  2,966
  3,154
  3,349
  3,552
  3,764
  3,985
  4,215
  4,455
  4,706
  4,968
  5,227
  5,513
  5,812
  6,125
  6,452
  6,795
  7,153
  7,529
  7,922
  8,334
  8,766
  9,219
  9,694
  10,191
  10,713
  11,260
  11,834
  12,436
  13,068
  13,730
Fixed operating expenses, $m
  237
  242
  248
  253
  259
  264
  270
  276
  282
  288
  295
  301
  308
  315
  322
  329
  336
  343
  351
  359
  366
  374
  383
  391
  400
  409
  418
  427
  436
  446
Total operating expenses, $m
  3,203
  3,396
  3,597
  3,805
  4,023
  4,249
  4,485
  4,731
  4,988
  5,256
  5,522
  5,814
  6,120
  6,440
  6,774
  7,124
  7,489
  7,872
  8,273
  8,693
  9,132
  9,593
  10,077
  10,582
  11,113
  11,669
  12,252
  12,863
  13,504
  14,176
Operating income, $m
  263
  290
  319
  349
  380
  413
  447
  483
  521
  560
  616
  659
  704
  752
  802
  855
  910
  968
  1,029
  1,093
  1,160
  1,231
  1,306
  1,384
  1,466
  1,553
  1,644
  1,739
  1,840
  1,946
EBITDA, $m
  619
  668
  719
  773
  829
  887
  948
  1,012
  1,078
  1,148
  1,221
  1,297
  1,377
  1,461
  1,549
  1,641
  1,738
  1,840
  1,946
  2,058
  2,175
  2,299
  2,428
  2,564
  2,706
  2,856
  3,014
  3,179
  3,353
  3,535
Interest expense (income), $m
  2
  4
  4
  4
  4
  5
  6
  6
  7
  7
  8
  9
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  22
  23
  24
  26
  27
  29
Earnings before tax, $m
  259
  287
  315
  345
  375
  408
  441
  477
  514
  552
  607
  650
  694
  741
  791
  843
  897
  954
  1,014
  1,077
  1,143
  1,213
  1,286
  1,363
  1,444
  1,530
  1,619
  1,714
  1,813
  1,917
Tax expense, $m
  70
  77
  85
  93
  101
  110
  119
  129
  139
  149
  164
  175
  188
  200
  213
  227
  242
  258
  274
  291
  309
  328
  347
  368
  390
  413
  437
  463
  489
  518
Net income, $m
  189
  209
  230
  252
  274
  298
  322
  348
  375
  403
  443
  474
  507
  541
  577
  615
  655
  696
  740
  786
  835
  886
  939
  995
  1,054
  1,117
  1,182
  1,251
  1,323
  1,399

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
  36
  39
  41
  43
  46
  49
  52
  55
  58
  61
  64
  68
  71
  75
  79
  83
  88
  93
  97
  102
  108
  113
  119
  125
  132
  138
  145
  153
  161
  169
Adjusted assets (=assets-cash), $m
  36
  39
  41
  43
  46
  49
  52
  55
  58
  61
  64
  68
  71
  75
  79
  83
  88
  93
  97
  102
  108
  113
  119
  125
  132
  138
  145
  153
  161
  169
Revenue / Adjusted assets
  96.306
  94.538
  95.512
  96.605
  95.717
  95.143
  94.846
  94.800
  94.983
  95.344
  95.906
  95.191
  96.113
  95.893
  95.899
  96.120
  95.443
  95.054
  95.897
  95.941
  95.306
  95.796
  95.647
  95.728
  95.295
  95.804
  95.828
  95.438
  95.304
  95.396
Average production assets, $m
  3,418
  3,635
  3,861
  4,096
  4,341
  4,597
  4,863
  5,141
  5,432
  5,735
  6,052
  6,383
  6,729
  7,091
  7,470
  7,866
  8,282
  8,716
  9,172
  9,649
  10,149
  10,673
  11,223
  11,799
  12,403
  13,036
  13,701
  14,398
  15,129
  15,896
Working capital, $m
  -1,782
  -1,895
  -2,013
  -2,135
  -2,263
  -2,396
  -2,535
  -2,680
  -2,832
  -2,990
  -3,155
  -3,327
  -3,508
  -3,697
  -3,894
  -4,101
  -4,317
  -4,544
  -4,781
  -5,030
  -5,291
  -5,564
  -5,850
  -6,151
  -6,466
  -6,796
  -7,142
  -7,505
  -7,887
  -8,287
Total debt, $m
  16
  18
  20
  22
  24
  27
  29
  32
  35
  38
  41
  44
  47
  51
  54
  58
  62
  66
  71
  75
  80
  85
  90
  96
  101
  108
  114
  121
  128
  135
Total liabilities, $m
  33
  35
  37
  39
  41
  44
  46
  49
  52
  55
  58
  61
  64
  68
  71
  75
  79
  83
  88
  92
  97
  102
  107
  113
  118
  125
  131
  138
  145
  152
Total equity, $m
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  15
  16
  17
Total liabilities and equity, $m
  37
  39
  41
  43
  46
  49
  51
  54
  58
  61
  64
  68
  71
  76
  79
  83
  88
  92
  98
  102
  108
  113
  119
  126
  131
  139
  146
  153
  161
  169
Debt-to-equity ratio
  4.320
  4.600
  4.850
  5.090
  5.310
  5.520
  5.710
  5.890
  6.050
  6.210
  6.350
  6.490
  6.620
  6.740
  6.860
  6.960
  7.070
  7.160
  7.250
  7.340
  7.420
  7.500
  7.570
  7.640
  7.710
  7.770
  7.830
  7.890
  7.940
  7.990
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
  189
  209
  230
  252
  274
  298
  322
  348
  375
  403
  443
  474
  507
  541
  577
  615
  655
  696
  740
  786
  835
  886
  939
  995
  1,054
  1,117
  1,182
  1,251
  1,323
  1,399
Depreciation, amort., depletion, $m
  356
  378
  400
  424
  448
  474
  500
  528
  557
  588
  605
  638
  673
  709
  747
  787
  828
  872
  917
  965
  1,015
  1,067
  1,122
  1,180
  1,240
  1,304
  1,370
  1,440
  1,513
  1,590
Funds from operations, $m
  545
  587
  630
  675
  722
  771
  823
  876
  932
  991
  1,048
  1,113
  1,180
  1,250
  1,324
  1,402
  1,483
  1,568
  1,657
  1,751
  1,850
  1,953
  2,061
  2,175
  2,295
  2,420
  2,552
  2,691
  2,836
  2,989
Change in working capital, $m
  -109
  -113
  -118
  -123
  -128
  -133
  -139
  -145
  -151
  -158
  -165
  -173
  -180
  -189
  -198
  -207
  -216
  -227
  -237
  -249
  -261
  -273
  -286
  -300
  -315
  -330
  -346
  -363
  -381
  -400
Cash from operations, $m
  654
  700
  748
  798
  850
  905
  962
  1,021
  1,084
  1,149
  1,213
  1,285
  1,360
  1,439
  1,522
  1,608
  1,699
  1,795
  1,895
  2,000
  2,110
  2,226
  2,348
  2,475
  2,610
  2,751
  2,899
  3,054
  3,217
  3,389
Maintenance CAPEX, $m
  -321
  -342
  -364
  -386
  -410
  -434
  -460
  -486
  -514
  -543
  -573
  -605
  -638
  -673
  -709
  -747
  -787
  -828
  -872
  -917
  -965
  -1,015
  -1,067
  -1,122
  -1,180
  -1,240
  -1,304
  -1,370
  -1,440
  -1,513
New CAPEX, $m
  -207
  -217
  -226
  -235
  -245
  -256
  -266
  -278
  -290
  -303
  -317
  -331
  -346
  -362
  -379
  -397
  -415
  -435
  -455
  -477
  -500
  -524
  -549
  -576
  -604
  -633
  -664
  -697
  -731
  -767
Cash from investing activities, $m
  -528
  -559
  -590
  -621
  -655
  -690
  -726
  -764
  -804
  -846
  -890
  -936
  -984
  -1,035
  -1,088
  -1,144
  -1,202
  -1,263
  -1,327
  -1,394
  -1,465
  -1,539
  -1,616
  -1,698
  -1,784
  -1,873
  -1,968
  -2,067
  -2,171
  -2,280
Free cash flow, $m
  125
  141
  159
  177
  195
  215
  235
  257
  279
  303
  323
  349
  376
  404
  434
  465
  497
  532
  568
  606
  645
  687
  731
  777
  826
  877
  930
  987
  1,046
  1,109
Issuance/(repayment) of debt, $m
  -1
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
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
Cash from financing (excl. dividends), $m  
  -1
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
Total cash flow (excl. dividends), $m
  124
  143
  161
  179
  198
  217
  238
  259
  282
  305
  326
  352
  379
  408
  437
  469
  501
  536
  572
  610
  650
  692
  736
  783
  831
  883
  937
  994
  1,053
  1,116
Retained Cash Flow (-), $m
  -4
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
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
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  27
  29
  30
  32
  34
  35
  37
  39
  41
  43
  46
  48
  50
  53
  56
  58
  61
Cash available for distribution, $m
  120
  143
  160
  179
  197
  217
  238
  259
  282
  305
  326
  352
  379
  407
  437
  468
  501
  535
  572
  610
  650
  692
  736
  782
  831
  882
  936
  993
  1,053
  1,115
Discount rate, %
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
  114
  128
  134
  139
  142
  143
  143
  141
  138
  133
  125
  117
  109
  100
  90
  80
  71
  61
  52
  43
  35
  28
  22
  17
  13
  10
  7
  5
  3
  2
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

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 11.2
Price to Sales 0.6
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow -16.2
Price to Free Cash Flow -13.9
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 $3255 million for the last fiscal year's total revenue generated by Meritage Homes. The default revenue input number comes from 2017 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 6.5% 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 5.6%, 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 85.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $232 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 22.6% 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 0.4%.

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 98.6%.

Life of production assets of 10 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 -51.4%. 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 - $0 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 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 $1.7 billion.

RELATED COMPANIES Price Int.Val. Rating
HOV Hovnanian Ente 1.58 21.54  str.buy
MDC M.D.C. Holding 31.02 70.36  str.buy
LGIH LGI Homes 56.74 1,110.29  str.buy
TOL Toll Brothers 34.22 91.56  str.buy
LEN Lennar Cl A 50.99 113.93  str.buy
TMHC Taylor Morriso 19.20 54.37  str.buy
KBH KB Home 23.43 168.65  str.buy
MHO M/I Homes 25.20 160.78  str.buy
NWHM New Home 8.87 41.51  str.buy

COMPANY NEWS

▶ Buy These 6 Low Price-to-Book Stocks for Handsome Returns   [Aug-08-18 11:30AM  InvestorPlace]
▶ Meritage: 2Q Earnings Snapshot   [Jul-25-18 04:56PM  Associated Press]
▶ Earnings Preview: Meritage Homes   [10:45AM  Benzinga]
▶ $18M retail center slated near planned new 700-home Winter Park neighborhood   [Jul-24-18 03:10PM  American City Business Journals]
▶ Builder embarks on $50M development for hundreds of homes in Surprise   [Jul-18-18 09:00AM  American City Business Journals]
▶ Opendoor forges partnership with Phoenix home builders   [Jul-09-18 09:00PM  American City Business Journals]
▶ US New-Home Sales Hit 6-Month High: 4 Hot Picks   [Jun-26-18 08:49AM  Zacks]
▶ Top Cheap Stocks in June   [Jun-25-18 10:02AM  Simply Wall St.]
▶ 6 Winning Stocks to Buy as Housing Starts Hit 11-Yr High   [Jun-20-18 11:00AM  InvestorPlace]
▶ Housing Industry Stock Outlook - June 2018   [May-31-18 04:19PM  Zacks]
▶ 5 Homebuilding Stocks With Solid Momentum Post Q1 Earnings   [May-14-18 03:35PM  InvestorPlace]
▶ Three Homebuilders for Your Watchlist   [May-05-18 01:58PM  Motley Fool]
▶ Meritage Homes Corporation to Host Earnings Call   [Apr-26-18 10:00AM  ACCESSWIRE]
▶ Plans to turn Charlotte-area golf course into subdivision leave neighbors concerned   [Apr-18-18 03:04PM  American City Business Journals]
▶ Why Housing Stocks Won't Crash Like 2007   [Mar-06-18 02:00PM  Investopedia]
▶ [$$] The Housing Market's Rebound Is Far From Over   [Mar-03-18 12:01AM  Barrons.com]
▶ 5% mortgage rates would be the red zone: Housing analyst   [Feb-12-18 04:15PM  CNBC Videos]
▶ 3 Value Stocks for Retirement   [Feb-05-18 07:48PM  Motley Fool]
▶ Analysts Bullish On Homebuilder Stocks Despite Dip Here's Why   [Feb-01-18 04:54PM  Investor's Business Daily]
▶ 5 Top Stocks for January   [Jan-04-18 11:00AM  Motley Fool]
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