Intrinsic value of NVR - NVR

Previous Close

$2,945.56

  Intrinsic Value

$3,572

stock screener

  Rating & Target

buy

+21%

  Value-price divergence*

-62%

Previous close

$2,945.56

 
Intrinsic value

$3,572

 
Up/down potential

+21%

 
Rating

buy

 
Value-price divergence*

-62%

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

We calculate the intrinsic value of NVR 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 11.1

 

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, %
  12.86
  11.30
  10.67
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
Revenue, $m
  5,835
  6,494
  7,187
  7,913
  8,673
  9,465
  10,290
  11,149
  12,042
  12,971
  13,936
  14,939
  15,981
  17,065
  18,191
  19,363
  20,583
  21,852
  23,174
  24,552
  25,988
  27,487
  29,051
  30,684
  32,389
  34,171
  36,034
  37,983
  40,021
  42,154
  44,387
Variable operating expenses, $m
 
  5,709
  6,318
  6,956
  7,623
  8,319
  9,045
  9,800
  10,585
  11,402
  12,250
  13,132
  14,048
  15,000
  15,990
  17,020
  18,092
  19,208
  20,370
  21,581
  22,844
  24,161
  25,536
  26,971
  28,470
  30,037
  31,674
  33,387
  35,179
  37,053
  39,016
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
  5,151
  5,709
  6,318
  6,956
  7,623
  8,319
  9,045
  9,800
  10,585
  11,402
  12,250
  13,132
  14,048
  15,000
  15,990
  17,020
  18,092
  19,208
  20,370
  21,581
  22,844
  24,161
  25,536
  26,971
  28,470
  30,037
  31,674
  33,387
  35,179
  37,053
  39,016
Operating income, $m
  683
  786
  870
  958
  1,049
  1,145
  1,245
  1,349
  1,457
  1,570
  1,686
  1,808
  1,934
  2,065
  2,201
  2,343
  2,490
  2,644
  2,804
  2,971
  3,145
  3,326
  3,515
  3,713
  3,919
  4,135
  4,360
  4,596
  4,843
  5,101
  5,371
EBITDA, $m
  705
  803
  888
  978
  1,072
  1,170
  1,272
  1,378
  1,488
  1,603
  1,723
  1,846
  1,975
  2,109
  2,248
  2,393
  2,544
  2,701
  2,864
  3,035
  3,212
  3,397
  3,591
  3,792
  4,003
  4,224
  4,454
  4,695
  4,947
  5,210
  5,486
Interest expense (income), $m
  21
  21
  26
  32
  38
  44
  50
  57
  64
  71
  78
  86
  94
  102
  111
  120
  130
  139
  150
  160
  171
  183
  195
  208
  221
  234
  249
  264
  279
  296
  313
Earnings before tax, $m
  662
  765
  843
  926
  1,012
  1,102
  1,195
  1,292
  1,394
  1,499
  1,608
  1,722
  1,840
  1,962
  2,090
  2,223
  2,361
  2,505
  2,654
  2,810
  2,973
  3,143
  3,320
  3,505
  3,698
  3,900
  4,111
  4,332
  4,563
  4,805
  5,058
Tax expense, $m
  237
  207
  228
  250
  273
  297
  323
  349
  376
  405
  434
  465
  497
  530
  564
  600
  637
  676
  717
  759
  803
  849
  896
  946
  999
  1,053
  1,110
  1,170
  1,232
  1,297
  1,366
Net income, $m
  425
  558
  616
  676
  739
  804
  872
  943
  1,017
  1,094
  1,174
  1,257
  1,343
  1,433
  1,526
  1,623
  1,723
  1,828
  1,938
  2,052
  2,170
  2,294
  2,424
  2,559
  2,700
  2,847
  3,001
  3,162
  3,331
  3,508
  3,692

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  395
  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
  2,644
  2,504
  2,771
  3,051
  3,343
  3,649
  3,967
  4,298
  4,642
  5,000
  5,372
  5,759
  6,161
  6,579
  7,013
  7,465
  7,935
  8,424
  8,934
  9,465
  10,019
  10,596
  11,199
  11,829
  12,486
  13,173
  13,891
  14,643
  15,428
  16,251
  17,111
Adjusted assets (=assets-cash), $m
  2,249
  2,504
  2,771
  3,051
  3,343
  3,649
  3,967
  4,298
  4,642
  5,000
  5,372
  5,759
  6,161
  6,579
  7,013
  7,465
  7,935
  8,424
  8,934
  9,465
  10,019
  10,596
  11,199
  11,829
  12,486
  13,173
  13,891
  14,643
  15,428
  16,251
  17,111
Revenue / Adjusted assets
  2.594
  2.593
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
Average production assets, $m
  78
  84
  93
  103
  113
  123
  134
  145
  157
  169
  181
  194
  208
  222
  236
  252
  268
  284
  301
  319
  338
  357
  378
  399
  421
  444
  468
  494
  520
  548
  577
Working capital, $m
  0
  -442
  -489
  -538
  -590
  -644
  -700
  -758
  -819
  -882
  -948
  -1,016
  -1,087
  -1,160
  -1,237
  -1,317
  -1,400
  -1,486
  -1,576
  -1,670
  -1,767
  -1,869
  -1,975
  -2,086
  -2,202
  -2,324
  -2,450
  -2,583
  -2,721
  -2,866
  -3,018
Total debt, $m
  596
  748
  907
  1,074
  1,249
  1,431
  1,620
  1,818
  2,023
  2,236
  2,458
  2,688
  2,928
  3,177
  3,436
  3,705
  3,985
  4,277
  4,581
  4,897
  5,227
  5,571
  5,931
  6,306
  6,698
  7,107
  7,535
  7,983
  8,451
  8,941
  9,454
Total liabilities, $m
  1,340
  1,492
  1,651
  1,818
  1,993
  2,175
  2,364
  2,562
  2,767
  2,980
  3,202
  3,432
  3,672
  3,921
  4,180
  4,449
  4,729
  5,021
  5,325
  5,641
  5,971
  6,315
  6,675
  7,050
  7,442
  7,851
  8,279
  8,727
  9,195
  9,685
  10,198
Total equity, $m
  1,304
  1,011
  1,119
  1,232
  1,351
  1,474
  1,603
  1,736
  1,876
  2,020
  2,170
  2,327
  2,489
  2,658
  2,833
  3,016
  3,206
  3,403
  3,609
  3,824
  4,048
  4,281
  4,524
  4,779
  5,044
  5,322
  5,612
  5,916
  6,233
  6,565
  6,913
Total liabilities and equity, $m
  2,644
  2,503
  2,770
  3,050
  3,344
  3,649
  3,967
  4,298
  4,643
  5,000
  5,372
  5,759
  6,161
  6,579
  7,013
  7,465
  7,935
  8,424
  8,934
  9,465
  10,019
  10,596
  11,199
  11,829
  12,486
  13,173
  13,891
  14,643
  15,428
  16,250
  17,111
Debt-to-equity ratio
  0.457
  0.740
  0.810
  0.870
  0.920
  0.970
  1.010
  1.050
  1.080
  1.110
  1.130
  1.160
  1.180
  1.200
  1.210
  1.230
  1.240
  1.260
  1.270
  1.280
  1.290
  1.300
  1.310
  1.320
  1.330
  1.340
  1.340
  1.350
  1.360
  1.360
  1.370
Adjusted equity ratio
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  425
  558
  616
  676
  739
  804
  872
  943
  1,017
  1,094
  1,174
  1,257
  1,343
  1,433
  1,526
  1,623
  1,723
  1,828
  1,938
  2,052
  2,170
  2,294
  2,424
  2,559
  2,700
  2,847
  3,001
  3,162
  3,331
  3,508
  3,692
Depreciation, amort., depletion, $m
  22
  17
  19
  21
  23
  25
  27
  29
  31
  34
  36
  39
  42
  44
  47
  50
  54
  57
  60
  64
  68
  71
  76
  80
  84
  89
  94
  99
  104
  110
  115
Funds from operations, $m
  332
  575
  634
  696
  761
  829
  899
  972
  1,049
  1,128
  1,210
  1,296
  1,385
  1,477
  1,573
  1,673
  1,777
  1,885
  1,998
  2,115
  2,238
  2,366
  2,499
  2,639
  2,784
  2,936
  3,095
  3,261
  3,435
  3,617
  3,808
Change in working capital, $m
  -52
  -45
  -47
  -49
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -83
  -86
  -90
  -94
  -98
  -102
  -106
  -111
  -116
  -121
  -127
  -132
  -139
  -145
  -152
Cash from operations, $m
  384
  620
  682
  746
  813
  883
  955
  1,031
  1,109
  1,191
  1,276
  1,364
  1,455
  1,551
  1,650
  1,753
  1,860
  1,971
  2,088
  2,209
  2,336
  2,468
  2,606
  2,750
  2,900
  3,057
  3,222
  3,394
  3,574
  3,762
  3,959
Maintenance CAPEX, $m
  0
  -16
  -17
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -34
  -36
  -39
  -42
  -44
  -47
  -50
  -54
  -57
  -60
  -64
  -68
  -71
  -76
  -80
  -84
  -89
  -94
  -99
  -104
  -110
New CAPEX, $m
  -22
  -7
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
Cash from investing activities, $m
  -9
  -23
  -26
  -28
  -31
  -33
  -36
  -38
  -41
  -43
  -47
  -49
  -53
  -56
  -59
  -62
  -66
  -71
  -74
  -78
  -83
  -87
  -91
  -97
  -102
  -107
  -113
  -119
  -125
  -132
  -139
Free cash flow, $m
  375
  598
  656
  718
  782
  850
  920
  993
  1,069
  1,148
  1,229
  1,315
  1,403
  1,495
  1,591
  1,690
  1,794
  1,901
  2,014
  2,131
  2,253
  2,381
  2,514
  2,653
  2,798
  2,950
  3,109
  3,275
  3,449
  3,630
  3,821
Issuance/(repayment) of debt, $m
  0
  152
  159
  167
  174
  182
  190
  197
  205
  213
  222
  230
  239
  249
  259
  269
  280
  292
  304
  317
  330
  344
  359
  375
  392
  409
  428
  448
  468
  490
  513
Issuance/(repurchase) of shares, $m
  -417
  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  
  -404
  152
  159
  167
  174
  182
  190
  197
  205
  213
  222
  230
  239
  249
  259
  269
  280
  292
  304
  317
  330
  344
  359
  375
  392
  409
  428
  448
  468
  490
  513
Total cash flow (excl. dividends), $m
  -29
  750
  815
  884
  957
  1,032
  1,110
  1,190
  1,274
  1,361
  1,451
  1,545
  1,642
  1,744
  1,849
  1,959
  2,074
  2,193
  2,318
  2,448
  2,583
  2,725
  2,873
  3,028
  3,190
  3,359
  3,537
  3,722
  3,917
  4,120
  4,334
Retained Cash Flow (-), $m
  -65
  -102
  -108
  -113
  -118
  -123
  -129
  -134
  -139
  -145
  -150
  -156
  -162
  -169
  -175
  -182
  -190
  -198
  -206
  -215
  -224
  -233
  -244
  -254
  -266
  -278
  -290
  -303
  -317
  -332
  -348
Prev. year cash balance distribution, $m
 
  395
  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
 
  1,042
  707
  771
  839
  908
  981
  1,056
  1,135
  1,216
  1,301
  1,389
  1,480
  1,575
  1,674
  1,777
  1,884
  1,995
  2,112
  2,233
  2,360
  2,492
  2,630
  2,774
  2,924
  3,082
  3,247
  3,419
  3,599
  3,788
  3,986
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
 
  999
  647
  671
  690
  704
  712
  714
  709
  699
  682
  660
  632
  599
  562
  522
  479
  434
  389
  344
  300
  258
  218
  182
  149
  120
  95
  73
  56
  41
  30
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

NVR, Inc. is engaged in the construction and sale of single-family detached homes, townhomes and condominium buildings. The Company's segments are Homebuilding Mid Atlantic, Homebuilding North East, Homebuilding Mid East, Homebuilding South East and Mortgage Banking. Its Homebuilding Mid Atlantic segment operates in various geographic regions, which include Maryland, Virginia, West Virginia, Delaware and Washington, District of Columbia (D.C.). Its Homebuilding North East segment operates in various geographic regions, which include New Jersey and Eastern Pennsylvania. Its Homebuilding Mid East segment operates in various geographic regions, which include New York, Ohio, Indiana and Illinois, The Homebuilding South East segment operates in various geographic regions, which include North Carolina, South Carolina, Florida and Tennessee. The Mortgage Banking segment provides mortgage-related services to home building customers through its mortgage banking operations.

FINANCIAL RATIOS  of  NVR (NVR)

Valuation Ratios
P/E Ratio 25.6
Price to Sales 1.9
Price to Book 8.3
Price to Tangible Book
Price to Cash Flow 28.3
Price to Free Cash Flow 30
Growth Rates
Sales Growth Rate 12.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 22.2%
Cap. Spend. - 3 Yr. Gr. Rate 3%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 45.7%
Total Debt to Equity 45.7%
Interest Coverage 33
Management Effectiveness
Return On Assets 17%
Ret/ On Assets - 3 Yr. Avg. 15.2%
Return On Total Capital 22.8%
Ret/ On T. Cap. - 3 Yr. Avg. 20%
Return On Equity 33.4%
Return On Equity - 3 Yr. Avg. 29.8%
Asset Turnover 2.3
Profitability Ratios
Gross Margin 19.3%
Gross Margin - 3 Yr. Avg. 19.8%
EBITDA Margin 12.1%
EBITDA Margin - 3 Yr. Avg. 11.9%
Operating Margin 11.7%
Oper. Margin - 3 Yr. Avg. 11.5%
Pre-Tax Margin 11.3%
Pre-Tax Margin - 3 Yr. Avg. 11.1%
Net Profit Margin 7.3%
Net Profit Margin - 3 Yr. Avg. 7%
Effective Tax Rate 35.8%
Eff/ Tax Rate - 3 Yr. Avg. 36.7%
Payout Ratio 0%

NVR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NVR stock intrinsic value calculation we used $5835 million for the last fiscal year's total revenue generated by NVR. The default revenue input number comes from 2016 income statement of NVR. 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 NVR stock valuation model: a) initial revenue growth rate of 11.3% 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 NVR is calculated based on our internal credit rating of NVR, 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 NVR.
    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 NVR stock the variable cost ratio is equal to 87.9%.

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 NVR 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 NVR.

Corporate tax rate of 27% is the nominal tax rate for NVR. 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 NVR 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 NVR are equal to 1.3%.

Life of production assets of 3.5 years is the average useful life of capital assets used in NVR 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 NVR is equal to -6.8%. 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 - $1304 million for NVR - 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 3.76 million for NVR 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 NVR at the current share price and the inputted number of shares is $11.1 billion.

RELATED COMPANIES Price Int.Val. Rating
HOV Hovnanian Ente 2.29 0.96  str.sell
MDC M.D.C. Holding 35.60 52.47  str.buy
HF HFF Cl A 42.99 44.42  buy
LGIH LGI Homes 53.83 374.09  str.buy
CHCI Comstock Holdi 1.67 6.39  str.buy
TOL Toll Brothers 42.76 63.63  str.buy

COMPANY NEWS

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▶ ETFs with exposure to NVR, Inc. : August 15, 2017   [Aug-15-17 04:43PM  Capital Cube]
▶ Top Fund Managers Are Buying These 4 Highly Rated Stocks   [Aug-04-17 12:45PM  Investor's Business Daily]
▶ NVR beats 2Q profit forecasts   [Jul-21-17 08:55PM  Associated Press]
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▶ ETFs with exposure to NVR, Inc. : July 6, 2017   [Jul-06-17 02:04PM  Capital Cube]
▶ The Third Stock to Reach $1,000 This Year Is Markel?   [Jul-03-17 11:53AM  The Wall Street Journal]
▶ Homebuilder Stock With 126% Growth, 2.8% Dividend Near Buy Zone   [Jun-27-17 04:25PM  Investor's Business Daily]
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▶ Market Undervalues Home Builder's Cash Flows   [Jun-02-17 07:31AM  Forbes]
▶ ETFs with exposure to NVR, Inc. : June 1, 2017   [Jun-01-17 02:01PM  Capital Cube]
▶ Amazon joins the $1,000 club   [May-30-17 01:00PM  Associated Press]
▶ Split Decision: The Pros and Cons of Splitting Shares   [May-26-17 11:50AM  The Wall Street Journal]
▶ Toll Bros. Tests New Ceiling As Homebuilder Stocks Hit Resistance   [May-24-17 11:16AM  Investor's Business Daily]
▶ ETFs with exposure to NVR, Inc. : May 15, 2017   [May-15-17 04:17PM  Capital Cube]
▶ ETFs with exposure to NVR, Inc. : May 3, 2017   [May-03-17 04:11PM  Capital Cube]
▶ These Greater Washington companies may be most affected by Trump's tax reform   [Apr-26-17 03:39PM  American City Business Journals]
▶ NVR posts 1Q profit   [Apr-20-17 09:19AM  Associated Press]
▶ NVR, Inc. Announces First Quarter Results   [09:00AM  PR Newswire]
▶ Stocks, Snap Fall; Russell 2000, Builders Up; Time To Buy These 5 New IPOs?   [Apr-11-17 04:45PM  Investor's Business Daily]
▶ Top Homebuilder Gets IBD Rating Upgrade, Hits Profit-Taking Zone   [Mar-20-17 11:14AM  Investor's Business Daily]
Financial statements of NVR
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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