Intrinsic value of RE/MAX Holdings Cl A - RMAX

Previous Close

$55.60

  Intrinsic Value

$25.02

stock screener

  Rating & Target

str. sell

-55%

Previous close

$55.60

 
Intrinsic value

$25.02

 
Up/down potential

-55%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as RMAX.

We calculate the intrinsic value of RMAX 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 1.0

 

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, %
  11.10
  10.49
  9.94
  9.45
  9.00
  8.60
  8.24
  7.92
  7.63
  7.36
  7.13
  6.91
  6.72
  6.55
  6.40
  6.26
  6.13
  6.02
  5.92
  5.82
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.39
  5.35
  5.32
  5.29
Revenue, $m
  218
  241
  265
  290
  316
  343
  371
  400
  431
  463
  496
  530
  565
  602
  641
  681
  723
  766
  812
  859
  908
  960
  1,014
  1,070
  1,128
  1,190
  1,254
  1,321
  1,391
  1,465
Variable operating expenses, $m
  126
  136
  147
  159
  171
  183
  196
  210
  224
  238
  227
  243
  259
  276
  293
  312
  331
  351
  372
  393
  416
  439
  464
  490
  517
  545
  574
  605
  637
  671
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
  126
  136
  147
  159
  171
  183
  196
  210
  224
  238
  227
  243
  259
  276
  293
  312
  331
  351
  372
  393
  416
  439
  464
  490
  517
  545
  574
  605
  637
  671
Operating income, $m
  92
  104
  117
  131
  145
  160
  175
  191
  207
  225
  269
  287
  307
  327
  348
  369
  392
  416
  440
  466
  492
  520
  550
  580
  612
  645
  680
  716
  754
  794
EBITDA, $m
  147
  162
  178
  195
  212
  231
  250
  270
  290
  311
  334
  357
  381
  406
  432
  459
  487
  516
  547
  578
  612
  646
  682
  720
  760
  801
  844
  890
  937
  986
Interest expense (income), $m
  8
  12
  12
  11
  11
  11
  10
  10
  9
  9
  8
  8
  7
  6
  6
  5
  4
  4
  3
  2
  1
  1
  0
  -1
  -2
  -3
  -4
  -5
  -6
  -7
  -9
Earnings before tax, $m
  80
  92
  106
  120
  134
  149
  165
  182
  199
  216
  261
  280
  300
  321
  342
  365
  388
  412
  438
  464
  492
  521
  551
  582
  615
  649
  685
  722
  762
  803
Tax expense, $m
  21
  25
  29
  32
  36
  40
  45
  49
  54
  58
  70
  76
  81
  87
  92
  98
  105
  111
  118
  125
  133
  141
  149
  157
  166
  175
  185
  195
  206
  217
Net income, $m
  58
  67
  77
  87
  98
  109
  121
  133
  145
  158
  191
  205
  219
  234
  250
  266
  283
  301
  320
  339
  359
  380
  402
  425
  449
  474
  500
  527
  556
  586

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
  443
  490
  539
  590
  643
  698
  756
  815
  878
  942
  1,009
  1,079
  1,152
  1,227
  1,306
  1,387
  1,472
  1,561
  1,653
  1,749
  1,850
  1,955
  2,064
  2,179
  2,298
  2,423
  2,554
  2,690
  2,834
  2,983
Adjusted assets (=assets-cash), $m
  443
  490
  539
  590
  643
  698
  756
  815
  878
  942
  1,009
  1,079
  1,152
  1,227
  1,306
  1,387
  1,472
  1,561
  1,653
  1,749
  1,850
  1,955
  2,064
  2,179
  2,298
  2,423
  2,554
  2,690
  2,834
  2,983
Revenue / Adjusted assets
  0.492
  0.492
  0.492
  0.492
  0.491
  0.491
  0.491
  0.491
  0.491
  0.492
  0.492
  0.491
  0.490
  0.491
  0.491
  0.491
  0.491
  0.491
  0.491
  0.491
  0.491
  0.491
  0.491
  0.491
  0.491
  0.491
  0.491
  0.491
  0.491
  0.491
Average production assets, $m
  286
  316
  347
  380
  414
  450
  487
  525
  565
  607
  650
  695
  742
  790
  841
  894
  948
  1,005
  1,065
  1,127
  1,192
  1,259
  1,330
  1,403
  1,480
  1,561
  1,645
  1,733
  1,825
  1,922
Working capital, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
Total debt, $m
  220
  213
  205
  197
  188
  179
  170
  161
  151
  141
  130
  119
  107
  95
  83
  70
  56
  42
  28
  12
  -4
  -20
  -38
  -56
  -75
  -95
  -116
  -137
  -160
  -184
Total liabilities, $m
  -71
  -78
  -86
  -94
  -102
  -111
  -120
  -130
  -140
  -150
  -160
  -172
  -183
  -195
  -208
  -221
  -234
  -248
  -263
  -278
  -294
  -311
  -328
  -346
  -365
  -385
  -406
  -428
  -451
  -474
Total equity, $m
  514
  568
  624
  683
  745
  809
  876
  945
  1,017
  1,092
  1,170
  1,251
  1,335
  1,422
  1,513
  1,608
  1,706
  1,809
  1,916
  2,028
  2,144
  2,265
  2,392
  2,525
  2,663
  2,808
  2,960
  3,118
  3,284
  3,458
Total liabilities and equity, $m
  443
  490
  538
  589
  643
  698
  756
  815
  877
  942
  1,010
  1,079
  1,152
  1,227
  1,305
  1,387
  1,472
  1,561
  1,653
  1,750
  1,850
  1,954
  2,064
  2,179
  2,298
  2,423
  2,554
  2,690
  2,833
  2,984
Debt-to-equity ratio
  0.430
  0.370
  0.330
  0.290
  0.250
  0.220
  0.190
  0.170
  0.150
  0.130
  0.110
  0.100
  0.080
  0.070
  0.050
  0.040
  0.030
  0.020
  0.010
  0.010
  0.000
  -0.010
  -0.020
  -0.020
  -0.030
  -0.030
  -0.040
  -0.040
  -0.050
  -0.050
Adjusted equity ratio
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  58
  67
  77
  87
  98
  109
  121
  133
  145
  158
  191
  205
  219
  234
  250
  266
  283
  301
  320
  339
  359
  380
  402
  425
  449
  474
  500
  527
  556
  586
Depreciation, amort., depletion, $m
  55
  58
  61
  64
  68
  71
  75
  79
  83
  87
  65
  70
  74
  79
  84
  89
  95
  101
  106
  113
  119
  126
  133
  140
  148
  156
  165
  173
  183
  192
Funds from operations, $m
  113
  125
  138
  152
  166
  180
  196
  211
  228
  245
  256
  274
  293
  313
  334
  356
  378
  402
  426
  452
  478
  506
  535
  565
  597
  630
  665
  701
  739
  778
Change in working capital, $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 operations, $m
  113
  125
  138
  152
  166
  180
  196
  211
  228
  245
  256
  274
  293
  313
  334
  356
  378
  402
  426
  452
  478
  506
  535
  565
  597
  630
  665
  701
  739
  779
Maintenance CAPEX, $m
  -26
  -29
  -32
  -35
  -38
  -41
  -45
  -49
  -53
  -57
  -61
  -65
  -70
  -74
  -79
  -84
  -89
  -95
  -101
  -106
  -113
  -119
  -126
  -133
  -140
  -148
  -156
  -165
  -173
  -183
New CAPEX, $m
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -65
  -68
  -71
  -74
  -77
  -81
  -84
  -88
  -92
  -97
Cash from investing activities, $m
  -55
  -59
  -63
  -68
  -72
  -77
  -82
  -88
  -93
  -99
  -104
  -110
  -117
  -123
  -130
  -137
  -144
  -152
  -160
  -168
  -178
  -187
  -197
  -207
  -217
  -229
  -240
  -253
  -265
  -280
Free cash flow, $m
  59
  67
  75
  84
  94
  103
  114
  124
  135
  147
  152
  164
  177
  191
  205
  219
  234
  250
  266
  283
  301
  319
  339
  359
  380
  402
  424
  448
  473
  499
Issuance/(repayment) of debt, $m
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -12
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
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  
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -12
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
Total cash flow (excl. dividends), $m
  52
  59
  68
  76
  85
  95
  104
  115
  125
  137
  141
  153
  166
  179
  192
  206
  221
  236
  252
  268
  285
  303
  321
  341
  361
  382
  404
  427
  451
  476
Retained Cash Flow (-), $m
  -51
  -54
  -56
  -59
  -62
  -64
  -67
  -69
  -72
  -75
  -78
  -81
  -84
  -87
  -91
  -95
  -99
  -103
  -107
  -112
  -116
  -122
  -127
  -133
  -139
  -145
  -151
  -158
  -166
  -174
Prev. year cash balance distribution, $m
  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 flow adjustment, $m
  3
  3
  4
  4
  4
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  10
  10
  11
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
Cash available for distribution, $m
  6
  5
  11
  17
  24
  30
  38
  45
  53
  62
  63
  72
  82
  91
  101
  111
  122
  133
  145
  156
  169
  181
  194
  208
  222
  237
  252
  268
  285
  302
Discount rate, %
  5.10
  5.36
  5.62
  5.90
  6.20
  6.51
  6.83
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.27
  12.89
  13.53
  14.21
  14.92
  15.66
  16.45
  17.27
  18.13
  19.04
  19.99
  20.99
PV of cash for distribution, $m
  6
  5
  9
  14
  17
  21
  24
  26
  28
  29
  26
  26
  26
  25
  24
  22
  20
  18
  16
  14
  12
  10
  8
  6
  5
  4
  3
  2
  1
  1
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

RE/MAX Holdings, Inc. is a franchisor in the real estate industry, franchising real estate brokerages around the world under the RE/MAX brand and mortgage brokerages within the United States under the Motto Mortgage brand. The Company is a franchised business, with all of the RE/MAX branded brokerage office locations being operated by franchisees, including RE/MAX, LLC, which owns the RE/MAX brand, and sells franchises and franchising rights; Independent Regional Franchise Owner, which owns rights to sell brokerage franchises in a specified region; Franchisee (or Broker-Owner), which operates a RE/MAX-branded brokerage office, lists properties and recruits agents, and Agent (or Sales Associate), including branded independent contractors operating out of local franchise brokerage offices. Under Motto business, the Company operates as a mortgage brokerage franchisor. As a franchisor, the Company helps its Motto franchisees to establish independent mortgage brokerage companies.

FINANCIAL RATIOS  of  RE/MAX Holdings Cl A (RMAX)

Valuation Ratios
P/E Ratio 42.7
Price to Sales 5.6
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 15.3
Price to Free Cash Flow 16.4
Growth Rates
Sales Growth Rate -0.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 32%
Financial Strength
Quick Ratio 29
Current Ratio 0.1
LT Debt to Equity 49.4%
Total Debt to Equity 49.8%
Interest Coverage 9
Management Effectiveness
Return On Assets 7.1%
Ret/ On Assets - 3 Yr. Avg. 6.5%
Return On Total Capital 3.4%
Ret/ On T. Cap. - 3 Yr. Avg. 3.1%
Return On Equity 5%
Return On Equity - 3 Yr. Avg. 5%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 49.4%
EBITDA Margin - 3 Yr. Avg. 48.1%
Operating Margin 40.3%
Oper. Margin - 3 Yr. Avg. 39.9%
Pre-Tax Margin 35.8%
Pre-Tax Margin - 3 Yr. Avg. 34.3%
Net Profit Margin 13.1%
Net Profit Margin - 3 Yr. Avg. 10.1%
Effective Tax Rate 23.8%
Eff/ Tax Rate - 3 Yr. Avg. 20.5%
Payout Ratio 47.8%

RMAX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RMAX stock intrinsic value calculation we used $196 million for the last fiscal year's total revenue generated by RE/MAX Holdings Cl A. The default revenue input number comes from 2017 income statement of RE/MAX Holdings Cl A. 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 RMAX stock valuation model: a) initial revenue growth rate of 11.1% 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 5.1%, whose default value for RMAX is calculated based on our internal credit rating of RE/MAX Holdings Cl A, 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 RE/MAX Holdings Cl A.
    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 RMAX stock the variable cost ratio is equal to 59.2%.

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 RMAX 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 5.4% for RE/MAX Holdings Cl A.

Corporate tax rate of 27% is the nominal tax rate for RE/MAX Holdings Cl A. 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 RMAX stock is equal to 1.5%.

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 RMAX are equal to 131.2%.

Life of production assets of 10 years is the average useful life of capital assets used in RE/MAX Holdings Cl A 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 RMAX is equal to -0.3%. 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 - $468 million for RE/MAX Holdings Cl A - 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 18 million for RE/MAX Holdings Cl A 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 RE/MAX Holdings Cl A at the current share price and the inputted number of shares is $1.0 billion.

RELATED COMPANIES Price Int.Val. Rating
VGR Vector Group 18.57 2.48  str.sell
MMI Marcus&Millich 40.38 32.47  hold

COMPANY NEWS

▶ RE/MAX Leads All Other Brands in Survey   [Jun-29-18 11:15AM  PR Newswire]
▶ It's A Seller's Market In The Midwest   [Jun-21-18 07:22PM  Forbes]
▶ Why RE/MAX Holdings Inc (NYSE:RMAX) Could Be A Buy   [Jun-08-18 11:00AM  Simply Wall St.]
▶ Does RE/MAX Holdings Incs (NYSE:RMAX) PE Ratio Warrant A Sell?   [May-11-18 08:59AM  Simply Wall St.]
▶ 80 Motto Mortgage Franchises Sold Coast To Coast   [May-04-18 02:37PM  PR Newswire]
▶ RE/MAX: 1Q Earnings Snapshot   [May-03-18 06:56PM  Associated Press]
▶ [$$] Re/Max's Quarterly Results Beat Projections   [05:27PM  The Wall Street Journal]
▶ RE/MAX Holdings Announces Quarterly Dividend   [May-02-18 05:50PM  PR Newswire]
▶ Should You Buy RE/MAX Holdings Inc (NYSE:RMAX) At $56.6?   [Mar-09-18 08:58AM  Simply Wall St.]
▶ RE/MAX Celebrates 45th Annual R4 Convention in Las Vegas   [Feb-28-18 01:32PM  PR Newswire]
▶ RE/MAX reports 4Q loss   [Feb-22-18 06:53PM  Associated Press]
▶ RE/MAX Holdings Increases Quarterly Dividend By 11%   [Feb-21-18 04:10PM  PR Newswire]
▶ RE/MAX President Geoff Lewis to Retire   [Feb-09-18 04:10PM  PR Newswire]
▶ RE/MAX Agents Are More Recommended   [Feb-01-18 04:09PM  PR Newswire]
▶ Global Leader RE/MAX Has New Global Leader   [Jan-26-18 10:00AM  PR Newswire]
▶ 2017 Closes Strong, Record High December Home Prices   [Jan-16-18 01:06PM  PR Newswire]
▶ RE/MAX Rises to Top Five of Franchise 500   [Jan-15-18 03:27PM  PR Newswire]
▶ Whats Ahead For RE/MAX Holdings Inc (NYSE:RMAX)?   [Dec-30-17 11:05AM  Simply Wall St.]
▶ 50 Motto Mortgage Franchises Sold In First Year   [Dec-28-17 01:31PM  PR Newswire]
▶ RE/MAX Focused on Competitive Innovation   [Dec-21-17 04:09PM  PR Newswire]
▶ Tourism and real estate collide in Nob Hill   [Dec-08-17 09:30AM  American City Business Journals]
▶ RM LAW Announces Investigation of RE/MAX Holdings, Inc.   [Nov-20-17 07:11PM  PR Newswire]
▶ RE/MAX Holdings Provides Update On Form 10-Q Filing   [Nov-09-17 04:34PM  PR Newswire]
▶ Re/Max investigates 'allegations of wrongdoing'; delays earnings report   [Nov-04-17 11:40AM  American City Business Journals]
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