Intrinsic value of RE/MAX Holdings Cl A - RMAX

Previous Close

$30.50

  Intrinsic Value

$36.86

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  Rating & Target

buy

+21%

Previous close

$30.50

 
Intrinsic value

$36.86

 
Up/down potential

+21%

 
Rating

buy

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 0001), $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 0.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  11.40
  10.76
  10.18
  9.67
  9.20
  8.78
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
  6.32
  6.19
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
Revenue, $m
  218
  242
  266
  292
  319
  347
  376
  406
  438
  471
  505
  540
  577
  615
  655
  696
  739
  784
  831
  880
  931
  984
  1,039
  1,097
  1,157
  1,220
  1,287
  1,356
  1,428
  1,504
Variable operating expenses, $m
  126
  137
  148
  160
  172
  185
  198
  212
  227
  242
  231
  247
  264
  282
  300
  319
  338
  359
  380
  403
  426
  450
  476
  502
  530
  559
  589
  621
  654
  688
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
  137
  148
  160
  172
  185
  198
  212
  227
  242
  231
  247
  264
  282
  300
  319
  338
  359
  380
  403
  426
  450
  476
  502
  530
  559
  589
  621
  654
  688
Operating income, $m
  92
  105
  118
  132
  147
  162
  178
  194
  211
  229
  274
  293
  313
  334
  355
  378
  401
  425
  451
  477
  505
  533
  563
  595
  628
  662
  698
  735
  774
  815
EBITDA, $m
  130
  144
  159
  174
  190
  207
  224
  242
  261
  280
  300
  322
  343
  366
  390
  415
  440
  467
  495
  524
  554
  586
  618
  653
  689
  727
  766
  807
  850
  895
Interest expense (income), $m
  8
  12
  12
  12
  11
  11
  11
  10
  10
  9
  9
  9
  8
  8
  7
  7
  6
  6
  5
  4
  4
  3
  2
  2
  1
  0
  -1
  -2
  -3
  -3
  -4
Earnings before tax, $m
  80
  93
  106
  121
  136
  151
  167
  184
  202
  220
  265
  285
  305
  326
  348
  371
  395
  420
  446
  473
  502
  531
  562
  594
  627
  663
  699
  738
  778
  820
Tax expense, $m
  22
  25
  29
  33
  37
  41
  45
  50
  54
  59
  72
  77
  82
  88
  94
  100
  107
  113
  120
  128
  135
  143
  152
  160
  169
  179
  189
  199
  210
  221
Net income, $m
  58
  68
  78
  88
  99
  110
  122
  134
  147
  161
  194
  208
  223
  238
  254
  271
  289
  307
  326
  346
  366
  388
  410
  434
  458
  484
  510
  538
  568
  598

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
  456
  505
  556
  610
  666
  724
  785
  849
  914
  983
  1,054
  1,128
  1,204
  1,284
  1,367
  1,454
  1,544
  1,637
  1,735
  1,837
  1,943
  2,053
  2,169
  2,290
  2,416
  2,548
  2,686
  2,830
  2,981
  3,139
Adjusted assets (=assets-cash), $m
  456
  505
  556
  610
  666
  724
  785
  849
  914
  983
  1,054
  1,128
  1,204
  1,284
  1,367
  1,454
  1,544
  1,637
  1,735
  1,837
  1,943
  2,053
  2,169
  2,290
  2,416
  2,548
  2,686
  2,830
  2,981
  3,139
Revenue / Adjusted assets
  0.478
  0.479
  0.478
  0.479
  0.479
  0.479
  0.479
  0.478
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
Average production assets, $m
  145
  160
  177
  194
  211
  230
  249
  269
  290
  312
  335
  358
  383
  408
  434
  462
  490
  520
  551
  583
  617
  652
  689
  727
  767
  809
  853
  899
  947
  997
Working capital, $m
  -20
  -22
  -25
  -27
  -30
  -32
  -35
  -38
  -41
  -44
  -47
  -50
  -54
  -57
  -61
  -65
  -69
  -73
  -77
  -82
  -87
  -91
  -97
  -102
  -108
  -114
  -120
  -126
  -133
  -140
Total debt, $m
  223
  217
  211
  205
  198
  191
  184
  176
  168
  160
  151
  142
  133
  123
  113
  103
  92
  80
  69
  56
  43
  30
  16
  1
  -14
  -30
  -46
  -64
  -82
  -101
Total liabilities, $m
  -55
  -61
  -67
  -74
  -81
  -88
  -95
  -103
  -111
  -119
  -128
  -136
  -146
  -155
  -165
  -176
  -187
  -198
  -210
  -222
  -235
  -248
  -262
  -277
  -292
  -308
  -325
  -342
  -361
  -380
Total equity, $m
  511
  566
  623
  684
  747
  812
  880
  951
  1,025
  1,102
  1,181
  1,264
  1,350
  1,440
  1,533
  1,630
  1,730
  1,835
  1,945
  2,059
  2,178
  2,302
  2,432
  2,567
  2,708
  2,856
  3,011
  3,173
  3,342
  3,519
Total liabilities and equity, $m
  456
  505
  556
  610
  666
  724
  785
  848
  914
  983
  1,053
  1,128
  1,204
  1,285
  1,368
  1,454
  1,543
  1,637
  1,735
  1,837
  1,943
  2,054
  2,170
  2,290
  2,416
  2,548
  2,686
  2,831
  2,981
  3,139
Debt-to-equity ratio
  0.440
  0.380
  0.340
  0.300
  0.270
  0.240
  0.210
  0.180
  0.160
  0.140
  0.130
  0.110
  0.100
  0.090
  0.070
  0.060
  0.050
  0.040
  0.040
  0.030
  0.020
  0.010
  0.010
  0.000
  -0.010
  -0.010
  -0.020
  -0.020
  -0.020
  -0.030
Adjusted equity ratio
  1.121
  1.121
  1.121
  1.121
  1.121
  1.121
  1.121
  1.121
  1.121
  1.121
  1.121
  1.121
  1.121
  1.121
  1.121
  1.121
  1.121
  1.121
  1.121
  1.121
  1.121
  1.121
  1.121
  1.121
  1.121
  1.121
  1.121
  1.121
  1.121
  1.121

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  58
  68
  78
  88
  99
  110
  122
  134
  147
  161
  194
  208
  223
  238
  254
  271
  289
  307
  326
  346
  366
  388
  410
  434
  458
  484
  510
  538
  568
  598
Depreciation, amort., depletion, $m
  38
  39
  40
  42
  43
  45
  46
  48
  50
  51
  27
  29
  31
  33
  35
  37
  39
  42
  44
  47
  49
  52
  55
  58
  61
  65
  68
  72
  76
  80
Funds from operations, $m
  96
  107
  118
  130
  142
  155
  168
  182
  197
  212
  220
  237
  253
  271
  289
  308
  328
  348
  370
  392
  415
  440
  465
  492
  519
  548
  579
  610
  644
  678
Change in working capital, $m
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
Cash from operations, $m
  98
  109
  120
  132
  145
  158
  171
  185
  200
  215
  223
  240
  257
  274
  293
  312
  332
  353
  374
  397
  420
  445
  470
  497
  525
  554
  585
  617
  650
  685
Maintenance CAPEX, $m
  -10
  -12
  -13
  -14
  -15
  -17
  -18
  -20
  -22
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -42
  -44
  -47
  -49
  -52
  -55
  -58
  -61
  -65
  -68
  -72
  -76
New CAPEX, $m
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
Cash from investing activities, $m
  -25
  -28
  -29
  -31
  -33
  -36
  -37
  -40
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -76
  -81
  -84
  -89
  -93
  -98
  -103
  -109
  -114
  -120
  -126
Free cash flow, $m
  73
  82
  91
  101
  111
  122
  133
  145
  157
  170
  176
  190
  204
  219
  234
  250
  266
  284
  302
  320
  340
  360
  381
  404
  427
  451
  476
  503
  530
  559
Issuance/(repayment) of debt, $m
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
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  
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
Total cash flow (excl. dividends), $m
  67
  76
  85
  95
  105
  115
  126
  137
  149
  162
  167
  181
  194
  209
  224
  239
  255
  272
  290
  308
  327
  347
  367
  389
  412
  435
  460
  485
  512
  540
Retained Cash Flow (-), $m
  -52
  -55
  -58
  -60
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -83
  -86
  -89
  -93
  -97
  -101
  -105
  -109
  -114
  -119
  -124
  -130
  -135
  -141
  -148
  -155
  -162
  -169
  -177
Prev. year cash balance distribution, $m
  1
  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
  17
  21
  27
  34
  42
  50
  58
  66
  76
  85
  88
  98
  108
  119
  131
  142
  155
  167
  180
  194
  208
  223
  238
  254
  270
  287
  305
  324
  343
  363
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
  16
  19
  23
  27
  31
  34
  36
  38
  39
  40
  36
  36
  35
  33
  31
  28
  26
  23
  20
  17
  14
  12
  10
  8
  6
  5
  3
  2
  2
  1
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
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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 23.4
Price to Sales 3.1
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 8.4
Price to Free Cash Flow 9
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 $195.929 million for the last fiscal year's total revenue generated by RE/MAX Holdings Cl A. The default revenue input number comes from 0001 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 11.4% 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 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 RMAX are equal to 66.3%.

Life of production assets of 12.5 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 -9.3%. 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 - $460.06 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 17.746 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 $0.5 billion.

RELATED COMPANIES Price Int.Val. Rating
VGR Vector Group 14.27 3.78  str.sell
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COMPANY NEWS

▶ EVP Ryan To Retire From RE/MAX   [Nov-07-18 02:38PM  PR Newswire]
▶ RE/MAX: 3Q Earnings Snapshot   [Nov-01-18 05:03PM  Associated Press]
▶ RE/MAX Holdings Announces Quarterly Dividend   [Oct-31-18 04:10PM  PR Newswire]
▶ Home Sales Tumble 12% as Prices Remain at Record Levels   [Oct-16-18 08:45AM  PR Newswire]
▶ RE/MAX a Top 10 Franchise for Third Consecutive Year   [Oct-01-18 07:05PM  PR Newswire]
▶ Home Sales Decline 1% as Inventory, Prices Level Out   [Sep-18-18 08:45AM  PR Newswire]
▶ Merger will create fifth-largest Re/Max agency in the U.S. by sales volume   [Sep-14-18 03:05PM  American City Business Journals]
▶ RE/MAX Commercial Recognized as a Top Brand   [Sep-10-18 05:14PM  PR Newswire]
▶ RE/MAX Announces Promotions of Three Corporate Officers   [Aug-09-18 04:48PM  PR Newswire]
▶ RE/MAX Sets New Record, Surpasses 123,000 Agents   [Aug-06-18 04:55PM  PR Newswire]
▶ RE/MAX Holdings, Inc. to Host Earnings Call   [Aug-03-18 06:30AM  ACCESSWIRE]
▶ RE/MAX: 2Q Earnings Snapshot   [Aug-02-18 08:06PM  Associated Press]
▶ Zillow expanding its home-flipping business to Denver   [Aug-01-18 04:59PM  American City Business Journals]
▶ RE/MAX Named a Top 10 Global Franchise   [Jul-25-18 07:20PM  PR Newswire]
▶ 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]

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