Intrinsic value of Toll Brothers - TOL

Previous Close

$47.07

  Intrinsic Value

$71.02

stock screener

  Rating & Target

str. buy

+51%

Previous close

$47.07

 
Intrinsic value

$71.02

 
Up/down potential

+51%

 
Rating

str. buy

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

We calculate the intrinsic value of TOL 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.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of Toll Brothers (TOL) stock.

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
2017(a)
   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, %
  12.48
  9.30
  8.87
  8.48
  8.13
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  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
Revenue, $m
  5,815
  6,356
  6,920
  7,507
  8,117
  8,752
  9,412
  10,098
  10,810
  11,551
  12,321
  13,121
  13,955
  14,822
  15,725
  16,666
  17,647
  18,670
  19,737
  20,851
  22,015
  23,231
  24,501
  25,830
  27,220
  28,675
  30,197
  31,791
  33,460
  35,208
  37,040
Variable operating expenses, $m
 
  4,837
  5,266
  5,712
  6,177
  6,660
  7,162
  7,684
  8,226
  8,790
  9,376
  9,985
  10,619
  11,279
  11,967
  12,683
  13,429
  14,207
  15,020
  15,868
  16,753
  17,678
  18,646
  19,657
  20,715
  21,821
  22,980
  24,193
  25,463
  26,793
  28,187
Fixed operating expenses, $m
 
  781
  801
  821
  841
  862
  884
  906
  928
  952
  975
  1,000
  1,025
  1,050
  1,077
  1,104
  1,131
  1,159
  1,188
  1,218
  1,249
  1,280
  1,312
  1,345
  1,378
  1,413
  1,448
  1,484
  1,521
  1,559
  1,598
Total operating expenses, $m
  5,170
  5,618
  6,067
  6,533
  7,018
  7,522
  8,046
  8,590
  9,154
  9,742
  10,351
  10,985
  11,644
  12,329
  13,044
  13,787
  14,560
  15,366
  16,208
  17,086
  18,002
  18,958
  19,958
  21,002
  22,093
  23,234
  24,428
  25,677
  26,984
  28,352
  29,785
Operating income, $m
  645
  738
  853
  973
  1,099
  1,230
  1,366
  1,508
  1,655
  1,809
  1,969
  2,136
  2,310
  2,492
  2,682
  2,880
  3,086
  3,303
  3,529
  3,765
  4,013
  4,272
  4,544
  4,829
  5,127
  5,441
  5,769
  6,114
  6,476
  6,855
  7,254
EBITDA, $m
  670
  765
  883
  1,006
  1,134
  1,267
  1,406
  1,551
  1,702
  1,859
  2,022
  2,193
  2,370
  2,556
  2,749
  2,951
  3,162
  3,383
  3,614
  3,855
  4,108
  4,372
  4,649
  4,940
  5,245
  5,564
  5,899
  6,251
  6,620
  7,007
  7,414
Interest expense (income), $m
  22
  113
  129
  145
  163
  181
  200
  219
  239
  261
  282
  305
  329
  354
  379
  406
  434
  463
  493
  525
  558
  592
  628
  666
  705
  746
  789
  834
  881
  931
  982
Earnings before tax, $m
  814
  625
  724
  828
  936
  1,049
  1,166
  1,288
  1,416
  1,548
  1,687
  1,831
  1,981
  2,138
  2,302
  2,474
  2,653
  2,840
  3,036
  3,241
  3,455
  3,680
  3,916
  4,163
  4,422
  4,694
  4,980
  5,280
  5,594
  5,925
  6,272
Tax expense, $m
  278
  169
  196
  224
  253
  283
  315
  348
  382
  418
  455
  494
  535
  577
  622
  668
  716
  767
  820
  875
  933
  994
  1,057
  1,124
  1,194
  1,267
  1,345
  1,425
  1,510
  1,600
  1,693
Net income, $m
  536
  456
  529
  604
  683
  766
  851
  940
  1,033
  1,130
  1,231
  1,337
  1,446
  1,561
  1,681
  1,806
  1,936
  2,073
  2,216
  2,366
  2,522
  2,687
  2,859
  3,039
  3,228
  3,427
  3,635
  3,854
  4,084
  4,325
  4,578

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  713
  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
  9,445
  9,543
  10,390
  11,271
  12,188
  13,141
  14,132
  15,161
  16,231
  17,343
  18,499
  19,702
  20,953
  22,255
  23,611
  25,024
  26,496
  28,032
  29,635
  31,308
  33,055
  34,881
  36,789
  38,784
  40,871
  43,055
  45,341
  47,734
  50,240
  52,865
  55,615
Adjusted assets (=assets-cash), $m
  8,732
  9,543
  10,390
  11,271
  12,188
  13,141
  14,132
  15,161
  16,231
  17,343
  18,499
  19,702
  20,953
  22,255
  23,611
  25,024
  26,496
  28,032
  29,635
  31,308
  33,055
  34,881
  36,789
  38,784
  40,871
  43,055
  45,341
  47,734
  50,240
  52,865
  55,615
Revenue / Adjusted assets
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
Average production assets, $m
  180
  197
  215
  233
  252
  271
  292
  313
  335
  358
  382
  407
  433
  459
  487
  517
  547
  579
  612
  646
  682
  720
  760
  801
  844
  889
  936
  986
  1,037
  1,091
  1,148
Working capital, $m
  0
  -782
  -851
  -923
  -998
  -1,077
  -1,158
  -1,242
  -1,330
  -1,421
  -1,515
  -1,614
  -1,716
  -1,823
  -1,934
  -2,050
  -2,171
  -2,296
  -2,428
  -2,565
  -2,708
  -2,857
  -3,014
  -3,177
  -3,348
  -3,527
  -3,714
  -3,910
  -4,116
  -4,331
  -4,556
Total debt, $m
  3,220
  3,679
  4,155
  4,652
  5,168
  5,704
  6,262
  6,842
  7,444
  8,070
  8,721
  9,398
  10,102
  10,835
  11,599
  12,394
  13,223
  14,088
  14,990
  15,932
  16,916
  17,944
  19,018
  20,141
  21,316
  22,546
  23,833
  25,180
  26,591
  28,069
  29,617
Total liabilities, $m
  4,914
  5,373
  5,849
  6,346
  6,862
  7,398
  7,956
  8,536
  9,138
  9,764
  10,415
  11,092
  11,796
  12,529
  13,293
  14,088
  14,917
  15,782
  16,684
  17,626
  18,610
  19,638
  20,712
  21,835
  23,010
  24,240
  25,527
  26,874
  28,285
  29,763
  31,311
Total equity, $m
  4,531
  4,170
  4,540
  4,925
  5,326
  5,743
  6,176
  6,626
  7,093
  7,579
  8,084
  8,610
  9,156
  9,725
  10,318
  10,935
  11,579
  12,250
  12,950
  13,682
  14,445
  15,243
  16,077
  16,949
  17,861
  18,815
  19,814
  20,860
  21,955
  23,102
  24,304
Total liabilities and equity, $m
  9,445
  9,543
  10,389
  11,271
  12,188
  13,141
  14,132
  15,162
  16,231
  17,343
  18,499
  19,702
  20,952
  22,254
  23,611
  25,023
  26,496
  28,032
  29,634
  31,308
  33,055
  34,881
  36,789
  38,784
  40,871
  43,055
  45,341
  47,734
  50,240
  52,865
  55,615
Debt-to-equity ratio
  0.711
  0.880
  0.920
  0.940
  0.970
  0.990
  1.010
  1.030
  1.050
  1.060
  1.080
  1.090
  1.100
  1.110
  1.120
  1.130
  1.140
  1.150
  1.160
  1.160
  1.170
  1.180
  1.180
  1.190
  1.190
  1.200
  1.200
  1.210
  1.210
  1.220
  1.220
Adjusted equity ratio
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  536
  456
  529
  604
  683
  766
  851
  940
  1,033
  1,130
  1,231
  1,337
  1,446
  1,561
  1,681
  1,806
  1,936
  2,073
  2,216
  2,366
  2,522
  2,687
  2,859
  3,039
  3,228
  3,427
  3,635
  3,854
  4,084
  4,325
  4,578
Depreciation, amort., depletion, $m
  25
  27
  30
  32
  35
  38
  41
  43
  47
  50
  53
  56
  60
  64
  68
  72
  76
  80
  85
  90
  95
  100
  105
  111
  117
  123
  130
  137
  144
  152
  159
Funds from operations, $m
  1,121
  484
  559
  637
  718
  803
  892
  984
  1,080
  1,180
  1,284
  1,393
  1,506
  1,625
  1,748
  1,877
  2,012
  2,153
  2,301
  2,455
  2,617
  2,787
  2,964
  3,150
  3,346
  3,550
  3,765
  3,991
  4,228
  4,477
  4,738
Change in working capital, $m
  161
  -67
  -69
  -72
  -75
  -78
  -81
  -84
  -88
  -91
  -95
  -98
  -102
  -107
  -111
  -116
  -121
  -126
  -131
  -137
  -143
  -150
  -156
  -163
  -171
  -179
  -187
  -196
  -205
  -215
  -225
Cash from operations, $m
  960
  550
  628
  709
  793
  881
  973
  1,068
  1,168
  1,271
  1,379
  1,492
  1,609
  1,732
  1,859
  1,993
  2,133
  2,279
  2,432
  2,592
  2,760
  2,936
  3,120
  3,314
  3,517
  3,729
  3,953
  4,187
  4,433
  4,692
  4,963
Maintenance CAPEX, $m
  0
  -25
  -27
  -30
  -32
  -35
  -38
  -41
  -43
  -47
  -50
  -53
  -56
  -60
  -64
  -68
  -72
  -76
  -80
  -85
  -90
  -95
  -100
  -105
  -111
  -117
  -123
  -130
  -137
  -144
  -152
New CAPEX, $m
  -29
  -18
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
Cash from investing activities, $m
  -8
  -43
  -44
  -48
  -51
  -55
  -58
  -62
  -65
  -70
  -74
  -78
  -82
  -87
  -92
  -97
  -102
  -108
  -113
  -120
  -126
  -133
  -139
  -146
  -154
  -162
  -170
  -179
  -189
  -198
  -209
Free cash flow, $m
  952
  508
  583
  661
  742
  827
  915
  1,007
  1,102
  1,202
  1,305
  1,414
  1,527
  1,645
  1,768
  1,896
  2,031
  2,172
  2,319
  2,473
  2,634
  2,804
  2,981
  3,167
  3,362
  3,567
  3,782
  4,008
  4,245
  4,493
  4,755
Issuance/(repayment) of debt, $m
  -610
  459
  477
  496
  516
  537
  558
  580
  602
  626
  651
  677
  704
  733
  763
  795
  829
  865
  902
  942
  984
  1,028
  1,074
  1,123
  1,175
  1,229
  1,287
  1,347
  1,411
  1,478
  1,548
Issuance/(repurchase) of shares, $m
  -225
  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  
  -834
  459
  477
  496
  516
  537
  558
  580
  602
  626
  651
  677
  704
  733
  763
  795
  829
  865
  902
  942
  984
  1,028
  1,074
  1,123
  1,175
  1,229
  1,287
  1,347
  1,411
  1,478
  1,548
Total cash flow (excl. dividends), $m
  118
  967
  1,060
  1,157
  1,258
  1,363
  1,473
  1,586
  1,704
  1,828
  1,956
  2,091
  2,231
  2,378
  2,531
  2,692
  2,860
  3,036
  3,221
  3,415
  3,618
  3,831
  4,055
  4,290
  4,537
  4,796
  5,069
  5,355
  5,655
  5,971
  6,303
Retained Cash Flow (-), $m
  -302
  -352
  -370
  -385
  -401
  -417
  -433
  -450
  -468
  -486
  -505
  -525
  -547
  -569
  -593
  -617
  -644
  -671
  -700
  -731
  -764
  -798
  -834
  -872
  -912
  -954
  -999
  -1,046
  -1,095
  -1,147
  -1,202
Prev. year cash balance distribution, $m
 
  713
  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
 
  1,327
  690
  772
  858
  947
  1,040
  1,136
  1,237
  1,342
  1,451
  1,565
  1,684
  1,809
  1,939
  2,074
  2,216
  2,365
  2,521
  2,684
  2,855
  3,034
  3,221
  3,418
  3,625
  3,842
  4,070
  4,309
  4,560
  4,824
  5,101
Discount rate, %
 
  5.90
  6.20
  6.50
  6.83
  7.17
  7.53
  7.91
  8.30
  8.72
  9.15
  9.61
  10.09
  10.60
  11.13
  11.68
  12.27
  12.88
  13.52
  14.20
  14.91
  15.65
  16.44
  17.26
  18.12
  19.03
  19.98
  20.98
  22.03
  23.13
  24.29
PV of cash for distribution, $m
 
  1,253
  612
  639
  658
  670
  673
  667
  654
  632
  604
  570
  531
  488
  443
  396
  348
  302
  257
  215
  177
  143
  113
  88
  67
  49
  36
  25
  17
  12
  8
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

Toll Brothers, Inc. is engaged in designing, building, marketing, selling and arranging financing for detached and attached homes in luxury residential communities. The Company operates through two segments: Traditional Home Building and Toll Brothers City Living (City Living). Within the Traditional Home Building segment, it operates in five geographic segments in the United States: the North, consisting of Connecticut, Illinois, Massachusetts, Michigan, Minnesota, New Jersey and New York; the Mid-Atlantic, consisting of Delaware, Maryland, Pennsylvania and Virginia; the South, consisting of Florida, North Carolina and Texas; the West, consisting of Arizona, Colorado, Nevada and Washington, and California. City Living is the Company's urban development division. Its products include Traditional Home Building Product and City Living Product. Its Traditional Home Building Product includes detached homes, move-up, executive, estate, and active-adult and age-qualified lines of home.

FINANCIAL RATIOS  of  Toll Brothers (TOL)

Valuation Ratios
P/E Ratio 13.8
Price to Sales 1.3
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 7.7
Price to Free Cash Flow 7.9
Growth Rates
Sales Growth Rate 12.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 3.6%
Cap. Spend. - 3 Yr. Gr. Rate 14.1%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 71.1%
Total Debt to Equity 71.1%
Interest Coverage 38
Management Effectiveness
Return On Assets 5.7%
Ret/ On Assets - 3 Yr. Avg. 4.7%
Return On Total Capital 6.8%
Ret/ On T. Cap. - 3 Yr. Avg. 5.4%
Return On Equity 12.2%
Return On Equity - 3 Yr. Avg. 10.1%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 21.5%
Gross Margin - 3 Yr. Avg. 21%
EBITDA Margin 14.8%
EBITDA Margin - 3 Yr. Avg. 13.6%
Operating Margin 11.1%
Oper. Margin - 3 Yr. Avg. 10.4%
Pre-Tax Margin 14%
Pre-Tax Margin - 3 Yr. Avg. 12.7%
Net Profit Margin 9.2%
Net Profit Margin - 3 Yr. Avg. 8.4%
Effective Tax Rate 34.2%
Eff/ Tax Rate - 3 Yr. Avg. 33.9%
Payout Ratio 7.3%

TOL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TOL stock intrinsic value calculation we used $5815 million for the last fiscal year's total revenue generated by Toll Brothers. The default revenue input number comes from 2017 income statement of Toll Brothers. 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 TOL stock valuation model: a) initial revenue growth rate of 9.3% 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 5.9%, whose default value for TOL is calculated based on our internal credit rating of Toll Brothers, 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 Toll Brothers.
    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 TOL stock the variable cost ratio is equal to 76.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $762 million in the base year in the intrinsic value calculation for TOL 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 Toll Brothers.

Corporate tax rate of 27% is the nominal tax rate for Toll Brothers. 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 TOL 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 TOL are equal to 3.1%.

Life of production assets of 7.2 years is the average useful life of capital assets used in Toll Brothers 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 TOL is equal to -12.3%. 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 - $4531 million for Toll Brothers - 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 159.933 million for Toll Brothers 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 Toll Brothers at the current share price and the inputted number of shares is $7.5 billion.

RELATED COMPANIES Price Int.Val. Rating
MDC M.D.C. Holding 30.73 19.56  sell
LGIH LGI Homes 65.77 754.40  str.buy
TMHC Taylor Morriso 24.31 30.90  buy
KBH KB Home 31.64 91.38  str.buy
LEN Lennar Cl A 60.86 102.56  str.buy
CHCI Comstock Holdi 1.68 7.98  str.buy
NVR NVR 3,208.23 3,035.12  hold
CAA CalAtlantic Gr 53.12 39.43  sell
MHO M/I Homes 32.38 33.46  hold

COMPANY NEWS

▶ These construction jobs pay the most   [Feb-16-18 01:36PM  Yahoo Finance Video]
▶ Housing starts, building permits show strength   [01:22PM  Yahoo Finance Video]
▶ 5% mortgage rates would be the red zone: Housing analyst   [Feb-12-18 04:15PM  CNBC Videos]
▶ Home Sweet Home: 5 Favorite Homebuilders   [Feb-09-18 06:03AM  Investopedia]
▶ Toll Brothers, Inc. Prices $400 Million of Senior Notes   [Jan-17-18 11:12PM  GlobeNewswire]
▶ Toll Brothers Goes for Gold at International Builders Show   [Jan-12-18 02:49PM  GlobeNewswire]
▶ Is the US Job Market Beginning to Overheat?   [Jan-05-18 09:06AM  Market Realist]
▶ Yahoo Finance Live: Midday Movers - Dec 27th, 2017   [Dec-28-17 08:26AM  Yahoo Finance Video]
▶ 18 Potential Stock Winners From Tax Reform   [Dec-19-17 11:09AM  Forbes]
▶ Toll Brothers Announces Cash Dividend   [Dec-13-17 04:30PM  GlobeNewswire]
▶ Company News For Dec 6, 2017   [08:56AM  Zacks]
▶ Toll Bros. Dives On Earnings, Sales Miss, Weak Guidance   [04:02PM  Investor's Business Daily]
▶ Toll Brothers CEO calls tax bill 'a wash'   [03:43PM  CNBC Videos]
▶ Nasdaq Rebounds As Nvidia Rallies; Will Bitcoin Soon Hit $12K?   [11:00AM  Investor's Business Daily]
▶ Toll's profit soars but disappoints   [10:24AM  Reuters Videos]
▶ Toll Brothers misses Street 4Q forecasts   [05:33AM  Associated Press]
▶ Toll Brothers profit jumps 67.8 pct   [05:10AM  Reuters]
▶ What will please Loudoun: Belmont Executive Center edition   [Dec-04-17 03:20PM  American City Business Journals]
▶ [$$] What Investors Can Expect From Tax Reform   [Dec-02-17 12:01AM  Barrons.com]
▶ Ride the political roller-coaster to your benefit   [Dec-01-17 07:04PM  CNBC Videos]
▶ Trade of the Day: Toll Brothers Inc (TOL)   [Nov-24-17 09:43AM  InvestorPlace]
▶ Home builder stocks slump on tax plan   [Nov-03-17 03:44PM  CNBC Videos]
▶ GOPs tax plan may shake up the housing market   [10:31AM  Yahoo Finance Video]
▶ [$$] New Condo Projects Put Leonard Street on the Map   [12:48AM  The Wall Street Journal]
▶ [$$] New Condo Projects Put Leonard Street on the Map   [11:53AM  The Wall Street Journal]
▶ Cramer: What to do when stock moves stop making sense   [Oct-30-17 07:06PM  CNBC Videos]
▶ When stock moves stop making sense   [07:02PM  CNBC Videos]
▶ Q3 Earnings Season Kicks Off: 4 Housing Picks   [Oct-13-17 04:58PM  Zacks]
▶ Which Sector Dominates New Stock Buys By Top Fund Managers?   [Oct-11-17 10:18AM  Investor's Business Daily]
Financial statements of TOL
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