Intrinsic value of Toll Brothers - TOL

Previous Close

$42.76

  Intrinsic Value

$65.05

stock screener

  Rating & Target

str. buy

+52%

  Value-price divergence*

-77%

Previous close

$42.76

 
Intrinsic value

$65.05

 
Up/down potential

+52%

 
Rating

str. buy

 
Value-price divergence*

-77%

*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.

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 7.1

 

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, %
  23.95
  18.30
  16.97
  15.77
  14.70
  13.73
  12.85
  12.07
  11.36
  10.73
  10.15
  9.64
  9.17
  8.76
  8.38
  8.04
  7.74
  7.46
  7.22
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.95
  5.86
  5.77
  5.70
  5.63
Revenue, $m
  5,170
  6,116
  7,154
  8,282
  9,500
  10,803
  12,192
  13,663
  15,216
  16,848
  18,558
  20,347
  22,213
  24,158
  26,183
  28,289
  30,478
  32,753
  35,117
  37,574
  40,128
  42,783
  45,545
  48,419
  51,410
  54,526
  57,773
  61,158
  64,689
  68,374
  72,221
Variable operating expenses, $m
 
  5,462
  6,389
  7,396
  8,483
  9,648
  10,888
  12,202
  13,588
  15,045
  16,573
  18,170
  19,837
  21,574
  23,382
  25,262
  27,217
  29,248
  31,360
  33,554
  35,834
  38,205
  40,672
  43,238
  45,909
  48,692
  51,591
  54,614
  57,767
  61,058
  64,493
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
  4,679
  5,462
  6,389
  7,396
  8,483
  9,648
  10,888
  12,202
  13,588
  15,045
  16,573
  18,170
  19,837
  21,574
  23,382
  25,262
  27,217
  29,248
  31,360
  33,554
  35,834
  38,205
  40,672
  43,238
  45,909
  48,692
  51,591
  54,614
  57,767
  61,058
  64,493
Operating income, $m
  490
  654
  765
  886
  1,016
  1,156
  1,305
  1,462
  1,628
  1,803
  1,986
  2,177
  2,377
  2,585
  2,802
  3,027
  3,261
  3,505
  3,758
  4,020
  4,294
  4,578
  4,873
  5,181
  5,501
  5,834
  6,182
  6,544
  6,922
  7,316
  7,728
EBITDA, $m
  513
  682
  798
  923
  1,059
  1,204
  1,359
  1,523
  1,696
  1,878
  2,069
  2,268
  2,476
  2,693
  2,919
  3,154
  3,398
  3,651
  3,915
  4,189
  4,473
  4,769
  5,077
  5,398
  5,731
  6,078
  6,440
  6,818
  7,211
  7,622
  8,051
Interest expense (income), $m
  12
  132
  167
  206
  248
  293
  342
  394
  449
  507
  567
  631
  698
  767
  840
  915
  994
  1,076
  1,160
  1,249
  1,340
  1,435
  1,534
  1,637
  1,744
  1,856
  1,972
  2,093
  2,219
  2,351
  2,488
Earnings before tax, $m
  589
  522
  598
  680
  768
  862
  962
  1,068
  1,179
  1,296
  1,418
  1,546
  1,679
  1,817
  1,962
  2,111
  2,267
  2,429
  2,597
  2,772
  2,954
  3,142
  3,339
  3,544
  3,757
  3,978
  4,210
  4,451
  4,702
  4,965
  5,239
Tax expense, $m
  207
  141
  161
  184
  207
  233
  260
  288
  318
  350
  383
  417
  453
  491
  530
  570
  612
  656
  701
  748
  797
  848
  902
  957
  1,014
  1,074
  1,137
  1,202
  1,270
  1,341
  1,415
Net income, $m
  382
  381
  437
  497
  561
  630
  703
  780
  861
  946
  1,035
  1,129
  1,226
  1,327
  1,432
  1,541
  1,655
  1,773
  1,896
  2,023
  2,156
  2,294
  2,437
  2,587
  2,742
  2,904
  3,073
  3,249
  3,433
  3,624
  3,825

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  634
  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
  9,737
  10,768
  12,595
  14,582
  16,725
  19,020
  21,465
  24,055
  26,788
  29,662
  32,673
  35,822
  39,108
  42,532
  46,097
  49,804
  53,658
  57,664
  61,826
  66,152
  70,648
  75,322
  80,185
  85,244
  90,511
  95,997
  101,713
  107,673
  113,889
  120,377
  127,149
Adjusted assets (=assets-cash), $m
  9,103
  10,768
  12,595
  14,582
  16,725
  19,020
  21,465
  24,055
  26,788
  29,662
  32,673
  35,822
  39,108
  42,532
  46,097
  49,804
  53,658
  57,664
  61,826
  66,152
  70,648
  75,322
  80,185
  85,244
  90,511
  95,997
  101,713
  107,673
  113,889
  120,377
  127,149
Revenue / Adjusted assets
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
Average production assets, $m
  153
  183
  215
  248
  285
  324
  366
  410
  456
  505
  557
  610
  666
  725
  785
  849
  914
  983
  1,054
  1,127
  1,204
  1,283
  1,366
  1,453
  1,542
  1,636
  1,733
  1,835
  1,941
  2,051
  2,167
Working capital, $m
  0
  -752
  -880
  -1,019
  -1,168
  -1,329
  -1,500
  -1,681
  -1,872
  -2,072
  -2,283
  -2,503
  -2,732
  -2,971
  -3,221
  -3,480
  -3,749
  -4,029
  -4,319
  -4,622
  -4,936
  -5,262
  -5,602
  -5,955
  -6,323
  -6,707
  -7,106
  -7,522
  -7,957
  -8,410
  -8,883
Total debt, $m
  3,775
  4,782
  5,887
  7,089
  8,385
  9,774
  11,253
  12,821
  14,474
  16,212
  18,034
  19,939
  21,927
  23,999
  26,156
  28,399
  30,730
  33,154
  35,672
  38,289
  41,009
  43,837
  46,779
  49,840
  53,026
  56,345
  59,804
  63,409
  67,170
  71,095
  75,192
Total liabilities, $m
  5,508
  6,515
  7,620
  8,822
  10,118
  11,507
  12,986
  14,554
  16,207
  17,945
  19,767
  21,672
  23,660
  25,732
  27,889
  30,132
  32,463
  34,887
  37,405
  40,022
  42,742
  45,570
  48,512
  51,573
  54,759
  58,078
  61,537
  65,142
  68,903
  72,828
  76,925
Total equity, $m
  4,229
  4,253
  4,975
  5,760
  6,606
  7,513
  8,479
  9,502
  10,581
  11,716
  12,906
  14,150
  15,448
  16,800
  18,208
  19,673
  21,195
  22,777
  24,421
  26,130
  27,906
  29,752
  31,673
  33,671
  35,752
  37,919
  40,177
  42,531
  44,986
  47,549
  50,224
Total liabilities and equity, $m
  9,737
  10,768
  12,595
  14,582
  16,724
  19,020
  21,465
  24,056
  26,788
  29,661
  32,673
  35,822
  39,108
  42,532
  46,097
  49,805
  53,658
  57,664
  61,826
  66,152
  70,648
  75,322
  80,185
  85,244
  90,511
  95,997
  101,714
  107,673
  113,889
  120,377
  127,149
Debt-to-equity ratio
  0.893
  1.120
  1.180
  1.230
  1.270
  1.300
  1.330
  1.350
  1.370
  1.380
  1.400
  1.410
  1.420
  1.430
  1.440
  1.440
  1.450
  1.460
  1.460
  1.470
  1.470
  1.470
  1.480
  1.480
  1.480
  1.490
  1.490
  1.490
  1.490
  1.500
  1.500
Adjusted equity ratio
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  382
  381
  437
  497
  561
  630
  703
  780
  861
  946
  1,035
  1,129
  1,226
  1,327
  1,432
  1,541
  1,655
  1,773
  1,896
  2,023
  2,156
  2,294
  2,437
  2,587
  2,742
  2,904
  3,073
  3,249
  3,433
  3,624
  3,825
Depreciation, amort., depletion, $m
  23
  27
  32
  37
  43
  48
  55
  61
  68
  75
  83
  91
  99
  108
  117
  127
  136
  147
  157
  168
  180
  192
  204
  217
  230
  244
  259
  274
  290
  306
  323
Funds from operations, $m
  -131
  409
  469
  534
  603
  678
  757
  841
  929
  1,022
  1,118
  1,220
  1,325
  1,435
  1,549
  1,668
  1,792
  1,920
  2,053
  2,192
  2,336
  2,486
  2,641
  2,804
  2,972
  3,148
  3,332
  3,523
  3,722
  3,931
  4,148
Change in working capital, $m
  -280
  -116
  -128
  -139
  -150
  -160
  -171
  -181
  -191
  -201
  -210
  -220
  -230
  -239
  -249
  -259
  -269
  -280
  -291
  -302
  -314
  -327
  -340
  -353
  -368
  -383
  -399
  -416
  -434
  -453
  -473
Cash from operations, $m
  149
  525
  596
  672
  753
  838
  928
  1,022
  1,120
  1,222
  1,329
  1,440
  1,555
  1,674
  1,798
  1,927
  2,061
  2,200
  2,344
  2,494
  2,650
  2,812
  2,981
  3,157
  3,340
  3,532
  3,731
  3,939
  4,157
  4,384
  4,621
Maintenance CAPEX, $m
  0
  -23
  -27
  -32
  -37
  -43
  -48
  -55
  -61
  -68
  -75
  -83
  -91
  -99
  -108
  -117
  -127
  -136
  -147
  -157
  -168
  -180
  -192
  -204
  -217
  -230
  -244
  -259
  -274
  -290
  -306
New CAPEX, $m
  -28
  -30
  -31
  -34
  -37
  -39
  -42
  -44
  -47
  -49
  -51
  -54
  -56
  -58
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -83
  -86
  -90
  -93
  -97
  -102
  -106
  -111
  -115
Cash from investing activities, $m
  8
  -53
  -58
  -66
  -74
  -82
  -90
  -99
  -108
  -117
  -126
  -137
  -147
  -157
  -169
  -180
  -193
  -204
  -218
  -231
  -245
  -260
  -275
  -290
  -307
  -323
  -341
  -361
  -380
  -401
  -421
Free cash flow, $m
  157
  472
  538
  607
  680
  757
  838
  923
  1,012
  1,105
  1,202
  1,303
  1,408
  1,516
  1,629
  1,747
  1,868
  1,995
  2,126
  2,263
  2,405
  2,553
  2,707
  2,867
  3,034
  3,208
  3,390
  3,579
  3,777
  3,984
  4,200
Issuance/(repayment) of debt, $m
  -54
  1,007
  1,106
  1,202
  1,296
  1,389
  1,479
  1,567
  1,653
  1,738
  1,822
  1,905
  1,988
  2,072
  2,157
  2,243
  2,332
  2,423
  2,518
  2,617
  2,720
  2,828
  2,942
  3,061
  3,187
  3,319
  3,458
  3,606
  3,761
  3,925
  4,098
Issuance/(repurchase) of shares, $m
  -386
  277
  285
  288
  286
  277
  263
  243
  219
  189
  154
  115
  72
  26
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -442
  1,284
  1,391
  1,490
  1,582
  1,666
  1,742
  1,810
  1,872
  1,927
  1,976
  2,020
  2,060
  2,098
  2,157
  2,243
  2,332
  2,423
  2,518
  2,617
  2,720
  2,828
  2,942
  3,061
  3,187
  3,319
  3,458
  3,606
  3,761
  3,925
  4,098
Total cash flow (excl. dividends), $m
  -285
  1,755
  1,928
  2,097
  2,262
  2,423
  2,580
  2,734
  2,884
  3,032
  3,178
  3,323
  3,468
  3,614
  3,786
  3,990
  4,200
  4,418
  4,645
  4,880
  5,125
  5,381
  5,648
  5,928
  6,220
  6,527
  6,848
  7,185
  7,538
  7,908
  8,297
Retained Cash Flow (-), $m
  -6
  -658
  -722
  -785
  -846
  -907
  -966
  -1,023
  -1,080
  -1,135
  -1,190
  -1,244
  -1,298
  -1,353
  -1,408
  -1,464
  -1,522
  -1,582
  -1,644
  -1,709
  -1,776
  -1,847
  -1,921
  -1,998
  -2,080
  -2,167
  -2,258
  -2,354
  -2,455
  -2,562
  -2,675
Prev. year cash balance distribution, $m
 
  634
  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
 
  1,731
  1,207
  1,312
  1,415
  1,516
  1,614
  1,711
  1,805
  1,897
  1,989
  2,079
  2,170
  2,261
  2,378
  2,525
  2,678
  2,836
  3,000
  3,171
  3,349
  3,535
  3,728
  3,929
  4,140
  4,360
  4,590
  4,831
  5,082
  5,346
  5,622
Discount rate, %
 
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.18
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.20
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.37
  29.79
  31.28
PV of cash for distribution, $m
 
  1,609
  1,035
  1,031
  1,010
  975
  926
  868
  801
  728
  652
  576
  501
  429
  365
  308
  256
  209
  167
  130
  100
  75
  55
  39
  27
  18
  12
  8
  5
  3
  2
Current shareholders' claim on cash, %
  100
  95.6
  92.0
  88.9
  86.4
  84.3
  82.6
  81.2
  80.1
  79.3
  78.7
  78.3
  78.0
  77.9
  77.9
  77.9
  77.9
  77.9
  77.9
  77.9
  77.9
  77.9
  77.9
  77.9
  77.9
  77.9
  77.9
  77.9
  77.9
  77.9
  77.9

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 18.1
Price to Sales 1.3
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 46.4
Price to Free Cash Flow 57.2
Growth Rates
Sales Growth Rate 24%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 211.1%
Cap. Spend. - 3 Yr. Gr. Rate 0.7%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 89.3%
Total Debt to Equity 89.3%
Interest Coverage 50
Management Effectiveness
Return On Assets 4.1%
Ret/ On Assets - 3 Yr. Avg. 4.3%
Return On Total Capital 4.8%
Ret/ On T. Cap. - 3 Yr. Avg. 4.9%
Return On Equity 9%
Return On Equity - 3 Yr. Avg. 9.2%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 19.8%
Gross Margin - 3 Yr. Avg. 20.9%
EBITDA Margin 12.1%
EBITDA Margin - 3 Yr. Avg. 13.3%
Operating Margin 9.5%
Oper. Margin - 3 Yr. Avg. 10.1%
Pre-Tax Margin 11.4%
Pre-Tax Margin - 3 Yr. Avg. 12.4%
Net Profit Margin 7.4%
Net Profit Margin - 3 Yr. Avg. 8.3%
Effective Tax Rate 35.1%
Eff/ Tax Rate - 3 Yr. Avg. 33.4%
Payout Ratio 0%

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 $5170 million for the last fiscal year's total revenue generated by Toll Brothers. The default revenue input number comes from 2016 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 18.3% 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 7.6%, 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 89.3%.

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 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%.

Life of production assets of 6.7 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 - $4229 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 167.02 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 $7.1 billion.

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▶ Toll Brothers Announces Cash Dividend   [Sep-29-17 03:21PM  GlobeNewswire]
▶ New-Home Sales Unexpectedly Fall, But These 3 Builders Are Near Buys   [Sep-26-17 04:06PM  Investor's Business Daily]
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▶ Yahoo Finance Live: Midday Movers - Aug 28th, 2017   [Aug-28-17 09:40AM  Yahoo Finance Video]
▶ Toll Brothers tops Street 3Q forecasts   [Aug-22-17 09:19PM  Associated Press]
▶ STOCKS SOAR: Here's what you need to know   [04:00PM  Business Insider]
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▶ Toll's rising revenue misses targets   [10:48AM  Reuters Videos]
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▶ Stocks Mixed, 2 Money-Losing IPOs Tank; Is Nvidia Still In Buy Range?   [Jul-11-17 03:30PM  Investor's Business Daily]
▶ Toll Brothers Rating Slashed at Barclays   [09:53AM  TheStreet.com]
▶ We're going to see home sales growth: Analyst   [Jul-05-17 01:38PM  CNBC Videos]
▶ KB Home Earnings, Revenue Beat As These 4 Builders Near Buy Points   [Jun-27-17 04:54PM  Investor's Business Daily]
▶ How Much Farther Can KB Home (KBH) Stock REALLY Go?   [Jun-26-17 03:12PM  InvestorPlace]
▶ Lennar Earnings Top Q2 Views But Shares Can't Hold Buy Point   [Jun-20-17 05:05PM  Investor's Business Daily]
▶ Toll Brothers Announces Cash Dividend   [04:17PM  GlobeNewswire]
▶ Stocks To Buy And Watch: Top IPOs, Big And Small Caps, Growth Stocks   [Jun-16-17 05:23PM  Investor's Business Daily]
Financial statements of TOL
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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