Intrinsic value of TRI Pointe Group - TPH

Previous Close

$16.62

  Intrinsic Value

$49.05

stock screener

  Rating & Target

str. buy

+195%

Previous close

$16.62

 
Intrinsic value

$49.05

 
Up/down potential

+195%

 
Rating

str. buy

We calculate the intrinsic value of TPH 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 2.6

 

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, %
  16.80
  15.62
  14.56
  13.60
  12.74
  11.97
  11.27
  10.64
  10.08
  9.57
  9.11
  8.70
  8.33
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
Revenue, $m
  3,282
  3,795
  4,347
  4,938
  5,568
  6,234
  6,937
  7,675
  8,449
  9,257
  10,101
  10,980
  11,895
  12,847
  13,836
  14,864
  15,932
  17,042
  18,196
  19,396
  20,644
  21,943
  23,295
  24,703
  26,171
  27,701
  29,297
  30,963
  32,703
  34,519
Variable operating expenses, $m
  2,874
  3,322
  3,804
  4,321
  4,870
  5,452
  6,066
  6,711
  7,386
  8,093
  8,822
  9,590
  10,389
  11,220
  12,084
  12,982
  13,915
  14,885
  15,892
  16,940
  18,030
  19,165
  20,346
  21,576
  22,858
  24,194
  25,588
  27,043
  28,562
  30,149
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
  2,874
  3,322
  3,804
  4,321
  4,870
  5,452
  6,066
  6,711
  7,386
  8,093
  8,822
  9,590
  10,389
  11,220
  12,084
  12,982
  13,915
  14,885
  15,892
  16,940
  18,030
  19,165
  20,346
  21,576
  22,858
  24,194
  25,588
  27,043
  28,562
  30,149
Operating income, $m
  408
  473
  543
  618
  698
  782
  871
  964
  1,062
  1,165
  1,279
  1,390
  1,506
  1,626
  1,752
  1,882
  2,017
  2,157
  2,304
  2,455
  2,613
  2,778
  2,949
  3,127
  3,313
  3,507
  3,709
  3,920
  4,140
  4,370
EBITDA, $m
  854
  988
  1,132
  1,285
  1,449
  1,623
  1,806
  1,998
  2,199
  2,410
  2,629
  2,858
  3,096
  3,344
  3,601
  3,869
  4,147
  4,436
  4,736
  5,049
  5,374
  5,712
  6,064
  6,430
  6,812
  7,211
  7,626
  8,060
  8,512
  8,985
Interest expense (income), $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
  0
Earnings before tax, $m
  408
  473
  543
  618
  697
  782
  871
  964
  1,062
  1,164
  1,278
  1,390
  1,506
  1,626
  1,751
  1,881
  2,017
  2,157
  2,303
  2,455
  2,613
  2,778
  2,949
  3,127
  3,313
  3,507
  3,709
  3,920
  4,140
  4,370
Tax expense, $m
  110
  128
  147
  167
  188
  211
  235
  260
  287
  314
  345
  375
  407
  439
  473
  508
  544
  582
  622
  663
  706
  750
  796
  844
  894
  947
  1,001
  1,058
  1,118
  1,180
Net income, $m
  298
  345
  396
  451
  509
  571
  636
  704
  775
  850
  933
  1,015
  1,099
  1,187
  1,278
  1,373
  1,472
  1,575
  1,681
  1,792
  1,908
  2,028
  2,153
  2,283
  2,418
  2,560
  2,707
  2,861
  3,022
  3,190

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
  -2,302
  -2,661
  -3,049
  -3,463
  -3,904
  -4,372
  -4,864
  -5,382
  -5,925
  -6,492
  -7,084
  -7,700
  -8,342
  -9,009
  -9,703
  -10,423
  -11,172
  -11,951
  -12,760
  -13,602
  -14,477
  -15,388
  -16,336
  -17,323
  -18,353
  -19,426
  -20,545
  -21,713
  -22,933
  -24,207
Adjusted assets (=assets-cash), $m
  -2,302
  -2,661
  -3,049
  -3,463
  -3,904
  -4,372
  -4,864
  -5,382
  -5,925
  -6,492
  -7,084
  -7,700
  -8,342
  -9,009
  -9,703
  -10,423
  -11,172
  -11,951
  -12,760
  -13,602
  -14,477
  -15,388
  -16,336
  -17,323
  -18,353
  -19,426
  -20,545
  -21,713
  -22,933
  -24,207
Revenue / Adjusted assets
  -1.426
  -1.426
  -1.426
  -1.426
  -1.426
  -1.426
  -1.426
  -1.426
  -1.426
  -1.426
  -1.426
  -1.426
  -1.426
  -1.426
  -1.426
  -1.426
  -1.426
  -1.426
  -1.426
  -1.426
  -1.426
  -1.426
  -1.426
  -1.426
  -1.426
  -1.426
  -1.426
  -1.426
  -1.426
  -1.426
Average production assets, $m
  4,388
  5,074
  5,812
  6,603
  7,444
  8,335
  9,274
  10,262
  11,296
  12,377
  13,505
  14,681
  15,904
  17,176
  18,498
  19,873
  21,301
  22,785
  24,328
  25,932
  27,601
  29,337
  31,145
  33,028
  34,990
  37,036
  39,170
  41,398
  43,723
  46,152
Working capital, $m
  -2,002
  -2,315
  -2,652
  -3,012
  -3,396
  -3,803
  -4,231
  -4,682
  -5,154
  -5,647
  -6,162
  -6,698
  -7,256
  -7,836
  -8,440
  -9,067
  -9,718
  -10,396
  -11,100
  -11,831
  -12,593
  -13,385
  -14,210
  -15,069
  -15,964
  -16,898
  -17,871
  -18,888
  -19,949
  -21,057
Total debt, $m
  6
  6
  6
  6
  6
  6
  6
  6
  6
  6
  6
  6
  6
  6
  6
  6
  6
  6
  6
  6
  6
  6
  6
  6
  6
  6
  6
  6
  6
  6
Total liabilities, $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 equity, $m
  -2,302
  -2,661
  -3,049
  -3,463
  -3,904
  -4,372
  -4,864
  -5,382
  -5,925
  -6,492
  -7,084
  -7,700
  -8,342
  -9,009
  -9,703
  -10,423
  -11,172
  -11,951
  -12,760
  -13,602
  -14,477
  -15,388
  -16,336
  -17,323
  -18,353
  -19,426
  -20,545
  -21,713
  -22,933
  -24,207
Total liabilities and equity, $m
  -2,302
  -2,661
  -3,049
  -3,463
  -3,904
  -4,372
  -4,864
  -5,382
  -5,925
  -6,492
  -7,084
  -7,700
  -8,342
  -9,009
  -9,703
  -10,423
  -11,172
  -11,951
  -12,760
  -13,602
  -14,477
  -15,388
  -16,336
  -17,323
  -18,353
  -19,426
  -20,545
  -21,713
  -22,933
  -24,207
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  298
  345
  396
  451
  509
  571
  636
  704
  775
  850
  933
  1,015
  1,099
  1,187
  1,278
  1,373
  1,472
  1,575
  1,681
  1,792
  1,908
  2,028
  2,153
  2,283
  2,418
  2,560
  2,707
  2,861
  3,022
  3,190
Depreciation, amort., depletion, $m
  446
  515
  589
  668
  752
  841
  935
  1,033
  1,137
  1,245
  1,351
  1,468
  1,590
  1,718
  1,850
  1,987
  2,130
  2,279
  2,433
  2,593
  2,760
  2,934
  3,115
  3,303
  3,499
  3,704
  3,917
  4,140
  4,372
  4,615
Funds from operations, $m
  744
  860
  985
  1,118
  1,261
  1,411
  1,570
  1,737
  1,912
  2,095
  2,284
  2,483
  2,689
  2,905
  3,128
  3,361
  3,602
  3,853
  4,114
  4,385
  4,668
  4,961
  5,267
  5,586
  5,917
  6,263
  6,624
  7,001
  7,394
  7,805
Change in working capital, $m
  -288
  -313
  -337
  -361
  -384
  -406
  -429
  -450
  -472
  -493
  -515
  -536
  -558
  -580
  -603
  -627
  -652
  -677
  -704
  -732
  -761
  -792
  -825
  -859
  -895
  -933
  -974
  -1,016
  -1,061
  -1,108
Cash from operations, $m
  1,032
  1,173
  1,322
  1,479
  1,645
  1,818
  1,999
  2,188
  2,384
  2,588
  2,798
  3,019
  3,248
  3,485
  3,732
  3,988
  4,254
  4,530
  4,818
  5,117
  5,429
  5,754
  6,092
  6,445
  6,813
  7,197
  7,598
  8,017
  8,455
  8,913
Maintenance CAPEX, $m
  -376
  -439
  -507
  -581
  -660
  -744
  -833
  -927
  -1,026
  -1,130
  -1,238
  -1,351
  -1,468
  -1,590
  -1,718
  -1,850
  -1,987
  -2,130
  -2,279
  -2,433
  -2,593
  -2,760
  -2,934
  -3,115
  -3,303
  -3,499
  -3,704
  -3,917
  -4,140
  -4,372
New CAPEX, $m
  -632
  -685
  -739
  -791
  -841
  -891
  -939
  -987
  -1,034
  -1,081
  -1,128
  -1,175
  -1,223
  -1,272
  -1,322
  -1,374
  -1,428
  -1,484
  -1,543
  -1,604
  -1,669
  -1,736
  -1,808
  -1,883
  -1,962
  -2,046
  -2,134
  -2,227
  -2,326
  -2,429
Cash from investing activities, $m
  -1,008
  -1,124
  -1,246
  -1,372
  -1,501
  -1,635
  -1,772
  -1,914
  -2,060
  -2,211
  -2,366
  -2,526
  -2,691
  -2,862
  -3,040
  -3,224
  -3,415
  -3,614
  -3,822
  -4,037
  -4,262
  -4,496
  -4,742
  -4,998
  -5,265
  -5,545
  -5,838
  -6,144
  -6,466
  -6,801
Free cash flow, $m
  25
  48
  76
  107
  143
  183
  226
  273
  324
  377
  433
  493
  556
  622
  692
  764
  838
  916
  997
  1,080
  1,167
  1,257
  1,350
  1,447
  1,548
  1,652
  1,760
  1,873
  1,990
  2,112
Issuance/(repayment) of debt, $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
Issuance/(repurchase) of shares, $m
  -330
  -360
  -387
  -415
  -441
  -467
  -493
  -518
  -543
  -567
  -592
  -616
  -642
  -667
  -694
  -721
  -749
  -778
  -809
  -841
  -875
  -911
  -948
  -988
  -1,029
  -1,073
  -1,119
  -1,168
  -1,220
  -1,274
Cash from financing (excl. dividends), $m  
  -330
  -360
  -387
  -415
  -441
  -467
  -493
  -518
  -543
  -567
  -592
  -616
  -642
  -667
  -694
  -721
  -749
  -778
  -809
  -841
  -875
  -911
  -948
  -988
  -1,029
  -1,073
  -1,119
  -1,168
  -1,220
  -1,274
Total cash flow (excl. dividends), $m
  -305
  -311
  -312
  -307
  -298
  -285
  -267
  -245
  -219
  -190
  -159
  -124
  -85
  -45
  -2
  43
  89
  138
  188
  239
  292
  346
  402
  460
  518
  579
  641
  705
  770
  838
Retained Cash Flow (-), $m
  330
  360
  387
  415
  441
  467
  493
  518
  543
  567
  592
  616
  642
  667
  694
  721
  749
  778
  809
  841
  875
  911
  948
  988
  1,029
  1,073
  1,119
  1,168
  1,220
  1,274
Prev. year cash balance distribution, $m
  1,971
  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
  17
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  83
  89
  96
  102
  109
  116
  124
  132
  140
  148
  157
  166
  176
  186
  196
Cash available for distribution, $m
  1,996
  360
  387
  415
  441
  467
  493
  518
  543
  567
  592
  616
  642
  667
  694
  764
  838
  916
  997
  1,080
  1,167
  1,257
  1,350
  1,447
  1,548
  1,652
  1,760
  1,873
  1,990
  2,112
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
  1,914
  329
  337
  341
  342
  339
  333
  324
  312
  297
  281
  263
  244
  224
  204
  194
  182
  169
  153
  137
  121
  104
  89
  74
  60
  48
  38
  29
  22
  16
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

TRI Pointe Group, Inc. is a homebuilder company. The Company's operations are organized in two principal businesses, including homebuilding and financial services. Its homebuilding operation consists of six segments: Maracay Homes, including operations in Arizona; Pardee Homes, consisting of operations in California and Nevada; Quadrant Homes, consisting of operations in Washington; Trendmaker Homes, consisting of operations in Texas; TRI Pointe Homes, consisting of operations in California and Colorado, and Winchester Homes, consisting of operations in Maryland and Virginia. Its financial services operation (TRI Pointe Solutions) includes mortgage financing operations and title services operations. Its mortgage financing operation (TRI Pointe Connect) provides mortgage financing to its homebuyers in all of its operated markets. Its title services operation (TRI Pointe Assurance) provides title examinations for its homebuyers in its Trendmaker Homes and Winchester Homes brands.

FINANCIAL RATIOS  of  TRI Pointe Group (TPH)

Valuation Ratios
P/E Ratio 13.5
Price to Sales 1.1
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow -16.7
Price to Free Cash Flow -16.3
Growth Rates
Sales Growth Rate 0.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 300%
Cap. Spend. - 3 Yr. Gr. Rate -16.7%
Financial Strength
Quick Ratio 15
Current Ratio NaN
LT Debt to Equity 74.8%
Total Debt to Equity 75.6%
Interest Coverage 0
Management Effectiveness
Return On Assets 5.8%
Ret/ On Assets - 3 Yr. Avg. 5.8%
Return On Total Capital 6.4%
Ret/ On T. Cap. - 3 Yr. Avg. 6.3%
Return On Equity 11.2%
Return On Equity - 3 Yr. Avg. 10.6%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 22.8%
Gross Margin - 3 Yr. Avg. 22.1%
EBITDA Margin 12.7%
EBITDA Margin - 3 Yr. Avg. 12.3%
Operating Margin 12.3%
Oper. Margin - 3 Yr. Avg. 11%
Pre-Tax Margin 12.6%
Pre-Tax Margin - 3 Yr. Avg. 11.1%
Net Profit Margin 8.1%
Net Profit Margin - 3 Yr. Avg. 7.2%
Effective Tax Rate 35.1%
Eff/ Tax Rate - 3 Yr. Avg. 34.9%
Payout Ratio 0%

TPH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TPH stock intrinsic value calculation we used $2810 million for the last fiscal year's total revenue generated by TRI Pointe Group. The default revenue input number comes from 2017 income statement of TRI Pointe Group. 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 TPH stock valuation model: a) initial revenue growth rate of 16.8% 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 TPH is calculated based on our internal credit rating of TRI Pointe Group, 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 TRI Pointe Group.
    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 TPH stock the variable cost ratio is equal to 87.6%.

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 TPH 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 TRI Pointe Group.

Corporate tax rate of 27% is the nominal tax rate for TRI Pointe Group. 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 TPH stock is equal to 0.6%.

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 TPH are equal to 133.7%.

Life of production assets of 10 years is the average useful life of capital assets used in TRI Pointe Group 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 TPH is equal to -61%. 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 - $0 million for TRI Pointe Group - 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 154 million for TRI Pointe Group 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 TRI Pointe Group at the current share price and the inputted number of shares is $2.6 billion.

RELATED COMPANIES Price Int.Val. Rating
TOL Toll Brothers 37.34 91.56  str.buy
LEN Lennar Cl A 54.68 113.93  str.buy
KBH KB Home 26.05 168.65  str.buy
MTH Meritage Homes 44.85 58.75  buy
LGIH LGI Homes 59.91 1,110.29  str.buy
MDC M.D.C. Holding 31.84 70.36  str.buy
MHO M/I Homes 27.01 160.78  str.buy
NWHM New Home 10.00 41.51  str.buy

COMPANY NEWS

▶ Maracay Launches Rebrand To Reflect Arizona Roots   [Jul-17-18 10:00AM  PR Newswire]
▶ Maracay Homes investing $50M in South Mountain master-planned community   [Jun-28-18 05:06PM  American City Business Journals]
▶ 5 Undervalued Home Builder Stocks Investors Should Watch   [May-31-18 01:10PM  InvestorPlace]
▶ Maracay Homes investing $69M to develop master-planned community in Gilbert   [May-29-18 07:13PM  American City Business Journals]
▶ TRI Pointe Group Inc to Host Earnings Call   [Apr-25-18 08:15AM  ACCESSWIRE]
▶ Tri Pointe: 1Q Earnings Snapshot   [06:18AM  Associated Press]
▶ MuleSoft and TRI Pointe rise while General Mills stumbles   [Mar-21-18 04:25PM  Associated Press]
▶ TRI Pointe Group Inc to Host Earnings Call   [Feb-20-18 07:30AM  ACCESSWIRE]
▶ Stocks To Watch: TRI Pointe Sees RS Rating Rise To 92   [03:00AM  Investor's Business Daily]
▶ Tri Pointe tops Street 3Q forecasts   [Oct-25-17 06:11AM  Associated Press]
▶ Tri Pointe beats Street 2Q forecasts   [Jul-26-17 09:36PM  Associated Press]
▶ Housing Stocks Could Blow Over Soon for a Number of Reasons   [Jul-15-17 03:11PM  TheStreet.com]
▶ Barclays Turns Cautious on U.S. Home Building   [Jul-11-17 10:29AM  TheStreet.com]
▶ Tri Pointe misses 1Q profit forecasts   [Apr-26-17 06:12AM  Associated Press]
▶ Housing Could Be Ready to Explode: 5 Top Stocks to Buy Now   [Apr-05-17 10:35AM  24/7 Wall St.]
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