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IntroductionThe concept of valuationRevenue and revenue growthVariable costsFixed costsProduction assets

Intrinsic value of Lennar Corporation (LEN)

Previous Close$74.44
Intrinsic Value$157.45
Upside potential  +112%
Previous Close
$74.44
Intrinsic Value
$157.45
Potential        
+112%

VALUATION INPUT DATA

Revenue, mln $
Initial revenue growth rate (norm.), %
Variable cost ratio, %
Fixed operating expenses, mln $
Production assets / Revenue, %
Working capital / Revenue, %
Interest rate on debt, %
Initial discount rate, %
Shares outstanding, mln
Adjusted equity ratio
Adjusted assets / Revenue
Cash & ST Investments
Total debt
Market cap, m$
22,287

Based on fiscal year data as of 2021-11-30 and quarterly data as of 2022-02-28.

  1. Annual
  2. Quarterly YoY
  3. Quarterly QoQ

Annual revenue growth rates, % (past and forecasted)

NOTE: The bar chart shows historic and forecasted yearly revenue growth rates. Its purpose is to help you in determining what initial revenue rate you want to base your stock valuation on. Please make sure that you are confident in the value you select - for most stocks it is by far the most important parameter in valuation.

show cash flow forecast

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year2021(a)2022202320242025202620272028202920302031203220332034203520362037203820392040204120422043204420452046

INCOME STATEMENT

Revenue growth rate, %20.8NaN
Revenue, $27142NaN
Variable operating expenses, $mNaN
Fixed operating expenses, $mNaN
Total operating expenses, $m22004NaN
Operating income, $m5138NaN
EBITDA, $m5224NaN
Interest expense (income), $mNaN
Earnings before tax, $m5740NaN
Tax expense, $m1363NaN
Net income, $m4377NaN

BALANCE SHEET

Cash and short-term investments, $m2934NaN
Total assets, $m33208NaN
Adjusted assets (=assets-cash), $m30274NaN
Average production assets, $m4143NaN
Working capital, $m18791NaN
Total debt, $m6542NaN
Total liabilities, $m12392NaN
Total equity, $m20816NaN
Debt-to-equity ratio0.314NaN
Adjusted equity ratio0.668NaN

CASH FLOW

Net income, $m4377NaN
Depreciation, amort., depletion, $m86NaN
Funds from operations, $mNaN
Change in working capital, $mNaN
Cash from operations, $m2895NaN
Maintenance CAPEX, $mNaN
New CAPEX, $mNaN
Total CAPEX, $m-24NaN
Free cash flow, $m2919NaN
Issuance/(repurchase) of shares, $mNaN
Retained Cash Flow, $mNaN
Pot'l extraordinary dividend, $m18791
Cash available for distribution, $mNaN
Discount rate, %NaN
PV of cash for distribution, $mNaN
Current shareholders' claim on cash, %NaN
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