Exp World Holdings, Inc.

EXPI

Real Estate Agents & Managers (For Others)

Mkt Cap

$1.741B

PE

-66.79

Debt

$20K

Cash

$183.9M

EV

$1.557B

FCF

$208.4M

Market Cap

$1.741B

P/E Ratio

-66.79

Debt

$20K

Cash

$183.9M

EV

$1.557B

FCF

$208.4M

Charts data: {"Earnings":[{"time":"2014-12-30","value":103843},{"time":"2015-12-30","value":-4602975},{"time":"2016-12-30","value":-26043274},{"time":"2017-12-30","value":-22130965},{"time":"2018-12-30","value":-22430356},{"time":"2019-12-30","value":-9556620},{"time":"2020-12-30","value":30990000},{"time":"2021-12-30","value":81159000},{"time":"2022-12-30","value":15424000},{"time":"2023-12-30","value":-8973000}],"Sales":[{"time":"2014-12-30","value":13368905},{"time":"2015-12-30","value":22866787},{"time":"2016-12-30","value":54179511},{"time":"2017-12-30","value":156104544},{"time":"2018-12-30","value":500147681},{"time":"2019-12-30","value":979937241},{"time":"2020-12-30","value":1798285000},{"time":"2021-12-30","value":3771170000},{"time":"2022-12-30","value":4598161000},{"time":"2023-12-30","value":4281105000}],"Net Margins":[{"time":"2014-12-30","value":0.007767502274868435},{"time":"2015-12-30","value":-0.20129522350472762},{"time":"2016-12-30","value":-0.48068492164870225},{"time":"2017-12-30","value":-0.14177015244348043},{"time":"2018-12-30","value":-0.04484746576281736},{"time":"2019-12-30","value":-0.009752277595091419},{"time":"2020-12-30","value":0.01723308596801953},{"time":"2021-12-30","value":0.021520907304629598},{"time":"2022-12-30","value":0.0033543845028479865},{"time":"2023-12-30","value":-0.0020959541987407458}],"Assets":[{"time":"2014-12-30","value":913170},{"time":"2015-12-30","value":1256716},{"time":"2016-12-30","value":6104047},{"time":"2017-12-30","value":14637131},{"time":"2018-12-30","value":55846028},{"time":"2019-12-30","value":96452379},{"time":"2020-12-30","value":242187000},{"time":"2021-12-30","value":413826000},{"time":"2022-12-30","value":381682000},{"time":"2023-12-30","value":385668000}],"Stockholders Equity":[{"time":"2014-12-30","value":413666},{"time":"2015-12-30","value":612082},{"time":"2016-12-30","value":2527026},{"time":"2017-12-30","value":4260671},{"time":"2018-12-30","value":29979629},{"time":"2019-12-30","value":52127879},{"time":"2020-12-30","value":142587000},{"time":"2021-12-30","value":223533000},{"time":"2022-12-30","value":248992000},{"time":"2023-12-30","value":244008000}],"ROE":[{"time":"2014-12-30","value":0.251031025029855},{"time":"2015-12-30","value":-7.520193372783385},{"time":"2016-12-30","value":-10.305898712557765},{"time":"2017-12-30","value":-5.194244052169248},{"time":"2018-12-30","value":-0.7481865769586408},{"time":"2019-12-30","value":-0.18333030584267584},{"time":"2020-12-30","value":0.21734099181552316},{"time":"2021-12-30","value":0.3630739085504154},{"time":"2022-12-30","value":0.0619457653257936},{"time":"2023-12-30","value":-0.0367733844791974}],"ROA":[{"time":"2014-12-30","value":0.03661092677157594},{"time":"2015-12-30","value":-3.579789705868311},{"time":"2016-12-30","value":-4.259531258524058},{"time":"2017-12-30","value":-1.505189370785846},{"time":"2018-12-30","value":-0.40082555199807585},{"time":"2019-12-30","value":-0.09100951258029623},{"time":"2020-12-30","value":0.1304240111979586},{"time":"2021-12-30","value":0.08252743906859404},{"time":"2022-12-30","value":0.014168863084976498},{"time":"2023-12-30","value":-0.03483566176089279}]}

eXp World Holdings, Inc., together with its subsidiaries, provides cloud-based real estate brokerage services for residential homeowners and homebuyers. The company operates through North American Realty, International Realty, Virbela, and Other Affiliated Services segments. It provides Virbela, a technology platform that provides 24/7 access to collaboration tools, training, and social communities for real estate agents and employees. The company also offers SUCCESS print magazine, SUCCESS.com portal, SUCCESS newsletters, podcasts, digital training courses, and affiliated social media accounts across platforms. It operates in the United States, Canada, the United Kingdom, Australia, South Africa, India, Mexico, Portugal, France, Puerto Rico, Brazil, Italy, Hong Kong, Colombia, Spain, Israel, Panama, Germany, the Dominican Republic, Greece, New Zealand, Chile, and Poland. The company was formerly known as eXp Realty International Corporation and changed its name to eXp World Holdings, Inc. in May 2016. eXp World Holdings, Inc. was incorporated in 2008 and is based in Bellingham, Washington.

Sector

10-Q
9/30/23
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12/31/22
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12/31/18
10-Q
9/30/18
10-Q
6/30/18
10-Q
3/31/18
10-K
12/31/17

DCF

Discounted Cash Flow Valuation of Exp World Holdings, Inc.

Calculate

Growth Years

Growth

Start

End

Discount

Start

End

Multiple

g\r	+10%	+11%	+12%	+13%	+14%
0%	10	9	8	8	7
+1%	11	10	9	8	8
+2%	13	11	10	9	8
+3%	14	13	11	10	9
+4%	17	14	12	11	10

Years	0	1	2	3	4	5	6	7	8	9	10	TV
FCF	$208.4M	$270.9M	$344.6M	$428.9M	$521.8M	$620.4M	$720.3M	$816.4M	$902.6M	$972.8M	$1.021B	$10.21B
DCF		$235.6M	$260.6M	$282M	$298.4M	$308.4M	$311.4M	$306.9M	$295M	$276.5M	$252.5M	$2.525B
Value	$5.352B

Chart P/E ratio

In the chart Earnings are multiplied by this value.

Earnings Growth -29%

Earnings Stability -67%

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

The Net Margin is too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Over time the ROA has been increasing indicating a higher marginal ROA with respect to the calculated one, giving a good sign for continued growth.

Years	12-2015	12-2016	12-2017	12-2018	12-2019	12-2020	12-2021	12-2022	12-2023	TTM
Net Margin	-20%	-48%	-14%	-4.5%	-0.98%	1.7%	2.2%	0.34%	-0.21%	-0.6%
ROA	-360%	-430%	-150%	-40%	-9.1%	13%	8.3%	1.4%	-3.5%	-6.9%
ROE	-750%	-1K%	-520%	-75%	-18%	22%	36%	6.2%	-3.7%	-12%

What is the average Net Margin?

The average Net Margin over the past 5 years is -0.24%.

What is the trend of Net Margin?

The trend of Net Margin over the past 5 years is +0.74%.

What is the average Return on Assets (ROA)?

The average ROA over the past 5 years is -4.99%.

What is the trend of Return on Assets (ROA)?

The trend of ROA over the past 5 years is +5.99%.

What is the average Return on Equity (ROE)?

The average ROE over the past 5 years is -5.43%.

What is the trend of Return on Equity (ROE)?

The trend of ROE over the past 5 years is +12.68%.

Safety & Stabiliy

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Under the assumption that FCF does not diminish and debt does not increase, the current years to repay the debt are acceptable.

The Graham’s stability indicate a relevant drawdown, consider checking when it has occured and why.

Years	12-2015	12-2016	12-2017	12-2018	12-2019	12-2020	12-2021	12-2022	12-2023	TTM
Debt FCF	0.00	0.06	0.00	0.12	0.05	0.04	0.01	0.02	0.00	0.00
Debt Equity	0.00	0.01	0.00	0.09	0.05	0.03	0.01	0.02	0.00	0.00
MIN
Graham Stability	-	-	-	-	-	-	-	45%	-21%	-21%

What is the Debt/FCF?

The Debt/FCF trailing twelve month is 0.00.

What is the trend of Debt/FCF?

The trend of Debt/FCF over the past 5 years is -0.02.

What is the Graham’s Stability?

Graham’s Stability measure stands at -0.21.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Earnings growth has not been increasing in the past years.

Years	12-2016	12-2018	12-2020	12-2022	Trend
Revenue	87%	54%	34%	-6.9%	-16%
Net Income	-	-	-	-	-240%
Stockholders Equity	92%	52%	20%	-2%	-26%
FCF	130%	56%	22%	2.7%	-27%

What is the 5 year Revenue CAGR?

The Revenue CAGR over the past 5 years is +53.64%.

What is the trend of Revenue growth?

The trend of Revenue growth rate over the past 5 years is -15.84%.

What is the 5 year Earnings CAGR?

The Earnings CAGR over the past 5 years is -16.74%.

What is the trend of Earnings growth?

The trend of Earnings growth rate over the past 5 years is -242.88%.

What is the 5 year Equity CAGR?

The Equity CAGR over the past 5 years is +52.1%.

What is the trend of Equity growth?

The trend of Equity growth rate over the past 5 years is -25.97%.

What is the 5 year FCF CAGR?

The FCF CAGR over the past 5 years is +55.83%.

What is the trend of FCF growth?

The trend of FCF growth rate over the past 5 years is -27.24%.