BZH
Deep Undervalued
BEAZER HOMES USA INC
Price$28.07
Model IV$46.21
P/IV0.55
Discount 39%
Return to IV: +64.6%
Market implies -6.5%/yr
vs model +2.6% · below model
CCS
Valuation N/A
Century Communities, Inc.
Price$69.99
Model IV—
P/IV—
Market implies +9.2%/yr
vs model +6.1% · above model
DFH
Deep Undervalued
Dream Finders Homes, Inc.
Price$16.79
Model IV$56.76
P/IV0.27
Discount 70%
Return to IV: +238.0%
Market implies -20.3%/yr
vs model +22.4% · below model
DHI
Deep Undervalued
HORTON D R INC /DE/
Price$158.57
Model IV$230.96
P/IV0.64
Discount 31%
Return to IV: +45.7%
Market implies +2.7%/yr
vs model +9.6% · below model
ECG
Valuation N/A
Everus Construction Group, Inc.
Price$138.26
Model IV—
P/IV—
Market implies +34.9%/yr
vs model +9.9% · above model
GRBK
Undervalued
Green Brick Partners, Inc.
Price$79.25
Model IV$106.29
P/IV0.63
Discount 25%
Return to IV: +34.1%
Market implies +5.8%/yr
vs model +12.4% · below model
HOVNP
Deep Undervalued
HOVNANIAN ENTERPRISES INC
Price$19.90
Model IV$374.80
P/IV0.06
Discount 95%
Return to IV: +1,783.1%
Market implies -48.9%/yr
vs model +3.0% · below model
KBH
Fairly Valued
KB HOME
Price$61.16
Model IV$65.06
P/IV0.75
Discount 6%
Return to IV: +6.4%
Market implies +5.2%/yr
vs model +7.3% · in line
LGIH
Deep Overvalued
LGI Homes, Inc.
Price$62.03
Model IV$23.49
P/IV2.04
Premium +164%
Return to IV: -62.1%
Market implies +15.5%/yr
vs model +2.0% · above model
LGPS
Valuation N/A
LOGPROSTYLE INC.
Price$0.76
Model IV—
P/IV—
Limited data — see page
LRE
Valuation N/A
LEAD REAL ESTATE CO., LTD
Price$1.34
Model IV—
P/IV—
Limited data — see page
MHO
Fairly Valued
M/I HOMES, INC.
Price$156.84
Model IV$169.34
P/IV0.78
Discount 7%
Return to IV: +8.0%
Market implies +4.7%/yr
vs model +7.0% · in line
MTH
Valuation N/A
Meritage Homes CORP
Price$81.86
Model IV—
P/IV—
Market implies +28.2%/yr
vs model -10.0% · above model
NVR
Undervalued
NVR INC
Price$6,750.79
Model IV$8,195.74
P/IV0.74
Discount 18%
Return to IV: +21.4%
Market implies +4.2%/yr
vs model +8.3% · below model
PHM
Undervalued
PULTEGROUP INC/MI/
Price$133.67
Model IV$179.03
P/IV0.66
Discount 25%
Return to IV: +33.9%
Market implies +4.0%/yr
vs model +10.0% · below model
SDHC
Deep Undervalued
Smith Douglas Homes Corp.
Price$15.91
Model IV$89.04
P/IV0.13
Discount 82%
Return to IV: +459.6%
Market implies -34.0%/yr
vs model +12.7% · below model
TMHC
Deep Undervalued
Taylor Morrison Home Corp
Price$71.86
Model IV$143.82
P/IV0.41
Discount 50%
Return to IV: +100.1%
Market implies -3.4%/yr
vs model +7.2% · below model
TOL
Fairly Valued
Toll Brothers, Inc.
Price$157.14
Model IV$181.12
P/IV0.76
Discount 13%
Return to IV: +15.3%
Market implies +5.9%/yr
vs model +9.8% · below model