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D.R. Horton: Acquires Classic Builders

Worth Watching: 05 Dec 2018, 1:19 PM ET - D.R. Horton announced it has acquired the assets of Classic Builders for ~$60 mn in cash.  Classic Builders is the largest builder by volume in Des Moines, Iowa.  DHI's acquisition includes ~670 owned lots, ~550 lots controlled through option ..
Focused

D.R. Horton: Releases Preliminary 4Q18 Data

Worth Watching: 09 Oct 2018, 11:53 AM ET - D.R. Horton released select preliminary 4Q18 data ahead of its earnings on November 8th due to recent market events and mixed market conditions in the homebuilding sector.  Homebuilders continue to take a beating in the equity markets due to yi ..

Homebuilding: Conference Takeaways

Sector Analysis: 03 Oct 2018, 4:13 AM ET - We present some takeaways from the IMN Real Estate Private Equity Forum on Land & Homebuilding Conference in Las Vegas last week.   

Big Homebuilders: Going to the Source

Sector Analysis: 27 Jul 2018, 4:49 AM ET - With crosscurrents in the headlines around prices, mortgage rates, changing regional demand, and shifting product growth expectations, it still comes down to builder strategies on price and costs, profit margins, and inventory management. 
Focused

DHI, PHM and MTH: Weighing In

Earnings Note: 26 Jul 2018, 9:54 PM ET - A trio of homebuilders reported quarterly results where the underlying trends remains supportive of continued homebuilding growth.  Profitability was strong with each reporting an increase in margins YoY.  

April 2018 US Company Recommendation Changes

US Company Recommendation Changes: 30 Apr 2018, 9:22 PM ET - Our monthly report provides executive summaries for the twenty-six company recommendation changes made on North American companies during the month of April.
Focused

D.R. Horton: Raising Guidance

Earnings Note: 26 Apr 2018, 5:38 PM ET - DHI reported a strong quarter, home sales were up +15% and new orders up +13%.  Strong margin performance prompted increased margin expectations for FY18 and a $100 mn increase to CFO expectations to at least $800 mn. 
Focused

Homebuilders: Spring Showers or Flowers?

Sector Analysis: 24 Apr 2018, 4:24 AM ET - Homebuilder bonds were under pressure YTD18 as tight spreads, rising interest rates, and Fed tightening renewed fears of a slowdown and pressure on affordability. Fundamentals are still sound with leverage and liquidity in good shape. 

US Strategy: Tariffs as Repricing Event?

Strategy Analysis: 01 Mar 2018, 9:40 PM ET - The market has been building in very low odds of a trade war event, a NAFTA withdrawal, or a significant escalation of tit-for-tat trade retaliations on a broader scale.  The odds-makers just got a fresh load of input.

Section 232: The NAFTA Conundrum

Sector Analysis: 26 Feb 2018, 3:42 AM ET - Using Section 232 on Steel/Aluminum could damage supplier chains and cost structures and drive broader inflation.  A tariff gambit in such key industries could undermine the NAFTA negotiations and have immediate effects on risk pricing. 
Focused

D.R. Horton: Steady Homebuilder

Earnings Note: 31 Jan 2018, 9:58 PM ET - DHI reported +16.4% new order growth in 1Q18 and overall it was a solid quarter for the company.  FY18 CFO guidance was raised $200 mn to $700 mn primarily due to tax reform.
Focused

D.R. Horton: In the Market

IG Note: 29 Nov 2017, 11:30 AM ET - D.R. Horton is in the market for the first time in over 2-years with a $400 mn 3-year offering. 
Focused

D.R. Horton: Pumped Up

Earnings Note: 09 Nov 2017, 8:27 PM ET - The takeaway from DHI earnings was the company remains bullish on housing fundamentals and is targeting 10% to 15% revenue growth over the next three years while doubling expected FCF of $500 mn in FY18 to ~$1.0 bn in 2020. 
Focused

Housing and Taxes: Wrong Multiplier Effect

Strategy Analysis: 08 Nov 2017, 3:44 AM ET - As the Congress scrambles to find revenue for majority vote machinations, the clear and direct multiplier effects of housing-related growth is getting tempered to support the theoretical, indirect benefits of corporate and estate tax cuts.
Focused

Housing: Mortgages, GSE Reform, Taxes

Strategy Analysis: 27 Jul 2017, 4:48 AM ET - Homebuilders are rolling along near capacity against the backdrop of Washington chaos while awaiting clarity on reform/deregulation in housing finance. The bigger macro variable for mortgage credit is existing homes and not builders.
Focused

DHI and TPH: Solid Demand Differing Price Points

Earnings Note: 26 Jul 2017, 9:01 PM ET - DHI and TPH both reported solid demand trends in their quarterly results. With a ~$240K difference in ASP between the two, the solid results underscore broad market strength across product segments.
Focused

US Strategy: Housing, Leverage, Quality

Strategy Analysis: 26 Jul 2017, 6:02 AM ET - We provide a top-down, summary look at the aggregate housing sector balance sheet, asset quality, and default metrics. The much-improved home equity profile of mortgaged properties and supply-demand balance does not signal trouble.

Homebuilding: Starts, Permits Fortify Story

Strategy Analysis: 20 Jul 2017, 5:27 AM ET - June home starts (+8.3%) and permits (+7.4%) rebounded from a weak May as the trajectory for the homebuilding markets remains positive with a handful of builders set to report results next week.  Slow growth remains the rolling trend. 
Focused

D.R Horton: Acquires Forestar

Worth Watching: 29 Jun 2017, 4:13 PM ET - D.R Horton announced that its proposal to acquire 75% of Forestar has been accepted and Forestar's previous pact with Starwood has been terminated.  Under the agreement DHI will pay Forestar holders $17.75 per share in cash (~$560 mn).   Forest ..

March 2017: Case-Shiller Home Prices

Worth Watching: 30 May 2017, 1:07 PM ET - March 2017 home prices continued to post gains with the Case-Shiller National Home Price Index continuing to post new highs while the 20-city index remains 5.4% below its peak.   Case-Shiller Home Price indexes continued to post gains in March ..

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