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Lennar: Sells Rialto…buybacks next?

Worth Watching: 29 Oct 2018, 10:22 PM ET - Lennar announced that it has entered an agreement to sell its Rialto Asset Management business to Stone Point Capital for $340 mn.  As a reminder, in April LEN indicated to the market that it was exploring strategic alternatives for the Rialto b ..

Lennar: Buybacks on Table

Earnings Note: 04 Oct 2018, 6:04 AM ET - Lennar reported solid results but acknowledged a slowing of sales and traffic during the quarter, which the company views as a natural and temporary pause. Given the sell-off in its share price YTD share buybacks appear to be on the table.

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. 

Lennar: Bullish Trends

Earnings Note: 26 Jun 2018, 4:30 PM ET - LEN posted strong results beating expectations for deliveries and new orders in the quarter. Integration of CAA remains ahead of schedule and synergy targets were raised once again.  Deleveraging remains a priority.

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. 

Lennar: Getting it Done

Earnings Note: 05 Apr 2018, 5:27 AM ET - Lennar’s CAA integration efforts are running ahead of schedule, homebuilding demand trends remain strong and the company is looking to monetize Rialto.  Post the CAA acquisition, deleveraging remains a top priority.

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. 

Lennar: Raises CAA Synergy Potential

Earnings Note: 10 Jan 2018, 9:15 PM ET - LEN finished off a strong FY17 and called attention to higher synergy targets for the announced CAA merger than what was originally cited.  The merger is expected to close February 12th after shareholder votes at each company.  

Lennar: In the Market

HY Note: 14 Nov 2017, 10:40 AM ET - Lennar is in the market with a dual tranche offering of 3yr and 10yr notes to help fund its recently announced merger with CalAtlantic and to pay related fees and expenses.  

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.

Lennar: Keeps it Interesting

HY Note: 31 Oct 2017, 5:07 AM ET - LEN and CAA agreed to merge in a ~$9.3 bn prudently financed transaction (80% mix of equity) with minimal balance sheet impact but positive business risk benefits.  LEN will tap the debt market to help fund the cash portion.

Lennar F3Q17: Demand Trends Solid

Earnings Note: 03 Oct 2017, 4:27 PM ET - Lennar continues to benefit from solid demand trends across its homebuilding operations.   The longer term land light strategy while investing in its ancillary businesses remains unchanged while pursuing a 7% to 10% growth rate.      

CalAtlantic: Underwhelming Quarter

Earnings Note: 28 Jul 2017, 5:06 PM ET - CAA results for 2Q17 were a mixed bag with the market focusing on continuing margin pressures, delayed community openings and subpar new order growth. 

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.

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. 

Lennar: Positive Sentiment

Earnings Note: 20 Jun 2017, 4:42 PM ET - Lennar posted solid 2Q17 results which beat expectations. More importantly the results took some of the sting out of weak housing starts and building permits data recently as LEN commented it sees the housing recovery picking up steam.  

CAA: In the Market with 10-year offering

HY Note: 06 Jun 2017, 11:00 AM ET - CAA is in the market with a 10-year offering with proceeds earmarked to redeem convertible bonds.  

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