2009 Second Quarter Homebuilder Comparables (September 2009)

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My most recent detailed quarterly review of the financial and operating performance of 13 large publicly-traded homebuilders is now available.  Builders covered in this review include Centex, D.R. Horton, Hovnanian Enterprises, KB Home, Lennar Corp., MDC Holdings, M/I Homes, Meritage Corp., NVR, Pulte Homes, Ryland Homes, Standard Pacific, and Toll Brothers.  I compare the performance of these companies across key metrics such as revenues, profit margins, financial leverage, inventory turnover, unit sales, new orders, backlogs, profitability of mortgage finance operations and stock market valuations, among others.  The report is concise - a quick read - yet packed with information.

Tables included in the report:

     1.    Common stock metrics and valuation
     2.    Net income and EPS growth
     3.    Sustainable growth (ROA, ROE, ROS, sales turnover, asset leverage)
     4.    Revenue growth
     5.    Operating profit margins (including gross margins, amortized interest and SG&A expense ratios)
     6.    Debt levels (including various leverage measures, such as debt-to-total capitalization)
     7.    EBITDA levels and multiples
     8.    Interest amortized and capitalized in inventories
     9.    Unit closings and average selling price
    10.   New orders (in units and dollar value)
    11.    Backlogs (in units and dollar value)
    12.    Financial results from mortgage banking operations
    13.    EBITDA levels and multiples (adjusted for asset impairments)
    14.    EPS levels and multiples (adjusted for asset impairments)

The tables are wrapped in a summary discussion and overview of the quarter, which covers the latest trends in the housing and financial markets.  Financial performance for the average builder is analyzed in detail.  The overview also includes comments about the outlook for homebuilder operating and stock price performance.

I am offering this report at a price of $75, with a money-back guarantee, if you are dissatisfied.  You can get this report by downloading the order form here, completing it and mailing or e-mailing it to Lark Research, Inc.  (All instructions are included on the order form.)

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