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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 0.5x - 0.6x | 0.5x |
| Selected Fwd Ps Multiple | 0.5x - 0.5x | 0.5x |
| Fair Value | $4.21 - $4.65 | $4.43 |
| Upside | 65.1% - 82.4% | 73.8% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Green Brick Partners, Inc. | - | NYSE:GRBK |
| Landsea Homes Corporation | - | NasdaqCM:LSEA |
| M/I Homes, Inc. | - | NYSE:MHO |
| LGI Homes, Inc. | - | NasdaqGS:LGIH |
| Cavco Industries, Inc. | - | NasdaqGS:CVCO |
| United Homes Group, Inc. | - | NasdaqGM:UHG |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| GRBK | LSEA | MHO | LGIH | CVCO | UHG | |||
| NYSE:GRBK | NasdaqCM:LSEA | NYSE:MHO | NasdaqGS:LGIH | NasdaqGS:CVCO | NasdaqGM:UHG | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 21.5% | 19.7% | 12.5% | 3.7% | 13.3% | 11.2% | ||
| 3Y CAGR | 14.4% | 14.9% | 6.3% | -10.3% | 17.4% | 2.3% | ||
| Latest Twelve Months | 18.1% | 28.1% | 11.7% | -6.6% | 4.1% | 10.0% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 15.5% | 2.9% | 10.4% | 11.8% | 9.2% | 19.2% | ||
| Prior Fiscal Year | 15.8% | 2.4% | 11.5% | 8.4% | 11.2% | 29.7% | ||
| Latest Fiscal Year | 18.0% | 1.1% | 12.5% | 8.9% | 8.8% | 10.1% | ||
| Latest Twelve Months | 18.0% | 1.1% | 12.5% | 8.9% | 8.8% | 10.1% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 5.7x | 14.3x | 4.3x | 12.6x | 17.2x | 16.1x | ||
| Price / LTM Sales | 1.2x | 0.1x | 0.6x | 0.6x | 2.0x | 0.3x | ||
| LTM P/E Ratio | 6.6x | 12.0x | 5.1x | 6.8x | 23.2x | 3.2x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.1x | 0.6x | 2.0x | |||||
| Historical LTM P/S Ratio | 0.3x | 0.8x | 1.0x | |||||
| Selected Price / Sales Multiple | 0.5x | 0.5x | 0.6x | |||||
| (x) LTM Sales | 464 | 464 | 464 | |||||
| (=) Equity Value | 240 | 253 | 265 | |||||
| (/) Shares Outstanding | 58.6 | 58.6 | 58.6 | |||||
| Implied Value Range | 4.10 | 4.32 | 4.53 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 4.10 | 4.32 | 4.53 | 2.55 | ||||
| Upside / (Downside) | 60.8% | 69.2% | 77.7% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | GRBK | LSEA | MHO | LGIH | CVCO | UHG | |
| Value of Common Equity | 2,449 | 207 | 2,882 | 1,327 | 3,742 | 149 | |
| (/) Shares Outstanding | 44.5 | 36.3 | 27.1 | 23.4 | 8.0 | 58.6 | |
| Implied Stock Price | 55.04 | 5.71 | 106.28 | 56.73 | 466.99 | 2.55 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 55.04 | 5.71 | 106.28 | 56.73 | 466.99 | 2.55 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |