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The first is tied to the land owned by Taylor Morrison. Flush with cash from its IPO, Taylor Morrison offers investors a potential investment in a homebuilder at a reasonable price today with near-term upside as the market prices the company in line with its peers. 0 billion on new land purchases, acquiring 25, 532 lots, of which 21, 334 currently remain in our lot supply. Specifically, the prospectus contained the following language: Since January 1, 2009, we have spent approximately $1. An example of this is shown in the image below taken from Yahoo! The actual market cap of Taylor Morrison should be based off of the total shares outstanding, which are ~122M as seen in the prospectus that accompanied the IPO: It is impossible to value the company correctly without understanding its total shares outstanding. With just over 1, 000 closings in Q1 (annualized at 4, 000 a year) the company controls about eight years worth of land. What year did tmhc open their ipo in 2022. 2011 and 2012 represented the years when housing bottomed and bounced, and also the period of time where those builders buying land will look very smart in the years to come if the housing market continues its recovery. The company will generate significantly more net income over the balance of the year, will increase the book value of the company and drive down the price-to-book ratio assuming the stock stays at the same price. Taylor Morrison was purchased by a consortium of private investors in 2011, and just slightly more than two years later, these investors have cashed in their chips with the IPO of Taylor Morrison. This is likely due to Taylor Morrison not yet being a household name in the homebuilding universe. Previously, Taylor Morrison was owned by a publicly traded British homebuilder, Taylor Wimpey.
The PE multiple the company trades for is significantly below that of its peers. Investors have a chance right now to buy into Taylor Morrison while it still flies under the radar as a relatively new publicly traded company. Given that it is known that company purchased a majority of its land while the market was still in a downturn, this land is worth more today than it is carried on the balance sheet for GAAP purposes.
The company is flush with cash from its IPO and from tapping the debt market, has one of the best land positions in the industry in terms of years of lot supply, and does not carry the legacy baggage that many of the other homebuilders carry. Thanks to the deep pockets of its private investors, Taylor Morrison gobbled up land at a pace seemingly faster than any other builder during this time period. This level of gross margin% puts Taylor Morrison towards the top of the pack of all the homebuilders for this metric. From a price-to-book value standpoint, Taylor Morrison is valued towards the middle or high-end of the homebuilding peers that present good comparable companies: There are two reasons for this, and both are acceptable. We believe a substantial portion of our current land holdings was purchased at attractive prices at or near the low point of the market. These buyers have previously purchased a home, often their first, and now are looking to move up to a larger house due to an increase in family size or wealth. This equate to about 25% upside in the near term. The result of this fortuitous land acquisition strategy is already apparent in the company's operating results. I wrote this article myself, and it expresses my own opinions. Taylor Morrison saw an ASP of ~$362K for all homes closed in Q1 2013. The second reason is that Taylor Morrison is already delivering significant profits to the bottom line, which serves to increase book value. The IPO did not occur until April 2013, and thus many might find it difficult to understand the typical valuation metric of price-to-book used to value homebuilders. Recall that earlier it was noted that Taylor Morrison controlled roughly 40, 000 lots as of March 31, 2013. What year did tmhc open their ipo tonight. I have no business relationship with any company whose stock is mentioned in this article.
Having a higher ASP in general allows the company to earn more in absolute gross margin dollars for every home closed, driving better operating leverage. The company CEO noted that one of the strategic changes the company made during the time it was a private company, was to focus heavily on the move-up buyers instead of first time home buyers. 07 per share in 2014. The biggest risk to the investment thesis for Taylor Morrison, is that they have exposure to the Canadian housing market, which is underperforming the US market currently. The sale was made necessary by the heavy debt load carried by Taylor Wimpey at the time. Applying a 15x PE multiple to the estimated 2014 EPS, still significantly below that of its peers even when you account for their 2014 earnings estimates, the company should see its stock trade for just over $31 a share. This is a valuable asset as it allows the company to monetize its current land holdings and sit out the bidding war taking place for the good land today as land sellers capitalize on the upswing in the housing market. Nonetheless, it's important for investors to understand that the company is not a pure play on the US market the way most other publicly traded homebuilders are. In addition, the company is valued significantly below its peers on a current year PE basis trading at 24x expected earnings. Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. This is only relevant in so much that Taylor Morrison has not run away from its IPO price creating a valuation imbalance that is seen with many companies immediately after they hit the public markets.
As the company entered the public markets less than 90 days ago, it is flying somewhat under the radar of investors. This article was written by.