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As the company entered the public markets less than 90 days ago, it is flying somewhat under the radar of investors. 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. Competitive Advantages. What year did tmhc open their ipo in 2022. 07 per share in 2014. Taylor Morrison Homes (NYSE:TMHC) returned to the public markets in April 2013 with a successful IPO. Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. Recall that earlier it was noted that Taylor Morrison controlled roughly 40, 000 lots as of March 31, 2013.
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 notes a very critical fact in the SEC filing that accompanied its IPO. For Q1 2013, Taylor Morrison saw adjusted gross margins of over 23% (adjusted to exclude amortized interest). This is a more lucrative part of the new home market, as these buyers are generally less impacted by any number of factors that are important in the home buying process, and also transact at a higher average sales price "ASP. What year did tmhc open their ipo dates. " The second reason is that Taylor Morrison is already delivering significant profits to the bottom line, which serves to increase book value. Specifically, the prospectus contained the following language: Since January 1, 2009, we have spent approximately $1. 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. Taylor Morrison saw an ASP of ~$362K for all homes closed in Q1 2013. In addition, the company is valued significantly below its peers on a current year PE basis trading at 24x expected earnings. 0 billion on new land purchases, acquiring 25, 532 lots, of which 21, 334 currently remain in our lot supply. More than half of those lots were purchased in a period of time when land was valued significantly less than it is today, and while other builders were for the most part sitting on the sidelines.
This is partially due to many probably not fully understanding how to value the company yet. The PE multiple the company trades for is significantly below that of its peers. What year did tmhc open their ipo tonight. This article was written by. The risk is not significant as only about 10% of the company's closings for Q1 2013 were generated from its Canadian operations. 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.
At the height of the housing downturn, Taylor Wimpey was forced to unload its North American assets, which represents the present-day Taylor Morrison. This is a great example of why investors always should do their own due diligence and not blindly trust the financial data found even at reputable sites such as Yahoo. Investment Opportunity. This is seen by the performance of its stock price since the time the company came to market: The stock closed up about 6% the day of its IPO, ending at ~$23 a share. We believe a substantial portion of our current land holdings was purchased at attractive prices at or near the low point of the market. 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. 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 table below shows the current year EPS expectations for each builder highlighted above, its current stock price, and the current PE multiple: The above table represents the greatest reason that investors should own Taylor Morrison today. I am not receiving compensation for it (other than from Seeking Alpha). 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. In Q1, 2013, the company generated over $25M in net income. 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. An example of this is shown in the image below taken from Yahoo!
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. The importance of this was covered in detail in another article with regards to M. D. C. Holdings (MDC), that also transacts at a higher "ASP" than the homebuilding peer group. This is incorrect as it does not incorporate the impact of the IPO and the additional shares issued. 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. 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. Taylor Morrison is a unique investment in the homebuilding space as it was able to operate outside of the public eye for two of the most important years of the housing downturn. 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.
With just over 1, 000 closings in Q1 (annualized at 4, 000 a year) the company controls about eight years worth of land. 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. This equate to about 25% upside in the near term. At the end of Q1 2013, the company controlled over 40, 000 lots. The sale was made necessary by the heavy debt load carried by Taylor Wimpey at the time. The result of this fortuitous land acquisition strategy is already apparent in the company's operating results. The first quarterly report issued by Taylor Morrison, was for the period ending March 31st, 2013. 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 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. 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. 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. I wrote this article myself, and it expresses my own opinions. Currently the stock is trading about 7% higher than the price it closed at on the day of its IPO, which equates to a market capitalization of ~$3B.
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