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28	member 10/17/11 6:44AM RE: cmn3d 27
Sorry, typo: search for member name cnm3d view available tags
27	member 10/17/11 4:21AM cmn3d
I tried to find the real estate data you suggest by member "cmn3d" but couldn't seem to locate it... any suggestions? Is there a ticker to go with it? view available tags
26	member 10/14/11 3:31PM RE: HomeFed 23
Yes. It's an interesting collection of Cali real estate managed by Leucadia. For example, they have a grape farm that is carried on the books for ~$5m, earned $1m in net income last year, and... login to read the rest view available tags
24	member 10/14/11 1:05PM RE: lots 22
Charlie479, You make some interesting points. I'll give you my thoughts in the order you presented them: fixation - it's not that I have a fixation on the options, it's that this is by far the most... login to read the rest view available tags
22	member 10/13/11 10:36PM lots 21
oliver1216, I think you're fixating on the land options and missing the main point, but let me try to satisfy the fixation anyway. The massage afterwards is free but gratuities are appreciated. 1. They are not having... login to read the rest view available tags
21	member 10/13/11 5:47PM RE: RE: RE: RE: RE: RE: RE: RE: RE: RE: Valuation 20
I second Nails4's last question. I think it's likely to be true that they have a pile of old and/or repriced options that date back a number of years and I question whether those options... login to read the rest view available tags
19	member 10/13/11 4:26PM RE: RE: RE: RE: RE: RE: RE: RE: RE: Valuation 18
HomeFed (HOFD) is a bizarre Leucadia controlled land development company in SoCal that is publicly traded. They have sold options on land recently. It's going to depend on the developer. They have no debt and... login to read the rest view available tags
18	member 10/13/11 3:58PM RE: RE: RE: RE: RE: RE: RE: RE: Valuation 17
Utah, you're making my case for me. Why would anyone sell a call option? Simple - to maximize their profit. The more successful the seller of those options, the worse off the buyer is (in... login to read the rest view available tags
15	member 10/13/11 12:13PM RE: RE: RE: RE: RE: RE: Valuation 14
False analogies nothwithstanding, the act of homebuilding in its entiretly entails purchasing land, developing the land and then selling the land. The highly experienced integrated homebuilders have over many, many years generated decent but not... login to read the rest 1 view available tags
14	member 10/12/11 10:15PM RE: RE: RE: RE: RE: Valuation 13
I don't think you framed your argument fairly. Even if the land business were decent it doesn't mean it's as good a business as NVR's building business. Thus, if NVR can use options on a... login to read the rest view available tags
13	member 10/12/11 7:07PM RE: RE: RE: RE: Valuation 12
The 3 replies all agree: it's beneficial NOT to have land on your books. Perhaps, but doesn't it depend on the price? At a sufficiently high option price, buying the land outright would be the... login to read the rest view available tags
12	member 10/12/11 2:46PM RE: RE: RE: Valuation 11
oliver1216, I'll echo what september and utah1009 have said. NVR generates a good return on book value because homebuilding (without land development) is itself a decent-return activity; NVR wasn't getting those high returns because they were... login to read the rest 1 view available tags
11	member 10/12/11 1:37PM RE: RE: Valuation 10
In terms of the balance sheet, all of the assets/working capital are on someone else's balance sheet. NVR had property write downs of ~$500m since the bubble burst. That's peanuts next to Pulte Home's >$5bn... login to read the rest view available tags
9	member 10/12/11 10:48AM Valuation 6
The shares are trading at just under 2.5x tangible book value. If one assumes cash is worth cash the situation is much worse - the market is valuing NVR's non-cash net assets in excess... login to read the rest view available tags
6	member 10/07/11 11:22PM Nails4 4
> Is there any way to quantify these savings on a per unit basis? That's an interesting question. One possible approach: take cost of sales (excluding land impairments) and divide by the number of delivered homes in... login to read the rest view available tags
5	member 10/07/11 10:39PM RE: Expenses 3
utah1009, I think part of the reason you do not see a decline in G&A vs 2004 is because they did not adopt SFAS 123R (Accounting for Stock-based Compensation) until 2006. So, the 2004 number you... login to read the rest view available tags
2	member 10/07/11 2:28PM RE: Some Qs 1
Nails, It's a fair question and one that we have spent some time thinking about. During normal times, the answer is that NVR has a significant cost advantage over competitors which allows it to pass along... login to read the rest view available tags

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			2021	2022
Price:	54.51	EPS	2.25	3.01
Shares Out. (in M):	86	P/E	24.2	18.1
Market Cap (in $M):	4,674	P/FCF	22.8	17.0
Net Debt (in $M):	602	EBIT	289	361
TEV (in $M):	5,276	TEV/EBIT	18.3	14.6

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