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19	member 11/03/16 2:00AM Update?
cablebeach, Idea is about unchanged (both outright and versus AMH) since posted. In terms of fundamentals, your thesis seems intact. My favorite measure of these entities is Unlevered FFO less stock comp less stabilized maint capex. In... login to read the rest view available tags
17	member 7/27/16 3:21PM Re: Re: Re: Re: Why not RESI? 15
How can you build conviction on what RESI's true NAV is? Its not cheap if you use their cost and there's a lot of leverage so if you're off a bit on the value of view available tags
15	member 7/27/16 10:15AM Re: Re: Re: Why not RESI? 14
Fair points - not sure why you are ascribing beneficence to Sherpo buying RESI - his motivation is not to buy a cheap stock, pondering whether to use precious capital to buy ASPS or RESI,... login to read the rest view available tags
13	member 7/26/16 9:32PM Re: Why not RESI? 10
I agree with other postings on weak assets and poor management. Not a target of the big guys is my guess. Bottom line I would never own that one. view available tags
12	member 7/26/16 4:58PM Re: Re: Why not RESI? 11
RESI is simply not a SFR company. They own a paltry amount of homes and really bad assets as well. They have no credible property management platform either. view available tags
11	member 7/26/16 7:45AM Re: Why not RESI? 10
becuase they are horrible, venal management that could not care less about shareholders. ASPS is buying RESI shares specifically to thwart shareholders. That's one good and sustainable reason for the discount. If they cared about... login to read the rest 2 view available tags
9	member 6/30/16 3:00PM Re: Re: Why now? 4
I agree that the whole industry is cheap, however, I am cautious on the market. I like SFR and SBY better than AMH as they focus on allocation of cash, dividends, and ROI. AMH is... login to read the rest view available tags
8	member 6/30/16 1:45PM Re: Residential homes 2
Several points High priced vs low priced homes: As Kiss alludes to, it is a regional issue. In particular, Califonria skews numbers higher and Florida and Georgia lower. Also and age issue - AMH bought newer homes... login to read the rest view available tags
7	member 6/30/16 1:35PM Re: Why now? 1
ARPI was recently bought by AMH and SFR and CAH merged and the market has over time rewarded the acquirors stock. Interest rates lower than 2014. Financing market better, particularly the long term securitized... login to read the rest view available tags
6	member 6/30/16 10:13AM Re: Re: Why now? 4
cable, kiss, issambres, Right you are about lower end rallying more than higher end homes. Apologies. I do still have the question about why the other guys shied away from the lower end. I need to review... login to read the rest view available tags
3	member 6/29/16 2:21PM Beat me to this recommendation
I'm not long AMH, but SBY is really cheap here. I love how they sold their Houston portfolio last summer. They have done nothing but smart capital allocation. The other point you didn't mention but is... login to read the rest view available tags
2	member 6/29/16 2:17PM Residential homes
respounce to Cableguy. Have no horse in race but disagree with your assesment of lower cost homes. Down here in Florida the high end has slowed markedly whereas the under $250K quite vibrant- up 10+% y/y, Jobs and low 1 view available tags
1	member 6/29/16 1:30PM Why now?
cablebeach, I wrote up a similar thesis almost 2 years ago. And we remain short AMH but closed SBY long quite a while ago. Why do you think SBY can sell now? I continue to believe... login to read the rest view available tags

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			2009	2010
Price:	23.15	EPS
Shares Out. (in M):	0	P/E
Market Cap (in $M):	2,414	P/FCF
Net Debt (in $M):	0	EBIT	0	0
TEV (in $M):	0	TEV/EBIT
Borrow Cost:	NA

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