lennarcorporation
SummaryAs a fundamental investor, you may face a situation when the market price drops below your purchase price. How do you decide whether it is time to get out or continue to hold?Lennar Corporation (Lennar) market price had declined by about 30% since its peak in Dec 2021. If you had bought it at a price higher than the current price, I have a decision framework to help you think through whether to hold or exit.It is a framework where the comparison between price and intrinsic value is still core. Also, it addresses the various behavioural biases and opportunity costs when deciding whether ...
ValueWalk
Welcome to the first update of the second quarter financial statements from US companies. The Broad Market Index was down 2.21% last week and 61% of stocks out-performed the index. So far only companies with fiscal quarters ending in May have reported to the Securities and Exchange Commission (SEC). The larger volume of financial reports from companies with quarters ending in June will appear in late July. The major decline in the value of assets that we have experienced has been related to higher inflation and higher interest rates. Last month we saw a modest downtick in the performance of st...
ValueWalk
SummaryLennar Corporation (NYSE:LEN) (Lennar) became the leading homebuilder mainly due to acquisitions. If Lennar relied on organic growth, it would probable only achieve revenue growth of about 5 % per annum.Q3 2021 hedge fund letters, conferences and more The homebuilding sector is cyclical. There is a 0.9 correlation between the US Housing Starts and Lennar’s revenue. When the US Housing Starts mean revert, so will Lennar’s revenue and earnings.Lennar should be analysed and valued through a cyclical lens. A valuation of Lennar based on a cyclical model showed that there is no margin of saf...
ValueWalk
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