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Long only, long/short equity

William Lyon Homes: A Play On The Housing Recovery

In this essay, I will be discussing William Lyon Homes (NYSE:WLH), a Western US focused homebuilder.

The Story So Far

William Lyon Homes is one of the largest homebuilder sin the Western part of the US with an operating history of 55+ years and has sold more than 75,000 homes. Its core markets (Orange County, Los Angeles, San Diego, the San Francisco Bay Area, Phoenix, Las Vegas and Denver) are characterized by attractive long-term housing fundamentals and have experienced double-digit year-over-year home price appreciation. As of 31st March 2013, WLH holds a leading market share with more than 11,800 lots, translating into 12 years of supply.

WLH was publicly traded between the periods 1991 to 2006. It was...

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