Matthew Dow
Small-cap, value, long only, growth at reasonable price

Nobility Homes: A Hidden Away Builder Of Manufactured Housing With A Large Margin Of Safety

Nobility Homes (NASDAQ:NOBH) is a builder of manufactured housing in central Florida. The company is a tiny nano cap ($34m) and has fallen on hard times in the past few years, just like the majority of builders in the US market. Recently the company has shown some signs of life, as it begins to work through a large inventory of pre-owned homes, and also gets back on track with SEC filings after some accounting issues in 2011. With $35m of tangible assets and no debt, Nobility has a pristine balance sheet and could be a compelling turnaround play with a large margin of safety.

Investment Thesis Summary

My long thesis for Nobility consists of the following points:

Time...

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