John Ford
Value, special situations, growth at reasonable price, contrarian

UCP, LLC's Lot Portfolio Is Worth 84% Of Its Enterprise Value, Giving Shareholders Homebuilding Exposure At A Discount

Company Description

UCP, LLC (NYSE:UCP) is a hybrid homebuilder and lot developer with operations in California and Washington. CEO/President Dustin Bogue and CFO William La Herran head an impressive management team, each member having a minimum of fifteen years of industry experience. The company began as Union Community Partners, LLC until the conglomerate PICO Holdings (NASDAQ:PICO) purchased it in January 2008. PICO is similar to Leucadia National (NYSE:LUK) in the way it utilizes a value investing strategy to generate returns for shareholders. It was spun off from PICO Holdings last July and has since traded down from its IPO price. The company owns 4,275 lots and controls another 3,656 with options and is monetizing...

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