MDC Holdings (NYSE:MDC) just reported another quarter where both revenue and EPS easily surpassed consensus expectations. I have chronicled on numerous previous occasions how the analyst community inevitably seems to underestimate the actual results from this company. Time and again, MDC has beaten expectations, and I admit that I have been surprised at the ho-hum reaction that the Street seems to give each time.
Nonetheless, this does not change my opinion that this is the safest stock to own in the entire homebuilding universe. The company trades at a discounted price to book value that is unparalleled compared to its publicly traded peers. MDC continues to practice a disciplined approach to investing its capital, unwilling to push all...
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