Munger Fan • Tue, Nov. 18
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From other sites
at CNBC.com (May 9, 2014)
at CNBC.com (Aug 19, 2013)
at CNBC.com (Jul 25, 2013)
at CNBC.com (Jul 18, 2013)
at CNBC.com (Jun 17, 2013)
- Controlling shareholder group has a very low cost for their investment and has been structuring the company to perform like a call option by increasing the risk.
- Although well within the bounds of GAAP rules, presented earnings are exaggerated on many levels and fails to reflect the economy of the company in a realistic way.
- Current prices suggest that a very large premium is paid over normal book value and intangible book value.
- The incentives of the controlling shareholder group may conflict with what a conservative long term investor wants for WLH. Hence, the company and stock will likely be speculative.
William Lyon Homes: Nice Deal, But Has It Failed To Learn Its Past Leverage Lesson?The Value Investor • Tue, Jun. 24
- William Lyon Homes makes a nice strategic deal at first look.
- The deal will add significantly to the company's operations at what appear to be reasonable financial terms.
- I am very troubled with the built-up in leverage, given the company's bankruptcy as recently as 2011.
Mon, Nov. 17, 12:47 PM
Fri, May. 9, 9:02 AM
- Home sales revenue of $140.3M (up 84% Y/Y)
- Adjusted gross margin of 27.6% (up 440 basis points)
- New home deliveries of 276 homes (up 3%)
- Average sales price of $508.3K (up 78%)
- Net new home orders of 400 (up 11%)
- Dollar value of orders of $199.2M (up 51%)
- SG&A expense of 13.3% (down 400 basis points)
- Adjusted EBITDA of $20.3M (up 342%)
- Dollar value of backlog of $264.8M (up 55% and translates into ASP of $538.2K)
- CC at 12 ET
- Source: Press Release
- Previously: William Lyon Homes beats by $0.14, beats on revenue
- WLH +5.5% premarket
Fri, Jan. 31, 11:49 AM
- The homebuilders continue a big move higher this week as the sector reports better-than-expected results from Q4, and now has the tailwind of lower rates behind it. Off four basis points to 2.66% today, the 10-year Treasury yield has tumbled about 35 basis points in January.
- A couple of upgrades has Jefferson Research raising D.R. Horton (DHI +3.5%) to a Buy and RayJay upping Pulte Group (PHM +4.5%) to Outperform.
- ETFs; XHB +1.4%, ITB +2.3%
- Toll Brothers (TOL +3%), NVR (NVR +3.6%), William Lyons (WLH +1.1%), Hovnanian (HOV +2.2%), Lennar (LEN +3.4%)
- The New Home Company (NWHM) is up 10% from last night's IPO price of $11, but the pricing range had been expected at $15-$17 per share.
Jun. 25, 2013, 11:28 AMWilliam Lyon Homes (WLH +2.3%) gets a boost coming out of its quiet period as home prices grew at the fastest pace in several years. That being said, Citigroup and Credit Suisse both start the shares at Outperform with price targets of $28 and $29, respectively. Specifically, Credit Suisse cites the home builder's solid geographic exposure, expectations for 40% annualized growth in community count and significant margin expansion. JPMorgan initiates coverage with a Neutral however, saying its strong position in California and Arizona is already baked-in to the price. | Comment!
May. 28, 2013, 6:17 PM
WLH vs. ETF Alternatives
We are one of the largest Western U.S. regional homebuilders. Headquartered in Newport Beach, California, we are primarily engaged in the design, construction, marketing and sale of single-family detached and attached homes in California, Arizona, Nevada and Colorado. Our core markets include... More
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