KBH – Market expectations are for Uniform ROA to slightly compress, however, management is confident about their new app and increasing net orders

• KB Home (KBH:USA)currently trades near recent averages relative to UAFRS-based (Uniform) Assets, with a 1.0x Uniform P/B, implying bearish expectations for the firm. However, management is confident about their new app and net orders
• Specifically, management is confident about their new streamlined mortgage app, and increasing net orders per community. Furthermore, they are confident in their ability to manage delays, as they sell out in communities