May 3, 2017

Valens Equities Weekly Equity Idea Highlight for May 3, 2017 – D.R. Horton, Inc.


This week the Valens Securities team highlights our most interesting equity insight from across our tools and our analysis.

Management’s smart strategic decisions, low market expectations, and growing confidence about the business builds the case for equity upside

veih 2017 05 03

DHI is trading at a 1.5x UAFRS-adjusted P/B (V/A’), in the middle of recent valuations. However, UAFRS-adjusted P/E (Fwd V/E’) at a 13.3x is at the lower end of historical valuations. The market is expecting ROA’ to fall to 6% levels from 10% levels in 2016, with slower 10%-11% Asset’ growth going forward.

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