D.R. Horton is off to a great start in fiscal 2017.
D.R. Horton reported its fiscal first-quarter results on Jan. 24, and homebuilding stocks rallied in response to the company’s strong performance. We increased our fair value estimate to $30 per share from $29 mainly due to the time value of money. In our view, D.R. Horton’s first quarter was overwhelmingly positive; however, we think the stock is fully valued at current prices.The no-moat homebuilder posted double-digit growth in both home deliveries and new contracts, and pricing continues to...
D.R. Horton is a homebuilding company. The company's business operations consist of homebuilding, a majority-owned residential lot development company, financial services and other activities. The company's financial services operations provide mortgage financing and title agency services to homebuyers in its homebuilding markets. The company's subsidiary, DHI Mortgage, provides mortgage financing services primarily to its homebuyers and generally sells the mortgages it originates and the related servicing rights to third-party purchasers. The company's subsidiary title companies serve as title insurance agents by providing title insurance policies, examination and closing services, primarily to its homebuyers.
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