Strong Finish for NVR Sets Optimistic Tone for 2017; Raised Fair Value Estimate to $1,570 Per Share
Homebuilding stocks rallied for the second straight day after strong results from D.R. Horton on Jan. 24 and NVR on Jan 25. We were impressed with NVR’s community count growth (up 6% from the year-ago quarter) and faster sales absorption pace. We are now more optimistic that NVR can keep up with market demand, and we increased our sales growth projections accordingly. We were also pleased with the no-moat homebuilder’s ability to control expenses during the quarter. Indeed, selling, general, and...NVR is engaged in the construction and sale of single-family detached homes, townhomes and condominium buildings, all of which are constructed on a pre-sold basis. The company conducts its homebuilding activities directly. The company's homebuilding operations construct and sell single-family detached homes, townhomes and condominium buildings under three trade names: Ryan Homes, which is marketed primarily to first-time and first-time move-up buyers; and NVHomes and Heartland Homes, which are marketed primarily to move-up and luxury buyers. The company's mortgage banking operations also include separate subsidiaries that broker title insurance and perform title searches in connection with mortgage loan closings.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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