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This is what happens when a company is backed by deep pocketed private investors willing to aggressively take on risk outside of the public eye. The IPO did not occur until April 2013, and thus many might find it difficult to understand the typical valuation metric of price-to-book used to value homebuilders. What year did tmhc open their ipo news. More than half of those lots were purchased in a period of time when land was valued significantly less than it is today, and while other builders were for the most part sitting on the sidelines. Flush with cash from its IPO, Taylor Morrison offers investors a potential investment in a homebuilder at a reasonable price today with near-term upside as the market prices the company in line with its peers. The PE multiple the company trades for is significantly below that of its peers. The company CEO noted that one of the strategic changes the company made during the time it was a private company, was to focus heavily on the move-up buyers instead of first time home buyers. Looking out one year further, Taylor Morrison is expected to earn $2.
This is only relevant in so much that Taylor Morrison has not run away from its IPO price creating a valuation imbalance that is seen with many companies immediately after they hit the public markets. Taylor Morrison is a unique investment in the homebuilding space as it was able to operate outside of the public eye for two of the most important years of the housing downturn. With just over 1, 000 closings in Q1 (annualized at 4, 000 a year) the company controls about eight years worth of land. The table below shows the current year EPS expectations for each builder highlighted above, its current stock price, and the current PE multiple: The above table represents the greatest reason that investors should own Taylor Morrison today. The risk is not significant as only about 10% of the company's closings for Q1 2013 were generated from its Canadian operations. What year did tmhc open their ipod. Where the valuation story becomes most intriguing is when you look at the forward earnings estimates for the same builders shown above, and the PE multiple these builders currently trade at. The company will generate significantly more net income over the balance of the year, will increase the book value of the company and drive down the price-to-book ratio assuming the stock stays at the same price. Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
This is likely due to Taylor Morrison not yet being a household name in the homebuilding universe. An example of this is shown in the image below taken from Yahoo! Taylor Morrison was purchased by a consortium of private investors in 2011, and just slightly more than two years later, these investors have cashed in their chips with the IPO of Taylor Morrison. In addition, the company is valued significantly below its peers on a current year PE basis trading at 24x expected earnings. The sale was made necessary by the heavy debt load carried by Taylor Wimpey at the time. For Q1 2013, Taylor Morrison saw adjusted gross margins of over 23% (adjusted to exclude amortized interest). This is partially due to many probably not fully understanding how to value the company yet. Taylor Morrison Homes (NYSE:TMHC) returned to the public markets in April 2013 with a successful IPO. What year did tmhc open their ipo tonight. In Q1, 2013, the company generated over $25M in net income. I am not receiving compensation for it (other than from Seeking Alpha). The importance of this was covered in detail in another article with regards to M. D. C. Holdings (MDC), that also transacts at a higher "ASP" than the homebuilding peer group. Currently the stock is trading about 7% higher than the price it closed at on the day of its IPO, which equates to a market capitalization of ~$3B. The first is tied to the land owned by Taylor Morrison.
This is a great example of why investors always should do their own due diligence and not blindly trust the financial data found even at reputable sites such as Yahoo. From a price-to-book value standpoint, Taylor Morrison is valued towards the middle or high-end of the homebuilding peers that present good comparable companies: There are two reasons for this, and both are acceptable. If the housing industry is able to maintain its momentum, Taylor Morrison should trade for at least 15x its 2014 earnings as the company would still be expected to have further growth ahead of it. We believe a substantial portion of our current land holdings was purchased at attractive prices at or near the low point of the market.
This is seen by the performance of its stock price since the time the company came to market: The stock closed up about 6% the day of its IPO, ending at ~$23 a share. 0 billion on new land purchases, acquiring 25, 532 lots, of which 21, 334 currently remain in our lot supply. 2011 and 2012 represented the years when housing bottomed and bounced, and also the period of time where those builders buying land will look very smart in the years to come if the housing market continues its recovery. This level of gross margin% puts Taylor Morrison towards the top of the pack of all the homebuilders for this metric. The actual market cap of Taylor Morrison should be based off of the total shares outstanding, which are ~122M as seen in the prospectus that accompanied the IPO: It is impossible to value the company correctly without understanding its total shares outstanding.
Given that it is known that company purchased a majority of its land while the market was still in a downturn, this land is worth more today than it is carried on the balance sheet for GAAP purposes. This article was written by. Applying a 15x PE multiple to the estimated 2014 EPS, still significantly below that of its peers even when you account for their 2014 earnings estimates, the company should see its stock trade for just over $31 a share. Having a higher ASP in general allows the company to earn more in absolute gross margin dollars for every home closed, driving better operating leverage. Finance: Notice that the market cap for the company currently shows $820M. At the end of Q1 2013, the company controlled over 40, 000 lots. Investment Opportunity. Competitive Advantages. Nonetheless, it's important for investors to understand that the company is not a pure play on the US market the way most other publicly traded homebuilders are. This is a more lucrative part of the new home market, as these buyers are generally less impacted by any number of factors that are important in the home buying process, and also transact at a higher average sales price "ASP. " Previously, Taylor Morrison was owned by a publicly traded British homebuilder, Taylor Wimpey. At the height of the housing downturn, Taylor Wimpey was forced to unload its North American assets, which represents the present-day Taylor Morrison.
As the company entered the public markets less than 90 days ago, it is flying somewhat under the radar of investors. These buyers have previously purchased a home, often their first, and now are looking to move up to a larger house due to an increase in family size or wealth. Investors have a chance right now to buy into Taylor Morrison while it still flies under the radar as a relatively new publicly traded company. This equate to about 25% upside in the near term. This is incorrect as it does not incorporate the impact of the IPO and the additional shares issued. The company is flush with cash from its IPO and from tapping the debt market, has one of the best land positions in the industry in terms of years of lot supply, and does not carry the legacy baggage that many of the other homebuilders carry. Recall that earlier it was noted that Taylor Morrison controlled roughly 40, 000 lots as of March 31, 2013.