Tag Archives: Housing

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[ELLI – Ellie Mae] Market Opportunity, Competitive Threats, and Profitability

Ellie Mae is one of the few SMID-cap SaaS vendors I track whose stock has lost value over the last year, its growth narrative clouded by waning growth in mortgage originations. During the first half of 2018, a common view espoused by housing-related companies was that refinancing volumes had pretty much nowhere left to go […]

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[DOOR – Masonite Intl] Reasonable Valuation, So-So Moat

[DOOR – Masonite Intl] This stock got smoked last week post-earnings.  DOOR is now back to where it was at the start of 2014, when the company was generating less than half the pre-tax cash profits it does today. If you’re unfamiliar, Masonite and Jen-Weld (JELD) are vertically integrated duopolists in the US residential interior door manufacturing […]

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[GNRC – Generac] Value Come, Value Go

I finally got around to looking at GNRC this past week. Given the stock’s ostensibly low earnings multiple and a share price that has gotten hammered over the last several years on what appears to be mostly cyclical reasons, I wanted to like the company but couldn’t get there.  Disclosure is spotty, management seems slippery, […]

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[LEN – Lennar] Valuation Update

LEN’s y/y home delivery growth has decelerated significantly over the last several years (from mid-teens in fy14 to 9.5% LTM), but in chorus with other builders, the company is singing an optimistic refrain post-Trump. “Since November we have seen a combination of renewed optimism, wage and job growth, and consumer confidence. As a result, our homebuilding […]

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