Past raw land purchases and joint venture agreements were opportunistic, not indicative of a shift to a more capital-intensive land procurement strategy.
Weyerhaeuser, NVR , U.S. Bank, and Fifth Third are all well positioned for a housing-market upturn.
We're keeping our fair value estimate for NVR unchanged.
Despite generally rich valuations across the industrials space, some pockets of value still exist.
Yes, the sector is on the upswing, but the market has already priced in a rebound.
Industrial activity remains slow and steady, giving companies a chance to navigate the environment.
Most industrials are fairly valued at present, with a pocket of value in automakers.
Although the housing market has several factors still working against it, these undervalued names are poised to benefit from supportive demographics.
Bargains are currently scarce in the sector, but industrials continue solid execution and segment portfolio refinement.