NVR sets new $300 million stock buyback program
Past raw land purchases and joint venture agreements were opportunistic, not indicative of a shift to a more capital-intensive land procurement strategy.
We're keeping our fair value estimate for NVR unchanged.
Bargains are currently scarce in the sector, but industrials continue solid execution and segment portfolio refinement.
Although the housing market has several factors still working against it, these undervalued names are poised to benefit from supportive demographics.
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.
Recent U.S. economic data bodes well for industrial companies' near-term fortunes.