We fear that Centex , like a lot of other builders, has too much land in its books.
following the company's merger with Centex in August 2009. He previously held ..... given issues we raise with the 2009 Centex merger and land mistakes made throughout ..... housing cycle. We believe the large Centex merger carried questionable merits
of the largest stocks in the industry, and biggest positions in the ETFs that track it, such as Pulte Homes PHM and Centex CTX are trading below Oduma's estimate of their fair values, which already take into account weaker home sales than we
products for residential and commercial construction. The company was founded as a subsidiary of Centex Corp in 1963, operated as a public company under Centex Construction Products since 1994, and then spun-off to form Eagle Materials in 2004. The
Pulte Mortgage LLC. The company acquired Centex Corp in August of 2009 in an all stock deal worth $1.3 billion, and Centex is now a wholly owned subsidiary of Pulte. Adding Centex to Pulte's other brands of Pulte Homes
207 41,629 0.5x 0.6x Total figures for 2006 include CTX . Stockholder’s Equity From its 2006 peak of almost $42 billion ..... 40 222 2,214 Total 23,469 69,913 573 3,008 28,561 Centex included in Pulte’s 2006 inventory level. The End to Big Impairments
Average 7,272 7,737 7,453 10,962 17,123 24,378 Total 87,266 92,840 89,440 131,545 205,476 *330,039 * Centex contribution included in 2006 total. Since the tax credit’s expiration, new home sales have, unsurprisingly, trended
million that include a write-off of $655 million of Centex -related goodwill reflect poorly on the firm's capital ..... policies while confirming our concerns about overpaying for Centex . This announcement illustrates that Pulte still has major
overhead expenses, yet closings doubled because of the inclusion of Centex business that wasn't there in the year-ago period. This is impressive ..... that will be usable because of restrictions on the use of legacy Centex deferred tax assets.
leading to a very poor Solvency Score . Pulte merged with Centex in August 2009 near the market's bottom to create what ..... community business , Pulte's move - up home business , and Centex 's entry - level homes business . Pulte has one of the