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Toll Brothers Inc TOL

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Morningstar’s Analysis

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Toll Brothers Expects to Deliver Up to 20% More Homes in 2021 as the Housing Market Remains Hot

Analyst Note

| Brian Bernard, CFA, CPA |

2020 turned out to be a decent year for Toll Brothers despite the pandemic. The homebuilder benefited from a sharp rebound in housing demand and increased buying from affluent households, which is its target market. Seasonally adjusted annual housing starts reached over 1.5 million units in October, and we estimate that affluent households accounted for over half of the incremental national home purchases last quarter.

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Company Profile

Business Description

Toll Brothers is the leading luxury homebuilder in the United States with an average sales price well above public competitors'. The company operates in 50 markets across 23 states and caters to move-up, active-adult, and second-homebuyers. Traditional homebuilding operations represents approximately 95% of the company's revenue. Toll Brothers also builds luxury for-sale and for-rent properties in urban centers, primarily on the East Coast. The company's headquarters is in Horsham, Pennsylvania.

Contact
1140 Virginia Drive
Fort Washington, PA, 19034
T +1 215 938-8000
Sector Consumer Cyclical
Industry Residential Construction
Most Recent Earnings Oct 31, 2020
Fiscal Year End Oct 31, 2021
Stock Type Cyclical
Employees 4,500

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