D.R. Horton, Inc. (DHI)

Industry: Residential Construction Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
DHI	1	D.R. Horton, Inc.	34,250	14.00	12.89	10.74	9.80	11.55	10.84
LEN	2	Lennar Corporation	34,187	15.81	16.36	10.01	10.21	21.65	9.84
PHM	3	PulteGroup, Inc.	17,623	9.87	8.58	7.50	6.48	8.06	6.63
BDEV.L	4	Barratt Redrow plc	13,036	20.29	24.40	9.31	10.24	4.54	8.73
TOL	5	Toll Brothers, Inc	10,967	9.70	7.78	6.41	5.25	5.23	5.46
NVR	6	NVR, Inc.	10,310	16.38	14.77	11.73	10.46	13.29	11.21
VTY.L	7	Vistry Group PLC	9,903	8.55	8.15	4.54	3.90	10.71	7.23
3291.T	8	Iida Group Holding	9,363	12.56	12.84	9.34	9.32	9.52	11.75
TMHC	9	Taylor Morrison Ho	8,378	7.61	5.72	6.54	5.36	7.09	5.37
BWY.L	10	Bellway p.l.c.	6,905	10.26	11.33	6.32	6.68	5.08	6.02
KBH	11	KB Home	6,542	8.14	7.37	8.46	7.63	10.75	8.39
MTH	12	Meritage Homes Cor	6,035	9.45	8.78	8.93	8.32	7.20	7.41
DFH	13	Dream Finders Home	4,671	8.36	5.99	9.44	6.70	16.08	7.35
MHO	14	M/I Homes, Inc.	4,473	8.22	6.93	6.26	5.30	7.39	5.87
CCS	15	Century Communitie	4,158	8.76	8.34	9.28	8.74	9.07	8.43
TPH	16	Tri Pointe Homes,	3,752	9.76	9.60	7.73	7.53	11.19	8.52

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	9.45	8.34	7.73	6.70	8.06	7.35
Full Range Median Multiple	9.70	8.58	8.46	7.53	9.07	7.41
Industry Multiple	10.92	10.46	8.12	7.47	9.79	7.88
Market Implied Multiple	12.89	11.86	9.92	9.05	10.66	10.01
Company (DHI) Multiple	14.00	12.89	10.74	9.80	11.55	10.84
(*) Net Income / EBITDA / Revenue	3,585	3,893	4,841	5,305	4,503	4,796
Winsorized Enterprise Value	N/A	N/A	37,407	35,540	36,315	35,244
Full Range Median Enterprise Value	N/A	N/A	40,978	39,970	40,844	35,548
(-) Net Debt	1,816	1,816	1,816	1,816	1,816	1,816
Winsorized Equity Value	33,886	32,483	35,591	33,724	34,498	33,428
Full Range Median Equity Value	34,767	33,408	39,162	38,154	39,027	33,731
(/) Shares Outstanding	296	296	296	296	296	296
Winsorized Fair Value	$114.40	$109.67	$120.16	$113.85	$116.47	$112.86
Full Range Median Fair Value	$117.38	$112.79	$132.21	$128.81	$131.76	$113.88
Current Price	$155.96	$155.96	$155.96	$155.96	$155.96	$155.96
Upside / Downside	-26.65%	-29.68%	-22.96%	-27.00%	-25.32%	-27.64%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$80.08	$76.77	$84.11	$79.70	$81.53	$79.00
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy