PulteGroup, Inc. (PHM)

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	8.46	7.53	9.07	7.41
Full Range Median Multiple	9.70	8.78	8.93	7.63	9.52	8.39
Industry Multiple	11.19	10.75	8.34	7.70	10.02	8.16
Market Implied Multiple	9.73	8.46	7.39	6.39	7.95	6.54
Company (PHM) Multiple	9.87	8.58	7.50	6.48	8.06	6.63
(*) Net Income / EBITDA / Revenue	2,630	3,026	3,539	4,095	3,292	4,004
Winsorized Enterprise Value	N/A	N/A	29,958	30,851	29,855	29,672
Full Range Median Enterprise Value	N/A	N/A	31,589	31,250	31,340	33,604
(-) Net Debt	576	576	576	576	576	576
Winsorized Equity Value	24,861	25,250	29,382	30,275	29,279	29,096
Full Range Median Equity Value	25,508	26,571	31,013	30,674	30,764	33,028
(/) Shares Outstanding	197	197	197	197	197	197
Winsorized Fair Value	$126.50	$128.47	$149.50	$154.04	$148.97	$148.04
Full Range Median Fair Value	$129.79	$135.19	$157.80	$156.07	$156.53	$168.05
Current Price	$130.23	$130.23	$130.23	$130.23	$130.23	$130.23
Upside / Downside	-2.87%	-1.35%	14.79%	18.28%	14.39%	13.68%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$88.55	$89.93	$104.65	$107.83	$104.28	$103.63
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy