Q3 2020

Q4 2020

Q1 2021

I have assumed ASP increasing at 2% compounded. And homes closed is determined by multiplying homes closed/ new homes into new homes, for which I have taken the former constant @ 0.9

For home closing revenue I have multiplied homes closed and ASP

Land closing revnue has been kept at a constant percentage of home closing revenue by me , as it is seen in the past and doesn't make much difference to the profits.

I have calculated the cost of land and home closings by substracting profits of each head from their respective revenues. For that purpose I have assumed the gross margins as mentioned in the projections by the management .

calculated

the home closing profits are expressed in terms of profit margins which I have assumed as per management discussions.

calculated

calculated

calculated

calculated

I have assumed financial services revenue as constant 0.42 percentage of home closing revenues as observed over the past few years.

expenses assuemd 0.18% cosntant of home closing revenues

earnings from financial services unconsolidated entities and other, net

assumed earnings from financial services unconsolidated entities 0.10% constant of home closing revenues

calculated

calculated

I have taken the SGA costs at a constant percentage of home closing revenues which totals to around 10%

calculated

taken constant

taken constant

taken constant

have assumed interest expenses, other income , provision for tax as constant % as observed in the past.

taken constant

calculated

taken constant

taken constant

calculated

taken constant

calculated

calculated

Eps is obstained by dividing the earnings by the shares outstanding

calculated

for Total no. of communities I have taken 8% increase as the demand has spurged and company has undertaken huge investment in form of land acquisitions, “During the quarter, we invested significantly in growth by spending a record $551 million on land acquisition and development. ". The 8 % is calculated based on the assumption of the management to complete 300 communities by mid 2022. So the 8% is a mere representation to show how much growth company is expecting. and otherwise the communities are increased based on the management discussion.

taken 1% compounded increase in aborption rates owing to strong demand as present in management discussion and opening up of economy along with revival of demand and then decrease in it. The absorption is estimated as per the management discussion and the increase and the decrease in it are as per the same and my outlook. the reason for increase at start is that the company seeks to deliver more and more houses over the next frew quarters and further it would decrease in relation to the steady demand.

take lower

calculated

2% increase compunded owing to strong demand projections in future which would eventually lead the company to take advantage of the higher inelastic demand

1 % low increase in order backlog value owing to the reopening of economy, supply chain efficiency and labor coming back to work

have assumed homes closed/ new orders @ 0.9owing to projection of strong demand and increased labour supply, it would remain high but less than 1 considering new sales greater than number of homes closed

2023 till 1 or bit more

new orders is calculated by multiplying average communities into absorption into 12.

order backlog is calculated by adding previous period's order backlog to new orders for current period and then substracting current period's homes closed

Tangible book value= shareholders equity - goodwill

TBV is calculated by subratacting goodwill form shareholder's equity

TBV per share is calculated by dividing TBV with average outstanding shares

Market capitalisation according to avergae P/TBV

market cap according to average P/TBV is calculated by multiplying average P/TBV,ie, 1.3 into TBV

price as per avg P/TBV is calculated by dividing market cap by no. of shares outstanding