At the 2024 Value Investing Seminar, Thomas Gelati of Studio Over provided a thorough analysis of a leading land development and home construction company. Gelati's detailed breakdown of Lennar highlighted its financial performance, strategic initiatives, and overall investment potential, making a compelling case for its consideration by value investors.
Financial Performance Over the Last Decade
Gelati began by examining the company's impressive financial growth over the past ten years. He noted that Lennar Corp (NYSE:LEN)'s earnings before taxes (EBT) had grown by an average of 24% annually. This robust growth was accompanied by significant improvements in the company's liquidity, which increased from $1 billion to $6 billion between 2018 and 2023. Additionally, Lennar successfully reduced its debt from $8.5 billion to a much more manageable level.
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