Lennar Corporation


SKU: LEN Category:


This is our first report on Lennar Corporation, one of the largest homebuilders and home finance service providers in the U.S. The company delivered another all-around beat for the last quarter and year-end 2022, strengthening its positioning for changing market conditions. The last quarter saw a deterioration in market conditions as the well-documented interest rate-driven sales slowdown, pricing correction, and still-stressed supply chain, along with high labor and material costs and extended cycle times, created a very complex landscape for the end of the year 2022. Both new and existing home market sales and sales prices are significantly down, and given commercial underwriting and lending restrictions, new rental properties are also being restricted. Besides, their price plan was successfully implemented in most of their markets, resulting in a sequential improvement in their cancellation rate and sales incentives. During the quarter, Lennar also ended contracts for around 27,800 house sites. Some of these terminations resulted in forfeited land deposits of over $37 million. We initiate coverage on the stock of Lennar Corporation with a ‘Hold’ rating.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

Want unlimited access to our reports? Purchase our $99 annual subscription!