Taylor Morrison Home Corporation: Initiation of Coverage – A Shift Towards Affordable Housing Benefiting Them Immensely?

This is our first report on public homebuilder, Taylor Morrison Home Corp. The company reported strong performance in 2023, with total home deliveries amounting to 11,495, generating $7.2 billion in homebuilding revenue. This yielded a healthy adjusted home closings gross margin of 24%, driving adjusted earnings of $7.54 per diluted share. The firm’s earnings from the past four years, combined with $889 million of share repurchases have driven the firm’s book value per share to a record high of $49, up 15% from the previous year and a 53% increase from two years prior.