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Lennar Corp Class A LEN Stock Quote

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Morningstar‘s Stock Analysis LEN

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Lennar Is Adjusting Pricing to Spur Home Sales in Slowing Housing Market; We Maintain $115 FVE

Analyst Note

| Brian Bernard, CFA, CPA |

We’ve maintained our $115 per share fair value estimate for shares of no-moat homebuilder Lennar following its fiscal third-quarter earnings release. Lennar delivered strong homebuilding results (29% year-over-year revenue growth and 310-basis-point operating margin expansion to 23.4%) as it continues to work through its elevated backlog. However, declining new orders and pricing power point toward a less robust financial performance in fiscal 2023. Indeed, new orders declined 12% year over year, and the average selling price of new orders ($463,000) increased just about 1% year over year after five consecutive quarters of mid- to high-teens percentage growth.

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Key Statistics LEN

Company Profile LEN

Business Description

Lennar is the second-largest public homebuilder in the United States. The company’s homebuilding operations target first-time, move-up, and active adult homebuyers mainly under the Lennar brand name. Lennar’s financial-services segment provides mortgage financing and related services to its homebuyers. Miami-based Lennar is also involved in multifamily construction and has invested in numerous housing-related technology startups.

700 Northwest 107th Avenue
Miami, FL, 33172
T +1 305 559-4000
Industry Residential Construction
Most Recent Earnings May 31, 2022
Fiscal Year End Nov 30, 2021
Employees 10,753

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