NVR - Build Economic Value With NVR

• NVR is one of the country’s biggest homebuilders, but despite a history of profitability, revenue growth and margin expansion, it remains undervalued.
• The company’s return on capital invested (ROIC), is larger than its four biggest rivals and continues to improve.
• The company employs an asset-light business model that allows the company to grow without dramatically inflating invested capital, making it easier to post profits and improve ROIC.
• The United States has a shortage of homes which it cannot make up for within the next five to six years, given supply chain constraints.
• Despite favorable tailwinds and strong fundamentals, the company has been priced for permanent profit decline.

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