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TMHC - Taylor Morrison Is A Bargain But With Poor Capital Allocation Strategy
Taylor Morrison Home Corporation Class A
TMHC's capital allocation strategy is underperforming the sector with RoE, RoC, and ROIC substantially lower than its peers and the market.
The company needs to move towards a lighter asset strategy, controlling land lots with options contracts instead of actual ownership, which will provide them greater financial flexibility.
Despite that, TMHC trades at attractive valuation multiples with good growth prospects due to the housing market's tailwinds, there are better alternatives in the homebuilding sector.