TMHC - Taylor Morrison: The Future Is Brighter Than It Seems

• Taylor Morrison Home Corporation is a $3.9-billion company, being the fifth-largest homebuilder in the United States with a $6-billion revenue in FY2020.
• The acquisition of William Lyon has significantly affected the company's FCFF in FY2020.
• According to the company's top management, William Lyon is already integrated into the TMHC's business system, being ready to bring positive FCFF back.
• My DCF-model based on conservative assumptions indicates an undervaluation of +92.96% in the "Base" case scenario, +180.63% in the "Bull" one, but there's an overvaluation of -35.35% in the "Bear" scenario.
• I recommend buying TMHC in the hope that the company will achieve its goals in the coming years.

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