Introduction
Toll Brothers (TOL) is a high-end US homebuilder founded in 1967 and headquartered in Horsham, Pennsylvania. It develops largely self-contained communities with a clubhouse, and frequently a golf course that allow its residents to stay, work and play in a socially distant world. It stands to gain as people move away from cities towards suburbs. Low interest rates are a further driver for home sales. I believe the company's shares have 20% upside to fair value, with a 1% dividend yield.
Secular tailwinds
Due to the current COVID-19 crisis, people are moving