投资评级 - 报告未给出公司的投资评级 [3] 核心观点 - 2024Q2公司综合营收为26.1亿美元,同比增长11.7%,其中房屋销售收入和贷款手续费分别为25.48亿美元和6456.6万美元;净利润为4.01亿美元,同比减少0.8%;EPS为128.2美元,同比增长3.5% [4] - 2024Q2公司新房销售数量为6067间,同比增长3%,销售均价同比增长3%至45.88万美元/间;房屋销售收入25.5亿美元,同比增长12%,主要由于交付新房数量同比增长11%至5659间,交付均价为45.02万美元/间 [5] - 2024Q2公司完成贷款总额15.3亿美元,同比增长10.7%;确认贷款手续费6456.6万美元,同比增长18.3%;税前利润4503.2万美元,同比增长23.5% [6] - 2024Q2公司回购金额为6.39亿美元,上半年已经累计回购11.36亿美元,上半年回购金额已超去年全年水平;公司在2024年5月7日新授权了一份总额7.5亿美元的长期回购计划,回购额度充足 [7] - 截至2024Q2底,公司的总资本负债率为18.1%,处于较低水平;公司持有现金及等价物25.3亿美元,有息负债9.12亿美元,现金超过负债,可供公司业务的持续发展,以及回购股票 [8][9] 分析师观点 - 公司的新房销售规模和均价保持平稳,带来稳定的现金流入;公司的现金充足,现金持有量远远大于有息负债水平;公司主要通过回购股票来回报股东,2021年以来每年回购金额均超过10亿美元,2024年上半年已经回购11.36亿美元,下半年仍然有充足的回购额度 [9] - 目前公司股价对应2023年估值约为17.5XPE,随着美国降息预期加强,公司业绩对降息的敏感性及股价弹性将会体现,建议积极关注 [9]

NVR, Inc. (NVR) reported mixed second-quarter 2024 results, with earnings missing the Zacks Consensus Estimate while Homebuilding revenues surpassed the same. On the other hand, both metrics increased on a year-over-year basis.The upside was backed by improved demand trends, which resulted in higher settlements. Although the cancellation rate increased during the quarter, growth in new orders and increased average selling price (“ASP”) of new orders are encouraging for the company’s prospects.Shares of this ...

NVR (NVR) came out with quarterly earnings of $120.69 per share, missing the Zacks Consensus Estimate of $121.65 per share. This compares to earnings of $116.54 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -0.79%. A quarter ago, it was expected that this homebuilder would post earnings of $106.03 per share when it actually produced earnings of $116.41, delivering a surprise of 9.79%.Over the last four quarters, the company ...

Exhibit 99.1 NVR, INC. ANNOUNCES SECOND QUARTER RESULTS July 23, 2024, Reston, VA—NVR, Inc. (NYSE: NVR), one of the nation's largest homebuilding and mortgage banking companies, announced net income for its second quarter ended June 30, 2024 of $400.9 million, or $120.69 per diluted share. For the second quarter ended June 30, 2024, net income decreased 1% and diluted earnings per share increased 4%, when compared to 2023 second quarter net income of $404.0 million, or $116.54 per diluted share. Consolidate ...

RESTON, Va., July 23, 2024 /PRNewswire/ -- NVR, Inc. (NYSE: NVR), one of the nation's largest homebuilding and mortgage banking companies, announced net income for its second quarter ended June 30, 2024 of $400.9 million, or $120.69 per diluted share.  For the second quarter ended June 30, 2024, net income decreased 1% and diluted earnings per share increased 4%, when compared to 2023 second quarter net income of $404.0 million, or $116.54 per diluted share.  Consolidated revenues for the second quarter of ...

NVR, Inc. (NVR) is likely to generate higher earnings and homebuilding revenues in second-quarter 2024 on a year-over-year basis.In the last reported quarter, earnings topped the Zacks Consensus Estimate by 9.8%, while the homebuilding revenues beat the same by 6.1%. On a year-over-year basis, earnings and homebuilding revenues increased 17% and 7%, respectively.The company’s earnings topped analysts’ expectations in 19 of the trailing 24 quarters.Trend in Estimate RevisionFor the quarter to be reported, th ...

文章核心观点 - 通胀数据有所下降,引发市场对美联储降息的预期 [4][5][6][7][8][9][10] - 降息预期将降低房贷利率,提振房地产市场需求 [11][12] - 5家房地产公司被推荐,具有较强的增长潜力 [13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28] 行业总结 - 房地产行业受到通胀和利率上升的严重影响,导致新房建设大幅下降 [3] - 通胀数据有所下降,引发市场对美联储降息的预期,将有利于房地产行业 [4][5][6][7][8][9][10][11][12] - 房地产公司通过调整产品结构、提高资产效率等措施来应对行业挑战,并取得一定成效 [17][18][23][26][27] 公司总结 - D.R. Horton受益于入门级别房源供给有限和人口结构因素,业绩有望保持增长 [14][15][16] - KB Home通过执行回报导向增长计划,提升营收和利润率,前景良好 [17][18][19] - NVR订单量和销售价格上升,业绩有望改善 [20][21][22] - PulteGroup受益于良好的需求环境和平衡的经营模式,并加大土地投资 [23][24][25] - Toll Brothers专注于豪华社区和按需定制模式,有望持续增长 [26][27][28]

文章核心观点 - 公司是美国四大房地产开发商之一,主要从事单户住宅、联排别墅和公寓的建设和销售[5] - 公司采取轻资产模式,不自持土地,而是与第三方地主合作,在项目开始前获取土地所有权,提高资产使用效率[6][7] - 公司业务主要集中在中大西部地区,其中东南部地区增长尤为显著[8] 行业和公司现状 - 现有房主不愿意以高利率贷款买新房,导致二手房供给不足,推动了对新房的需求[12][13] - 美国存在严重的住房短缺,短期内难以解决,为公司带来持续的需求[14] - 移民增加也带动了对房地产的需求,有利于公司长期发展[15] - 新房销售占总房地产交易的比重较高,且价格优势明显[16] 中期展望 - 随着通胀放缓,投资者预期利率将下降,有利于潜在买家购房[18][19] - 只有当利率降至4%左右时,现有房主才会考虑出售房产购买新房[20] - 公司最近几个季度收入和利润率均呈现增长态势,分析师预计未来几年收入将继续增长[21][22] 估值分析 - 根据折现现金流模型,公司股票价值为每股10,023美元,较当前价格有34%的上涨空间[24] 总结 - 尽管股价近期略微跑输大盘,但公司基本面仍然向好,预计未来将持续受益于行业供需格局的改善[25][26]

NVR (NVR) shares rallied 3% in the last trading session to close at $7,680.73. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 0.3% loss over the past four weeks.NVR has been benefiting from improving housing market demand and solid business model.This homebuilder is expected to post quarterly earnings of $121.65 per share in its upcoming report, which represents a year-over-year change of +4.4%. Revenues are ...

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