Financials Lennar Corporation

Equities

LEN

US5260571048

Homebuilding

Market Closed - Nyse 21:00:02 19/07/2024 BST 5-day change 1st Jan Change
170.9 USD +0.54% Intraday chart for Lennar Corporation +6.92% +14.69%

Valuation

Fiscal Period: November 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 18,475 23,154 31,785 25,019 35,924 46,532 - -
Enterprise Value (EV) 1 25,051 26,390 33,680 24,450 32,467 42,432 42,190 46,532
P/E ratio 10.4 x 9.66 x 7.36 x 5.59 x 9.32 x 12 x 10.7 x 9.56 x
Yield 0.27% 0.82% 1.9% 1.71% 1.17% 1.17% 1.23% 1.34%
Capitalization / Revenue 0.83 x 1.03 x 1.17 x 0.74 x 1.05 x 1.32 x 1.22 x 1.14 x
EV / Revenue 1.13 x 1.17 x 1.24 x 0.73 x 0.95 x 1.2 x 1.1 x 1.14 x
EV / EBITDA 8.55 x 7.35 x 6.05 x 3.48 x 5.8 x 7.71 x 7.1 x 7.19 x
EV / FCF 17.9 x 6.41 x 13.6 x 7.62 x 6.39 x 13.1 x 12.6 x -
FCF Yield 5.57% 15.6% 7.33% 13.1% 15.6% 7.63% 7.96% -
Price to Book 1.18 x 1.3 x 1.55 x 1.06 x 1.36 x 1.66 x 1.52 x 1.35 x
Nbr of stocks (in thousands) 317,619 312,737 309,473 291,167 284,355 274,604 - -
Reference price 2 59.65 75.86 105.0 87.83 127.9 170.9 170.9 170.9
Announcement Date 08/01/20 16/12/20 15/12/21 14/12/22 14/12/23 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: November 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 22,260 22,489 27,131 33,671 34,233 35,231 38,226 40,777
EBITDA 1 2,928 3,590 5,563 7,035 5,598 5,506 5,946 6,471
EBIT 1 2,836 3,495 5,477 6,948 5,488 5,325 5,837 6,239
Operating Margin 12.74% 15.54% 20.19% 20.64% 16.03% 15.11% 15.27% 15.3%
Earnings before Tax (EBT) 1 2,434 3,124 5,819 6,015 5,202 5,154 5,597 6,146
Net income 1 1,849 2,465 4,430 4,614 3,939 3,919 4,210 4,466
Net margin 8.31% 10.96% 16.33% 13.7% 11.5% 11.12% 11.01% 10.95%
EPS 2 5.740 7.850 14.27 15.72 13.73 14.26 15.99 17.89
Free Cash Flow 1 1,396 4,118 2,468 3,208 5,080 3,239 3,360 -
FCF margin 6.27% 18.31% 9.1% 9.53% 14.84% 9.19% 8.79% -
FCF Conversion (EBITDA) 47.67% 114.71% 44.35% 45.61% 90.75% 58.84% 56.51% -
FCF Conversion (Net income) 75.49% 167.06% 55.7% 69.54% 128.98% 82.67% 79.8% -
Dividend per Share 2 0.1600 0.6250 2.000 1.500 1.500 2.000 2.098 2.297
Announcement Date 08/01/20 16/12/20 15/12/21 14/12/22 14/12/23 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: November 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3
Net sales 1 6,204 8,359 8,934 10,174 6,490 8,045 8,730 10,968 7,313 8,766 9,144 10,154 7,468 9,556 10,341
EBITDA 1 1,152 1,933 2,002 1,948 879 1,217 1,584 1,918 1,007 1,353 1,413 1,696 1,005 1,415 1,609
EBIT 1 1,132 1,914 1,984 1,918 858.7 1,193 1,547 1,889 979.5 1,324 1,377 1,658 955 1,397 1,614
Operating Margin 18.24% 22.9% 22.21% 18.85% 13.23% 14.83% 17.72% 17.22% 13.39% 15.11% 15.06% 16.33% 12.79% 14.61% 15.6%
Earnings before Tax (EBT) 1 676.7 1,755 1,824 1,759 784.5 1,159 1,475 1,784 930.8 1,261 1,315 1,661 928.9 1,389 1,595
Net income 1 503.6 1,321 1,467 1,322 596.5 871.7 1,109 1,361 719.3 954.3 986.3 1,263 705.6 1,062 1,204
Net margin 8.12% 15.8% 16.42% 13% 9.19% 10.84% 12.7% 12.41% 9.84% 10.89% 10.79% 12.43% 9.45% 11.11% 11.64%
EPS 2 1.690 4.490 5.030 4.550 2.060 3.010 3.870 4.820 2.570 3.450 3.625 4.624 2.615 3.789 4.543
Dividend per Share 2 0.3750 0.3750 0.3750 0.3750 0.3750 0.3750 0.3750 0.3750 0.3750 0.3750 0.5000 0.5000 0.5000 0.5000 0.5000
Announcement Date 16/03/22 21/06/22 21/09/22 14/12/22 14/03/23 14/06/23 14/09/23 14/12/23 13/03/24 17/06/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: November 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 6,576 3,237 1,895 - - - - -
Net Cash position 1 - - - 569 3,457 4,100 4,342 -
Leverage (Debt/EBITDA) 2.246 x 0.9016 x 0.3407 x - - - - -
Free Cash Flow 1 1,396 4,118 2,468 3,208 5,080 3,239 3,360 -
ROE (net income / shareholders' equity) 12.1% 14.5% 20.6% 20.5% 15.5% 14.6% 14.8% 14.8%
ROA (Net income/ Total Assets) 6.38% 8.31% 12.7% 14.6% 10.2% 9.83% 10.4% 11.2%
Assets 1 28,963 29,647 34,965 31,585 38,609 39,866 40,424 39,871
Book Value Per Share 2 50.50 58.20 67.90 83.20 93.80 103.0 112.0 126.0
Cash Flow per Share 2 4.660 13.50 8.260 11.30 18.30 12.00 14.50 -
Capex 1 86.5 72.8 65.2 57.2 99.8 118 109 142
Capex / Sales 0.39% 0.32% 0.24% 0.17% 0.29% 0.34% 0.29% 0.35%
Announcement Date 08/01/20 16/12/20 15/12/21 14/12/22 14/12/23 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
C
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
22
Last Close Price
170.9 USD
Average target price
174.4 USD
Spread / Average Target
+2.05%
Consensus
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