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The future of lennar - maintaining a market-leading position, in the upcoming challenging years
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This Master Thesis's final objective is to find the appropriate valuation for Lennar Corporation, the
second-largest homebuilding company in the USA. On a moment with a risky economic conjuncture
marked by uncertainty in global markets, with inflation at abnormally high levels, historically high levels
of interest rates not observed since the last financial crisis, worrying and disruptive geopolitical tensions,
especially with the ongoing Russian-Ukraine War, and still recovering from the Covid-19 outbreak that
stagnated the economy and disrupted supply chains, we can expect challenging upcoming years,
especially in such a cyclical industry, such as the homebuilding sector. Nonetheless, we expect Lennar to
be able to maintain or even increase its market-leading position, given its size and long-term experience
consolidating a strong, well-known, and trusted brand in the homebuilding market. Additionally, the
competitive housing prices offered by Lennar targeting medium-level affordable housing, combined with
efficient cost management and investments in new technologies are key cornerstones for the company to
maintain its leading position in the market. From all of these, and based on the analysts’ estimates, we
issue a Buy recommendation on Lennar Corporation, reaching a price target FY 2023 of $134.57, bearing
a total annualized shareholder return of more than 20%.
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Homebuilding Pricing Strategy Housing