"I'm not a big fan of big-bang foreign acquisitions, so I feel some irony when I say that REH may actually be thankful for its Morsco foray - even if it doesn't meet its full promise."
Maybe, maybe not. US-listed homebuilders (not a perfect analog for Morsco, but an adjacency) have traded off over 20% since the Morsco deal closed, because - surprise, surprise - higher US rates are starting to feed into the US housing cycle (flat to declining prices, housing starts tapering etc.).
~15x EBITDA on what is increasingly looking like earnings at or near the top of the cycle. I suspect the Advent guys are pretty chuffed, just quietly.
Ann: Profit Guidance, page-14
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$23.97 |
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Mkt cap ! $18.39B | |||
| Open | High | Low | Value | Volume |
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| No. | Vol. | Price($) |
|---|---|---|
| 1 | 1 | $23.97 |
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| Price($) | Vol. | No. |
|---|---|---|
| $23.98 | 197 | 9 |
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