Lennar Corporation
NYSE-LEN
BUILD UP FREE CASH | 2022-11-30 (A) | 2023-11-30 (A) | 2024-11-30 (A) | 2025-11-30 (E) | 2026-11-30 (E) | 2027-11-30 (E) | 2028-11-30 (E) | 2029-11-30 (E) |
|---|---|---|---|---|---|---|---|---|
Revenue | 33,671 | 34,233.4 | 35,441.5 | 33,832.1 | 34,785.9 | 37,462.3 | 37,462.3 | 37,462.3 |
Revenue % Chg. | 24.1% | 1.7% | 3.5% | |||||
EBIT | 6,791.5 | 5,485.6 | 5,094.6 | 3,045.2 | 3,076.5 | 3,839.6 | 3,839.6 | 3,839.6 |
EBIT Margin | 20.2% | 16% | 14.4% | |||||
Tax Rate | 22.7% | 23.9% | 23.5% | |||||
NOPAT | 5,249 | 4,177 | 3,898.6 | 2,307.8 | 2,333.5 | 2,921.9 | 2,921.9 | 2,921.9 |
NOPAT Margin | 15.6% | 12.2% | 11% | 6.8% | 6.7% | 7.8% | 7.8% | 7.8% |
D&A | 87.1 | 110.2 | 115.5 | 128.7 | 134.6 | 134.8 | 134.8 | 134.8 |
D&A / Revenue | 0.3% | 0.3% | 0.3% | |||||
Capex | -57.2 | -99.8 | -171.5 | -124.9 | -116.7 | -124.7 | -124.7 | -124.7 |
Capex / Revenue | -0.2% | -0.3% | -0.5% | |||||
Chg. NWC | -2,321.4 | 571.5 | -1,997.4 | -1,224.8 | -1,259.3 | -1,356.2 | -1,356.2 | -1,356.2 |
Chg. NWC / Revenue | -6.9% | 1.7% | -5.6% | |||||
Unlevered FCF (UFCF) | 2,957.5 | 4,758.9 | 1,845.2 | 1,086.9 | 1,092.2 | 1,575.8 | 1,575.8 | 1,575.8 |
UFCF % Chg. | 20.3% | 60.9% | -61.2% | -41.1% | 0.5% | 44.3% | — | — |
PV of UFCF | — | — | — | 1,010 | 943.2 | 1,264.6 | 1,175.2 | 1,092.1 |
Sum of PV of UFCF | — | — | — | 1,010 | 1,953.2 | 3,217.8 | 4,393 | 5,485.1 |
| Cost of Debt | |
| Tax Rate | |
| After Tax Cost of Debt | 0.3% |
| Risk Free Rate | |
| Market Risk Premium | |
| Beta | 1 |
| Cost of Equity | 8.7% |
| Total Debt | 4,451.4 |
| Market Cap | 29,234.7 |
| Total Capital | 33,686 |
| Debt Weighting | 13.2% |
| Equity Weighting | 86.8% |
| WACC | 7.6% |
| Exit Multiple EV/FCF | |
| Terminal Value | 27,620.5 |
| PV of Terminal Value | 17,789.5 |
| Cumulative PV of UFCF | 5,485.1 |
| Net Debt | -1,795.4 |
| Equity Value | 25,070 |
| Shares Outstanding | 247 |
| Implied Share Price | 101.5 |
| Current Share Price | 119.2 |
| Implied Upside / (Downside) | -14.8% |