If you like DFH, you will love Vistry (VTY.L). Capital-light homebuilder fully focused on a partnership model (land coming from a land bank provided by the Partners - typically housing authority of REIT). Although its has 12% Op margin, it can reach up to 40% ROCEmployed. It has a former NVR board member and plans to return 25% of today's market cap to investors in the next three years through buybacks. Also, it reached 16k homes delivered in 2023, $310m in Op profit and valuation still $3.9B
If you like DFH, you will love Vistry (VTY.L). Capital-light homebuilder fully focused on a partnership model (land coming from a land bank provided by the Partners - typically housing authority of REIT). Although its has 12% Op margin, it can reach up to 40% ROCEmployed. It has a former NVR board member and plans to return 25% of today's market cap to investors in the next three years through buybacks. Also, it reached 16k homes delivered in 2023, $310m in Op profit and valuation still $3.9B