Other winners included luxury goods manufacturer Burberry and insurer Aviva, while Experian fell 4.5pc despite raising its guidance for financial 2026 revenue growth and margin improvement.Meanwhile, gains for gold provided a boost to Endeavour Mining and Fresnillo, which were up 3.5pc and 1.8pc respectively.Scottish electricity generator SSE led the way, jumping 11pc after it unveiled plans to raise £2bn in new equity to help fund a £33bn five-year investment plan.The blue-chip index closed 0.1pc higher at ...

meeting. So, let's get to Kevin Green, who joins me as always. And obviously, something that we've been reacting a lot to this week is hope that we could see an end to this government shutdown. We've been talking about this a lot.As far as where we're at now, we're waiting for the House to vote on that. What are you seeing as far as what we're seeing as far as the market reaction is concerned. Uh, and what likely is h likely to happen next.KG. >> Yeah, it appears the market might be already pricing this and ...

Core Insights - PulteGroup, Inc. is a prominent U.S. homebuilder with a market cap of $23.6 billion, offering a variety of residential properties and financial services [1] - The company's stock has underperformed compared to the broader market, with a 9.2% decline over the past 52 weeks, while the S&P 500 Index increased by 14.1% [2] - Despite reporting better-than-expected Q3 2025 EPS of $2.96 and revenue of $4.4 billion, the stock remained unchanged due to concerns over a 16% year-over-year profit drop and a 6% decline in net new orders [4] Financial Performance - PulteGroup's Q3 2025 results showed a profit drop of 16% year-over-year and a decline in net new orders to 6,638 homes [4] - Analysts project a 14.5% decline in EPS for the current fiscal year, expecting it to reach $11.35 [5] - The company has a history of earnings surprises, having beaten consensus estimates in the last four quarters [5] Analyst Ratings - Among 16 analysts covering PulteGroup, the consensus rating is a "Moderate Buy," with eight "Strong Buy" ratings, one "Moderate Buy," and seven "Holds" [5] - Oppenheimer analyst Tyler Batory reiterated a "Buy" rating with a price target of $140, while the mean price target of $137 suggests a 13% premium to current levels [6] - The highest price target of $160 indicates a potential upside of nearly 32% [6]

Core Viewpoint - D.R. Horton (DHI) is anticipated to experience significant revenue growth as the interest rate cycle is expected to reverse, with more rate cuts projected for the next year [1] Company Summary - D.R. Horton is positioned to benefit from the anticipated interest rate cuts, which are likely to stimulate demand in the housing market [1] Industry Summary - The housing industry is expected to see a positive impact from the reversal of the interest rate cycle, leading to increased revenue opportunities for companies like D.R. Horton [1]

Core Insights - The company is executing well on its priorities set in October, focusing on efficiency, planning progress, and opening new outlets [2] Market Conditions - The market sentiment remains cautious due to uncertainty surrounding the budget and potential interest rate cuts from the Bank of England, leading to stretched affordability for many customers, especially first-time buyers [2] - There is a lack of urgency among customers as they await outcomes, making customer commitment a key focus for the sales teams [2] Pricing and Incentives - Incentives continue to play a significant role in sales, with underlying pricing remaining broadly flat, although pricing in southern regions shows some variation [3]

Core Insights - Global equity markets experienced significant growth in Q3, with the S&P 500 rising 8.12% for the quarter and 14.83% year-to-date, while the MSCI EAFE Index increased by 4.77% for the quarter and 25.14% year-to-date [2][3] Market Performance - The S&P 500 achieved back-to-back annual returns of 26% and 25% in 2023 and 2024, respectively, with valuation metrics like the "Buffett Indicator" and CAPE-Shiller P/E at or near record highs [2] - Non-US equities, particularly European stocks, outperformed the S&P 500 year-to-date, benefiting from a weaker US dollar and a resurgence in value recognition [3][11] Fund Performance - Tweedy, Browne Funds reported year-to-date returns ranging from 15.98% for the Value Fund to 23.17% for the International Value Fund II, with the Worldwide High Dividend Yield Value Fund outperforming its benchmark [3][5] - The International Value Fund II had a return of 23.17%, trailing its benchmark, the unhedged MSCI EAFE Index, by 197 basis points [3] Portfolio Activity - The company made strategic adjustments to its portfolio, trimming or selling holdings that reached estimated value and adding to companies perceived as attractively priced, such as Berkeley Group Holdings and Breedon Group [8] - New positions were initiated in Santec Holdings and additional investments were made in companies like Dentium and Azelis Group, reflecting a focus on growth potential and reasonable valuations [8] Outlook - The company is optimistic about the resurgence of non-US equity returns and believes its funds are well-positioned for future market conditions, whether they favor non-US equities or face broader market challenges [11]

Core Viewpoint - United Homes Group, Inc. (UHG) reported a significant decline in earnings for the third quarter of 2025, with a net loss widening to $31.3 million, reflecting challenges in home closings and increased non-cash losses from derivative liabilities [2][12] Financial Performance - Revenue for Q3 2025 fell 23.5% year-over-year to $90.8 million from $118.6 million, primarily due to a 28.9% decline in home closings [2][4] - The net loss for the quarter was $31.3 million, or $0.53 per diluted share, compared to a loss of $7.3 million, or $0.15 per diluted share, in Q3 2024 [2] - Gross margin contracted to 17.7% from 18.9%, while adjusted gross margin slipped to 19.6% from 20.6% [3][5] - Adjusted EBITDA for the quarter decreased 57.5% to $3.8 million from $8.9 million, with the adjusted EBITDA margin contracting to 4.2% from 7.6% [6] Operational Metrics - For the first nine months of 2025, revenue declined 13.9% to $283.3 million, and home closings dropped 19.7% to 817 [4] - Net new orders eased 4.9% to 324 from 341 a year earlier, although the average sales price of production-built homes rose about 8.1% to $346,000 [3][5] - The company reported a backlog of 264 homes valued at approximately $94.3 million, indicating a 20% increase in backlog value year-over-year [7] Market Conditions - Closings dropped broadly across key markets, with a 45.6% decline in the Midlands region and a 22.2% decline in the Raleigh region [8][11] - Management attributed the quarter's performance to affordability challenges and a choppy housing market, but noted sequential improvement in September [9][13] Strategic Developments - United Homes concluded a review of strategic alternatives, deciding to continue as an independent public company, which led to several director resignations [14] - The company is focusing on operational efficiencies, cost savings, and maintaining a disciplined approach to pricing and incentives [10][13]

Core Insights - Lennar Corporation (LEN) is currently trading nearly 30% lower than its 1-year high and has a price-to-sales (PS) multiple below the average of the past 3 years, indicating it may be undervalued despite strong margins [2][3] - The company is effectively navigating a challenging housing market through an asset-light strategy, managing 98% of its lot positions via options, and achieving operational efficiencies that have led to a 3% reduction in direct construction costs year-over-year [3] Financial Performance - Revenue growth has been negative at -4.7% over the last twelve months, with a 3.0% average over the last three years, suggesting a focus on margin and value rather than growth [7] - Lennar's operating margin has averaged nearly 13.6% over the past three years, indicating strong profitability [7] - The stock is trading at a price-to-earnings (PE) multiple of 11.7, reflecting a modest valuation despite favorable fundamentals [7] Market Strategy - The average forward returns for Lennar's stock are projected at 12.7% for 6 months and 25.8% for 12 months, with a win rate exceeding 70% for both intervals, demonstrating the effectiveness of the investment strategy [8] - The Trefis High Quality Portfolio, which includes Lennar, has a history of outperforming benchmark indices, indicating a robust investment strategy [11]

Core Insights - Century Communities, Inc. is launching a new community called Cottonwood Place in Tabor City, North Carolina, featuring over 100 new homes priced from the $200s [1][3] - The community will offer single- and two-story floor plans with modern amenities and quick access to Myrtle Beach, appealing to homebuyers seeking affordability and location [1][5] Company Overview - Century Communities is recognized as one of the largest homebuilders in the U.S. and a leader in online home sales, having been named one of America's Most Trustworthy Companies by Newsweek for three consecutive years [8] - The company operates in 16 states and over 45 markets, providing a range of services including mortgage and insurance through its subsidiaries [8] Product Offering - Cottonwood Place will feature open-concept layouts with options for up to 4 bedrooms and 3 bathrooms, with homes ranging up to 1,774 square feet [5] - Standard features include granite countertops, stainless-steel appliances, and luxury vinyl plank flooring, enhancing the appeal of the homes [5] Sales Process - The company offers an innovative online homebuying experience, allowing customers to purchase homes 24/7 while still having access to local real estate agents [4][6] - The online process includes steps such as filling out a Buy Online form and electronically signing a purchase contract, streamlining the buying experience [6][7]

Core Insights - The article emphasizes the importance of identifying companies with the potential to consistently outperform the broader market, focusing on robust, consistent, and predictable cash flows for accurate valuation [1] Group 1: Investment Philosophy - The investment approach combines fundamental analysis with macroeconomic factors, allowing for a disciplined framework that adapts to various market cycles [1] - The focus is sector and asset class agnostic, indicating a broad search for value and alpha across different markets [1] Group 2: Market Engagement - The motivation to write on Seeking Alpha is to share insights and engage in discussions with the investment community, aiming to provide actionable ideas [1] - The article encourages interaction with both novice and seasoned investors, fostering a collaborative environment for exchanging important insights [1]