Tag Archives: CVCO

Cavco Industries (CVCO), mcap=$2.3bn, price $255 vs $222

Producer of manufactured/modular homes, park model RVs and etc at 8xEBIT. The wide-moat company is set to benefit from the affordability crisis and deregulation trends. A pristine balance sheet with a long history of profitability. +47% ’22 revenue growth, with +17% growth consensus for ’23. 34-week backlog with community REITs buying every home the company can produce. #3 player with 17% market share, behind Clayton Homes (owned by $BRK) with 50% share.