I don't understand how SPF can be trading at prices much lower than compared to other builders when Tangible book value, Price per share, TTM Profit/Loss.
DHI 7.83, 11.81, (-3.52) is trading at 1.51 times book.
PHM 6.65, 9.67, (-5.48)is trading at 1.44 times book.
KBH 6.97, 14.83,(-7.83) is trading at 2.13 times book.
SPF 3.43, 3.43, (-3.88) is trading at book.
When I run the numbers I get an average multiple of 1.69, which tells me SPF should be trading around 5.796 per share.
DHI and PHM each lost less per share than their Book, But KBH lost 12% more than Book and is trading at a higher multiple ( 2.13 times ). SPF lost 13% more than Book but still has 5.68 cash per share MRQ.
When I take the Loss per Share (-3.88)TTM and divide by 4 and subtract the result from cash per share it leaves me with an adjusted valuation of 4.71 per share.
I'm at a loss to explain just why we had a sell off, and why we're having trouble getting above 4.00 in short order.