Roberts & Ryan was pleased to host an interactive investor call with Toll Brothers this morning.
Company Participants:
Marty Connor (CFO)
Gregg Ziegler (SVP, Investor Relations & Treasurer)
Ryan McKenna (SVP, Strategic Finance)
This was our fourth call with Toll Brothers and they’ve told us each time that the industry has been experiencing an extended period of underproduction. There’s been a constrained supply of new homes and Toll Brothers is well positioned to benefit from that supply/demand dynamic.
Some Key Points:
· Constrained supply of new & resale homes
· Buyers well positioned to buy high-quality move-in ready homes
· Median age of owner-occupied housing is 43 years
· Public homebuilders taking market share
· Lower interest rates will be an additional driver of demand
· Significant land bank (available lots to build on)
· Company repurchased roughly 50% of shares since 2016
· Paid $575 Million in dividends over same time period
Our scheduled 45-minute call went by so quickly that it felt like we were just getting started. We covered a lot and the Toll Brothers team was fantastic!
THANK YOU to all of the investors that joined the call. Thank you to our friends at Seaport Research Partners, and to the entire Toll Brothers team for your support!
