There are several headlines in mainstream media focusing on Cavco Industries announced deal with Volumetric Building Companies (“VBC”) for their 184,000 square-foot manufacturing facility in Hamlet, North Carolina. This report, analysis, and commentary will focus on two March 2022 reports from Seeking Alpha. As regular MHProNews readers know, Seeking Alpha (SA) is an investing and financial news focused platform. They are among the companies that periodically produce transcripts of earnings calls, as does Motley Fool (Fool), or Yahoo, among others. SA’s first report below looks at the Cavco deal with VBC for their plant in NC. The second explore’s the investment picture by, among other factors, doing a comparison between other builders that include Skyline Champion (SKY). Spoiler alert: that second report draws to conclusion by saying: “Relative to some peer firms, Cavco today looks either fairly valued or slightly pricey.”  In fairness to Cavco, a Simply Wall Street analysis recently claimed that the firm may be 24 percent below its intrinsic value. Both of the SA reports herein are a mix of hits and misses. That claim will be explored herein through the unique lens of other facts, evidence, and information from sources that include Cavco, plus MHProNews’ unique industry research and pragmatic expertise.

 

The plan for this examination of SA’s reports will proceed as follows. First their two Cavco focused reports. Then will be additional information, MHProNews analysis and focused commentary, with related linked information.

https://seekingalpha.com/news/3807385-cavco-industries-buys-manufacturing-facility-in-north-carolina

Cavco Industries buys manufacturing facility in North Carolina

Mar. 01, 2022 2:38 AM ET Cavco Industries, Inc. (CVCO)By: Meghavi Singh, SA News Editor

• Cavco Industries (NASDAQ:CVCO) to acquire a 184,000 square-foot manufacturing facility in Hamlet, North Carolina, which will be modified to produce homes built under the standards of the U.S. Department of Housing and Urban Development (“HUD code”).
• The seller, Volumetric Building Companies (“VBC”), currently produces multi-family residential and commercial projects in the facility and intends to move that production closer to their markets in the Northeast.
• VBC will complete existing projects through summer 2022, at the same time Cavco will complete renovating the facility for HUD code home production, with an anticipated home production start date by the fourth calendar quarter of 2022.
• Pursuant to the deal, Cavco intends to offer continued employment to existing VBC employees.

 

Cavco Industries: A Solid Play On Housing If Strength In The Market Remains

Mar. 02, 2022 3:19 AM ET Cavco Industries, Inc. (CVCO) CCS, MHO, SKY, TMHC, TPH

Summary

• Cavco Industries is a solid prospect for investors who believe the housing market will remain robust and demand will stay high.
• The company has a sound track record for steady growth, but performance lately has been particularly strong.
• Based on current expectations, shares might make for an attractive opportunity, but the company may not be cheap if the market sees a pullback.
• Looking for a helping hand in the market? Members of Crude Value Insights get exclusive ideas and guidance to navigate any climate. Learn More »

With a shortage of well over 5 million homes in the US, demand is causing prices to rise, particularly in attractive areas of the country. This, combined with higher prices that have come about because of the shortage, has led to some innovative thinking aimed at addressing the strong demand for housing. In short, this has opened up the door for companies that can provide alternative housing infrastructure for consumers. One such firm is Cavco Industries (CVCO), a manufacturer of factory-built homes that has done well to grow its physical footprint in recent years. The consistency of revenue growth and cash flow expansion for the company is definitely encouraging.

Long term, I suspect this trend will continue. But with the surge in investor enthusiasm, there has come something of a downside. And that is that it has become difficult to understand what kind of value, if any, might still exist for investors moving forward. If we price the company based on recent performance, shares look fairly attractive. But should there be a step back in demand at some point, the pain for investors could be rather significant. So while it is probably wise to be bullish on the firm for now, those who do decide to invest in the company should keep a watchful eye over market conditions. Because what may look like a solid opportunity today might eventually morph into a painful lesson.

A niche home builder

Cavco’s business model focuses on the design and production of factory-built homes that it sells largely through a network of independent and company-owned retailers, planned community operators, and residential developers. In addition to marketing its products under its hallmark name, it also owns a variety of other brands such as Fleetwood, Palm Harbor, Fairmont, Friendship, Chariot Eagle, and Destiny. On top of all of this, the company also produces park model RVs, vacation cabins, and factory-built commercial structures. Under the Nationwide Homes brand name, it also manufacturers modular homes. All of these activities take place through the 20 home-building production lines the company has stationed across different regions of the country. Other infrastructure the company owns includes 40 company-owned retail stores.

Outside of the actual manufacture and sale of factory-built homes and related assets, the company also engages in some specialty financing activities. Under its CountryPlace Acceptance Corp subsidiary, it acts as an originator and servicer for single-family, conforming and non-conforming residential mortgages and home only loans. The company is authorized as an approved lender through various government and quasi-government agencies such as the U.S. Department of Housing and Urban Development, FNMA, GNMA, and others.

 

Over the past few years, management has done well to grow the business at a steady pace. Revenue increased from $773.8 million in 2017 to $1.11 billion in 2021. That implies an annualized growth rate of 9.4%. Growth has taken a step higher during the current, 2022, fiscal year. In the first nine months of the 2022 fiscal year, sales totaled $1.12 billion. This represents an increase of 40% compared to the $801.5 million the company generated the same time one year earlier. This surge in revenue came in large part because of an uptick in activity for the number of homes and modular homes sold. In the first nine months of the 2022 fiscal year, for instance, the number of HUD code homes came in at 27,379. This represents an increase of 12.4% over the 24,368 HUD code homes sold one year earlier. Meanwhile, the number of modular homes increased by 54.8%, climbing from 2,176 to 3,369. The company also benefited from an increase in revenue associated with its financial services. But that was a far smaller contribution to revenue expansion than the actual sale of homes itself. The company also seems to be benefiting from some acquisition-based activities. For instance, in September of 2021, it completed its acquisition of Commodore Corporation, a manufacturer of modular homes in a deal valued at $153 million.

As revenue has risen, so too has profitability. Net income for the company has consistently grown, climbing from $38 million in 2017 to $76.6 million in 2021. In the first nine months of the company’s 2022 fiscal year, profits totaled $144.1 million. That’s almost triple the $51.4 million reported one year earlier. Another profitability metric to pay attention to is operating cash flow. Between 2017 and 2021, it increased from $45.8 million to $114 million. If we adjust for changes in working capital, the growth would have been more modest, taking it from $34 million to $61.3 million. The reading in 2021 marks the first annual decline the company experienced in at least five years, with the drop coming off of the $70.5 million reported for 2020. And finally, we have EBITDA. Over the past five years, that metric increased gradually as well, climbing from $62.6 million to $99.5 million.

 

Just as has been the case with revenue and profits, cash flows also increased in the first nine months of the company’s 2022 fiscal year. For operating cash flow, the reading came in at $126 million. That compares to the $91.6 million reported for the first nine months of its 2021 fiscal year. If we adjust for changes in working capital, then the increase would have been from $40 million to $105.6 million. Over that same window of time, EBITDA rose from $69.6 million to $142.8 million. It is unclear what the final quarter of the 2022 fiscal year will look like. But if we annualize results experienced for the first nine months of the year, then profits should be around $214.7 million, adjusted operating cash flow should total around $162.1 million, and EBITDA should be around $204.1 million.

Taking this data, we can effectively price the company. Using its 2022 estimates, the firm should be trading at a price to earnings multiple of 11.5. Although this looks cheap on an absolute basis, we need to be aware that if the company takes a step back in profitability, that things could become rather painful rather quickly. Using the 2021 figures instead, for instance, we would have a multiple of 32.2. The price to adjusted operating cash flow multiple, meanwhile, comes in at 15.2. But again, if we revert back to levels experienced in 2021, then this multiple would be 40.3. The same kind of trend can be seen when looking at the EV to EBITDA approach. The multiple right now comes in at 13.7. But a return to 2021 levels would push this up to 28.1.

 

To put the pricing of the company into perspective, I also decided to compare it to five similar firms. On a price-to-earnings basis, these companies ranged from a low of 3.7 to a high of 20. Using our 2022 estimates, Cavco was more expensive than all but one of the firms. Using the price to operating cash flow approach, the range for these companies was from 6 to 25.7. In this case, two of the five firms were cheaper than our prospect. Using the EV to EBITDA approach, the range was from 4 to 12.5. In this case, Cavco was the most expensive of the group.

Company	Price / Earnings	Price / Operating Cash Flow	EV / EBITDA
Cavco Industries	11.5	15.2	13.7
Taylor Morrison Home Corporation (TMHC)	5.7	20.3	6.8
M/I Homes (MHO)	3.7	6.8	4.0
Skyline Champion Corporation (SKY)	20.0	18.2	12.5
Tri Pointe Homes (TPH)	5.4	6.0	4.7
Century Communities (CCS)	4.3	25.7	4.7

Takeaway

Relative to some peer firms, Cavco today looks either fairly valued or slightly pricey. But on an absolute basis, its valuation really depends on which year of data we are looking for. For investors who believe that the current surge in demand for these kinds of assets is temporary, shares would look rather expensive. But for those who are of the opinion that strong demand will keep revenue and profits up, at least for an extended period of time, shares look quite attractive. Irrespective of what the near term holds, there is also no denying that management has done well to grow the company at a steady rate in the past. This includes the top line and the bottom line. So even if we do see an eventual pullback, the long-term outlook for the business, operationally, is likely encouraging. … ##

 

Additional Information, More MHProNews Analysis and Commentary

As was noted at the top of this column, SA often provides considerable volumes of useful information that may include transcripts of earnings calls. The graphics above are useful snapshots of aspects of Cavco’s business. These are among their pluses. In no particular order of importance, some of the following are apparent misses – items not found – in the SA reports above.

1. While SEC is mentioned in the context of Edgar data, there is no mention of the SEC’s pending litigation of Cavco Industries and now former corporate leaders.

2) There is no mention of the Manufactured Housing Institute (MHI). While a trade group may or may not be as important in other industries in the context of a corporate stock evaluation, there are specific reasons why any exploration of manufactured housing should include trade groups – including the Manufactured Housing Association for Regulatory Reform (MHARR) and consumer advocacy organizations.

 

3) There is no mention of Cavco’s investor relations guidance pitch-deck. Cavco’s deal is a step toward something closer to organic growth as opposed to consolidation via mergers and acquisitions (M&A).

 

4. Cavco’s acquisition is commendable in the sense of bullet #3 above. This is unlike their questionable move of acquiring Lexington Homes, which has dropped into the memory hole by many in MHVille, but not be MHProNews.

5. It is rather ironic that SA’s headline is contradicted by the data-point they cited, namely, that at least 5 million homes are needed. There are reasons to think that may be as high as 8+ million, per a prior comment by the National Association of Realtors (NAR) chief economist, Lawrence Yun, Ph.D. If there is a time to put the peddle to the metal with organic growth of plant/production and retail opportunities, this would be it.

6. There is no mention by SA of the industry controversies that include the DOE energy rule, zoning/placement, and finance.

Those points said, Cavco’s leaders are sitting on considerable resources. They have an opportunity to do what S2A has announced. Namely, they could invest in dozens of new production centers, expanding existing ones, and re-opening Lexington Homes shuttered plant.

See the linked reports for more details.

Note that several of these points would apply to Skyline Champion, Berkshire-owned Clayton Homes, and other manufactured housing producers that may have the financial wherewithal to do serious expansion.

The bottom line re: SA or other media sources? They have provided some insightful information, even if Yahoo or Simply Wall Street contradicted some of their analysis. But beyond that, is the pragmatic value of asking questions, looking at history beyond stock data, to get a better feel for a company and/or the manufactured housing industry. Only MHProNews provides this type of analysis in our profession. Just check out others to see for yourself.

Then see the data and research reports linked above and below for more information.

Note, MHARR normally releases on this date the latest manufactured home production shipment information for January 2022. MHProNews will plan an analysis of the official data that they provide, which MHI once did for years, but inexplicably stopped giving to the general public. Flash report: production is up again. Stay tuned for details and analysis found nowhere else in MHVille. Perhaps that’s why industry readership on MHProNews/MHLivingNews is surging in 2022?! ##

 

Next up is our daily business news recap of yesterday evening’s market report, related left-right headlines, and manufactured housing connected equities.

The Business Daily Manufactured Home Industry Connected Stock Market Updates.  Plus, Market Moving Left leaning CNN and Right-leaning (Newsmax) Headlines Snapshot. While the layout of this daily business report has been evolving over time, several elements of the basic concepts used previously are still the same. For instance. The headlines that follow below can be reviewed at a glance to save time while providing insights across the left-right media divide. Additionally, those headlines often provide clues as to possible ‘market-moving’ news items.

 

Market Indicator Closing Summaries – Yahoo Finance Closing Tickers on MHProNews…

Headlines from left-of-center CNN Business – from the evening of 3.2.2022

• Cut off
• Freight trains stand on the tracks at the Munich, Germany, North marshalling yard, on February 28. Following Russia's attack on Ukraine, Western countries have imposed numerous sanctions, and the EU has imposed an export ban on goods, technologies and services for the aerospace industry.
• Russians are bracing for a dramatic shift in their standard of living as sanctions kick in
• Oil: More supply could stop price spikes. But US producers won’t fill that gap
• Surge: Prices climb above $110 and natural gas soars as Russia fears mount
• Watch: Russian oil is struggling to find buyers, says commodities expert
• Policy: Powell says rate hike is still coming, but notes Ukraine uncertaity
• LIVE UPDATES Stocks surge as Powell says big rate hikes are unlikely
• JPMorgan: Sanctions have sharply raised chance of a Russian default
• Isolation grows: Kremlin says the Russian economy is hurting
• Food price shock: Palm oil prices are soaring
• Tech: Ukraine wants Russia severed from the global internet. That’s risky
• Exodus: Russia tries to stop Western companies fleeing the country
• List: Here are the international companies pulling back from Russia
• Retaliation: All bets are off if Putin slashes the West’s oil supplies
• Private planes: The teenager that tracked Elon Musk’s jet is now tracking Russian oligarchs
• Media: Journalists from Russia’s last independent news network are fleeing the country
• LATEST HEADLINES
• People shop at a home improvement store in Bethesda, Maryland, on February 17, 2022.
• Here’s why Wall Street is betting against the US consumer
• Serena Williams calls out NYTimes after paper erroneously prints photo of Venus
• Apple sets date for first product launch of the year
• Ford splits gas-powered and electric vehicle businesses, but doesn’t spin them off
• Fitbit recalls 1.7 million smartwatches due to burn hazard
• Burned ship carrying luxury cars has now sunk
• Here’s how President Biden wants to fight inflation
• Big companies aren’t shy about raising prices
• Why resume gaps aren’t a big deal anymore
• Burnt-out cargo ship carrying thousands of luxury cars sinks
• Microsoft says cyberattacks targeting Ukraine ‘raise serious concerns’ under Geneva Convention
• Why ‘The Batman’ heading to theaters is important to Warner Bros
• Disney+ adds more Marvel -— and you might want to update your parental controls
• One of Domino’s most popular deals is getting more expensive
• BUSINESS BOYCOTT
• Bottles of Russian Standard vodka, produced by Russian Standard Corp., stand for sale inside a Lenta Ltd. supermarket in Moscow, Russia, on Tuesday, Feb. 25, 2014.
• Why boycotting Russian vodka won’t work
• Boycotting Lukoil would sting US gas station owners
• Three shipping companies halt bookings to and from Russia
• Google cuts off ad revenue to Russian state media
• Big Tech cracks down on Russian state media content
• CYBERATTACK
• US braces for Russian cyberattacks
• Could cyberattacks draw U.S. into Ukraine war?
• Meta warns of a social media hacking operation
• Cyberattack on Toyota shuts its 14 factories in Japan
• UK companies told to bolster cyber defenses against Russia

Headlines from right-of-center Newsmax – evening of 3.2.2022

• DOJ Launches Task Force Aimed at Enforcing Sanctions Against Moscow
• Russian Invasion of Ukraine
• Will Putin ‘Deepfake’ Zelenskyy?
• Sweden Accuses Russia of Airspace Violation
• China Asked Russia to Delay War for Olympics
• US Considers Barring Russian Ships From Ports
• Graham Wants Senate to Back Putin War-Crime Probe
• DOJ Task Force Aimed at Enforcing Russia Sanctions
• West Freezes $1 Trillion in Russian Assets
• Russian Tycoon Puts Chelsea Soccer Club Up for Sale
• Trump: Russian Invasion a ‘Holocaust,’ Calls to ‘Stop Killing’
• NY Post: Russia ‘Declares Cyberwar on US’
• UN General Assembly Votes Overwhelmingly to Rebuke Russia
• Russia: 498 Soldiers Killed, 1,597 Wounded in Ukraine
• Russia Space Agency Head: Satellite Hacks Would Justify War

 

• More Russian Invasion of Ukraine
• Newsmax TV
• Marshall: Cut Russian Oil, ‘Stop Their Funding’
• Hinson: Biden ‘Doubled Down’ on Failed Agenda | video
• Ferguson: Biden ‘Disingenuous’ With Speech Claims | video
• Blackburn: Biden Needs to Address ‘New Axis of Evil’ | video
• Gaetz: Biden Winning Hearts, Souls of ‘Iranians?!’ | video
• Santorum: Biden Doesn’t Even Try to Be Moderate | video
• Donalds: SCOTUS Pick Should Be on Resume | video
• Miller-Meeks: Iowa ‘Huge Contrast’ to DC | video
• Odessa Official: Putin Will Never Take This City | video

 

• More Newsmax TV
• Newsfront
• NRA Cannot Be Dissolved by New York Attorney General, Judge Rules
• A judge said New York’s attorney general cannot dissolve the National Rifle Association (NRA) for alleged corruption and mismanagement, but can still seek the ouster of the gun rights group’s longtime Chief Executive Wayne LaPierre.Justice Joel Cohen of a New York state…… [Full Story]
• Psaki Dismisses Republicans Who Interrupted SOTU
• White House press secretary Jen Psaki on Wednesday brushed off a [Full Story]
• RNC’s McDaniel: Biden Did Not Grasp Pain He Caused in Speech
• Republican National Committee Chairwoman Ronna McDaniel is panning [Full Story]
• Related
• Luke Russert Says He Has Answer to Biden’s ‘Go Get ’em’ Mystery
• Biden Tries to Project Leadership With SOTU
• US Manufacturing Activity Regains Speed
• Biden Delivers Speech Full of Promises to Americans Frustrated With His Administration
• Could China’s ‘Social Credit System’ Come to US?
• The Chinese people live in a perpetual state of fear due to Beijing’s [Full Story] | Platinum Article
• Texas Probes Target Parents of Transgender Minors
• Parents of transgender American minors are under investigation in [Full Story]
• Big Tech Allows Russia-Ukraine Misinformation to Go Viral
• Big Tech has emerged as a key player for Ukraine in the country’s bid [Full Story] | Platinum Article
• US Officials Say China Asked Russia to Delay Ukraine War Until After Olympics: NYT
• Senior Chinese officials told senior Russian officials in early [Full Story]
• Amazon to Close All Physical Bookstores, ‘4-Star’ Shops
• com Inc. on Wednesday told Reuters it plans to close all 68 of [Full Story]
• Graham Wants Senate Resolution Pressing For War Crimes Probe of Putin
• Lindsey Graham will introduce a resolution for the Senate to [Full Story]
• Biden Accuses Russia of Targeting Civilians in Ukraine
• Russia has been intentionally targeting civilian areas in Ukraine in [Full Story]
• Prosecutor: Jan. 6 Defendant Wanted to Drag Pelosi From Capitol
• The Texas man who is the first person to stand trial for joining the [Full Story]
• White House Announces COVID Preparedness Plan to Manage Future Outbreaks
• Top U.S. health officials on Wednesday laid out a national blueprint [Full Story]
• Gallup Poll: Half of Americans Say US Military Is No. 1 in World
• Just over half of American (51%) say the U.S. military is number one [Full Story]
• Oil Rockets to Record $113/Barrel
• Oil prices soared Wednesday above $113 per barrel and natural gas hit [Full Story]
• Trump: Russian Invasion a ‘Holocaust,’ Calls to ‘Stop Killing’
• Former President Donald Trump Wednesday, calling the growing [Full Story]
• India Walking Tightrope Over Russia’s Attack on Ukraine
• The world’s most-populous democracy abstained Friday from voting on a [Full Story]
• Powell to Congress: Fed Will Raise Rates This Month
• Federal Reserve Chair Jerome Powell made clear Wednesday that the Fed [Full Story]
• Russian-Ukrainian Couple Make Five-Day Escape to Hungary From Kyiv
• Russian software engineer Mikhail Liublin and his Ukrainian [Full Story]
• US Private Payrolls Increase Solidly by 475k Jobs in February
• S. private employers hired more workers than expected in February [Full Story]
• Republican Abbott, Democrat O’Rourke to Face Off in Texas Governor Race
• Republican Gov. Greg Abbott will face Democrat Beto O’Rourke after [Full Story]
• Fitbit Recalls Over 1M of Its Smartwatches Due to Burn Hazard
• Google-owned fitness tracker maker Fitbit has recalled over a million [Full Story]
• Trump Touts Success of All 33 Texas Candidates He Endorsed
• Former President Donald Trump pointed to the political currency of [Full Story]
• Ford Splits EV, Internal Combustion Into Separate Units
• Ford is splitting its electric vehicle and internal combustion [Full Story]
• FDA Warns Certain Unauthorized COVID Antigen Tests Can Give False Results
• The U.S. Food and Drug Administration (FDA) on Tuesday warned people [Full Story]
• Blue and Yellow: Ukraine Unity Colors State of the Union
• The blue and yellow brought the room together. Some lawmakers wore [Full Story]
• Economic Dangers From Putin’s Invasion Ripple Across Globe
• Moscow’s war on Ukraine and the ferocious financial backlash it’s [Full Story]
• Mullen: Peace in Taiwan Strait a Global Concern
• Maintaining peace and stability across the Taiwan Strait is “not just [Full Story]
• Oil Spikes to 7-Year High – $110 Per Barrel – as Markets Avoid Russian Supply
• Oil prices surged to seven-year highs on Wednesday as supply [Full Story]
• Sean Penn Joins Ukraine Exodus to Poland on Foot
• Days after visiting the Ukrainian capital Kyiv to film scenes for his [Full Story]
• Ukrainian Official: Attempt to Assassinate Zelenskyy Prevented
• At a briefing on Tuesday, top Ukrainian official Oleksiy Danilov [Full Story]
• As Russia Attacks Ukraine, US Army Officers Trained on Transgender Identity
• While the Russian invasion of Ukraine continues, the U.S. Army’s [Full Story]
• More Newsfront
• Finance
• West Freezes $1 Trillion in Russian Assets
• The United States and other Western countries have embarked on an economic war against Russia as a result of President Vladimir Putin’s attack on Ukraine…. [Full Story]
• China May Hold Lifeline for Russia as It Opposes World’s Sanctions
• Bitcoin Again Viewed as Safe Haven Amid Geopolitical Tension
• US Considers Barring Russian Ships From Ports
• Google Orders Workers Back to Offices
• More Finance
• Health
• White House Announces COVID Preparedness Plan, Includes Free Antiviral Pills
• Top U.S. health officials on Wednesday laid out a national blueprint to manage COVID-19 going forward, vowing to prepare for any new variant outbreaks without shutting down schools and businesses and calling for additional funding from Congress. “This plan lays out the…… [Full Story]
• Early Menopause May Raise a Woman’s Odds for Dementia
• Ill-Fitting Blood Pressure Cuff Reading Can Be Off by 20 Points
• Biden Outlines COVID Plans, Includes Free Antiviral Pills to Americans
• Nerve Damage May Explain Some Cases of Long COVID: Study

MHProNews has pioneered in our profession several reporting elements that keep our regular and attentive readers as arguably the best informed in the manufactured housing industry. Among the items shared after ‘every business day’ (when markets are open) is our left-right headline recap summary. At a glance in two to three minutes, key ‘market moving’ news items are covered from left-of-center CNN Business and right-of-center Newsmax. “We Provide, You Decide.” ^© Additionally, MHProNews provides expert commentary and analysis on the issues that others can’t or won’t cover that help explain why manufactured housing has been underperforming during the Berkshire era while an affordable housing crisis and hundreds of thousands of homeless in America rages on. These are “Industry News, Tips, and Views Pros Can Use” ^© features and others made and kept us the runaway #1 in manufactured housing trade publisher for a dozen years and counting. 

 

Manufactured Housing Industry Investments Connected Equities Closing Tickers

Some of these firms invest in manufactured housing, or are otherwise connected, but may do other forms of investing or business activities too.

• • • • • • • • • • • • • • NOTE: The chart below includes the Canadian stock, ECN, which purchased Triad Financial Services, a manufactured home industry lender
                          • NOTE: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).
                          • NOTE: Deer Valley was largely taken private, say company insiders in a message to MHProNews on 12.15.2020, but there are still some outstanding shares of  the stock from the days when it was a publicly traded firm.  Thus, there is still periodic activity on DVLY.

Manufactured Home Communities (a.k.a. ‘Mobile Home Parks’ – SIC) – Exploring UMH Properties; Fellow Manufactured Housing Institute Member Yes! Communities Suits and Settlements; plus MH Markets Updates

Clayton-21st Storm Watch – Sinatra’s Summer Wind Blows Early? – Manufactured Housing Moat Breach – Manufactured Home Values Increasing Faster than Site-Built – Case for Something New in 2022

• 

  

  

  • 2022 …Berkshire Hathaway is the parent company to Clayton Homes, 21^st Mortgage, Vanderbilt Mortgage and other factory-built housing industry suppliers.
    · LCI Industries, Patrick, UFPI, and LP each are suppliers to the manufactured housing industry, among others.
    · AMG, CG, and TAVFX have investments in manufactured housing related businesses. For insights from third-parties and clients about our publisher, click here.
    Enjoy these ‘blast from the past’ comments. MHProNews. MHProNews – previously a.k.a. MHMSM.com – has celebrated our 11th year of publishing and have completed over a dozen years of serving the industry as the runaway most-read trade media.

Sample Kudos over the years…

It is now 12+ years and counting…

Learn more about our evolutionary journey as the industry’s leading trade media, at the report linked below.

· For expert manufactured housing business development or other professional services, click here.
· To sign up in seconds for our industry leading emailed headline news updates, click here.

Disclosure. MHProNews holds no positions in the stocks in this report.

That’s a wrap on this installment of “News Through the Lens of Manufactured Homes and Factory-Built Housing” © where “We Provide, You Decide.” © (Affordable housing, manufactured homes, stock, investing, data, metrics, reports, fact-checks, analysis, and commentary. Third-party images or content are provided under fair use guidelines for media.) (See Related Reports, further below. Text/image boxes often are hot-linked to other reports that can be access by clicking on them.)

By L.A. “Tony” Kovach – for MHProNews.
Tony earned a journalism scholarship along with numerous awards in history. There have been several awards and honors and also recognition in manufactured housing. For example, he earned the prestigious Lottinville Award in history from the University of Oklahoma, where he studied history and business management. He’s a managing member and co-founder of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com. This article reflects the LLC’s and/or the writer’s position and may or may not reflect the views of sponsors or supporters.