Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €71.50, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 11x in the Consumer Durables industry in Europe. Total returns to shareholders of 20% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €44.47 per share. Announcement • Jun 12
Meritage Homes Corporation to Report Q2, 2026 Results on Jul 29, 2026 Meritage Homes Corporation announced that they will report Q2, 2026 results After-Market on Jul 29, 2026 Upcoming Dividend • Jun 09
Upcoming dividend of US$0.48 per share Eligible shareholders must have bought the stock before 16 June 2026. Payment date: 30 June 2026. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (5.6%). Declared Dividend • May 25
First quarter dividend of US$0.48 announced Shareholders will receive a dividend of US$0.48. Ex-date: 16th June 2026 Payment date: 30th June 2026 Dividend yield will be 3.0%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by both earnings (32% earnings payout ratio) and cash flows (54% cash payout ratio). The dividend has increased by an average of 53% per year over the past 3 years and payments have been stable during that time. EPS is expected to grow by 44% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 23
Meritage Homes Corporation announces Quarterly dividend, payable on June 30, 2026 Meritage Homes Corporation announced Quarterly dividend of USD 0.4800 per share payable on June 30, 2026, ex-date on June 16, 2026 and record date on June 16, 2026. Announcement • Apr 24
Meritage Homes Corporation Updates Earnings Guidance for the Full Year 2026 Meritage Homes Corporation updated earnings guidance for the full year 2026. The company expected home closing volume and revenue to at or within 5% of full year 2025 results. Announcement • Mar 30
Meritage Homes Corporation, Annual General Meeting, May 21, 2026 Meritage Homes Corporation, Annual General Meeting, May 21, 2026. Location: meetnow.global/mfx6mxg, United States Announcement • Mar 12
Meritage Homes Corporation to Report Q1, 2026 Results on Apr 22, 2026 Meritage Homes Corporation announced that they will report Q1, 2026 results at 4:00 PM, US Eastern Standard Time on Apr 22, 2026 Announcement • Dec 17
Meritage Homes Corporation to Report Q4, 2025 Results on Jan 28, 2026 Meritage Homes Corporation announced that they will report Q4, 2025 results After-Market on Jan 28, 2026 Announcement • Oct 29
Meritage Homes Corporation Provides Earnings Guidance for the Fourth Quarter 2025 Meritage Homes Corporation provided earnings guidance for the fourth quarter 2025. For the quarter, the company expects Diluted EPS in the range of $1.51 - $1.70. Announcement • Sep 16
Meritage Homes Corporation to Report Q3, 2025 Results on Oct 28, 2025 Meritage Homes Corporation announced that they will report Q3, 2025 results After-Market on Oct 28, 2025 Announcement • Aug 22
Meritage Homes Corporation Declares Quarterly Dividend, Payable on September 30, 2025 Meritage Homes Corporation announced that its Board of Directors has declared a quarterly dividend of $0.43 per share. This dividend is payable on September 30, 2025 to shareholders of record as of the close of trading on September 16, 2025. Announcement • Jun 16
Meritage Homes Corporation to Report Q2, 2025 Results on Jul 23, 2025 Meritage Homes Corporation announced that they will report Q2, 2025 results After-Market on Jul 23, 2025 Announcement • May 23
Meritage Homes Corporation Announces Quarterly Cash Dividend, Payable on June 30, 2025 Meritage Homes Corporation announced that its Board of Directors has declared a quarterly dividend of $0.43 per share. This dividend is payable on June 30, 2025 to shareholders of record as of the close of trading on June 16, 2025. Announcement • Apr 24
Meritage Homes Corporation Reiterates Revenue Guidance for the Full Year 2025 Meritage Homes Corporation reiterated revenue guidance for the full year 2025. For the year, the company expects home closing volume to be in the range of 16,250 units to 16,750 units and home closing revenue to be in the range of $6.6 billion to $6.9 billion. Announcement • Mar 28
Meritage Homes Corporation, Annual General Meeting, May 22, 2025 Meritage Homes Corporation, Annual General Meeting, May 22, 2025. Announcement • Mar 20
Meritage Homes Corporation to Report Q1, 2025 Results on Apr 23, 2025 Meritage Homes Corporation announced that they will report Q1, 2025 results After-Market on Apr 23, 2025 Announcement • Feb 21
Meritage Homes Corporation Increases Quarterly Cash Dividend, Payable on March 31, 2025 Meritage Homes Corporation announced that its Board of Directors has declared a quarterly cash dividend of $0.43 per share. This quarterly cash dividend is payable on March 31, 2025 to shareholders of record as of the close of trading on March 17, 2025. Announcement • Jan 06
Meritage Homes Appoints Geisha Williams to Its Board of Directors Meritage Homes announced the appointment of Geisha Williams as an independent director to its Board of Directors, effective immediately. Her appointment demonstrates the Company’s commitment to ongoing board refreshment and increased diversity as it increases its size to 12 directors. The Board plans to consider Ms. Williams for appointment to one or more board committees over the course of the next several regularly scheduled board meetings. Ms. Williams brings over three decades of experience in the energy industry to the Meritage Board, culminating with her role as the former President and Chief Executive Officer at PG&E Corporation, a public company focused on natural gas and electric energy. During her decade-long tenure with the organization, she championed renewables integration, grid modernization and smart grid technologies. Ms. Williams was the first Latina CEO of a Fortune 200 company and has been recognized as the highest-ranking Latina leader in business. She began her career at Florida Power & Light Company in 1983 where she held various roles in customer service, marketing, external affairs and electric operations. Her public company director experience currently includes Siemens Energy AG, where she is a member of the Supervisory Board and serves on the Sustainability and Finance and Nomination Committees. Ms. Williams previously was a member of the Global Advisory Board for Salesforce, a customer relationship management services company, from 2022 to 2024. Her private board experience currently includes Artera Services, an integrated infrastructure services provider for the natural gas and electric industries, as well as Osmose Utilities Services, an electric utilities and telecommunications grid asset management and infrastructure support services company, where she has been the Chairperson since 2021. Announcement • Dec 06
Meritage Homes Corporation to Report Q4, 2024 Results on Jan 29, 2025 Meritage Homes Corporation announced that they will report Q4, 2024 results at 4:00 PM, US Eastern Standard Time on Jan 29, 2025 Announcement • Nov 22
Meritage Homes Announces Quarterly Cash Dividend, Payable on December 31, 2024 Meritage Homes Corporation announced that its Board of Directors has declared a quarterly dividend of $0.75 per share. This dividend is payable on December 31, 2024 to shareholders of record as of the close of trading on December 17, 2024. Buy Or Sell Opportunity • Nov 08
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 6.1% to €173. The fair value is estimated to be €142, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.2% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 7.8% in 2 years. Earnings are forecast to grow by 0.6% in the next 2 years. Reported Earnings • Oct 30
Third quarter 2024 earnings released: EPS: US$5.41 (vs US$6.06 in 3Q 2023) Third quarter 2024 results: EPS: US$5.41 (down from US$6.06 in 3Q 2023). Revenue: US$1.60b (down 1.4% from 3Q 2023). Net income: US$196.0m (down 12% from 3Q 2023). Profit margin: 12% (down from 14% in 3Q 2023). Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Consumer Durables industry in Germany. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 30
Meritage Homes Corporation Provides Earnings Guidance for the Fourth Quarter of 2024 Meritage Homes Corporation provided earnings guidance for the fourth quarter of 2024. For the quarter, the company expects Diluted EPS to be $4.10-$4.60. Announcement • Oct 15
Meritage Homes Appoints Erin Lantz to its Board of Directors Meritage Homes announced the appointment of Erin Lantz as an independent director to its Board of Directors, effective October 14, 2024. Her appointment demonstrates the Company’s commitment to ongoing board refreshment as it increases its size to 11 directors. The Board plans to consider Ms. Lantz for appointment to one or more board committees over the course of the next several regularly scheduled board meetings. Ms. Lantz brings to the Meritage Board over 20 years of leadership experience and extensive knowledge in technology-related offerings. She currently serves as Chief Revenue Officer for Ethos, a fintech company specializing in life insurance. Previously, Ms. Lantz was the Vice President and General Manager of Mortgages at Zillow Group Inc., an online real estate database company, and Senior Vice President at Bank of America, where she led the Direct-to-Consumer purchase home loan business. Her public company director experience currently includes Blend Labs Inc. Ms. Lantz formerly served on the boards of TrueCar Inc., a digital automotive marketplace, and Washington Federal Inc., a bank holding company. She holds an MBA from Harvard University and received a bachelor’s degree in Political Science, Philosophy and Economics from the University of Pennsylvania. Announcement • Sep 19
Meritage Homes Corporation to Report Q3, 2024 Results on Oct 29, 2024 Meritage Homes Corporation announced that they will report Q3, 2024 results After-Market on Oct 29, 2024 Declared Dividend • Sep 02
Second quarter dividend of US$0.75 announced Shareholders will receive a dividend of US$0.75. Ex-date: 16th September 2024 Payment date: 30th September 2024 Dividend yield will be 1.3%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (9% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 67% per year over the past 2 years and payments have been stable during that time. EPS is expected to decline by 3.9% over the next 3 years. However, it would need to fall by 90% to increase the payout ratio to a potentially unsustainable range. Announcement • Aug 29
Meritage Homes Corporation Declares Quarterly Cash Dividend, Payable on September 30, 2024 Meritage Homes Corporation announced that its Board of Directors has declared a quarterly dividend of $0.75 per share. This dividend is payable on September 30, 2024 to shareholders of record as of the close of trading on September 16, 2024. Recent Insider Transactions • Aug 28
Independent Director recently sold €893k worth of stock On the 23rd of August, Michael Odell sold around 5k shares on-market at roughly €179 per share. This transaction amounted to 18% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €1.8m. Insiders have been net sellers, collectively disposing of €5.8m more than they bought in the last 12 months. Recent Insider Transactions • Jul 31
Executive VP recently sold €1.8m worth of stock On the 26th of July, Phillippe Lord sold around 10k shares on-market at roughly €185 per share. This transaction amounted to 10.0% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Phillippe has been a net seller over the last 12 months, reducing personal holdings by €3.3m. Reported Earnings • Jul 25
Second quarter 2024 earnings released: EPS: US$6.38 (vs US$5.08 in 2Q 2023) Second quarter 2024 results: EPS: US$6.38 (up from US$5.08 in 2Q 2023). Revenue: US$1.70b (up 8.2% from 2Q 2023). Net income: US$231.6m (up 24% from 2Q 2023). Profit margin: 14% (up from 12% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Consumer Durables industry in Europe. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €163, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 15x in the Consumer Durables industry in Europe. Total returns to shareholders of 123% over the past three years. Announcement • Jun 15
Meritage Homes Corporation to Report Q2, 2024 Results on Jul 24, 2024 Meritage Homes Corporation announced that they will report Q2, 2024 results After-Market on Jul 24, 2024 Upcoming Dividend • Jun 07
Upcoming dividend of US$0.75 per share Eligible shareholders must have bought the stock before 14 June 2024. Payment date: 28 June 2024. Payout ratio is a comfortable 7.2% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of German dividend payers (4.5%). Lower than average of industry peers (4.0%). Declared Dividend • May 20
First quarter dividend of US$0.75 announced Shareholders will receive a dividend of US$0.75. Ex-date: 14th June 2024 Payment date: 28th June 2024 Dividend yield will be 1.1%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is well covered by both earnings (7% earnings payout ratio) and cash flows (39% cash payout ratio). The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. EPS is expected to decline by 3.2% over the next 3 years. However, it would need to fall by 92% to increase the payout ratio to a potentially unsustainable range. Announcement • May 18
Meritage Homes Corporation Announces Quarterly Cash Dividend, Payable on June 28, 2024 Meritage Homes Corporation announced that its Board of Directors has declared a quarterly dividend of $0.75 per share. This dividend is payable on June 28, 2024 to shareholders of record as of the close of trading on June 14, 2024. New Risk • Apr 26
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 3.7% per year for the foreseeable future. Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Significant insider selling over the past 3 months (€372k sold). Announcement • Apr 26
Meritage Homes Corporation Updates Earnings Guidance for the Full Year 2024 Meritage Homes Corporation updated earnings guidance for the full year 2024. The company updated diluted EPS to be in the range of $19.20 - $20.70. Reported Earnings • Apr 25
First quarter 2024 earnings released: EPS: US$5.12 (vs US$3.58 in 1Q 2023) First quarter 2024 results: EPS: US$5.12 (up from US$3.58 in 1Q 2023). Revenue: US$1.47b (up 15% from 1Q 2023). Net income: US$186.0m (up 42% from 1Q 2023). Profit margin: 13% (up from 10% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Consumer Durables industry in Germany. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 29
Meritage Homes Corporation to Report Q1, 2024 Results on Apr 24, 2024 Meritage Homes Corporation announced that they will report Q1, 2024 results on Apr 24, 2024 Announcement • Mar 15
Raymond Oppel to Retire from Meritage Homes Board of Directors, Effective May 16, 2024 Meritage Homes Corporation announced that board director Raymond Oppel will not seek re-election to the Board at the Company’s upcoming annual meeting of shareholders and will retire from his position effective May 16, 2024. Mr. Oppel joined Meritage’s Board in 1997 and during his tenure, chaired the Executive Compensation Committee. He is currently a member of the Executive Compensation and Land Committees. Recent Insider Transactions • Mar 14
Executive VP recently sold €372k worth of stock On the 13th of March, Phillippe Lord sold around 3k shares on-market at roughly €149 per share. This transaction amounted to 2.4% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Phillippe has been a net seller over the last 12 months, reducing personal holdings by €1.9m. Upcoming Dividend • Mar 07
Upcoming dividend of US$0.75 per share Eligible shareholders must have bought the stock before 14 March 2024. Payment date: 29 March 2024. Payout ratio is a comfortable 5.4% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of German dividend payers (5.1%). Lower than average of industry peers (4.2%). Declared Dividend • Feb 26
Fourth quarter dividend of US$0.75 announced Shareholders will receive a dividend of US$0.75. Ex-date: 14th March 2024 Payment date: 29th March 2024 Dividend yield will be 1.1%, which is lower than the industry average of 2.5%. Payout Ratios Payout ratio: 5%. Cash payout ratio: 12%. Reported Earnings • Feb 01
Full year 2023 earnings released: EPS: US$20.17 (vs US$27.04 in FY 2022) Full year 2023 results: EPS: US$20.17 (down from US$27.04 in FY 2022). Revenue: US$6.14b (down 2.4% from FY 2022). Net income: US$738.7m (down 26% from FY 2022). Profit margin: 12% (down from 16% in FY 2022). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Consumer Durables industry in Germany. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 11
Meritage Homes Corporation, Annual General Meeting, Mar 24, 2024 Meritage Homes Corporation, Annual General Meeting, Mar 24, 2024. Announcement • Dec 15
Meritage Homes Corporation to Report Q4, 2023 Results on Jan 31, 2024 Meritage Homes Corporation announced that they will report Q4, 2023 results After-Market on Jan 31, 2024 Upcoming Dividend • Dec 07
Upcoming dividend of US$0.27 per share at 0.7% yield Eligible shareholders must have bought the stock before 14 December 2023. Payment date: 29 December 2023. Payout ratio is a comfortable 3.7% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of German dividend payers (5.2%). Lower than average of industry peers (4.7%). Recent Insider Transactions • Dec 06
Executive VP recently sold €938k worth of stock On the 1st of December, Phillippe Lord sold around 7k shares on-market at roughly €134 per share. This transaction amounted to 8.2% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Phillippe has been a net seller over the last 12 months, reducing personal holdings by €3.8m. Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €122, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 10x in the Consumer Durables industry in Europe. Total returns to shareholders of 72% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €73.43 per share. Reported Earnings • Nov 02
Third quarter 2023 earnings released: EPS: US$6.06 (vs US$7.18 in 3Q 2022) Third quarter 2023 results: EPS: US$6.06 (down from US$7.18 in 3Q 2022). Revenue: US$1.62b (up 2.2% from 3Q 2022). Net income: US$221.8m (down 16% from 3Q 2022). Profit margin: 14% (down from 17% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Consumer Durables industry in Germany. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • Nov 01
Meritage Homes Corporation Provides Earnings Guidance for the Fourth Quarter 2023 Meritage Homes Corporation provided earnings guidance for the fourth quarter 2023. The company expects diluted EPS to be in the range of $4.84-5.43 for the fourth quarter of 2023. Announcement • Sep 22
Meritage Homes Corporation to Report Q3, 2023 Results on Oct 31, 2023 Meritage Homes Corporation announced that they will report Q3, 2023 results After-Market on Oct 31, 2023 Upcoming Dividend • Sep 07
Upcoming dividend of US$0.27 per share at 0.8% yield Eligible shareholders must have bought the stock before 14 September 2023. Payment date: 29 September 2023. Payout ratio is a comfortable 2.3% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (5.4%). Announcement • Aug 24
Meritage Homes Corporation Announces Quarterly Cash Dividend, Payable on September 29, 2023 Meritage Homes Corporation announced that its Board of Directors has declared a quarterly cash dividend on its common stock of $0.27 per share. This dividend is payable on September 29, 2023 to shareholders of record as of the close of trading on September 15, 2023. Recent Insider Transactions • Aug 03
CFO & Executive VP recently sold €912k worth of stock On the 31st of July, Hilla Sferruzza sold around 7k shares on-market at roughly €136 per share. This transaction amounted to 16% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Hilla has been a net seller over the last 12 months, reducing personal holdings by €2.1m. Announcement • Jul 28
Meritage Homes Corporation Provides Earnings Guidance for the Year 2023 Meritage Homes Corporation provided earnings guidance for the year 2023. As the housing market continues to normalize, the company are projecting 13,300-13,800 home closings for full year 2023, which the company anticipates will generate home closing revenue of $5.85-6.07 billion. Home closing gross margin is projected to be in the low 24% range. The company expects diluted EPS to be in the range of $19.12-19.80 for full year 2023. Reported Earnings • Jul 28
Second quarter 2023 earnings released: EPS: US$5.08 (vs US$6.82 in 2Q 2022) Second quarter 2023 results: EPS: US$5.08 (down from US$6.82 in 2Q 2022). Revenue: US$1.57b (up 11% from 2Q 2022). Net income: US$186.8m (down 25% from 2Q 2022). Profit margin: 12% (down from 18% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 6.4% growth forecast for the Consumer Durables industry in Germany. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • Jun 25
Meritage Homes Corporation(NYSE:MTH) dropped from Russell 2000 Growth-Defensive Index Meritage Homes Corporation(NYSE:MTH) dropped from Russell 2000 Growth-Defensive Index Announcement • Jun 16
Meritage Homes Corporation to Report Q2, 2023 Results on Jul 27, 2023 Meritage Homes Corporation announced that they will report Q2, 2023 results After-Market on Jul 27, 2023 Announcement • Jun 15
Meritage Homes Corporation Appoints Dennis V. Arriola as Independent Director Meritage Homes Corporation announced the appointment of Dennis V. Arriola as an independent director to its Board of Directors, as part of its board refreshment process. His appointment brings the Board of Directors to a total of 12. The Board plans to consider Mr. Arriola for appointment to one or more board committees over the course of the next several regularly scheduled board meetings. Mr. Arriola currently serves as an Operating Partner at Sandbrook Capital, a private equity firm focused on transforming energy infrastructure investments. Previously, he was the chief executive officer of Avangrid Inc., where he led the growth of the utilities and renewables business groups while strengthening investor engagement. Mr. Arriola brings to the Meritage Board nearly 30 years of leadership experience and a deep background in the utility and clean energy sectors, with more than 15 years serving as an executive officer. Throughout his distinguished business career, his positions included chief sustainability officer, executive vice president and group president at Sempra Energy; chairman, president and chief executive officer of Southern California Gas Company and chief financial officer of solar technology company SunPower Corporation, San Diego Gas & Electric, and Southern California Gas Company. His public company director experience includes ConocoPhillips currently and Avangrid Inc. formerly. Mr. Arriola also currently serves on the board of the Automobile Club of Southern California (AAA) and previously served on the boards of Edison Electric Institute, U.S. Chamber of Commerce, the California Latino Economic Institute, California Business Roundtable and American Gas Association. His nonprofit board memberships have included United Way of Greater Los Angeles, Latino Donor Collaborative, Southern California Leadership Council, San Diego Symphony Orchestra Association, and San Diego Foundation. Mr. Arriola holds an MBA from Harvard University and received a bachelor’s degree in economics from Stanford University. Upcoming Dividend • Jun 07
Upcoming dividend of US$0.27 per share at 0.8% yield Eligible shareholders must have bought the stock before 14 June 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 1.1% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (2.8%). Announcement • May 19
Meritage Homes Corporation Announces Quarterly Cash Dividend, Payable on June 30, 2023 Meritage Homes Corporation announced that its Board of Directors has declared a quarterly cash dividend on its common stock of $0.27 per share. This dividend is payable on June 30, 2023 to shareholders of record as of the close of trading on June 15, 2023. Recent Insider Transactions • May 02
Executive VP recently sold €445k worth of stock On the 28th of April, Phillippe Lord sold around 4k shares on-market at roughly €114 per share. This transaction amounted to 4.3% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth €1.6m. Phillippe has been a net seller over the last 12 months, reducing personal holdings by €2.7m. Reported Earnings • Apr 28
First quarter 2023 earnings released: EPS: US$3.58 (vs US$5.87 in 1Q 2022) First quarter 2023 results: EPS: US$3.58 (down from US$5.87 in 1Q 2022). Revenue: US$1.29b (flat on 1Q 2022). Net income: US$131.3m (down 40% from 1Q 2022). Profit margin: 10% (down from 17% in 1Q 2022). Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Consumer Durables industry in Germany. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Mar 12
Executive VP recently sold €560k worth of stock On the 3rd of March, Phillippe Lord sold around 5k shares on-market at roughly €104 per share. This transaction amounted to 5.6% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth €1.6m. Phillippe has been a net seller over the last 12 months, reducing personal holdings by €2.2m. Recent Insider Transactions • Feb 26
Executive VP recently sold €1.6m worth of stock On the 22nd of February, Phillippe Lord sold around 15k shares on-market at roughly €101 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Phillippe has been a net seller over the last 12 months, reducing personal holdings by €1.7m. Announcement • Feb 17
Meritage Homes Corporation Initiates Quarterly Cash Dividend, Payable on March 31, 2023 Meritage Homes Corporation announced that its Board of Directors has approved the initiation of a recurring quarterly cash dividend on its common stock of $0.27 per share. The first dividend will be paid on March 31, 2023 to shareholders of record as of the close of trading on March 15, 2023. Recent Insider Transactions • Feb 06
Chief People Officer & Executive VP recently sold €738k worth of stock On the 3rd of February, Javier Feliciano sold around 7k shares on-market at roughly €106 per share. This transaction amounted to 42% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €1.8m more than they bought in the last 12 months. Reported Earnings • Feb 03
Full year 2022 earnings released: EPS: US$27.04 (vs US$19.61 in FY 2021) Full year 2022 results: EPS: US$27.04 (up from US$19.61 in FY 2021). Revenue: US$6.29b (up 22% from FY 2021). Net income: US$992.2m (up 35% from FY 2021). Profit margin: 16% (up from 14% in FY 2021). The increase in margin was driven by higher revenue. Revenue is expected to decline by 2.9% p.a. on average during the next 3 years, while revenues in the Consumer Durables industry in Germany are expected to grow by 5.3%. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Announcement • Jan 04
Meritage Homes Corporation to Report Q4, 2022 Results on Feb 01, 2023 Meritage Homes Corporation announced that they will report Q4, 2022 results at 4:00 PM, US Eastern Standard Time on Feb 01, 2023 Reported Earnings • Oct 27
Third quarter 2022 earnings released: EPS: US$7.18 (vs US$5.33 in 3Q 2021) Third quarter 2022 results: EPS: US$7.18 (up from US$5.33 in 3Q 2021). Revenue: US$1.58b (up 25% from 3Q 2021). Net income: US$262.5m (up 31% from 3Q 2021). Profit margin: 17% (in line with 3Q 2021). Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Consumer Durables industry in Germany. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Oct 27
Meritage Homes Corporation Provides Earnings Guidance for the Fourth Quarter of 2022 Meritage Homes Corporation provided earnings guidance for the fourth quarter of 2022. The company expects diluted EPS to be in the range of $6.50 to $7.40 for the fourth quarter of 2022. Announcement • Sep 28
Meritage Homes Corporation to Report Q3, 2022 Results on Oct 26, 2022 Meritage Homes Corporation announced that they will report Q3, 2022 results After-Market on Oct 26, 2022 Recent Insider Transactions • Sep 02
Independent Director recently sold €156k worth of stock On the 31st of August, Gerald Haddock sold around 2k shares on-market at roughly €78.23 per share. This transaction amounted to 29% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €16m more than they bought in the last 12 months. Recent Insider Transactions • Aug 17
Insider recently sold €86k worth of stock On the 15th of August, Alison Sasser sold around 1k shares on-market at roughly €86.35 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €16m more than they bought in the last 12 months. Reported Earnings • Jul 29
Second quarter 2022 earnings released: EPS: US$6.82 (vs US$4.43 in 2Q 2021) Second quarter 2022 results: EPS: US$6.82 (up from US$4.43 in 2Q 2021). Revenue: US$1.42b (up 11% from 2Q 2021). Net income: US$250.1m (up 49% from 2Q 2021). Profit margin: 18% (up from 13% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 16%, compared to a 3.4% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Announcement • Jul 01
Meritage Homes Corporation to Report Q2, 2022 Results on Jul 27, 2022 Meritage Homes Corporation announced that they will report Q2, 2022 results at 4:00 PM, US Eastern Standard Time on Jul 27, 2022 Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment deteriorated over the past week After last week's 20% share price decline to €63.50, the stock trades at a forward P/E ratio of 2x. Average forward P/E is 9x in the Consumer Durables industry in Germany. Total returns to shareholders of 39% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €70.07 per share. Reported Earnings • Apr 28
First quarter 2022 earnings released: EPS: US$5.87 (vs US$3.50 in 1Q 2021) First quarter 2022 results: EPS: US$5.87 (up from US$3.50 in 1Q 2021). Revenue: US$1.29b (up 19% from 1Q 2021). Net income: US$217.3m (up 65% from 1Q 2021). Profit margin: 17% (up from 12% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 23%, compared to a 8.3% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Announcement • Apr 19
Meritage Homes Corporation Names Malissia Clinton Its Executive Vice President, General Counsel and Secretary Meritage Homes Corporation announced the hiring of Malissia Clinton as its executive vice president, general counsel and secretary. Ms. Clinton joins Meritage after 12 years at The Aerospace Corporation, where she most recently served as the senior vice president, general counsel and secretary. Previously, she was the senior counsel for special projects at Northrop Grumman. Following law school, Ms. Clinton worked as a litigator at the law firm Tuttle and Taylor. She serves as a board director of 3D Systems Corporation and its Compliance Committee Chair as well as a board director of Pacaso. She was formerly a board director of Progyny Inc. and a member of its Nominating and Corporate Governance Committee. Additionally, she is a board director of the Arizona State University Foundation and previously was the former chair of the Aerospace Diversity Action Committee and board director of the National Defense Industrial Association. Ms. Clinton received a bachelor’s degree in political science at Arizona State University, earned a Juris Doctor from Stanford Law School and completed the UCLA Anderson School’s Executive Program in Business Management. Ms. Clinton will be based at Meritage’s headquarters in Scottsdale. She replaces C. Timothy White who retired in December 2021. Announcement • Apr 01
Meritage Homes Corporation to Report Q1, 2022 Results on Apr 27, 2022 Meritage Homes Corporation announced that they will report Q1, 2022 results After-Market on Apr 27, 2022 Recent Insider Transactions • Mar 15
Executive VP recently sold €96k worth of stock On the 8th of March, Phillippe Lord sold around 1k shares on-market at roughly €86.68 per share. In the last 3 months, they made an even bigger sale worth €2.3m. Phillippe has been a seller over the last 12 months, reducing personal holdings by €2.9m. Recent Insider Transactions • Mar 09
Executive VP recently sold €2.3m worth of stock On the 2nd of March, Phillippe Lord sold around 25k shares on-market at roughly €91.48 per share. This was the largest sale by an insider in the last 3 months. Phillippe has been a seller over the last 12 months, reducing personal holdings by €3.2m. Reported Earnings • Jan 28
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$19.61 (up from US$11.23 in FY 2020). Revenue: US$5.14b (up 14% from FY 2020). Net income: US$737.4m (up 74% from FY 2020). Profit margin: 14% (up from 9.4% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 20%, compared to a 7.1% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Announcement • Jan 27
Meritage Homes Corporation Provides Earnings Guidance for the Fiscal Year 2022 Meritage Homes Corporation provided earnings guidance for the fiscal year 2022. For the period, the company expects diluted EPS to be in the range of $23.15-24.65 for 2022. Recent Insider Transactions • Dec 08
Executive Chairman recently sold €6.6m worth of stock On the 6th of December, Steven Hilton sold around 62k shares on-market at roughly €107 per share. This was the largest sale by an insider in the last 3 months. Steven has been a seller over the last 12 months, reducing personal holdings by €11m. Recent Insider Transactions • Nov 27
Executive Chairman recently sold €4.0m worth of stock On the 19th of November, Steven Hilton sold around 38k shares on-market at roughly €106 per share. This was the largest sale by an insider in the last 3 months. This was Steven's only on-market trade for the last 12 months. Recent Insider Transactions • Oct 31
General Counsel recently sold €1.2m worth of stock On the 29th of October, C. White sold around 13k shares on-market at roughly €95.20 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €8.8m more than they bought in the last 12 months. Reported Earnings • Oct 29
Third quarter 2021 earnings released: EPS US$5.33 (vs US$2.90 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$1.27b (up 11% from 3Q 2020). Net income: US$200.8m (up 84% from 3Q 2020). Profit margin: 16% (up from 9.5% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 45% per year whereas the company’s share price has increased by 41% per year. Announcement • Aug 25
Meritage Homes Launches New Enhancements to Its Digital Homebuying Experience Meritage Homes Corporation announced new innovative enhancements that allow customers to choose a homebuying path that aligns with their personal shopping style. Over the last several years, technology has transformed the homebuying process. What was once only accomplished through a live, in-person process, can now be completed virtually, in whole or in part. With 97% of homebuyers starting their search online, Meritage’s website provides extensive resources to homebuyers starting their home purchase journey. Whether they are buying their first home or a homebuying veteran, Meritage’s Buyers Resources provide customers with helpful videos and articles on home ownership and financing as well as highlights of its specific energy-efficient and healthy home offerings. The digital solutions then guide customers through a curated search of available inventory and offer virtual tours of its models. Customers that find their dream home can then qualify for a mortgage, electronically remit their earnest deposit, sign their sales agreement and even close on a home online in states that allow it. To expand on the suite of offered digital financial services, Meritage customers can now also receive guaranteed on-demand homeowners’ insurance quotes on their selected home. In addition, prospective customers and owners can get around-the-clock information and support through Meritage’s Virtual Assistant Liaison (VAL), or interactive chatbot feature now available on the company’s website. Before ever stepping foot in the door, prospective homebuyers can get a sense of how it would feel to live in a Meritage home by viewing photos, floorplans, online video tours, interactive maps and digital community brochures with a few clicks. To accommodate consumers’ lifestyles, Meritage also recently launched self-guided tours in partnership with UTour in select locations. Prospective buyers can easily sign-up for a no-contact tour of a model home on the website, and then tour the home after hours at their convenience. 
