With past and recent posts regarding manufactured housing industry - Clayton (CMH, Jim Clarke) and Champion (CHB, Mike Burry), I came across and started looking at Fleetwood (FLE). Whereas CMH does it all re. mfg.'d housing- build, finance, community/parks- - FLE is primarily in two different businesses -building RV's and building mfg. homes.
FLE stock is near yearly low but FLE revenues for RV business are at high (I consider this combination more negative than positive, since I believe RV sales to be very cyclical); Fleetwood says its earnings are suffering and this is expected and should be temporary while FLE ramps up their retail sales operation. Potentially, Fleetwood does have the capital and resources to do this successfully though imo. (assuming the market is there).
Looking at overall financial ratios d/e, pe, p/bv, ROE, and increasing div. yield- I think the company might be a reasonable investment around these levels. I am considering initiating a small position this week.
fwiw, |
