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Last $28.49 USD
Change Today +0.22 / 0.78%
Volume 657.6K
MDC On Other Exchanges
New York
As of 8:04 PM 08/31/15 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

4350 South Monaco Street

Suite 500

Denver, CO 80237

United States

Phone: 303-773-1100


M.D.C. Holdings, Inc., through its subsidiaries, engages in homebuilding and financial services operations. Homebuilding Operations The primary functions of the company’s homebuilding segments include land acquisition and development, home construction, sales and marketing, and customer service. The company’s homebuilding operations consist of wholly-owned subsidiary companies that purchase finished lots or develop lots to the extent necessary for the construction and sale primarily of single-family detached homes to first-time and first-time move-up homebuyers under the name ‘Richmond American Homes’. The company’s homebuilding operations include various homebuilding divisions that it considers to be its operating segments, such as West (Arizona, California, Nevada, and Washington); Mountain (Colorado and Utah); and East (Virginia, Florida, Illinois, and Maryland, which includes Pennsylvania, Delaware, and New Jersey). Housing: The company’s homebuilding subsidiaries build single-family detached homes in various standardized series, designed to provide variety in the size and style of homes for its homebuyers. In certain markets, the company’s homebuilding subsidiaries build and sell attached townhomes. Within each series for its single-family detached homes, its homebuilding subsidiaries build different floor plans offering standard and optional features (such as upgraded appliances, cabinetry, flooring, etc.). The series of homes offered at a particular location is based on perceived customer preferences, lot size, area demographics, and in certain cases, the requirements of major land sellers and local municipalities. The company monitors levels of inventories of speculative homes in its markets to increase returns based on market demand. Speculative homes in various stages of completion allow the company to meet the immediate and near-term demands of prospective homebuyers. Land Acquisition and Development: The company’s homebuilding subsidiaries acquire its lots with the intention of constructing and selling homes on the acquired land. In making land purchases, the company considers various factors, including projected rates of return, estimated gross margins from home sales, sales prices of the homes to be built and mortgage loan limits within the respective county, population and employment growth patterns, proximity to developed areas, estimated cost and complexity of development (including environmental and geological factors), quality of schools, estimated levels of competition, and demographic trends. The company’s homebuilding subsidiaries attempt to maintain a supply of finished lots sufficient to enable them to start homes promptly after a contract for a home sale is executed. In their option contracts, the company’s homebuilding subsidiaries obtain the right to purchase lots in consideration for an option deposit in the form of cash or letters of credit. In the event they elect not to purchase the lots within a specified period of time, they might be required to forfeit the option deposit. The company’s homebuilding subsidiaries might own or have the right under option contracts to acquire undeveloped parcels of real estate that they intend to develop into finished lots. They develop the company’s land in phases to limit its risk in a particular subdivision and to employ available capital resources. Financial Services Operations The company’s financial services operations primarily consist of HomeAmerican Mortgage Corporation (HomeAmerican), which originates mortgage loans primarily for its homebuyers; Allegiant Insurance Company, Inc., a risk retention group (Allegiant), which provides insurance coverage primarily to its homebuilding subsidiaries and certain subcontractors for homes sold by its homebuilding subsidiaries and for work performed in completed subdivisions; StarAmerican Insurance Ltd. (StarAmerican), which is a re-insurer on Allegiant claims; American Home Insurance Agency, Inc. (American Home Insurance), which offers third-party insurance products to its homebuyers; and American Home Title and Escrow Company (American Home Title), which provides title agency serv

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Industry Analysis


Industry Average

Valuation MDC Industry Range
Price/Earnings 23.7x
Price/Sales 0.8x
Price/Book 1.1x
Price/Cash Flow 23.6x
TEV/Sales 0.1x

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