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    Ken Zener

    Senior Analyst specializing in the housing and homebuilder sector at Seaport Research Partners

    Ken Zener is a Senior Analyst specializing in the housing and homebuilder sector at Seaport Research Partners, covering major companies such as D.R. Horton, Lennar, and Taylor Morrison. He has garnered a strong performance track record, including a 4.71-star analyst rating on TipRanks, with a noted 121.4% return on his top-rated trade and high average returns on multiple recommendations. Zener started his equity research career over two decades ago, joined Seaport Research Partners in recent years, and previously held positions at firms including KeyBanc Capital Markets. He holds FINRA securities licenses and is recognized for accurately forecasting homebuilder cycles and sector rotations, often highlighted in Bloomberg and CNBC coverage.

    Ken Zener's questions to HORTON D R INC /DE/ (DHI) leadership

    Ken Zener's questions to HORTON D R INC /DE/ (DHI) leadership • Q4 2024

    Question

    Ken Zener asked if slowing demand was due to having pulled forward sales with incentives, or if it was purely an affordability issue. He also questioned if management still believes in structurally higher long-term gross margins given the persistence of affordability challenges.

    Answer

    President & CEO Paul Romanowski suggested that the lock-in effect on resale is a key factor and that pent-up demand may be building. EVP Jessica Hansen reiterated that while they will compress margins in the short term to maximize returns, they believe long-term margins can be structurally higher due to scale and a lower cost of capital. EVP & CFO Bill Wheat noted the guided 22.5% margin is still above historical levels.

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