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Mikel Dahl

Managing Director and Senior Equity Research Analyst at RBC Capital Markets, LLC

Mike Dahl is a Managing Director and Senior Equity Research Analyst at RBC Capital Markets specializing in homebuilders and building products. He covers major companies such as Tri Pointe Homes, Ferguson, GMS Inc., Installed Building Products, and Builders FirstSource, and has delivered high-performing stock calls, including a notable 275% return on BLDR. Widely recognized for his expertise, Dahl maintains a success rate of approximately 60% and ranks 3rd in his sector according to Institutional Investor, with an average return of over 11% based on TipRanks and other platforms. Starting his analyst career in 2006, he joined RBC Capital Markets after prior industry experience, and holds relevant FINRA securities licenses as a registered analyst.

Mikel Dahl's questions to Tri Pointe Homes (TPH) leadership

Question · Q3 2025

Mikel Dahl (via Chris) asked for Tri Pointe Homes' initial thoughts on the administration's affordable housing push, including opportunities and risks, and the key factors contributing to the sequential step down in Q4 gross margin.

Answer

CEO Doug Bauer welcomed the administration's goal of increasing housing supply, acknowledging the industry's underbuilt status, and expressed willingness to collaborate with stakeholders. He affirmed Tri Pointe's commitment to contributing through its 32,000 lots and anticipated community count growth. CFO Glenn Keeler attributed the Q4 gross margin step-down primarily to a mix shift and increased incentives, particularly for spec homes needing to close within the quarter, rather than changes in sticks and bricks costs.

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