K. Hovanian Enterprises, Inc. (HOV)


Hovnanian Enterprises, Inc (the “Company”) was founded in 1959 and is a homebuilder headquartered in Red Bank, NJ with operations in AZ, CA, DE, FL, GA, IL, MD, NJ, OH, PA, SC, TX, VA, WV and DC. It is also one of the nation’s largest builders of active lifestyle communities. The Company’s equity market capitalization is approximately $410M. Total debt was approximately $1,701M, or $1,426.4M net of cash at 4/30/17. LTM Adj. EBITDA through 2Q17 was $230.34M as compared to $231.2M for FY16 ended 10/31/16. Total and net debt to LTM Adj. EBITDA was 7.0x and 5.8x (excluding non-recourse mortgages), respectively. TEV/LTM Adj. EBITDA is approximately 7.7x.