{"contract": "sm-investment-case-1", "found": true, "available": true, "as_of": "2026-09-11", "checked_on": "2026-09-19", "listing": {"uuid": "4d5c884a-b3cf-4ee7-9528-c19e20c25142", "symbol": "PHM", "name": "PulteGroup Inc", "exchange": "NYSE", "country": "US", "sector": "Consumer Cyclical", "industry": "Residential Construction"}, "business_type": "Operating company", "price": {"value": 118.26, "currency": "USD", "as_of": "2026-09-11", "basis": "Completed weekly quoted close; before dividends"}, "assessment": {"available": true, "rating": "Hold + Reduce", "target_price": 101.98, "target_date": "2027-09-17", "price_change_to_target_pct": -13.77, "currency": "USD", "reviewed_on": "2026-09-17", "explanation": "The central target is 13.8% below the price. The decline falls short of the 15% Sell requirement.", "assumptions": [{"name": "Starting annual sales growth", "value": -7.94, "unit": "percent"}, {"name": "Net profit margin", "value": 13.91, "unit": "percent"}]}, "review": {"status": "Published assessment", "last_checked": "2026-09-18T09:49:00.459176+00:00", "next_scheduled": "2026-12-16", "published_at": "2026-09-17T09:48:29.605691+00:00", "environment": "live", "publication_url": "https://sharemaestro.com/investment-case/record/2649/"}, "business_view": {"headline": "Lower valuation, stronger profitability.", "summary": "Capital earns more than at peers, but the profit margin narrowed.", "case_for": [{"headline": "Capital earns more than at peers", "explanation": "Return on invested capital: 13.1% for PHM, against 10.5% across 12 comparable peers.", "evidence_url": "https://sharemaestro.com/investment-case/ticker/4d5c884a-b3cf-4ee7-9528-c19e20c25142/#ic-peer-measures"}, {"headline": "Borrowing is lower relative to earnings", "explanation": "Net debt / EBITDA: 0.4\u00d7 for PHM, against 1.2\u00d7 across 12 comparable peers.", "evidence_url": "https://sharemaestro.com/investment-case/ticker/4d5c884a-b3cf-4ee7-9528-c19e20c25142/#ic-peer-measures"}], "case_against": [{"headline": "The profit margin narrowed", "explanation": "The latest quarterly operating margin was 11.1%, -7.2 percentage points from a year earlier. Compare the sales and margin contributions below.", "evidence_url": "https://sharemaestro.com/investment-case/ticker/4d5c884a-b3cf-4ee7-9528-c19e20c25142/#ic-profit-drivers"}, {"headline": "Year-to-date profit is lower", "explanation": "Across 2 completed quarters since 2025-12-31, net income was 819.0m versus 1,131.3m in the matching prior-year periods (USD). Check whether the latest quarter changes that direction.", "evidence_url": "https://sharemaestro.com/investment-case/ticker/4d5c884a-b3cf-4ee7-9528-c19e20c25142/#ic-quarter-profit"}]}, "watch_points": [], "financial_period": "2026-06-30", "next_results": "2026-10-22", "data_notes": ["Preferred stock or minority-interest amounts are missing. Enterprise-to-common-equity valuations are withheld until these claims are known.", "Revenue, operating profit, debt, cash and ownership claims are needed for this model."], "canonical_url": "https://sharemaestro.com/investment-case/ticker/4d5c884a-b3cf-4ee7-9528-c19e20c25142/", "pdf_url": "https://sharemaestro.com/investment-case/ticker/4d5c884a-b3cf-4ee7-9528-c19e20c25142/download.pdf", "limitations": ["The published assessment stays fixed between governed reviews. Scenarios edited in the browser do not change it.", "Each financial period and price date is separate. Company coverage varies.", "Targets exclude dividends, fees and tax. A missing target is unavailable, not zero.", "Preview assessments are identified and do not establish a live performance record."], "disclaimer": "Automated model research, not personal investment advice. Targets depend on assumptions; returns are not guaranteed.", "revision": "b147274a809b6ada14ff7c9c9929ff8833de3eeca7258f53f121ea82d8f332f9"}