No. of Recommendations: 2
Out of curiosity, have you taken a look at some of BTRW's competitors? I'm thinking of Vistry, which has been taken to the woodshed. Granted, things look ugly in the short term, but they're selling for maybe 5x earnings* (*or maybe not, depending how bad earnings get). Also at roughly 25% of book or 50% of tangible book (using the company's numbers for land assets). Management seems mostly rational. I haven't dug into their debt very deeply, which would be an obvious next step.
