Contents
Mexican Homebuilders – Defensive but not Immune 2
Investment Views 2
Industry Outlook Highlights 3
Industry Overview 6
The Housing Deficit and Demand Forecast 6
Government Oversight 10
Mortgage Financing 11
The Homebuilding Industry 24
Competitive Landscape 26
Desarrolladora Homex – Best in Class at an Attractive Price 31
Corporación Geo – Defensive, But Lacking a FCF Kick 49
Consorcio Ara – Facing Another Difficult Year 67
Urbi Desarrollos Urbanos – Hunkering Down 83
Appendix 1 – Other Industry Players 101
Appendix 2 – Brazilian Peers 106