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David Capital Partner's Adam Patinkin thesis on asset light house builder, Vistry Group $VTY.L
Yet Another Value Podcast
Case Study of NVR's Transformation to Asset-light Strategy
An American company called NVR, a traditional land-led house builder, merged in the 1980s and experienced bankruptcy in 1992 during a housing downturn. After emerging from bankruptcy, the CEO adopted an asset-light approach, only building homes after they were sold and using options instead of purchasing land. This shift led to a significant increase in return on capital, more than doubling it from the mid-teens to the low to mid-thirties. The stock value also grew significantly from $5 in 1994 to the present day.
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