#175: Eric Schleien’s Deep Dive on Vistry: Uncovering Value in the UK Housing Market
Topics discussed
Introduction and episode overview
Vistry's strategic pivot to partnership model
Financial metrics and NVR comparison
Recent challenges: profit warnings and rates
Historical context of UK housing crisis
Valuation analysis and balance sheet review
Growth targets and market cynicism
Conservative valuation and downside stress test
Regulatory moats and institutional capital shifts
Lessons for value investors: patience and process
Bull case: structural demand and model risks
Bear case: regulatory and interest rate risks
Final valuation estimates and closing thoughts
Outro and contact information
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