RE:First taste of Earning reporting You're hitting it out of the park on the analysis. This is plus DR Horton is top notch.
I've used PCH as a leading indicator before and it is illuminating. The moral of the story here is they clocked in at 38% EBITDA margins ($113M on $296M sales). That's $410/mfbm, implying a highly elevated cost basis (that's fine).
They may be about 5% to 8% higher than IFP and WFG (and 10% higher than RFP) on realizations, so we can use ~$1000/mfbm USD for those names. They should not have that high a cost basis however (no PNW exposure). So looks look for $500 margins for the big 3 Canadian names. Onward and upwards.