Thanks
Historically, MG has always been traded at a premium multiple compared to LNR, and this discrepancy lasted for many years. One of the most important things that justifies MG’s consistent premium valuation is because of its shareholder-friendly policies, as MG gradually repurchased shares and raised dividends over the years. Lastly, MG favours organic growth instead of doing acquisitions like LNR. Although LNR is cheaper, we think the premium valuation of MG makes sense, we still side with MG over the long term. It is also ~5X as large, with more diverse operations, and thus likely 'safer'.