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S&P moves M/I Homes view to positive
S&P said it revised the outlook for M/I Homes Inc. to positive from stable and affirmed the BB- ratings on the company and its senior notes.
“M/I's improving credit profile is being driven by wide EBITDA gains. We now forecast a 28% climb in 2022 EBITDA (after a 50% jump in 2021), resulting in debt to EBITDA remaining below 2x for the second consecutive year. These estimated profit gains are again being paced by revenue growth of 14% and EBITDA margins rising by an additional 190 basis points (bps), to 17.5%,” the agency said in a press release.
S&P said it projects that during the next 12 months, adjusted debt/EBITDA will continue to improve modestly to the mid-1x area, and that free cash flows turn positive in 2022, even as M/I is expected to internally source more than $400 million in growth-oriented spending.
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