Great housing boom, getting difficulties because of currency risk. Doesn’t pay a dividend. A lot of completion from Lowes/ Home depot. Not generating free cash flow.
Took in on the chin, have been building too far, too fast. Good management. Have to get cost/ inventory under control. The earnings quality is still very good.
Like south America/ Mexico in a big way. Largest bank in Spain, also has exposure through Latin America. Efficiency is much lower than many of the banks in the world.
