Consumer Cyclical

Meritage is a national homebuilder centered on entry-level and first move-up buyers, with a disciplined operating model and relatively conservative leverage. Its appeal rests on efficient execution in growing Sun Belt markets and meaningful exposure to any housing rebound.

Vail Resorts runs a global network of premium ski destinations anchored by the Epic Pass. Scarce mountain assets, strong operating margins, and a broad resort platform make it a distinctive leisure company, even as recent growth and cash flow have softened.

MakeMyTrip runs one of India’s leading online travel platforms across flights, hotels, and ground transport. The appeal lies in its strong market position, rising cash generation, and exposure to a large travel market that can keep expanding for years.

Mattel is a global toy company built around brands like Barbie and Hot Wheels, with improving margins and meaningful cash generation. The bigger angle is its push to turn toy franchises into entertainment and licensing platforms, adding a new layer to a mature business.

Macy’s is a major U.S. retailer built around Macy’s, Bloomingdale’s, and Bluemercury. The most interesting angle is the mix of strong cash generation, improving balance-sheet trends, and smaller banners tied to beauty and premium demand.

Mohawk Industries is a global flooring leader with broad product reach across carpet, tile, laminate, vinyl, and wood. The most interesting angle is the gap between its large scale and still-recovering profitability, with stronger cash flow offering a clearer base for deeper analysis.

M/I Homes builds and sells homes across key U.S. markets and complements that business with mortgage and title services. Strong margins, moderate leverage, and disciplined execution make it a compelling company to examine for long-term exposure to housing.