Cedar Woods valuation, page-5

Thanks for this interesting and detailed answer.
Yes I also came to the same conclusion.
One way would be to look at the ROE over the cycle.
What's tricky is to define the cycle here, as they are not just in one state and all states do not have the same cycle.
Reasons why I tried to look at long periods to calculate average ROE.

As you said previously, it would be easier if they did like some other developers and regularly do a revaluation in their accounts. So that NTA would better reflect the real value of their assets.
About this, I just asked the company if they plan to do an independant revaluation of their assets soon.