Given VLW's current P/E, payout ratio and debt I wouldn't be...

Given VLW's current P/E, payout ratio and debt I wouldn't be hasty to classify it as a "yield trap".

Yes, the FY19 growth looks a bit subdued, but let's not forget the FY18 NPAT was recently upgraded and this is coming on top of a 10% growth compared to FY17.

VLW is not immune to housing downturns (albeit their recent statements don't reveal any major tangible impacts just yet), but they reiterate their strong dividend policy for FY19 and I don't see any reason for that to change dramatically from the already impressive ~8.5% yield given their modest 60% payout ratio and reducing debt.

Naturally, in a more severe housing downturn the risks are higher, but then again not many companies are safe in such an event.

All things considered, I think I will be adding some more to my holding if it drops more towards the low 2.10s.