I think BLDR looks cheap if you assume we're at near-trough earnings right now, and it's likely trading at high-single digit normalized/mid-cycle EPS. And if you believe that we still have structural underbuilt housing, then the cycle will last much longer than prior ones, and the entry is solid.
Obviously not as cheap as it was in October - stock has ripped a lot, so makes sense for such a large drop, but nonetheless, it's still cheap if you have a multi-year view