BWY – DirectorsTalk Interviews https://www.directorstalkinterviews.com LSE London Stock Exchange PLC Company Interviews Tue, 11 Jun 2019 06:33:05 +0000 en-GB hourly 1 Bellway plc Trading Update https://www.directorstalkinterviews.com/bellway-plc-trading-update/412784605 Tue, 11 Jun 2019 06:32:57 +0000 https://www.directorstalkinterviews.com/?p=784605 Bellway plc (LON:BWY) has today issued a trading update in respect of the period from 1 February to 2 June 2019. Highlights Strong sales demand in the period, with a 4.7% increase in the reservation rate to 244 per week (2018 – 233 per week), underpins the Group’s ongoing growth strategy.Our responsible approach to growth ...

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Bellway plc (LON:BWY) has today issued a trading update in respect of the period from 1 February to 2 June 2019.

Highlights

  • Strong sales demand in the period, with a 4.7% increase in the reservation rate to 244 per week (2018 – 233 per week), underpins the Group’s ongoing growth strategy.
  • Our responsible approach to growth and high levels of customer satisfaction, has resulted in Bellway retaining its status as a five-star home builder2.
  • Further, disciplined investment in financially attractive land opportunities, with 10,620 plots contracted (3 June 2018 – 8,942 plots), ensures all land is in place to meet next year’s growth targets.
  • A strong forward order book, with the number of plots rising by 2.7% to 6,312 homes (3 June 2018 – 6,144 homes), ensures that Bellway is well placed to deliver further earnings growth this financial year, in line with the Board’s expectations.

Jason Honeyman, Chief Executive, commented:

“This has been another successful trading period for the Group, during which we have made further disciplined investment in order to grow the number of sales outlets and build upon last year’s strong trading performance.  Customer satisfaction remains high and this has helped secure our position as a five-star home builder2 for another year.  Going forward, we are on track to deliver further earnings growth this financial year and beyond that, our strong balance sheet ensures that Bellway is in a good position to continue its long term growth strategy.”

Market and current trading

Demand for good quality, affordably priced new homes continues to be strong, supported by high levels of employment, low interest rates and the continued availability of Help to Buy.  There has been an encouraging increase in the weekly reservation rate, commensurate with the onset of a positive spring selling season and driven by further investment in new sales outlets.  As a result, since 1 February, the Group has taken an average of 244 reservations per week (2018 – 233 per week), an increase of 4.7% compared to the same period last year, with this being achieved from an average of 272 outlets (2018 – 251 outlets).  Customer confidence is resilient and despite the ongoing political uncertainty, the cancellation rate since 1 August has moderated to 12% (2018 – 11%), a reduction from the 13% reported in March at the Interim Results.

While house prices in general remain firm, the benefit of house price inflation continues to diminish.  In addition, as has been the case for a number of years, cost increases continue to be experienced throughout the broader construction sector.  Bellway’s strong operational focus, with an embedded culture of cost management, has ensured that our cost base remains well controlled and this has helped to mitigate some of the pressure on the gross margin. 

At the same time as growing output year on year, Bellway has not only made a significant contribution to the supply of much needed new homes, but it has achieved this at the same time as maintaining high standards of customer care.  In addition to retaining our status as a five-star home builder2, our responsible approach has helped twelve accomplished site managers to achieve NHBC Health and Safety Awards.  This represents 23% of the total awards issued across the industry and proportionate to volume output, it is the highest of any national housebuilder.

Land buying and financial position

Our land teams continue to identify good opportunities in the marketplace, focusing on financially attractive sites, in desirable locations and with an affordable mix of product.  While adopting strict capital disciplines and a thorough approach towards appraising potential land investments, the Group has contracted to acquire some 10,620 plots since 1 August 2018 (3 June 2018 – 8,942 plots), at an anticipated gross margin of around 24%.  In addition, there are heads of terms agreed and solicitors instructed, to purchase a further 7,500 plots.  Bellway now owns all the land required, with the benefit of an implementable detailed planning permission, in order to meet next year’s growth target.

As at 2 June, the Group had net bank debt of £261 million3 (3 June 2018 – £278 million), representing modest gearing of approximately 9%4 (3 June 2018 – 11%), a reduction compared to the same time last year.  The Board expects Bellway to end the year with net cash of around £150 million (31 July 2018 – £99.0 million), depending upon the timing of land opportunities.

Outlook

Notwithstanding the growth in completions already achieved to date, the forward order book has risen by 2.7% to 6,312 homes (3 June 2018 – 6,144 homes), with 68% of these plots contracted.  The value of the order book is modestly lower at £1,643 million (2018 – £1,703 million), a reflection of the planned growth in lower value social completions this year, with this being in accordance with previous guidance.  This strong sales position ensures that Bellway is well placed to meet the Board’s expectations with regards to earnings growth in the current financial year.

Thereafter, the strong order book, and further investment in sales outlets, provide an excellent platform from which Bellway can continue its disciplined growth strategy.  This, together with a solid balance sheet and a flexible capital structure, ensures that Bellway is well positioned to deliver further value for shareholders.

1    All figures relating to completions, order book, reservations, cancellations and average selling price exclude the Group’s share of its joint ventures.

2    As measured by the Home Builders’ Federation Customer Satisfaction survey.

3    Net bank debt is cash plus cash equivalents, less bank debt.

4    Gearing is calculated as net bank debt divided by total equity.

FOR FURTHER INFORMATION PLEASE CONTACT JASON HONEYMAN, CHIEF EXECUTIVE AND KEITH ADEY, FINANCE DIRECTOR FROM 7:00 AM ONWARDS ON 0191 217 0717.

Certain statements in this announcement are forward–looking statements which are based on Bellway p.l.c.’s expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts.  Such forward–looking statements can be identified by the fact that they do not relate only to historical or current facts.  Forward–looking statements sometimes use words such as ‘aim’, ‘anticipate’, ‘target’, ‘expect’, ‘estimate’, ‘intend’, ‘plan’, ‘goal’, ‘believe’, or other words of similar meaning.  These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward–looking statements.  Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward–looking statements.  Forward–looking statements speak only as of the date of such statements and, except as required by applicable law, Bellway p.l.c. undertakes no obligation to update or revise publicly any forward–looking statements, whether as a result of new information, future events or otherwise.

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Bellway Plc Continued delivery of growth strategy and a strong financial performance https://www.directorstalkinterviews.com/bellway-plc-continued-delivery-of-growth-strategy-and-a-strong-financial-performance/412770669 Wed, 27 Mar 2019 07:55:47 +0000 https://www.directorstalkinterviews.com/?p=770669 Bellway Plc (LON:BWY), today announce interim results for the half year ended 31 January 2019. Half year ended 31 January 2019 Half year ended 31 January 20184 Movement Revenue £1,488.0m £1,324.4m + 12.4% Gross profit £377.5m £344.5m + 9.6% Gross margin 25.4% 26.0% (60 bps) Operating profit £319.8m £294.2m + 8.7% Operating margin 21.5% 22.2% ...

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Bellway Plc (LON:BWY), today announce interim results for the half year ended 31 January 2019.

Half year ended

31 January

2019

Half year ended

31 January

20184

Movement

Revenue

£1,488.0m

£1,324.4m

+ 12.4%

Gross profit

£377.5m

£344.5m

+ 9.6%

Gross margin

25.4%

26.0%

(60 bps)

Operating profit

£319.8m

£294.2m

+ 8.7%

Operating margin

21.5%

22.2%

(70 bps)

Profit before taxation

£313.9m

£288.7m

+ 8.7%

Earnings per share

207.5p

191.6p

+ 8.3%

Interim dividend per share

50.4p

48.0p

+ 5.0%

Net asset value per share1

2,189p

1,892p

+ 15.7%

Return on capital employed1

24.2%

25.3%

(110 bps)

Robust results and a solid balance sheet

§ Another good operating performance, with the completion of 5,007 homes (2018 – 4,741), an increase of 5.6%.

§ The ongoing growth in volume, together with a 6.5% increase in the average selling price, which rose to £293,832 (2018 – £275,945), contributed to total revenue rising by 12.4% to £1,488.0 million (2018 – £1,324.4 million).

§ Earnings per share rose by 8.3% to 207.5p (2018 – 191.6p), a half year record for the Group.

§ The interim dividend will increase by 5.0% to 50.4p per share (2018 – 48.0p per share).

§ A solid balance sheet, with modest net bank debt of only £26.6 million (2018 – £131.4 million), ensures that Bellway remains agile and is able to grow further, responding to new land opportunities as they arise.

Ongoing operational strength

§ An ongoing emphasis on high standards of customer care resulted in the Group being recognised as a five-star homebuilder2 for the third year in succession.

§ The new Artisan house type range has been plotted on 53 developments with the first completions expected next financial year.

§ Further disciplined investment in land has resulted in the owned and controlled land bank growing to 42,261 plots (2018 – 39,994 plots), with implementable detailed planning permission secured on all plots included in the next financial year’s anticipated completion forecast.

Delivering growth in the years ahead

§ In addition to the 12.4% growth in revenue in the first six months, recent trading is positive and the forward order book strong, with a value of £1,485.2 million at 10 March 2019 (11 March 2018 – £1,524.9 million), comprising 5,724 homes (11 March 2018 – 5,485 homes).

§ Our recently opened Eastern Counties division will begin to deliver completions in the second half of this financial year and our new London Partnerships division will contribute to growth in the next financial year.

§ Bellway has capacity to deliver up to 13,000 homes per annum from its current divisional structure.

§ Further volume growth is expected both this financial year and over the longer term as the Group continues to benefit from investment in newer divisions and further expands its divisional network.

Chairman’s Overview

Commenting on the results, Chairman, Paul Hampden Smith, said:

A long term approach to growth that benefits all of our stakeholders

Bellway has delivered another positive set of financial results driven by a strong operational performance. The continuation of our growth strategy has resulted in additional volume output and a further rise in the average selling price, with earnings increasing by 8.3% to 207.5p per share (2018 – 191.6p per share), a record for a first half trading period.

Our approach is to deliver value for our shareholders over the longer term, through responsible business practices, whilst considering the effect of our activity upon all of our stakeholders and the wider communities in which we operate. Through adopting this approach, the Group has achieved substantial volume growth and following ten consecutive years of rising output, the number of homes sold by Bellway has risen by almost 150%. Not only has this growth made a significant contribution to the supply of much needed new homes, Bellway has achieved this whilst maintaining an ongoing focus on quality and customer care, retaining our status as a five-star homebuilder2 and further building upon our reputation as a leading, national housebuilder.

As a result of the strong operational and financial performance, I am pleased to announce that the interim dividend will rise by 5.0% to 50.4p per share (2018 – 48.0p per share). Bellway retains significant capacity for further growth, both from its existing divisional structure and through the continued investment in new sites and divisions, where land opportunities meet or exceed the Group’s minimum return requirements. Accordingly, whilst Bellway can be flexible with regards to dividend payments, for the full financial year the Board expects to maintain a dividend cover of around three times earnings.

1 Bellway uses a range of statutory performance measures and alternative performance measures when reviewing the performance of the Group against its strategy. Definitions of the alternative performance measures, and a reconciliation to statutory performance measures, are included in note 10.

2 As measured by the Home Builders’ Federation Customer Satisfaction survey.

3 All figures relating to completions, order book, reservations, cancellations and average selling price exclude the Group’s share of its joint ventures.

4 Restated following the adoption of IFRS 15 ‘Revenue from contracts with customers’. See note 1 for further details.

 


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Bellway plc 29.7% Potential Upside Indicated by JP Morgan Cazenove https://www.directorstalkinterviews.com/bellway-plc-29-7-potential-upside-indicated-by-jp-morgan-cazenove/412770269 Thu, 21 Mar 2019 10:54:59 +0000 https://www.directorstalkinterviews.com/?p=770269 Bellway plc with EPIC/TICKER (LON:BWY) has had its stock rating noted as ‘Reiterates’ with the recommendation being set at ‘OVERWEIGHT’ today by analysts at JP Morgan Cazenove. Bellway plc are listed in the Consumer Goods sector within UK Main Market. JP Morgan Cazenove have set their target price at 3900 GBX on its stock. This ...

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Bellway plc with EPIC/TICKER (LON:BWY) has had its stock rating noted as ‘Reiterates’ with the recommendation being set at ‘OVERWEIGHT’ today by analysts at JP Morgan Cazenove. Bellway plc are listed in the Consumer Goods sector within UK Main Market. JP Morgan Cazenove have set their target price at 3900 GBX on its stock. This is indicating the analyst believes there is a potential upside of 29.7% from today’s opening price of 3008 GBX. Over the last 30 and 90 trading days the company share price has increased 165 points and increased 525 points respectively. The 1 year high share price is 3441.4 GBX while the 52 week low for the stock is 2407 GBX.

Bellway plc has a 50 day moving average of 2,945.74 GBX and a 200 Day Moving Average share price is recorded at 2,914.60. There are currently 123,131,716 shares in issue with the average daily volume traded being 316,201. Market capitalisation for LON:BWY is £3,668,093,819 GBP.


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Bellway plc 20.2% Potential Upside Indicated by UBS https://www.directorstalkinterviews.com/bellway-plc-20-2-potential-upside-indicated-by-ubs/412769459 Wed, 13 Mar 2019 11:06:46 +0000 https://www.directorstalkinterviews.com/?p=769459 Bellway plc using EPIC/TICKER code (LON:BWY) has had its stock rating noted as ‘Unchanged’ with the recommendation being set at ‘BUY’ this morning by analysts at UBS. Bellway plc are listed in the Consumer Goods sector within UK Main Market. UBS have set their target price at 3600 GBX on its stock. This indicates the ...

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Bellway plc using EPIC/TICKER code (LON:BWY) has had its stock rating noted as ‘Unchanged’ with the recommendation being set at ‘BUY’ this morning by analysts at UBS. Bellway plc are listed in the Consumer Goods sector within UK Main Market. UBS have set their target price at 3600 GBX on its stock. This indicates the analyst now believes there is a potential upside of 20.2% from the opening price of 2996 GBX. Over the last 30 and 90 trading days the company share price has increased 178 points and increased 388 points respectively. The 1 year high for the share price is 3441.4 GBX while the year low stock price is currently 2407 GBX.

Bellway plc has a 50 day moving average of 2,892.70 GBX and the 200 Day Moving Average price is recorded at 2,923.63. There are currently 123,131,716 shares in issue with the average daily volume traded being 334,601. Market capitalisation for LON:BWY is £3,688,399,730 GBP.


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Bellway plc 21.2% Potential Upside Indicated by Barclays Capital https://www.directorstalkinterviews.com/bellway-plc-21-2-potential-upside-indicated-by-barclays-capital/412766836 Mon, 11 Feb 2019 11:02:51 +0000 https://www.directorstalkinterviews.com/?p=766836 Bellway plc with EPIC/TICKER (LON:BWY) has had its stock rating noted as ‘Retains’ with the recommendation being set at ‘EQUAL WEIGHT’ today by analysts at Barclays Capital. Bellway plc are listed in the Consumer Goods sector within UK Main Market. Barclays Capital have set their target price at 3375 GBX on its stock. This is ...

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Bellway plc with EPIC/TICKER (LON:BWY) has had its stock rating noted as ‘Retains’ with the recommendation being set at ‘EQUAL WEIGHT’ today by analysts at Barclays Capital. Bellway plc are listed in the Consumer Goods sector within UK Main Market. Barclays Capital have set their target price at 3375 GBX on its stock. This is indicating the analyst believes there is a potential upside of 21.2% from the opening price of 2784 GBX. Over the last 30 and 90 trading days the company share price has decreased 38 points and decreased 176 points respectively. The 52 week high for the stock is 3441.4 GBX while the year low stock price is currently 2407 GBX.

Bellway plc has a 50 day moving average of 2,732.40 GBX and the 200 Day Moving Average price is recorded at 2,967.47. There are currently 123,056,535 shares in issue with the average daily volume traded being 397,908. Market capitalisation for LON:BWY is £3,464,041,460 GBP.


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Bellway plc Delivered strong trading performance, achieving growth in volume and average selling price https://www.directorstalkinterviews.com/bellway-plc-delivered-strong-trading-performance-achieving-growth-in-volume-and-average-selling-price/412766582 Thu, 07 Feb 2019 07:53:27 +0000 https://www.directorstalkinterviews.com/?p=766582 Bellway plc (LON:BWY) today issued a trading update for the six months ended 31 January 2019 ahead of its interim results announcement on Wednesday 27 March 2019. Highlights Ongoing delivery of the Group’s growth strategy, with total revenue expected to rise by over 12% to almost £1.5 billion (2018 – £1,324.4 million). Further volume growth, ...

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Bellway plc (LON:BWY) today issued a trading update for the six months ended 31 January 2019 ahead of its interim results announcement on Wednesday 27 March 2019.

Highlights

Ongoing delivery of the Group’s growth strategy, with total revenue expected to rise by over 12% to almost £1.5 billion (2018 – £1,324.4 million).

Further volume growth, with the number of housing completions rising by 5.6% to 5,007 (2018 – 4,741).

The average selling price has risen by 6.5% to £293,800 (2018 – £275,945).

A record sales performance, with the weekly reservation rate rising by 2.8% to 183 (2018 – 178), the highest ever achieved by the Group in a first half trading period.

A strong balance sheet, with modest net bank debt of £26.6 million3 (2018 – £131.4 million).

Paul Hampden Smith, Chairman, commented:

“Bellway has delivered another strong trading performance, achieving growth in both volume and average selling price in the six month period. Further, disciplined investment in high quality land, together with a sizeable forward order book, ensure that the Group is well placed, over the longer term, to continue increasing its contribution to the supply of much needed new homes. While the forthcoming exit from the EU is providing a degree of wider economic uncertainty, Bellway’s balance sheet is solid and the Group retains its ability to respond positively to opportunities in the land market as they arise.”

Market conditions and trading

Demand for affordably priced new homes remains strong, supported by an environment of low interest rates and the availability of responsible, higher loan-to-value mortgages, provided through the Government’s Help to Buy scheme.

Against this backdrop, customer interest in Bellway homes remains high. Evolving customer trends mean that digital sales platforms are growing in importance and as such, the recent investment in our new website has resulted in online visitor traffic increasing by 15%. This, together with our ongoing programme of site openings, enabled the Group to achieve a 2.8% increase in the average weekly sales rate, which, net of cancellations rose to 183 reservations per week (2018 – 178). This compares to a strong comparator period, during which reservations were 7.2% ahead of the equivalent six month period in the year before last. The private sales rate remained strong at 136 reservations per week (2018 – 136 per week), in line with the same period in the prior financial year. This is a robust performance given the ongoing discussions around our forthcoming exit from the EU, which has inevitably had some bearing on customer confidence in the wider economy.

This slight moderation in sentiment is reflected in the cancellation rate, which whilst still low, has risen marginally to 13% (2018 – 11%). In addition, the measured use of incentives has continued on certain sites. These have been generally focussed towards higher value plots, where the Group has limited exposure and where sales rates tend to be a little slower. Whilst part-exchange continues to be an important selling incentive, its use is well controlled, having been utilised in 7% of completions (2018 – 7%), similar to the prior period.

Overall, although the rate of house price inflation continues to moderate, the pricing environment remains firm, with modest increases still achievable on many affordably priced sites across the country.

Results

In the context of this trading environment, Bellway has delivered another robust financial performance, with total revenue expected to grow by over 12% to almost £1.5 billion. This has been driven by a 5.6% increase in the number of housing completions, which rose to 5,007 (2018 – 4,741), a strong result, in part driven by further investment in work in progress.

In addition, the Group achieved a 6.5% rise in the average selling price, which rose to £293,800 (2018 – £275,945). The increase was mainly driven by previous investment in areas of high demand, where average selling prices tend to be higher. In addition, the overall average selling price has been positively influenced by a greater number of completions from our flagship development at Nine Elms, Battersea. This site contributed 125 homes (2018 – 53) at an average selling price of £828,500 (2018 – £562,285).

For the full financial year, the Board still expects the average selling price to be slightly in excess of £290,000 (31 July 2018 – £284,937).

The operating margin in the first half of the financial year is expected to moderate to around 21.5% (2018 – 22.2%), as the benefit of historical house price inflation captured since land acquisition begins to diminish. Notwithstanding the continuing reduction in house price inflation, the operating margin for the current, full financial year should be maintained at around this level (31 July 2018 – 22.1%), followed by further, gradual moderation in FY20.

Land buying and financial position

The land market remained attractive throughout the trading period and Bellway has continued to selectively acquire sites on terms that meet its minimum hurdle rates in respect of gross margin and return on capital employed. Accordingly, the Group has contracted to acquire 5,980 plots (2018 – 6,726 plots) across 45 sites (2018 – 56 sites) at an anticipated gross margin of around 24% based on today’s selling prices. The Group has temporarily slowed the rate of investment on a number of site acquisitions, pending the outcome of the UK’s exit from the EU.

Bellway continues to be highly cash generative thereby facilitating continued reinvestment in land. Notwithstanding cash expenditure of some £403 million on land and land creditors (2018 – £403 million), the Group had modest net bank debt of £26.6 million3 (2018 – £131.4 million), representing gearing of around 1%4 (2018 – 5.7%).

Outlook

Bellway commences its second half trading period in a solid position. In addition to the 12% revenue growth and notwithstanding the 5.6% growth in the number of legal completions, the order book is strong, with a value of £1,171.3 million (2018 – £1,297.4 million), comprising 4,587 units (2018 – 4,629 units).

This, together with further controlled investment in work in progress should ensure that volume output for the full year exceeds last year’s record of 10,307 new homes, although the rate of growth achieved will be determined by the strength of the traditionally strong spring selling season. Early signs suggest that customer demand and reservations will follow their usual seasonal trend, however, the Board remains cautious given the uncertainty regarding the UK’s forthcoming exit from the EU and the extent to which this will affect wider customer confidence.

Longer term, the underlying requirement for affordably priced new homes remains strong. Bellway is well positioned to capture this demand with its strong balance sheet, flexible capital structure and operational capacity to continue its strategy of disciplined volume growth.


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Bellway plc 24.1% Potential Upside Indicated by Berenberg https://www.directorstalkinterviews.com/bellway-plc-24-1-potential-upside-indicated-by-berenberg/412765653 Mon, 28 Jan 2019 10:36:38 +0000 https://www.directorstalkinterviews.com/?p=765653 Bellway plc using EPIC/TICKER code (LON:BWY) had its stock rating noted as ‘Reiterates’ with the recommendation being set at ‘BUY’ today by analysts at Berenberg. Bellway plc are listed in the Consumer Goods sector within UK Main Market. Berenberg have set their target price at 3620 GBX on its stock. This now indicates the analyst ...

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Bellway plc using EPIC/TICKER code (LON:BWY) had its stock rating noted as ‘Reiterates’ with the recommendation being set at ‘BUY’ today by analysts at Berenberg. Bellway plc are listed in the Consumer Goods sector within UK Main Market. Berenberg have set their target price at 3620 GBX on its stock. This now indicates the analyst believes there is a possible upside of 24.1% from the opening price of 2916 GBX. Over the last 30 and 90 trading days the company share price has increased 401 points and increased 140 points respectively. The 52 week high for the stock is 3521 GBX while the year low share price is currently 2407 GBX.

Bellway plc has a 50 day moving average of 2,722.70 GBX and a 200 day moving average of 2,989.99. There are currently 123,043,024 shares in issue with the average daily volume traded being 363,110. Market capitalisation for LON:BWY is £3,548,560,812 GBP.


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Bellway plc 27.1% Potential Upside Indicated by Deutsche Bank https://www.directorstalkinterviews.com/bellway-plc-27-1-potential-upside-indicated-by-deutsche-bank/412757470 Thu, 30 Aug 2018 09:51:41 +0000 https://www.directorstalkinterviews.com/?p=757470 Bellway plc using EPIC/TICKER code (LON:BWY) has had its stock rating noted as ‘Upgrades’ with the recommendation being set at ‘BUY’ this morning by analysts at Deutsche Bank. Bellway plc are listed in the Consumer Goods sector within UK Main Market. Deutsche Bank have set their target price at 3745 GBX on its stock. This ...

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Bellway plc using EPIC/TICKER code (LON:BWY) has had its stock rating noted as ‘Upgrades’ with the recommendation being set at ‘BUY’ this morning by analysts at Deutsche Bank. Bellway plc are listed in the Consumer Goods sector within UK Main Market. Deutsche Bank have set their target price at 3745 GBX on its stock. This would indicate that the analyst believes there is a potential upside of 27.1% from the opening price of 2946 GBX. Over the last 30 and 90 trading days the company share price has increased 29 points and decreased 366 points respectively. The 1 year high share price is 3805 GBX while the 52 week low for the stock is 2803 GBX.

Bellway plc has a 50 day moving average of 2,961.78 GBX and the 200 Day Moving Average price is recorded at 3,259.10. There are currently 122,980,264 shares in issue with the average daily volume traded being 455,362. Market capitalisation for LON:BWY is £3,596,430,060 GBP.


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Bellway plc 30.1% Potential Upside Indicated by Berenberg https://www.directorstalkinterviews.com/bellway-plc-30-1-potential-upside-indicated-by-berenberg-2/412755524 Thu, 26 Jul 2018 09:22:08 +0000 https://www.directorstalkinterviews.com/?p=755524 Bellway plc using EPIC/TICKER code (LON:BWY) had its stock rating noted as ‘Initiates/Starts’ with the recommendation being set at ‘BUY’ today by analysts at Berenberg. Bellway plc are listed in the Consumer Goods sector within UK Main Market. Berenberg have set a target price of 3760 GBX on its stock. This now indicates the analyst ...

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Bellway plc using EPIC/TICKER code (LON:BWY) had its stock rating noted as ‘Initiates/Starts’ with the recommendation being set at ‘BUY’ today by analysts at Berenberg. Bellway plc are listed in the Consumer Goods sector within UK Main Market. Berenberg have set a target price of 3760 GBX on its stock. This now indicates the analyst believes there is a possible upside of 30.1% from the opening price of 2891 GBX. Over the last 30 and 90 trading days the company share price has decreased 134 points and decreased 381 points respectively. The 1 year high for the share price is 3805 GBX while the 52 week low for the share price is 2838 GBX.

Bellway plc has a 50 day moving average of 3,180.39 GBX and a 200 Day Moving Average share price is recorded at 3,354.62. There are currently 122,979,224 shares in issue with the average daily volume traded being 539,888. Market capitalisation for LON:BWY is £3,569,576,254 GBP.


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Bellway plc 30.1% Potential Upside Indicated by Berenberg https://www.directorstalkinterviews.com/bellway-plc-30-1-potential-upside-indicated-by-berenberg/412755362 Wed, 25 Jul 2018 09:32:42 +0000 https://www.directorstalkinterviews.com/?p=755362 Bellway plc using EPIC/TICKER code (LON:BWY) has had its stock rating noted as ‘Initiates/Starts’ with the recommendation being set at ‘BUY’ today by analysts at Berenberg. Bellway plc are listed in the Consumer Goods sector within UK Main Market. Berenberg have set their target price at 3760 GBX on its stock. This indicates the analyst ...

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Bellway plc using EPIC/TICKER code (LON:BWY) has had its stock rating noted as ‘Initiates/Starts’ with the recommendation being set at ‘BUY’ today by analysts at Berenberg. Bellway plc are listed in the Consumer Goods sector within UK Main Market. Berenberg have set their target price at 3760 GBX on its stock. This indicates the analyst now believes there is a potential upside of 30.1% from the opening price of 2891 GBX. Over the last 30 and 90 trading days the company share price has decreased 134 points and decreased 381 points respectively. The 1 year high for the stock price is 3805 GBX while the 52 week low for the share price is 2838 GBX.

Bellway plc has a 50 day moving average of 3,180.39 GBX and the 200 Day Moving Average price is recorded at 3,354.62. There are currently 122,979,224 shares in issue with the average daily volume traded being 539,888. Market capitalisation for LON:BWY is £3,569,576,254 GBP.


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Bellway plc 23.8% Potential Upside Indicated by Liberum Capital https://www.directorstalkinterviews.com/bellway-plc-23-8-potential-upside-indicated-by-liberum-capital/412751720 Fri, 25 May 2018 09:55:41 +0000 https://www.directorstalkinterviews.com/?p=751720 Bellway plc using EPIC/TICKER code (LON:BWY) has had its stock rating noted as ‘Reiterates’ with the recommendation being set at ‘BUY’ today by analysts at Liberum Capital. Bellway plc are listed in the Consumer Goods sector within UK Main Market. Liberum Capital have set their target price at 4080 GBX on its stock. This indicates ...

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Bellway plc using EPIC/TICKER code (LON:BWY) has had its stock rating noted as ‘Reiterates’ with the recommendation being set at ‘BUY’ today by analysts at Liberum Capital. Bellway plc are listed in the Consumer Goods sector within UK Main Market. Liberum Capital have set their target price at 4080 GBX on its stock. This indicates the analyst now believes there is a potential upside of 23.8% from today’s opening price of 3296 GBX. Over the last 30 and 90 trading days the company share price has increased 24 points and increased 167 points respectively. The 1 year high stock price is 3805 GBX while the 52 week low is 2718 GBX.

Bellway plc has a 50 day moving average of 3,268.34 GBX and a 200 day moving average of 3,378.34. There are currently 122,973,668 shares in issue with the average daily volume traded being 453,140. Market capitalisation for LON:BWY is £4,103,631,301 GBP.


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Bellway plc 27.2% Potential Upside Indicated by Liberum Capital https://www.directorstalkinterviews.com/bellway-plc-27-2-potential-upside-indicated-by-liberum-capital-2/412749195 Fri, 13 Apr 2018 09:34:39 +0000 https://www.directorstalkinterviews.com/?p=749195 Bellway plc using EPIC/TICKER code (LON:BWY) has had its stock rating noted as ‘Reiterates’ with the recommendation being set at ‘BUY’ today by analysts at Liberum Capital. Bellway plc are listed in the Consumer Goods sector within UK Main Market. Liberum Capital have set their target price at 4080 GBX on its stock. This indicates ...

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Bellway plc using EPIC/TICKER code (LON:BWY) has had its stock rating noted as ‘Reiterates’ with the recommendation being set at ‘BUY’ today by analysts at Liberum Capital. Bellway plc are listed in the Consumer Goods sector within UK Main Market. Liberum Capital have set their target price at 4080 GBX on its stock. This indicates the analyst now believes there is a potential upside of 27.2% from today’s opening price of 3207 GBX. Over the last 30 and 90 trading days the company share price has increased 68 points and decreased 375 points respectively. The 52 week high share price is 3805 GBX while the year low share price is currently 2714 GBX.

Bellway plc has a 50 day moving average of 3,161.19 GBX and a 200 day moving average of 3,346.71. There are currently 122,971,075 shares in issue with the average daily volume traded being 561,782. Market capitalisation for LON:BWY is £3,951,706,418 GBP.


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Bellway plc 27.2% Potential Upside Indicated by Liberum Capital https://www.directorstalkinterviews.com/bellway-plc-27-2-potential-upside-indicated-by-liberum-capital/412747691 Tue, 20 Mar 2018 10:08:24 +0000 https://www.directorstalkinterviews.com/?p=747691 Bellway plc with EPIC/TICKER (LON:BWY) had its stock rating noted as ‘Reiterates’ with the recommendation being set at ‘BUY’ this morning by analysts at Liberum Capital. Bellway plc are listed in the Consumer Goods sector within UK Main Market. Liberum Capital have set a target price of 3930 GBX on its stock. This would imply ...

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Bellway plc with EPIC/TICKER (LON:BWY) had its stock rating noted as ‘Reiterates’ with the recommendation being set at ‘BUY’ this morning by analysts at Liberum Capital. Bellway plc are listed in the Consumer Goods sector within UK Main Market. Liberum Capital have set a target price of 3930 GBX on its stock. This would imply the analyst believes there is now a potential upside of 27.2% from the opening price of 3090 GBX. Over the last 30 and 90 trading days the company share price has increased 26 points and decreased 553 points respectively. The 1 year high for the stock price is 3805 GBX while the year low share price is currently 2654 GBX.

Bellway plc has a 50 day moving average of 3,304.90 GBX and the 200 Day Moving Average price is recorded at 3,333.47. There are currently 122,952,590 shares in issue with the average daily volume traded being 556,776. Market capitalisation for LON:BWY is £3,871,777,059 GBP.


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Bellway plc 26.3% Potential Upside Indicated by Liberum Capital https://www.directorstalkinterviews.com/bellway-plc-26-3-potential-upside-indicated-by-liberum-capital/412745488 Fri, 09 Feb 2018 10:21:43 +0000 https://www.directorstalkinterviews.com/?p=745488 Bellway plc using EPIC/TICKER code (LON:BWY) has had its stock rating noted as ‘Reiterates’ with the recommendation being set at ‘BUY’ this morning by analysts at Liberum Capital. Bellway plc are listed in the Consumer Goods sector within UK Main Market. Liberum Capital have set a target price of 3930 GBX on its stock. This ...

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Bellway plc using EPIC/TICKER code (LON:BWY) has had its stock rating noted as ‘Reiterates’ with the recommendation being set at ‘BUY’ this morning by analysts at Liberum Capital. Bellway plc are listed in the Consumer Goods sector within UK Main Market. Liberum Capital have set a target price of 3930 GBX on its stock. This would imply the analyst believes there is now a potential upside of 26.3% from the opening price of 3112 GBX. Over the last 30 and 90 trading days the company share price has decreased 468 points and decreased 385 points respectively. The 52 week high share price is 3805 GBX while the year low share price is currently 2542 GBX.

Bellway plc has a 50 day moving average of 3,551.57 GBX and a 200 Day Moving Average share price is recorded at 3,301.15. There are currently 122,799,003 shares in issue with the average daily volume traded being 371,376. Market capitalisation for LON:BWY is £3,838,696,834 GBP.


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Bellway plc 19.4% Potential Upside Indicated by Liberum Capital https://www.directorstalkinterviews.com/bellway-plc-19-4-potential-upside-indicated-by-liberum-capital/412745135 Mon, 05 Feb 2018 10:29:45 +0000 https://www.directorstalkinterviews.com/bellway-plc-19-4-potential-upside-indicated-by-liberum-capital/412745135 Bellway plc using EPIC/TICKER code (LON:BWY) had its stock rating noted as ‘Reiterates’ with the recommendation being set at ‘BUY’ this morning by analysts at Liberum Capital. Bellway plc are listed in the Consumer Goods sector within UK Main Market. Liberum Capital have set a target price of 3930 GBX on its stock. This would ...

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Bellway plc using EPIC/TICKER code (LON:BWY) had its stock rating noted as ‘Reiterates’ with the recommendation being set at ‘BUY’ this morning by analysts at Liberum Capital. Bellway plc are listed in the Consumer Goods sector within UK Main Market. Liberum Capital have set a target price of 3930 GBX on its stock. This would imply the analyst believes there is now a potential upside of 19.4% from the opening price of 3291 GBX. Over the last 30 and 90 trading days the company share price has decreased 344 points and decreased 380 points respectively. The 1 year high stock price is 3805 GBX while the 52 week low is 2511 GBX.

Bellway plc has a 50 day moving average of 3,570.64 GBX and a 200 Day Moving Average share price is recorded at 3,295.58. There are currently 122,799,004 shares in issue with the average daily volume traded being 297,854. Market capitalisation for LON:BWY is £3,966,407,829 GBP.


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Bellway plc 8.4% Potential Upside Indicated by Liberum Capital https://www.directorstalkinterviews.com/bellway-plc-8-4-potential-upside-indicated-by-liberum-capital/412742913 Wed, 03 Jan 2018 10:14:10 +0000 https://www.directorstalkinterviews.com/?p=742913 Bellway plc with EPIC/TICKER (LON:BWY) had its stock rating noted as ‘Reiterates’ with the recommendation being set at ‘BUY’ today by analysts at Liberum Capital. Bellway plc are listed in the Consumer Goods sector within UK Main Market. Liberum Capital have set a target price of 3930 GBX on its stock. This would imply the ...

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Bellway plc with EPIC/TICKER (LON:BWY) had its stock rating noted as ‘Reiterates’ with the recommendation being set at ‘BUY’ today by analysts at Liberum Capital. Bellway plc are listed in the Consumer Goods sector within UK Main Market. Liberum Capital have set a target price of 3930 GBX on its stock. This would imply the analyst believes there is now a potential upside of 8.4% from the opening price of 3624 GBX. Over the last 30 and 90 trading days the company share price has increased 117 points and increased 262 points respectively. The 1 year high for the share price is 3805 GBX while the 52 week low is 2417 GBX.

Bellway plc has a 50 day moving average of 3,604.57 GBX and the 200 Day Moving Average price is recorded at 3,209.55. There are currently 122,799,005 shares in issue with the average daily volume traded being 382,916. Market capitalisation for LON:BWY is £4,452,691,921 GBP.


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Bellway plc 18.4% Potential Upside Indicated by Deutsche Bank https://www.directorstalkinterviews.com/bellway-plc-18-4-potential-upside-indicated-deutsche-bank/412712908 Mon, 17 Oct 2016 08:36:01 +0000 http://www.directorstalkinterviews.com/?p=712908 Bellway plc using EPIC/TICKER code LON:BWY has had its stock rating noted as ‘Reiterates’ with the recommendation being set at ‘HOLD’ today by analysts at Deutsche Bank. Bellway plc are listed in the Consumer Goods sector within UK Main Market. Deutsche Bank have set their target price at 2701 GBX on its stock. This indicates ...

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Bellway plc using EPIC/TICKER code LON:BWY has had its stock rating noted as ‘Reiterates’ with the recommendation being set at ‘HOLD’ today by analysts at Deutsche Bank. Bellway plc are listed in the Consumer Goods sector within UK Main Market. Deutsche Bank have set their target price at 2701 GBX on its stock. This indicates the analyst now believes there is a potential upside of 18.4% from the opening price of 2281 GBX. Over the last 30 and 90 trading days the company share price has increased 17 points and increased 275 points respectively.

 
Bellway plc LON:BWY has a 50 day moving average of 2,323.69 GBX and a 200 Day Moving Average share price is recorded at 2,433.71 GBX. The 52 week high for the stock is 2897.51 GBX while the 52 week low for the stock is 1622 GBX. There are currently 122,686,762 shares in issue with the average daily volume traded being 438,855. Market capitalisation for LON:BWY is £2,797,258,174 GBP.

 

Bellway plc is a United Kingdom-based holding company, owning subsidiary undertakings, which is engaged principally in housebuilding in the United Kingdom. The Company provides a range of house types, including one, two and three bedroom apartments; terraced homes; three storey homes; semi-detached homes, and three, four and five-bedroom detached homes. Its reportable segment is UK housebuilding.


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Q&A with Research Analyst Tony Williams of Hardman & Co https://www.directorstalkinterviews.com/qa-with-research-analyst-tony-williams-of-hardman-co/412670220 Thu, 09 Jul 2015 13:44:15 +0000 http://www.directorstalkinterviews.com/?p=670220 Research Analyst Tony Williams of Hardman and Co caught up with DirectorsTalk in this exclusive interview to discuss the housebuilders market and the companies to keep an eye out for.     Q1: We’re talking about the housing market today with the budget due out on Wednesday. So what’s happened to the housebuilders market since ...

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Research Analyst Tony Williams of Hardman and Co caught up with DirectorsTalk in this exclusive interview to discuss the housebuilders market and the companies to keep an eye out for.

 

 

Q1: We’re talking about the housing market today with the budget due out on Wednesday. So what’s happened to the housebuilders market since the general election?

 

A1: Share prices are up in double digits, the first day after the general election, they were up 7% and they’ve doubled that since then. There was a lot of relief when a majority government was elected and the Conservative government which is considered a relatively more user-friendly for the private housebuilders and particularly the mansion tax as a Labour idea disappeared. So there was palpable relief and that really has continued with the sector breaking ground in Q2 on 17 new times and on breaking ground, I mean that the value of the ten listed housebuilders in the UK has gone to new levels and it reached its peak on 22nd June and that was at £33.8 billion.

 

 

Q2: Do you expect it to be a housing-friendly budget on Wednesday?

 

A2: Yes, there’s a lot of speculation particularly in the trade press about what George Osborne may actually do. It’s hard to say what will happen but certainly the feeling is that there’ll be more action on help-to-buy, the way that’s organised will change, maybe slightly but it will change, it’s already been extended now until 2020. There’s also a feeling, this is a bit of an outsider, that there may be some movement on the planning system. What we have and all I hear from every statement that comes out from the industry is a criticism, if you will, of the availability of land and where the land is available it takes an awful long time to take through the planning process. So the outsider is that they’ll be some help on planning and certainly the industry hopes there will be.

 

 

Q3: Do you think that this is going to be different this time?

 

A3: I think this is the $64 million question in a way. We’ve been here before, we were here in ’07 when the sector was similarly valued, and it’s now actually broken new ground above that. I think a number of things have changed, I think that the industry is better managed than it ever has been and I’ve covered this industry a very long time, if you look at the attention now to strategy and planning and it’s much better than it ever has been. You’re also getting the situation where people aren’t running high levels of debt so most people aren’t pushing volumes dramatically and when they are, they’re using their cash very efficiently so you really haven’t got any sizable debt across the industry. What happened in ’07, the thing that really hit people like Barrett and Taylor Wimpey in particular, was the level of debt and servicing that debt through a downturn. So I think the key things that have changed is the sector is significantly better managed, a lot more attention to detail, particularly equity ratios and also the level of debt is negligible and so as and when the downturn comes and it will come but I don’t see it soon, then the industry will be in a better position to weather that downturn.

 

 

Q4: Do you think this is the top or can the sector go even higher?

 

A4: I think if you look at the prospective price earnings ratio, they’re around about the 10-11 times, now anything else out there is in middle teens so there still at a discount to the going rate for other equities and I think they’ve got earnings momentum, we’ve got something like 28% earnings growth this year, 14% next year. If you can buy that on 10 or 11 times, I don’t think it’s too demanding. I think that the head of steam up here in terms of volumes, price and margins, which I think will continue at least out until 17, I think with any reasonable parameters that you can look out 15, 16 or 17, on that basis I believe profits and earnings will be higher and therefore I think the share prices can go significantly higher than where they are now.

 

 

Q5: Talking about share prices, what companies will you be keeping an eye on?

 

A5: We all have our pets in the industry. The ones that I like, the ones that I think stick to their knitting if you will, are Redrow Plc (LON:RDW) which is run by Steve Morgan, still the largest shareholder in that business, they do a super product and they’re expanding in London and the South East which is a new area for them relatively, they are just a very well managed focused business. The other is Bellway Plc (LON:BWY) who are like the ‘Cinderella’ of the housebuilding sector. It’s based in Newcastle and has been there 40-50 years. Year in, year out it produces good results and I think every year it has paid a dividend and they, again, have a real head of steam up in teams of earnings and growth. So if I had to focus on two stocks with Bellway being the less glamorous, they are the two I would keep an eye on.

 


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Tony Williams Research Analyst at Hardman and Co Interview on the House-Builders Market https://www.directorstalkinterviews.com/tony-williams-research-analyst-at-hardman-and-co-interview-on-the-house-builders-market/412669880 Wed, 08 Jul 2015 09:07:01 +0000 http://www.directorstalkinterviews.com/?p=669880 Hardman & Co Research Analyst Tony Williams chats with DirectorsTalk about the House-Builders market and picks two favourites Redrow Plc LON:RDW and Bellway Plc LON:BWY     Founder and CEO of Building Value Ltd (www.buildingvalueltd.com), which is an independent advisory business with particular expertise in real estate, construction, building materials and support services. The business ...

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Hardman & Co Research Analyst Tony Williams chats with DirectorsTalk about the House-Builders market and picks two favourites Redrow Plc LON:RDW and Bellway Plc LON:BWY

 

 

Founder and CEO of Building Value Ltd (www.buildingvalueltd.com), which is an independent advisory business with particular expertise in real estate, construction, building materials and support services. The business operates from two offices in the UK (London) and Sweden (Mora). Prior to this he enjoyed a portfolio career in investment banking and industry with Directorships at a number of banks, including UBS, Morgan Stanley and ING – plus a sabbatical as Director of Corporate Planning and Strategy at Tarmac plc; and a shorter secondment with AMEC plc as Director Public Affairs. Tony also hold a number of Non Executive Directorships and works with Experian and its forecasting of pan European economic and investment activity. Born in New Zealand, Tony has an MSc in Economics from the University of Manchester.

Hardman & Co has a long established reputation for high quality and independent research. Their industry analysts are all highly experienced, with an average of 23 years researching companies for investors.


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Tony Williams Research Analyst at Hardman and Co Interview on the House-Builders Market Hardman & Co Research Analyst Tony Williams chats with DirectorsTalk about the House-Builders market and picks two favourites Redrow Plc LON:RDW and BWY,RDW ...