Bellway (BWY)

Sector:

Household Goods

Index:

FTSE 250

2,105.00p
   
  • Change Today:
      28.00p
  • 52 Week High: 4,310.00p
  • 52 Week Low: 1,879.00p
  • Currency: UK Pounds
  • Shares Issued: 123.34m
  • Volume: 256,751
  • Market Cap: £2,596.27m
  • RiskGrade: 347

Canaccord raises price target on Bellway following strong NAV growth

By Iain Gilbert

Date: Wednesday 16 Oct 2019

LONDON (ShareCast) - (Sharecast News) - Analysts at Canaccord Genuity raised their price target on British housebuilder Bellway to 3,590p from 3,450p on Wednesday, praising the group for delivering an improved full-year net asset value per share despite falling margins.
Canaccord pointed out that in 2019, Bellway had delivered another "strong increase" in its net asset value per share at 14%, even as margins fell and said the firm's balance sheet looked to be "in good shape" to continue to support growth in site numbers and volumes over the medium-term as net cash sat at over £200m.

"Clearly, there remain risks related to Brexit and macro trends (Services PMI below 50 and unemployment edged up recently in UK) but, assuming sales rates hold up, volume growth should come through as site numbers increase," said Canaccord.

However, the Canadian broker said Bellway's guidance on margins was "disappointing and unexpected", but noted that margins of around 19.5% remained good and, when combined with volume growth, said that they would continue to support double-digit net asset value per share growth.

Canaccord, which stood by its 'buy' rating on Bellway, expected 2020 to see lower profits as margins reset but, assuming the wider macro backdrop holds up, it said profit growth should return in 2021.

"We continue to see attractive value in the shares over the medium-term as the expected growth is delivered, but in the near-term they may remain under pressure until more visibility and confidence over the margin outlook and macro risks are forthcoming."

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Bellway Market Data

Currency UK Pounds
Share Price 2,105.00p
Change Today 28.00p
% Change 1.35 %
52 Week High 4,310.00p
52 Week Low 1,879.00p
Volume 256,751
Shares Issued 123.34m
Market Cap £2,596.27m
RiskGrade 347

Bellway Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
62.87% above the market average62.87% above the market average62.87% above the market average62.87% above the market average62.87% above the market average
53.85% above the sector average53.85% above the sector average53.85% above the sector average53.85% above the sector average53.85% above the sector average
Price Trend
29.93% below the market average29.93% below the market average29.93% below the market average29.93% below the market average29.93% below the market average
7.69% below the sector average7.69% below the sector average7.69% below the sector average7.69% below the sector average7.69% below the sector average
Income
78.47% above the market average78.47% above the market average78.47% above the market average78.47% above the market average78.47% above the market average
30.43% above the sector average30.43% above the sector average30.43% above the sector average30.43% above the sector average30.43% above the sector average
Growth
4.84% above the market average4.84% above the market average4.84% above the market average4.84% above the market average4.84% above the market average
38.46% above the sector average38.46% above the sector average38.46% above the sector average38.46% above the sector average38.46% above the sector average

What The Brokers Say

Strong Buy 11
Buy 2
Neutral 2
Sell 0
Strong Sell 0
Total 15
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Bellway Dividends

  Latest Previous
  Final Interim
Ex-Div 28-Nov-19 23-May-19
Paid 08-Jan-20 04-Jul-19
Amount 100.00p 50.40p

Trades for 02-Apr-2020

Time Volume / Share Price
14:03 37 @ 2,105.00p
14:03 106 @ 2,106.00p
14:02 69 @ 2,106.00p
14:02 5 @ 2,106.00p
14:02 200 @ 2,106.00p

Bellway Key Personnel

Chair Paul Hampden Smith
CEO Jason Honeyman

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