Financials Barratt Developments plc OTC Markets

Equities

BTDPY

US0683341012

Homebuilding

Market Closed - OTC Markets Other stock markets 20:45:35 17/05/2024 BST			5-day change	1st Jan Change
13.26 ^USD	+0.98%		+7.39%	-7.80%

05-15	Confident trade as US inflation rate cools	AN
05-10	Deutsche Kicks Off Barratt Developments Coverage at Hold	MT

Valuation

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	5,802	5,032	7,070	4,671	4,021	5,083	-	-
Enterprise Value (EV) ¹	5,044	4,778	5,757	3,532	2,952	4,259	4,370	4,462
P/E ratio	7.92 x	12.7 x	10.9 x	9.18 x	7.86 x	22 x	16.6 x	13.9 x
Yield	8.1%	-	4.23%	8.07%	8.15%	2.83%	3.66%	4.53%
Capitalization / Revenue	1.22 x	1.47 x	1.47 x	0.89 x	0.76 x	1.23 x	1.15 x	1.07 x
EV / Revenue	1.06 x	1.4 x	1.2 x	0.67 x	0.55 x	1.03 x	0.99 x	0.94 x
EV / EBITDA	5.55 x	9.3 x	6.22 x	3.32 x	3.36 x	11.5 x	9.32 x	7.71 x
EV / FCF	14.2 x	-37.2 x	5.35 x	9.11 x	6.67 x	34 x	18.2 x	20.2 x
FCF Yield	7.02%	-2.69%	18.7%	11%	15%	2.94%	5.48%	4.95%
Price to Book	1.19 x	1.04 x	1.3 x	0.83 x	0.72 x	0.95 x	0.89 x	0.87 x
Nbr of stocks (in thousands)	1,013,348	1,014,765	1,016,969	1,021,179	972,492	969,316	-	-
Reference price ²	5.726	4.959	6.952	4.574	4.135	5.244	5.244	5.244
Announcement Date	04/09/19	02/09/20	02/09/21	07/09/22	06/09/23	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,763	3,419	4,812	5,268	5,321	4,133	4,404	4,756
EBITDA ¹	908.6	514	925.9	1,065	879.5	370.2	468.9	578.7
EBIT ¹	904.3	507.3	919	1,055	862.9	357	444.4	549.6
Operating Margin	18.99%	14.84%	19.1%	20.02%	16.22%	8.64%	10.09%	11.55%
Earnings before Tax (EBT) ¹	909.8	491.8	812.2	642.3	705.1	326.7	427	515.3
Net income ¹	740	399.7	659.8	515.1	530.3	234.6	310.4	369.1
Net margin	15.54%	11.69%	13.71%	9.78%	9.97%	5.68%	7.05%	7.76%
EPS ²	0.7230	0.3890	0.6400	0.4980	0.5260	0.2382	0.3162	0.3763
Free Cash Flow ¹	354.1	-128.5	1,075	387.7	442.4	125.1	239.5	220.8
FCF margin	7.43%	-3.76%	22.34%	7.36%	8.31%	3.03%	5.44%	4.64%
FCF Conversion (EBITDA)	38.97%	-	116.11%	36.39%	50.3%	33.8%	51.07%	38.16%
FCF Conversion (Net income)	47.85%	-	162.94%	75.27%	83.42%	53.34%	77.16%	59.84%
Dividend per Share ²	0.4640	-	0.2940	0.3690	0.3370	0.1486	0.1920	0.2374
Announcement Date	04/09/19	02/09/20	02/09/21	07/09/22	06/09/23	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June	2020 S1	2020 S2	2021 S1	2022 S1	2023 S1
Net sales	2,266	1,153	2,495	2,247	-
EBITDA	-	-	-	-	-
EBIT ¹	-	67.8	422.9	449.9	511.8
Operating Margin	-	5.88%	16.95%	20.02%	-
Earnings before Tax (EBT) ¹	-	84.2	-	432.6	501.5
Net income	-	-	-	351	-
Net margin	-	-	-	15.62%	-
EPS	-	-	-	-	-
Dividend per Share	-	-	0.0750	-	-
Announcement Date	05/02/20	02/09/20	04/02/21	09/02/22	08/02/23

¹GBP in Million

Estimates

Balance Sheet Analysis

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	758	254	1,313	1,139	1,069	824	713	621
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	354	-129	1,075	388	442	125	240	221
ROE (net income / shareholders' equity)	15.7%	8.48%	14.5%	15.3%	11.9%	4.72%	5.71%	6.83%
ROA (Net income/ Total Assets)	10.5%	5.78%	9.2%	6.57%	6.54%	3.43%	4.1%	4.67%
Assets ¹	7,058	6,918	7,169	7,843	8,107	6,832	7,571	7,903
Book Value Per Share ²	4.810	4.750	5.360	5.530	5.770	5.510	5.860	6.060
Cash Flow per Share ²	0.3500	-0.1200	1.050	0.4000	0.4600	0.2100	-0.0800	-0.0400
Capex ¹	7.2	7.5	7.2	29.9	23.1	17	16.3	17.5
Capex / Sales	0.15%	0.22%	0.15%	0.57%	0.43%	0.41%	0.37%	0.37%
Announcement Date	04/09/19	02/09/20	02/09/21	07/09/22	06/09/23	-	-	-

¹GBP in Million²GBP

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Barratt Developments plc

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

5.244 GBP

Average target price

5.439 GBP

Spread / Average Target

+3.72%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Homebuilding

	1st Jan change	Capi.
DR HORTON	-0.32%	49.89B
PULTEGROUP, INC.	+15.36%	25.05B
DAIWA HOUSE INDUSTRY CO., LTD.	-3.75%	16.93B
TOLL BROTHERS, INC.	+27.19%	13.62B
SUMITOMO FORESTRY CO., LTD.	+42.83%	7.77B
THE BERKELEY GROUP HOLDINGS PLC	+14.15%	7.14B
TAYLOR WIMPEY PLC	+2.28%	6.72B
TAYLOR MORRISON HOME CORPORATION	+12.69%	6.36B
SEKISUI CHEMICAL CO., LTD.	+9.00%	6B

Other Homebuilding