Financials Bellway p.l.c. OTC Markets

Equities

Market Closed - OTC Markets Other stock markets 15:55:01 07/05/2024 BST			5-day change	1st Jan Change
31.39 ^USD	-9.01%		-.--%	+25.81%

06-17	Goldman Sachs cuts SSP Group to 'sell'	AN
06-14	Market Update-Europe ends sharply lower, France worries	RE

Fiscal Period: July	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,656	3,139	4,049	3,012	2,664	3,018	-	-
Enterprise Value (EV) ¹	3,455	3,138	3,719	2,767	2,432	3,032	2,958	2,928
P/E ratio	6.81 x	16.3 x	10.4 x	12.5 x	7.48 x	21.9 x	16.3 x	12.7 x
Yield	5.06%	1.96%	3.58%	5.72%	6.32%	1.9%	2.42%	3.13%
Capitalization / Revenue	1.14 x	1.41 x	1.3 x	0.85 x	0.78 x	1.33 x	1.19 x	1.05 x
EV / Revenue	1.08 x	1.41 x	1.19 x	0.78 x	0.71 x	1.34 x	1.17 x	1.02 x
EV / EBITDA	5.08 x	9.57 x	6.91 x	4.2 x	4.42 x	13.5 x	10.5 x	7.99 x
EV / FCF	12 x	-47.4 x	8.66 x	24.3 x	10.4 x	86.6 x	28 x	13.9 x
FCF Yield	8.3%	-2.11%	11.5%	4.12%	9.6%	1.15%	3.57%	7.22%
Price to Book	1.25 x	1.05 x	1.23 x	0.9 x	0.77 x	0.89 x	0.86 x	0.83 x
Nbr of stocks (in thousands)	123,113	123,288	123,366	123,152	120,231	118,651	-	-
Reference price ²	29.70	25.46	32.82	24.46	22.16	25.44	25.44	25.44
Announcement Date	15/10/19	20/10/20	19/10/21	18/10/22	17/10/23	-	-	-

¹GBP in Million²GBP

Estimates

Fiscal Period: July	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,213	2,225	3,122	3,537	3,407	2,271	2,536	2,863
EBITDA ¹	680.7	328	538	659.3	549.9	225.2	281	366.7
EBIT ¹	674.9	321.7	531.5	653.2	543.9	222.3	272	344.9
Operating Margin	21%	14.46%	17.02%	18.47%	15.97%	9.79%	10.73%	12.05%
Earnings before Tax (EBT) ¹	662.6	236.7	479	309	483	180	249.7	305.9
Net income ¹	538.6	192.9	390.7	242.6	365	135.4	177.1	226.7
Net margin	16.76%	8.67%	12.51%	6.86%	10.71%	5.96%	6.98%	7.92%
EPS ²	4.364	1.561	3.158	1.962	2.963	1.163	1.559	1.998
Free Cash Flow ¹	286.8	-66.2	429.2	114.1	233.5	35.01	105.7	211.4
FCF margin	8.93%	-2.97%	13.75%	3.23%	6.85%	1.54%	4.17%	7.38%
FCF Conversion (EBITDA)	42.14%	-	79.78%	17.31%	42.46%	15.55%	37.62%	57.64%
FCF Conversion (Net income)	53.25%	-	109.85%	47.03%	63.97%	25.86%	59.7%	93.23%
Dividend per Share ²	1.504	0.5000	1.175	1.400	1.400	0.4828	0.6148	0.7965
Announcement Date	15/10/19	20/10/20	19/10/21	18/10/22	17/10/23	-	-	-

¹GBP in Million²GBP

Estimates

Fiscal Period: July	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	13.2	-	-
Net Cash position ¹	201	1.4	330	245	232	-	60.6	90.2
Leverage (Debt/EBITDA)	-	-	-	-	-	0.0587 x	-	-
Free Cash Flow ¹	287	-66.2	429	114	234	35	106	211
ROE (net income / shareholders' equity)	19.7%	6.52%	12.4%	15.4%	11.7%	4.14%	5.19%	6.83%
ROA (Net income/ Total Assets)	14.5%	4.84%	8.92%	10.7%	7.96%	3.06%	3.7%	4.79%
Assets ¹	3,717	3,987	4,380	2,260	4,583	4,428	4,788	4,732
Book Value Per Share ²	23.70	24.30	26.60	27.30	28.70	28.70	29.70	30.70
Cash Flow per Share ²	2.370	-0.4700	3.500	0.9300	1.920	1.220	2.580	0.7900
Capex ¹	5.13	8.3	3.3	0.5	2.7	4.26	5.2	5.39
Capex / Sales	0.16%	0.37%	0.11%	0.01%	0.08%	0.19%	0.21%	0.19%
Announcement Date	15/10/19	20/10/20	19/10/21	18/10/22	17/10/23	-	-	-

¹GBP in Million²GBP

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

25.44 GBP

Average target price

30.16 GBP

Spread / Average Target

+18.54%

	1st Jan change	Capi.
DR HORTON	-7.09%	46.21B
PULTEGROUP, INC.	+6.33%	23.15B
DAIWA HOUSE INDUSTRY CO., LTD.	-5.27%	16.14B
SEKISUI HOUSE, LTD.	+12.61%	14.13B
TOLL BROTHERS, INC.	+12.04%	11.91B
SUMITOMO FORESTRY CO., LTD.	+22.06%	6.67B
TAYLOR WIMPEY PLC	-3.57%	6.35B
THE BERKELEY GROUP HOLDINGS PLC	-1.58%	6.17B
TAYLOR MORRISON HOME CORPORATION	+3.54%	5.83B