Barratt Developments (BDEV)

Sector:

Household Goods

Index:

FTSE 100

475.60p
   
  • Change Today:
      0.20p
  • 52 Week High: 566.40
  • 52 Week Low: 392.30
  • Currency: UK Pounds
  • Shares Issued: 974.59m
  • Volume: 4,806,531
  • Market Cap: £4,635.16m
  • RiskGrade: 174

Berenberg slightly lowers target price on Barratt Developments

By Iain Gilbert

Date: Friday 06 May 2022

LONDON (ShareCast) - (Sharecast News) - Analysts at Berenberg slightly lowered their target price on construction firm Barratt Developments from 810.0p to 790.0p but said it saw "no signs of a slowdown".
Berenberg said despite headlines, demand remained "exceptionally strong", as Barratt Developments' net private sales rate was 0.93x between 1 January and 1 May, 12% higher than last year and 18% above 2019.

As per seasonal trends, sales increased between February and May by roughly 3%, slightly below the period's historical improvement of around 5%, implying the rate was close to 1x in March and April.

Likewise, Berenberg also noted that Barratt's private order book stood at 8,117 units, up 25% year-on-year and equating to approximately £3.0bn in value. Prices for private reservations increased by 9% year-on-year, and management stated that there had not been any uptick in down valuations.

However, the German bank did note that likely strong gross margins in the second half will be offset by an increase in operating expenses following a group-wide salary review and said average outlets would probably only be marginally higher against 2021, compared to previous guidance ofr 3% growth.

"Barratt shares have underperformed year-to-date, down 35% compared to circa 28% for the sector, and now offer a circa 10% free cash flow yield by full-year 2023. Our price target modestly falls to reflect the reduced book value per share; we reiterate our 'buy' recommendation," said Berenberg.



Reporting by Iain Gilbert at sharecast.com

Email this article to a friend

or share it with one of these popular networks:


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.

 

BDEV Market Data

Currency UK Pounds
Share Price 475.60p
Change Today 0.20p
% Change 0.04 %
52 Week High 566.40
52 Week Low 392.30
Volume 4,806,531
Shares Issued 974.59m
Market Cap £4,635.16m
RiskGrade 174

BDEV Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
66.98% above the market average66.98% above the market average66.98% above the market average66.98% above the market average66.98% above the market average
58.33% above the sector average58.33% above the sector average58.33% above the sector average58.33% above the sector average58.33% above the sector average
Price Trend
29.94% above the market average29.94% above the market average29.94% above the market average29.94% above the market average29.94% above 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
58.59% above the market average58.59% above the market average58.59% above the market average58.59% above the market average58.59% above the market average
5.26% below the sector average5.26% below the sector average5.26% below the sector average5.26% below the sector average5.26% below the sector average
Growth
51.35% below the market average51.35% below the market average51.35% below the market average51.35% below the market average51.35% below the market average
30.77% below the sector average30.77% below the sector average30.77% below the sector average30.77% below the sector average30.77% below the sector average

What The Brokers Say

Strong Buy 2
Buy 3
Neutral 6
Sell 2
Strong Sell 0
Total 13
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

BDEV Dividends

  Latest Previous
  Interim Final
Ex-Div 11-Apr-24 28-Sep-23
Paid 17-May-24 03-Nov-23
Amount 4.40p 23.50p

Trades for 28-Mar-2024

Time Volume / Share Price
17:08 1,800 @ 475.60p
16:44 32,307 @ 478.93p
16:42 28,507 @ 475.60p
16:37 129,188 @ 477.00p
16:35 1,344,734 @ 475.60p

BDEV Key Personnel

COO Steven J Boyes
Chair Caroline Silver

Top of Page