Deutsche Bank initiates coverage of Countryside Properties at 'buy'
By Michele Maatouk
Date: Monday 16 Jul 2018
(Sharecast News) - Countryside Properties got a boost on Monday as Deutsche Bank initiated coverage of the housebuilder at 'buy' with a 426p price target.
"Countryside is the UK's foremost housebuilder specialising in large scale regeneration partnerships," DB said.
"This partnership business we see as a key differentiator for the stock, providing more consistent over-the-cycle profitability profile, significantly higher return on capital employed, and strong positioning to government policy."
Last month, the company said it expected annual property sales to rise by 10-15% or more over the medium term as it announced trading in line with its expectations.
In the first 38 weeks of Countryside's financial year, average weekly visitors to its sites rose 3% and the number of reservations per outlet was steady at 0.88 a week. House price inflation was 3% and the cost of building houses increased 3-4%.
At 1450 BST, the shares were up 1.7% to 337.60p.
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