Added to YB: 2026-08-04
Pitch date: 2026-08-01
BWY.L [bullish]
Bellway p.l.c.
+2%
current return
Author Info
No bio for this author
Company Info
Bellway p.l.c., together with its subsidiaries, engages in the homebuilding business in the United Kingdom.
Market Cap
GBP 2.2B
Pitch Price
GBP 20.04
Price Target
N/A
Dividend
3.62%
EV/EBITDA
7.47
P/E
15.12
EV/Sales
0.80
Sector
Household Durables
Category
value
Deep Dive: Bellway PLC (LON:BWY)
BWY.L (new position): UK housebuilder, ~8-9K completions/yr. Post-2022 rate hikes & Help-to-Buy loss crushed margins: gross 25%→15%, op 22%→10%, net 6%. ROCE ~6%, near cost of debt. Trades 0.7x book (>30% discount), 6.5-7% shareholder yield. DCF fair value ~£15 vs £19.75; needs margin/growth upside. Prudent mgmt, low debt, buybacks below NAV. Opened small position, still prefers Taylor Wimpey.
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