Added to YB: 2026-08-04
Pitch date: 2026-08-01
BWY.L [bullish]
Bellway p.l.c.
-2.64%
current return
Author Info
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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.
Read full article (20 min)