Bovis Homes Share Price (BVS)

This is too slow

4 shares bought at start of play! ....... aren't small trades like that supposed to be MM's super super secret messages to one another about what to do with the share price? Lol . Come on ...is someone going to tell us what it is supposed to mean early on so that we can see if it happens through the trading day?

Bovis Homes Group: Liberum Capital moves target price from 465p to 661p, while leaving its hold recommendation unchanged.

Bovis Homes said it had signed a new long-term banking deal that gave it significant financial flexibility and allowed it to build more houses. The company has taken a £125m revolving credit facility expiring in March 2017 and a three year term loan of £25m. The overall financing cost of the new arrangement is in line with its existing facility. Group Finance Director, Jonathan Hill, said the new debt deal would allow the group to continue strong land investment to increase its output capacity, as well as manage its working capital requirements. It replaces the firm's previous £150m revolving credit facility and comes from four banks with whom the firm has an existing relationship and one new bank. The facility and the term loan include a covenant package featuring three covenants tested twice a year.

Bovis Homes Group: JP Morgan downgrades to underweight with its target price still at 560p.

They say it's better to travel than to arrive - and that's probably why shares in house builder Bovis Homes moved lower on Friday, despite a cracking update. The shares have more than doubled since June last year, so there was plenty of profit to bank. As with all sector players, earnings growth is mainly a margins story. Companies are selling homes built on cheaper land that was bought after markets imploded in 2007 and 2008. This helped margins to surge to 13.5% from 10% in 2011. The 2013 price earnings multiple is 15.8, falling to 12.8 in 2014. This does not look too overstretched, given the margin story. Once mortgage lending improves - which it should with the help of projects such as Funding for Lending - profits should get another leg-up. The Sunday Telegraph’s Questor team keeps a buy rating.