The brokers recognized just how undervalued Crest is. At one point Redrow was within 15p of this stock, absolutely no way it should be that close; as much as I like Redrow this is far better value at these levels from an earnings and yield perspective over the next three years and the book values are currently very similar.
Despite the 5% surge today this is still undervalued compared to sector peers and I expect it to catch up- the update for year end results next month may be the catalyst… Read More
Crest Nicholson got a boost on Wednesday as Barclays said the stock was its 'top pick', replacing Redrow, following a period of share price underperformance that has left it looking "highly attractive".
In a note on the UK housebuilding sector, the bank said that aside from a brief spike in cancellations immediately after the Brexit vote - which was largely confined to London and commuter towns - housebuilders continue to trade well.
"The EU referendum vote now joins a list… Read More
Agree Dako, based on the latest broker consensus EPS forecasts this is the cheapest builder in the sector at these levels on a combined earnings/yield return basis over the next few years. Year end this month and an update mid November could help provide an uplift.
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