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Started: 1.ARMANI, 14 Jun 2024 08:24
Last post: 1.ARMANI, 14 Jun 2024 08:24
Crest Nicholson confirmed that it has received all-share takeover approach from Bellway. On Thursday, Bellway made a new takeover proposal for Crest, but said it had been rejected. Bellway said under the terms of the bid, Crest Nicholson investors would have stood to receive 0.093 of a Bellway share for each Crest Nicholson share. It valued Crest Nicholson shares at 253.00 pence each, the company's equity overall at around GBP650.0 million. On Friday, Crest confirmed that it has rejected the offer, as it undervalues the company. "Crest Nicholson remains confident in its standalone prospects, in particular given conclusion of the review of provisions for completed development sites supported by external consultants, its highly attractive land portfolio and the new leadership of Martyn Clark," Crest said.
Decent Trading Update 😃
Interim 16p dividend
2025 better days ahead :)
Started: schwee, 11 Feb 2024 20:00
Last post: Da_Matser, 11 Feb 2024 23:23
Not sure where you're getting 20 from
A p/e of over 20 for a house builder is stretching a point.
Started: 2227, 30 Nov 2023 10:43
Last post: 2227, 30 Nov 2023 13:13
House builders asset values are misleading.
"The average urban brownfield land value across England had fallen by 20% since the most recent market peak between Q1 2022 and Q3 2023, with greenfield site values down by 17% in the same period."
https://developmentfinancetoday.co.uk/article-desc-9808_Land%20values%20decrease%20alongside%20housebuilder%20sales%20rates%20in%20Q3,%20reveals%20Knight%20Frank%20report
Marshall Wace Llp increase their short position.
Last post: Troajan, 17 Oct 2023 19:12
A shame that the buybacks are mostly above todays average trade price.
Pay an increased dividend and I will buy/add lower on overall market weakness!!
Buybacks = a small increase in EPS, which isn't organic growth.
I'm looking to add in early 2024.
gla
Not priced in was the £32m of additional remedial work in Greenwich. And this begs the question of what else is lurking in the undergrowth.
Better than I expected but outlook grim. Has the market already priced that in is the big question.
I hold both BWY and RDW - as well as a couple of other house builders. I do not think that we have seen the bottom of the market yet. I have added to the above shares when dividends have kicked in, but most of my recent investment activity has been in VCTs. We will have to see what BWY have to say on Tuesday. Despite the very low prices, I am only adding very cautiously.
Muttley
Started: 1.ARMANI, 2 Oct 2023 07:21
Last post: 1.ARMANI, 2 Oct 2023 07:21
(MoM) .... Actual 0.0% Forecast -0.4% Previous -0.8%
"The Nationwide Housing Price Index (HPI) measures the change in the selling price of homes with mortgages backed by Nationwide. It is the U.K.'s second earliest report on housing inflation."
(YoY) Actual -5.3% Forecast -5.7% Previous - 5.3%
All good news as the decline flatlines.
gla
Good news but affordable mortgage rates are crucial.
Housebuilders jump as Gove scraps environmental rules
Shares in housebuilders are firmly on the front foot after the government announced it was scrapping UK environmental rules that developers say have prevented tens of thousands of homes from being built in recent years.
Persimmon PLC (LSE:PSN) rose 3.4%, Barratt Developments PLC (LSE:BDEV) climbed 2.7%, Taylor Wimpey PLC (LSE:TW.) advanced 2.5% and Vistry Group PLC (LSE:VTY) gained 4.5%.
The property industry has complained that Natural England, a government agency, has blocked the building of large numbers of new developments by enforcing so-called “nutrient neutrality” regulations designed to protect the country’s waterways.
The rules were introduced under an EU directive on habitats and reinforced by a 2018 European Court of Justice ruling that said adding nutrients to soil that was already in poor condition would be unlawful.
Housing secretary Michael Gove said: "We are committed to building the homes this country needs and to enhancing our environment."
"The way EU rules have been applied has held us back. These changes will provide a multibillion-pound boost for the UK economy and see us build more than 100,000 new homes."
"Protecting the environment is paramount which is why the measures we’re announcing today will allow us to go further to protect and restore our precious waterways whilst still building the much-needed homes this country needs," he added.
Looks like a pretty resilient performance to my eye - circa £544m profit @ 16% operating margin. (2022 - £650m @ 18.5%, 2023 - £530m @ 17%) So better than 2021 pre tax.
Continued to review previously contracted land and decided not to proceed with the purchase of 886 plots across 4 previously approved sites.
Bellway has maintained a strong balance sheet with net cash of £232 million4 at 31 July 2023 (2022 -£245.3 million). Average net cash was £192.0 million9 during the year (2022 - £223.9 million), demonstrating the resilience of the Group's financial position throughout the period. Committed land obligations are lower than the prior year and remain modest, at around £335 million (2022 - £393.4 million) with low adjusted gearing, inclusive of land creditors, of only 3%5 (2022 - 4.4%).
The Board continues to expect to maintain the total dividend for financial year 2023, in line with the prior year payment of 140.0p per share. The £100 million share buyback programme is progressing well, and 2.9 million shares have been purchased in the period at a cost of around £66 million.
In the year ahead, we will preserve balance sheet resilience through our ongoing disciplined approach to land and production expenditure, and the Board will continue to review the Group's capital requirements, with deployment targeted where it can best generate long-term value for shareholders.
Housing revenue of around £3.4 billion (2022 - £3,520.6 million), in line with previous guidance.
§ Total housing completions of 10,945 homes (2022 - 11,198), at an average selling price of £310,000 (2022 - £314,399).
§ The underlying operating margin is expected to be around 16%3 (2022 - 18.5%), with the reduction reflecting the effect of build cost and overhead inflation, extended site durations and the increased use of targeted sales incentives.
§ The Group's programme of accelerating the construction of social homes partially offset weaker private demand, which was impacted by higher mortgage rates and the end of Help-to-Buy.
§ The overall reservation rate reduced by 28.4% to 156 per week (2022 - 218) and the private reservation rate decreased by 35.9% to 109 per week (2022 - 170).
§ Robust balance sheet provides continued resilience and strategic flexibility, with year-end net cash of £232 million4 (2022 - £245.3 million) and low adjusted gearing, inclusive of land creditors, of only 3%5 (2022 - 4.4%).
§ The £100 million share buyback launched on 28 March 2023 is progressing well, with 2.9 million shares purchased at a cost of around £66 million.
§ The combination of strong volume output and the decrease in reservation rates resulted in a lower, yet still sizeable year-end order book, with a value of £1,193.5 million6 (2022 - £2,114.3 million), which comprises 4,411 homes (2022 - 7,223 homes).
§ Strong recognition from our customers and employees, having retained our status as a five-star7 homebuilder for the seventh consecutive year and 89% of our colleagues recommending Bellway as 'a great place to work'.
The Group has delivered housing revenue of around £3.4 billion (2022 - £3,520.6 million), a 3% reduction on the prior year and in line with previous guidance. Volume output was supported by the strong order book at the start of the financial year, and notwithstanding the reduction in underlying demand, completions reduced by only 2.3% to 10,945 (2022 - 11,198).
The overall average selling price decreased by over 1% to £310,000 (2022 - £314,399), primarily driven by a lower proportion of private completions, which reduced to 75% of the total (2022 - 82%). In the year ending 31 July 2024, the proportion of social completions will remain elevated and together with the ongoing disciplined use of incentives, we expect a further moderation in the average selling price.
The underlying operating margin for the 2023 financial year is expected to be around 16%3 (2022 - 18.5%), and the reduction reflects the effect of build cost and overhead inflation, together with extended site durations and the increased use of sales incentives during a more challenging trading period.
During the year, the Group has contracted to purchase 4,715 plots8 (2022 - 19,089 plots) across 35 sites8 (2022 - 107 sites) with a total contract value of £378.2 million8 (2022 - £1,300.3 million). We have als
Started: 1.ARMANI, 12 Jul 2023 10:18
Last post: 1.ARMANI, 24 Jul 2023 07:57
Interestingly there was no "Transaction in Own Shares" on 19th & 20th July.
MA (moving average)
5-Day MA .. 2148p
20-Day MA ... 2028p
50 Day MA ... 2176p
100 Day MA ..2197p
200 Day MA ..2097p
Year-to-Date ..2180p
I'm holding & adding on dips for the more extended gains.
gla
Highest price 19.68p
Lowest price 19.42p
Weighted volume 19.56p
My own average 2095p
gla
Started: 1.ARMANI, 17 Jul 2023 11:44
Last post: 1.ARMANI, 17 Jul 2023 11:44
19th July UK inflation numbers 7.00 am
VTY trading update 20th July.
https://www.vistrygroup.co.uk/investor-centre/financial-calendar
Started: 1.ARMANI, 10 Jul 2023 05:14
Last post: 1.ARMANI, 10 Jul 2023 05:14
Https://uk.finance.yahoo.com/news/buyers-discounts-house-prices-higher-mortgage-costs-230159890.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAAeL0CNZ2NoAxnzy5kkaVj3G5TPvHVUZR-k_IAZIpuv5LkbH35aWcIWrE4Btx0HtQaP9oih3PA3w2HFcqwXPeEdZhF74yuSLEaGXoavNsqmQitOxGO4vJYiJyKuiE_rXS3ybxwR3NZ7PVapl5B43aUYjPQUzqWQWQyRIpx_IhXOh
Sellers are being forced to sell at a discount to secure a deal as higher mortgage costs leave only a few able to buy a house in the current market.
Four in 10 (42%) sellers are accepting offers over 5% below the asking price — the highest number in five years, according to Zoopla’s House Price Index.
Meanwhile, 15% are accepting offers 10% lower than asking, with the average discount standing at 3.8%.
We could be piling properties high and selling them cheap in the second half of the year, as mortgage misery throws houses into the bargain bucket. Two in five sellers have had to accept an offer that’s at least 5% below the asking price to secure a sale, while an alarming 15% have had to accept a 10% discount — or more. And if rates stay higher for longer, this could just be the start of it,” Sarah Coles, Yahoo Finance UK columnist and head of personal finance at Hargreaves Lansdown, said.
However, surging mortgage rates have also left fewer buyers in the market. Zoopla’s data shows 14% fewer buyers in the market over the last four weeks compared to a year ago.
Mortgage rates tipping above 5% have delivered a further 10-20% hit to the buying power of those who are purchasing with a mortgage, which make up 70% of sales, according to Zoopla.
Mortgage rates moving from 4% to 5% results in an 11% reduction in buying power. However, this increases to 20% with mortgage rates at 6%, up from 4%.
ATB
Started: strictlybricks, 29 Mar 2023 01:54
Last post: huudi, 23 Jun 2023 14:27
" dodgy companies ~ which, IMO, is pretty much anything else other than house builder shares "
Very trusting of you but you obviously were not around when BWY were ~£4.0 or when Wimpy did a runner to Spain only to get pushed out ten years later for building crap, finally joined TW only to have a price crash. As for quality..? nothing is more dodgy than builders.
P.S. my first house was a Wimpy,ten years old & rotting.
Johny,
I've just sent an email to the address you gave...
Strictly
Try ‘mezzer50@gmail.com’ strictly, thanks
Don’t want to go into PFC, but trying to catch falling knife then getting in too deep to extricate easily just about describes it!
"One regret, I do so wish I’d entered your SWR although I can play along on the sidelines. Definitely next year! "
......................
Crossley,
Well, if you do want to join in on that, you may have not noticed the recent blog comments saying that, as it so happens, I’ve now rebased this year’s SWR competition as from the start of this month ~ as I came to the view that we should take out all the non-housebuilder stuff (largely brought in by "outsiders" joining the blog in recent years…) as I reckon it was proving to be a distraction and, like Beelzebub, could lead doubters off the Straight & Narrow...
I mean, that they might start to ponder risking their dosh in dodgy companies ~ which, IMO, is pretty much anything else other than house builder shares ~ though I appreciate that that comment may not go down well in all quarters here…?
So, anyway, you can go to the ball this year, Cinderella, if you so wish ~ just email me directly to confirm on this (especially as this is all rather off-topic for LSE BWY share chat ~ and so some folk might soon become naffed off by it…?) and also for me to send you the relevant spreadsheet...
As you know, you are also most welcome to comment on the blog for this sort of stuff rather than indirectly via here on LSE...
Strictly
Morning Strictly
Whilst you’re on about the blog I’d just like to thank you for the extensive time you put into it. You clearly throughly enjoy it. Which I do too. I popped on the other day and found required information in five minutes but it seemed to take another five hours to leave once trawling. Talking of trawling, I totally agree with the buoyancy thing with PSN and that is why I invested there. I do wander how long it will take to be realised though. Maybe once the, hopefully second dividend is announced?
I purchased Bdev and PSN within a week of each other back around the start of October and my average including divs. PSN £11.68- Bdev £3.76
One regret, I do so wish I’d entered your SWR although I can play along on the sidelines. Definitely next year!
Have a pleasant weekend
Last post: CallingShots, 29 May 2023 09:35
6 consecutive down days.
Added/Drip Buy @ 23.88p
Happy to hold for dividends and growth over the next few years.
The short-term 15/20% upside this year....imo
gla
Started: Crossley, 17 Feb 2023 07:49
Last post: moneybox007, 28 Mar 2023 09:36
Morning Strictly
Hope you’re keeping well. Thought I’d bring this over here!
I would appreciate if you have the time?
I’m interested into delving into this 17% p/a
Do you have BWY dividend payout % readily available so I can collate and better understand the history, re: overall compound split with trading returns if that makes sense?
The dividend history should tell me all I need to know. Interesting!
All the best
Last post: Taverham, 9 Feb 2023 07:59
Sp could drift after rns today.
Strictly,
Thanks for and taking the time to reply.
Appreciate that. I shall be dipping my other toe in over there and indeed here. Just looking for the appropriate time. Wherever that might be?
Enjoy your evening
Tim!
Crossley,
I am currently about 60% Bellway 40% Persimmon...
In an ideal world, Captain Hindsight would have had a word in my shell-like and suggested that I held off buying the Persimmon until after the trading update this morning ~but there you go, I can't odds that...
I am happy that they intend moving to a more normal dividend policy rather than carrying on with 235p a year come hell or high water…
So that is a plus for me…
As are their superior margins… to use a boating metaphor, they have more freeboard than the other house builders ~ which implies they can cope with bigger waves…
Not all of my investing crew, on our blog, are convinced about Persimmon…
But then they are all over 18, and old enough to fight & die for their country, and they necessarily have to make their own minds up and then, like everyone else, take responsibility for their decisions.
Anyway, having listened to the recording of the Persimmon & scribblers telephone love-in this morning, I thought the presentation was pretty frank and, okay, they are no doubt going to take a kicking on next year’s earnings.
But the current sh.tstorm might develop into a hurricane and, much as I dislike paying the still relatively high price in PBV terms for Persimmon as compared to Bellway or Redrow, they have such high margins and such a low priced product they’re like the Ryanair of the house building business…
And look how well Ryanair have done in recent times as compared to some of the other airlines…?
Strictly
Afternoon Strictly
I was just pondering? Will you still be 80/20 or will you revert to 100% back here
I have had a look at the figures from today and I do think PSN are being ambitious with their total unit sales for the year although I still expect a dividend of around £1.10 even with the additional £275m put aside. That’s if they do not stray to far away from past strategies. I’d be interested in your take on things if you have the time?
Regards
"Markets always go to extreme valuations"
It could go below 1500p before christmas.
The Going Concern statement looks pretty bullet proof, 50% drop in sales and 20% and implies can still pay a reduced dividend.
NAV 2,720p versus 1.800p share price. On average HB’s have traded at a 1.2 x premium to NAV!
Markets always go to extreme valuations, either over bought or over sold. 1,800p is illogical because on a medium term view this will clearly be a lot higher. Buy now and be happy in a year or try to call the actual bottom and risk missing out
But on the other hand the BoD are not so happy about the planning system, which suggests that so called flexibility and agility are a chimera.
Underlying earnings per share rose by 19.9% to 420.8p(2021 - 350.9p, 2020 - 204.3p).
NAV rose by 2.4% to 2,727p (2021 - 2,664p, 2020 - 2,427p)
total proposed dividend to 140.0p per share (2021 - 117.5p, 2020 - 50.0p), an increase of 19.1%.
"Our strong balance sheet and record land bank also provides us with the strategic flexibility and agility to respond to any material changes in market conditions as a result of the current backdrop of economic uncertainty. "
Started: 2227, 27 Sep 2022 16:15
Last post: 2227, 18 Oct 2022 01:21
But that doesn’t mean home builder stocks, which are largely down roughly 50% will necessarily suffer, significant negativity already priced into the stocks.
It's actually 100,000 per month that are experiencing coming to the end of their fixed rate deal. I make that 1.2 million per year.
Check the facts if you want!
Hundreds of thousands of British homeowners about to see monthly mortgage payments soar in the coming months. Fixed interest deals expire on millions mortgages in the second half of this year and through next year.
House prices likely to drop and the builders may have to write down their asset values next year imo.
lenders Virgin Money, Halifax and Skipton Building Society pulled some of their mortgage deals to customers after the tumult in British bond markets.
Virgin Money and Skipton Building Society temporarily paused mortgage offers for new customers, while Halifax is planning to halt any mortgage products with fees where lower interest rates are usually offered.
Morning Ladies/Gents
Would someone be able to help please?
As a rule of thumb, how are a HB costs broken down?
Plot costs, labour costs and material costs
Thanks in Advance
Started: sain@vision, 27 Sep 2022 17:44
Last post: Gary59, 30 Sep 2022 12:10
Sympathy for Manor!
He's just a de-ramper or if not takes quite a few drugs, no sympathy here give the drugs up mate or stop your pointless de-ramping. Up 6.52% as I type.
Well heaven help the rest if the bellwether of housebuilders hits £4
£4??? Oh, I have sympathy for him alright. Poor chap.
You have to feel a little sympathy for manfor who has been caught in the crossfire in the game of shoot the messenger The SP hitting new lows on a daily basis and possibly might be threatening 1600 by the end of the week .
Hopefully the mortgage products will be freely available again by then Maybe some acquistion opportunities will be appearing for the mighty oak Bellway during the next few months
Started: Gary59, 23 Aug 2022 17:41
Last post: Gary59, 19 Sep 2022 16:35
In addition to here Manfor is on the BDEV & RDW boards spouting the exact same garbage and that they will all be dropping considerably.
So according to numpty brains it’s BWY @ £4, BDEV @ 80p & RDW @ £1 as his entry points. I could attempt to understand it if he posted valid reasons for his guesstimates but that’s just what they are, it takes all sorts I suppose & he is very entertaining.
@Manfor What are you smoking?
I do not hold any housebuilders now but I do remember what happened in 2008 and so I know what can happen when the housing cycle turns. The top of the housing cycle has clearly been reached now.
I am sure that I am as well informed as the other posters here. I was also not aware that the discussion here was only for people who think housebuilder shares are going to rise. Where does it say this?
I still think that housebuilders profits will collapse over the next five years, and any dividends will be greatly reduced or stopped completely. When the UK housing cycle has reached the bottom in about five years, I would be quite interested in buying housebuilders.
My entry price target for Bellway is the 2008 low of £4.
manor - Do you actually hold any house builder shares or do you feel that it is necessary to post negatively for some other reason? Everyone is entitled to their own opinion of course but please do a little research before you post what you are posting, it just makes you sound so ill informed.
manfor: It's been said on other Housebuilder BB's (on which you have cut and paste the comment below) - you're getting very, very boring.
Started: Da_Matser, 30 Aug 2022 11:30
Last post: Da_Matser, 30 Aug 2022 11:30
Going back a bit now, but can anyone explain Jason Honeyman's partial reversal on his sell late last year:
22/10/2021 Sell 4364 @£31.82
29/11/2021 Buy 3373 @£31.61
Tax reasons?
Started: Demos, 21 Jul 2022 11:25
Last post: EnglishPatient, 15 Aug 2022 11:14
That just me being a bit thick. I'm still not used to how this board lays our the message threads. Ignore me!
EP,
Correct re Vlad/Bogdan ~ we also have a line of communication outside of LSE and Telegraph share chats as we seem to be on such similar song sheets about this stuff...
However, while I recognise the name Atticus, I hadn't connected that with you...
I still don't understand your comment about having a conversation with myself, though ~ but perhaps I'm just being thick...?
Strictly/Gunga
Strictly - yes - I was replying to you. The prose and opinions seemed so familiar - not a criticism you understand. I guess LSE Vladamir is DT Bogdan. You may recognise me as Atticus from DT.
"Funny you say you have a DT discussion going with yourself. It's pretty obvious just from the prose who you are!"
..................................
EP, not sure whether that was directed at me or someone else...?
But, in the Telegraph comments, my moniker is Gunga Din.
Strictly
Funny you say you have a DT discussion going with yourself. It's pretty obvious just from the prose who you are!
Started: Deadly4U, 2 Aug 2022 18:41
Last post: Deadly4U, 2 Aug 2022 18:41
Any particular reason all homebuilders getting rekt at these already low valuations?
Started: 2227, 29 Jun 2022 11:41
Last post: strictlybricks, 17 Jul 2022 00:29
bakuraru,
You may well be right re interest rates ~ I make no prediction about those or anything else....?
I've been investing for myself for more than twenty two years now ~ for nineteen of these, solely in house builder shares ~ and I'm far more comfortable using the rear view mirror than the windscreen and that's served me well to date.
Another useful item on the Nationwide website ~ and I would recommend taking a look there ~ is their graph of house prices since 1984 adjusted for inflation.
This graph also includes a trend line which is inflation plus 2.5% a year which is the overall trajectory of house prices over that period.
For the two periods of house price drops referenced in my earlier post, prices had gone way above the trend line, whereas right now they are some way lower.
I have figures on Bellway going back forty years and the only time they lost money ~ and even then it was only a smidgen ~ was 2008 and 2009, though they always paid a dividend.
Their average annual return on equity over forty years has been 16%, and I'm very happy with that as a base line from which to then trade between different house builder shares, as perceived opportunities arise, for additional gain, and that's been a simple & straightforward strategy that's worked for me throughout without having to try to call the future ~ which I have zero ability to do.
Having said that, I do have concerns about the economic prospects for this country, they may turn out to be very grim, but while cash would have been the place to be for this year to date (and wouldn't it have been wonderful to have been having a drink with Captain Hindsight at the end of last year and he'd given a heads-up about how things would go), where we've ended up is that, beyond a real meltdown, Bellway shares, et al, are now IMO stupidly cheap.
I did largely swerve the covid iceberg at the end of February 2020 ~ the only time I've ever managed to do something like that so I feel I got lucky ~ but back then their shares were at about twice the PBV that they are currently, so it wasn't too hard a call to make.
Outside of that, since my start in spring 2000, I've always remained fully invested throughout.
So I suppose that all that is a roundabout way of saying that we are now where we are, and personally I don't have the cojones to go to cash when the likes of Bellway shares are selling at such perceived bargain basement prices...
In all likelihood, of course, rather than being a certainty... :-)
Strictly
strictlybricks,
with the Base Rate likely reaching 2.25% by the end of the year that ratio will jump from 31.9% to around 38%
What if it doesn't stop there and the Base Rate goes to 3% in 2023 as some predict? That ratio will jump further to 42%
OK, you will say it still hasn't reached 46% but don't forget other factors like rising living cost, energy, fuel, food...
Average UK salaries are not going up.
That will surely put pressure on the property prices, no?
2227,
I subscribe to the Telegraph and there seems to have been a real flurry of excitable & speculative articles about future house prices lately....
Generally, readers' comments below the articles often seem more sensible and I pay the subscription as much for these as for the articles themselves ~ the investing articles are often particularly naff & seemingly poorly informed of themselves.
A much more useful link, IMO, is the Nationwide's website....
After all, these folk do tend to issue a mortgage or two, and track progress through their numbers, rather than being just some bored hack doing a quick bit of research on a wet afternoon.
https://www.nationwidehousepriceindex.co.uk/resources/f/uk-and-regional-affordability-indicators
Per the Nationwide, since 1952, amidst all the thousands of percent of house price increases, there have been just two periods of house price falls.
1990, with around a 20% fall, and 2008, again around a 20% fall....
At both of those points, first time buyer mortgage payments as a percentage of income rose to 46%, whereas right now they are toddling along at 31.9%, which is around average.... again, all this is from the Nationwide's website...
And we've recently had Jason Honeyman's trading update on behalf of Bellway, and I discerned nothing except good news ~ positive prospects for business as usual and with the intention to increase dividend payout from 2024 from one third of earnings up to two fifths of earnings.
And Bellway have been the most consistent housebuilder of all ~ the "Ghost Dog" of the sector ~ and Mr Honeyman has been around the house building game since he left school at 16.
And Bellway have only previously paid one third of earnings out as dividend for the past forty years.
And now they're intending upping it.
So, this seems like a Harry Callahan moment to me...?
For anyone looking to bet against Bellway from here, I reckon they need to ask themselves:
"Do I feel lucky?"
"Well, do you, punk?"
Strictly
I hope it's not going to be like early 90s again.
https://www.telegraph.co.uk/property/house-prices/five-charts-show-housing-market-set-disaster/
Started: BClissold, 8 Apr 2022 16:59
Last post: BClissold, 8 Apr 2022 16:59
Buys £500k worth