The MM’s are on a mission to drop this below 2000p and they will. Might be a sudden drop with stop losses being taken out, but PI’s have nothing to fear buying at these prices.
Lovleh , one of the best buys on the FTSE at this SP. Inflation forecast for 2% in April and more affordable mortgages coming online everyday, this will be back to 200p before Easter.
It is the 300m coupon that is crippling them. They secured it at 9.75% resulting them paying 30m a year until October 2029. They are just making that at the operating profit level. They are liquid enough and the figures were not too bad. If the market cranks up in H2 they might just escape a RI. Trust me, you don’t want to be holding this on a RI. I can’t see these ever hitting 8.3p again and look good for a decent rise if Labour can put some stimulus in the housing market.
?????: 2022 was when the Housing market was flying, the SP has fallen by 75% since then. The theory is that when the market pick up again, and it will, the SP will reflect that.