RACHAEL APPLEGATE PANMURE GORDON
Berkeley has released an update which is typically short on detail but shows that the market in the south east remains strong and Berkeley appears to be performing well within it...with forward sales currently standing at £1.4bn...We are likely to stick with our full-year forecast.
ROBIN HARDY PEEL HUNT
Berkeley has not given anything substantially new but lets us maintain a broadly positive view of the stock. Profit delivery may prove lumpy but there should still be £900m of pre-tax profit in the next three years, easily more. We have reviewed our target price and have stepped up to 2,050p.
CHRIS MILLINGTON NUMIS
Berkeley’s update does not give much new information other than that the forward order book has continued to grow...We have left 2013 and 2014 estimates unchanged but release a 2015 estimate which points to a continuation of strong earnings growth.