views

ANALYST VIEWS: WHAT DO YOU THINK OF BELLWAY’S PERFORMANCE?

Marion Dakers
JON BELL | SHORE CAPITAL
"Encouragingly, circa 1,800 reservations have been taken for completion in the next financial year. The company has a very strong balance sheet (£55m of net cash) which will enable management to buy land at the correct price points. The discount to NAV (circa 25 per cent) is unwarranted."

CHRIS MILLINGTON | NUMIS SECURITIES
"The company has upped its stocks and bought up new land and house prices are going up in the longer term. It is a company that has over £50m in cash despite spending £150m on land this year. I think it is very well placed in the market."

IMRAN AKRAN | COLLINS STEWART
"Housebuilders are currently down almost 20 per cent and though Bellway could bounce, we prefer Persimmon with its conservative levels of writedowns, Bovis, which operates entirely in the South and is a potential takeover target and Taylor Wimpey, which has a unique US exposure."