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Nov 13 2017, 07:10 GMT
The Cairn Homes story continues to progress well. Active sites are delivering good sales velocities, and newer sites will drive volumes towards current targets. The company continues to see good success with planning, and the scope for further value-add is significant. While the stock is currently pricing in a positive medium-term environment, we still see many levers available for the story in the next few years. We reiterate our ‘Outperform’ rating.