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Nov 14 2022, 07:10 GMT
Construction and Housebuilding
Trading updates point to bleak 2023 market conditions
- Sectors : Construction and Housebuilding
- Companies : Persimmon plc | Redrow plc | Bellway plc | Vistry Group | Berkeley Group | Taylor Wimpey plc | Barratt Redrow plc
Ratings
Ratings and price correct at time of issue
| Company | Rating | Date | Previous Rating | Date | Closing Price |
|---|---|---|---|---|---|
| Barratt Redrow plc | OUTPERFORM | 25/06/20 | Neutral | 24/03/14 | 412p |
| Bellway plc | OUTPERFORM | 24/03/14 | Neutral | 10/09/13 | 2102p |
| Berkeley Group | UNDERPERFORM | 10/09/13 | Under Review | 21/05/13 | 3836p |
| Persimmon plc | NEUTRAL | 17/08/20 | Underperform | 10/09/13 | 1354p |
| Redrow plc | NEUTRAL | 10/09/13 | Under Review | 21/05/13 | 471p |
| Taylor Wimpey plc | OUTPERFORM | 10/09/13 | Under Review | 21/05/13 | 105p |
| Vistry Group | OUTPERFORM | 10/09/13 | Under Review | 21/05/13 | 662p |
DAVY VIEW
Recent trading updates in the sector have reinforced our view that trading will continue to be difficult for homebuilders well into 2023. Our headline assumptions for the market (volume -15%, price -5%) have driven downgrades of 30-35% today. We remain cautious on the sector and continue to prefer Bellway and Taylor Wimpey on a relative basis.
