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Mar 10 2023, 07:05 GMT
Glenveagh Properties
Moving price target to €1.62; significant re-rating potential in 2023
- Sectors : Construction and Housebuilding
- Companies : Glenveagh Properties
DAVY VIEW
We increase our price target on Glenveagh Properties by 11% to €1.62, driven mainly by significant accretion from recent buybacks. At a close to 10% discount to trailing book value, the market is not pricing in what is a very positive outlook for new homes in 2023 in Ireland. We see significant re-rating potential this year and reiterate our ‘Outperform’ rating.
