DAVY VIEW

Further deterioration in Vistry’s underlying operations has compounded what was already a very challenged H2 2024 which had been originally beset by cost understatements. Earnings volatility has become too high on the name, and the short-term increasingly uncertain. We thus downgrade the stock to neutral, although there remains some upside to the name on an intrinsic value basis, we wait for more transparency/clarity on the strategy to reevaluate.