Davy Research

Bellway plc (BWY.L, BWY LN)

  • 3880.4
  • 123.0
  • 98.7

Company Profile

Based in Newcastle, Bellway builds c.7,000 new homes each year throughout the UK. With a market capitalisation of £0.72bn, the group is the fourth-largest quoted UK builder by unit completions and is a member of the FTSE 250 Index. With 18 divisions spread across the UK, Bellway builds c.55% of its houses in the north and 45% in the south. In the north, the group has large operations in Scotland, the north-east and north-west. In the south, the group's operations are based in the south-east and south-west and the Thames Gateway region. Bellway's housing output is split 50/50 between private homes and flats. Social housing has been an important part of the group's completions over the years and has provided roughly 10% of completions per annum over the past five years. The group's target market is the first-time buyer (c.16%) and the buy-to-let investor (24%). Bellway's average sales price of £173,300 splits into £183,999 for private homes and £116,566 for affordable housing. The average sales price in the northern region is £162,488 versus £189,335 in the south.

Major Shareholders%
JP Morgan Asset Mgmt 10.1
Standard Life Aberdeen8.5
Legal & General Group 5.2
Henderson Group 5.0
Dimensional Fund Advisors5.0

    Closing Price (p): 3156.0

  • RATING 24/03/14

  • PREVIOUS RATING 10/09/13





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