Davy Morning Equity Briefing
Oct 01, 2026
Breedon Group
CEO succession
Breedon has announced that Rob Wood will be stepping down as CEO, effective January 1st 2027, after 12 years with the group, including almost six years as CEO. James Brotherton (CFO) will succeed him, with a search for a new CFO now underway. We view this as an orderly succession, with Brotherton having played a key role in executing Breedon’s growth strategy in recent years. As such, we do not anticipate any change in strategic direction.
Vistry Group
CEO Review recap: new blueprint, same leverage concerns
The CEO Review set out a vision for a smaller, simplified Vistry. One that would trade with less leverage and operate with tighter controls. This is a positive first step. However, at the same update the company yet again cut guidance for FY 2026 and increased its expectations for daily average net debt in H2. We need to see delivery against targets. For us, Vistry is a “show, don’t tell” story. While the announcement of the new Help to Buy scheme is positive, in the near term it may create an “air pocket” of demand as prospective buyers wait to avail of the scheme. We retain our ‘Neutral’ rating on the stock.
