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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Barratt Developments    BDEV   GB0000811801

BARRATT DEVELOPMENTS (BDEV)
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491.1500 GBp   -4.48%
10/18BARRATT DEVELOP : shrugs off jitters with 'strong' start
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FTSE gets sterling boost, land purchase threat dents housebuilders

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11/22/2017 | 05:56pm CEST
FILE PHOTO:A man shelters under an umbrella as he walks past the London Stock Exchange

LONDON (Reuters) - Britain's top share index touched a session high as chancellor Philip Hammond delivered his budget statement on Wednesday, boosted by a dip in sterling as Brexit-bound Britain slashed economic growth forecasts.

Housebuilding stocks swung sharply, losing ground after Hammond announced a review of unused planning permissions, though a stamp duty exemption to spur house buying offered some support to the sector.

The FTSE 100 <.FTSE> ended the session just 0.1 percent higher at 7,419.02 points as sterling recovered and headed higher, though the blue chip index still outperformed a negative European market.

Hammond, walking a tightrope between managing weak public finances and offering sweeteners to win back voters, had little room for the bold moves demanded by many in his Conservative party to help households after years of spending cuts.

Sterling fell sharply on the growth downgrade before bouncing back, and the FTSE traded just off its earlier highs.

Housebuilders <.FTNMX3720> hit a session high, up 1.6 percent, before falling back to end the day down 0.3 percent after Hammond said the government would review unused planning permissions and consider compulsory purchases if sites were being withheld for commercial rather than technical reasons.

Barratt Development (>> Barratt Developments), Persimmon (>> Persimmon) and Berkeley (>> Berkeley) were among the worst-performing FTSE stocks, down 1.9 to 3.7 percent.

"On one hand it's going to encourage housebuilders to use their land bank ... but if you are suddenly getting a flood of properties or land banks being used in the short term the market might think it could depress prices," said Paul Mumford, UK fund manager at Cavendish Asset Management.

The benefits from the stamp duty exemption could trigger demand in the short term, he said.

The housebuilding sector <.FTNMX3720> has been among the best performing in the UK this year, up 9 percent.

Dollar earners including Shire (>> Shire) and Reckitt Benckiser (>> Reckitt Benckiser) were among top gainers on the pound's earlier pullback. Reckitt was also helped by an upgrade to "overweight" from JP Morgan.

Among other movers, Thomas Cook (>> Thomas Cook Group) was the stand-out, down 8.4 percent after results.

The mid-cap tour operator revealed shrinking UK margins after four consecutive years of profit growth, indicating competition in the sector was heating up.

"This is much worse than expected despite TCG flagging margin pressure through the year," Barclays analysts said in a note. "The major issue is exposure to Spain (about 44 percent of UK business) - ... TCG needs to remix capacity away from Spain."

Financials were the biggest contributors to index gains with Standard Chartered (>> Standard Chartered) up 2.9 percent after sources said the bank was close to selling its real estate principal finance unit to private equity firm Actis.

(Reporting by Helen Reid and Kit Rees; Editing by Mark Heinrich)

By Helen Reid

Stocks mentioned in the article
ChangeLast1st jan.
BARRATT DEVELOPMENTS -1.63% 491.6 Delayed Quote.-21.95%
BERKELEY -0.65% 3259 Delayed Quote.-20.11%
FRESNILLO 4.08% 887.6 Delayed Quote.-36.17%
FTSE 100 INDEX 0.28% 7234.11 End-of-day quote.-5.90%
HSBC HOLDINGS -0.10% 620.4 Delayed Quote.-18.07%
KINGFISHER -0.75% 241.8 Delayed Quote.-25.23%
PERSIMMON -1.69% 2162 Delayed Quote.-19.25%
RANDGOLD RESOURCES 5.15% 6268 Delayed Quote.-17.92%
RECKITT BENCKISER 1.24% 6714 Delayed Quote.-5.48%
SHIRE 1.34% 4508 Delayed Quote.11.74%
STANDARD CHARTERED 0.14% 546.1 Delayed Quote.-27.66%
TAYLOR WIMPEY -1.58% 151.4 Delayed Quote.-23.16%
THE SAGE GROUP PLC 0.04% 548 Delayed Quote.-29.30%
THOMAS COOK GROUP 1.73% 40.56 Delayed Quote.-61.73%
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Financials (GBP)
Sales 2019 4 954 M
EBIT 2019 901 M
Net income 2019 717 M
Finance 2019 745 M
Yield 2019 8,54%
P/E ratio 2019 7,39
P/E ratio 2020 6,97
EV / Sales 2019 0,90x
EV / Sales 2020 0,88x
Capitalization 5 214 M
Chart BARRATT DEVELOPMENTS
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Technical analysis trends BARRATT DEVELOPMENTS
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TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
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Buy
Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 6,59  GBP
Spread / Average Target 28%
EPS Revisions
Managers
NameTitle
David Fraser Thomas Group Chief Executive Officer & Executive Director
John Murray Allan Chairman
Steven John Boyes Group Chief Operating Officer & Executive Director
Jessica Elizabeth White Chief Financial Officer & Executive Director
Richard John Akers Senior Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
BARRATT DEVELOPMENTS-21.95%6 791
DAIWA HOUSE INDUSTRY CO LTD-22.11%20 313
D.R. HORTON-26.22%14 095
SEKISUI HOUSE LTD-19.37%10 314
PERSIMMON-19.25%9 090
SEKISUI CHEMICAL CO LTD-21.41%7 898