View ValuationBellway 향후 성장Future 기준 점검 1/6Bellway (는) 각각 연간 15.3% 및 5% 수익과 수익이 증가할 것으로 예상됩니다. EPS는 연간 17% 만큼 성장할 것으로 예상됩니다. 자기자본이익률은 3년 후 7.5% 로 예상됩니다.핵심 정보15.3%이익 성장률17.00%EPS 성장률Consumer Durables 이익 성장19.7%매출 성장률5.0%향후 자기자본이익률7.48%애널리스트 커버리지Good마지막 업데이트18 May 2026최근 향후 성장 업데이트공시 • Feb 11Bellway P.L.C. Provides Sales Guidance for the Year 2025Bellway p.l.c. provided sales guidance for the year 2025. For the year, the company remains on track to deliver full year volume output of at least 8,500 homes (31 July 2024 - 7,654 homes) with output weighted towards the first half.모든 업데이트 보기Recent updatesDeclared Dividend • May 20First half dividend of UK£0.23 announcedShareholders will receive a dividend of UK£0.23. Ex-date: 21st May 2026 Payment date: 1st July 2026 Dividend yield will be 3.8%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (54% earnings payout ratio) but not covered by cash flows (114% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 60% over the next 3 years, which should provide support to the dividend and adequate earnings cover.공시 • May 03Bellway p.l.c. Announces Announces Board and Committee ChangesBellway p.l.c. announced the appointment of Philip Harrison as an independent Non-Executive Director of the Company with effect from July 1, 2026. He will also be appointed as a member of the Audit, Nomination, and Remuneration Committees with effect from the same date. Philip will become Chair of the Audit Committee ahead of Ian McHoul retiring from the Board at this year's AGM in November. Philip has extensive finance leadership and strategy experience across several sectors, including construction. He has been Chief Financial Officer at Balfour Beatty plc for more than ten years and will step down from their Board on May 7, 2026. Prior to this he spent three years as Group Finance Director at both Hogg Robinson Group plc and VT Group plc. He was a Non-Executive Director at Dowlais Group plc from February 2023 to February 2026 where he was Chair of the Audit Committee and a member of the Remuneration and Nomination Committees. Ian McHoul will retire from the Board at this year's AGM in November after a nine-year tenure and significant contribution as Chair of the Audit Committee.공시 • Nov 27Bellway p.l.c. Approves Final Dividend for 2025Bellway p.l.c. at its AGM held on 27 November 2025 approved to declare a final dividend of 49.0 pence per ordinary share for 2025.공시 • Oct 27+ 2 more updatesBellway p.l.c. to Report Q2, 2026 Results on Feb 10, 2026Bellway p.l.c. announced that they will report Q2, 2026 results on Feb 10, 2026공시 • Oct 14+ 1 more updateBellway p.l.c., Annual General Meeting, Nov 27, 2025Bellway p.l.c., Annual General Meeting, Nov 27, 2025.공시 • Aug 13Bellway p.l.c. Announces Management ChangesBellway p.l.c. announced the appointment of Gill Barr as an independent Non-Executive Director of the company with effect from 15 September 2025. Gill will also be appointed as a member of the Audit, Nomination, and Remuneration Committees with effect from the same date. Gill will become Chair of the Remuneration Committee in April 2026 when Jill Caseberry steps down from this role before retiring from the Board later in the year. Gill has extensive marketing, strategy and general management experience across a number of industries. She was Group Marketing Director of The Co-operative Group from 2011 to 2014 and was previously Marketing Director of John Lewis. Prior to this she spent seven years at Kingfisher Plc where she held a variety of senior marketing and business development roles. She is currently a Non-Executive Director at DFS Furniture plc where she is Chair of the Remuneration Committee and a member of the Audit, Nomination and Sustainability Committees. She has previously acted as a Non-Executive Director of PayPoint Plc, Wincanton plc, McCarthy & Stone plc, N Brown Group plc and Morgan Sindall Group Plc. In addition, the company announced the appointment of Phil Hope as Company Secretary, replacing Simon Scougall who was appointed Chief Commercial Officer on 1 August 2024. Phil joined Bellway 15 years ago and has held senior positions within the Group including that of Group Financial Controller and Finance Director and is now Finance Director and Company Secretary. Phil has significant corporate governance and listed company experience.공시 • Mar 26Bellway p.l.c. Announces Interim Dividend for the Year Ending July 31, 2025, Payable July 1, 2025Bellway p.l.c. announced the interim dividend of 21.0 pence for the year ending July 31, 2025. It was was approved by the Board on 24 March 2025 and, in accordance with IAS 10 'Events after the Reporting Period', has not been included as a liability in these condensed consolidated interim financial statements. The interim dividend will be paid on Tuesday 1 July 2025 to all ordinary shareholders on the Register of Members on Friday 23 May 2025. The ex-dividend date is Thursday 22 May 2025.공시 • Feb 11Bellway P.L.C. Provides Sales Guidance for the Year 2025Bellway p.l.c. provided sales guidance for the year 2025. For the year, the company remains on track to deliver full year volume output of at least 8,500 homes (31 July 2024 - 7,654 homes) with output weighted towards the first half.Buy Or Sell Opportunity • Nov 11Now 20% undervalued after recent price dropOver the last 90 days, the stock has fallen 1.8% to €32.20. The fair value is estimated to be €40.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.4% over the last 3 years. Earnings per share has declined by 24%. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 22% per annum over the same time period.Recent Insider Transactions • Oct 18Key Executive recently sold €1.1m worth of stockOn the 15th of October, Keith Adey sold around 27k shares on-market at roughly €39.10 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Keith's only on-market trade for the last 12 months.Declared Dividend • Oct 17Final dividend of UK£0.38 announcedShareholders will receive a dividend of UK£0.38. Ex-date: 28th November 2024 Payment date: 8th January 2025 Dividend yield will be 1.4%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (49% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 84% over the next 3 years, which should provide support to the dividend and adequate earnings cover.공시 • Oct 16Bellway p.l.c., Annual General Meeting, Dec 12, 2024Bellway p.l.c., Annual General Meeting, Dec 12, 2024.Reported Earnings • Oct 15Full year 2024 earnings released: EPS: UK£1.10 (vs UK£2.98 in FY 2023)Full year 2024 results: EPS: UK£1.10 (down from UK£2.98 in FY 2023). Revenue: UK£2.38b (down 30% from FY 2023). Net income: UK£130.5m (down 64% from FY 2023). Profit margin: 5.5% (down from 11% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Consumer Durables industry in Germany. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings.공시 • Oct 11Bellway P.L.C. Announces CFO ChangesBellway p.l.c. announced on 11 October 2024, the appointment of Shane Doherty as Chief Financial Officer. Shane Doherty, who was the Group Chief Financial Officer of Cairn Homes PLC ('Cairn') (a company trading on both the Euronext Dublin and the London Stock Exchange) until April 2024, will join Bellway on 2 December 2024 as Chief Financial Officer and be appointed as a member of the Board with effect from that date. Shane has significant experience in the housebuilding sector, having spent over four years at Cairn. Prior to this, he held a number of other senior finance roles across multiple sectors including as Chief Financial Officer at Morgan McKinley and European Finance Director at Flutter Entertainment PLC (formerly Paddy Power Betfair PLC). Shane qualified as a chartered accountant with PricewaterhouseCoopers in 2000. Further to the announcement on 21 May 2024, Bellway also announces that Keith Adey will be stepping down from his current role as Group Finance Director on 1 December 2024. Keith will remain on the Board and will continue to have an active role in the business as an executive director until 21 March 2025, which will include helping to oversee an orderly transition.공시 • Jul 11Bellway p.l.c. (LSE:BWY) submitted non-binding offer to acquire Crest Nicholson Holdings plc (LSE:CRST) for approximately £670 million.Bellway p.l.c. (LSE:BWY) submitted non-binding offer to acquire Crest Nicholson Holdings plc (LSE:CRST) for approximately £670 million on July 3, 2024. The consideration consists of common equity of Bellway p.l.c. at a ratio of 0.099 per common equity of Crest Nicholson Holdings plc. A total dividend at £0.04 per share will be paid by Bellway p.l.c. The Revised Proposal is subject to a number of pre-conditions, including completion of satisfactory due diligence. The Board of Crest Nicholson has confirmed to Bellway that the Revised Proposal is at a value that it would be minded to recommend unanimously to Crest Nicholson's shareholders. In order to enable satisfactory due diligence to take place, Bellway has requested, and the Board of Crest Nicholson and the Panel on Takeovers and Mergers consented to, an extension to the PUSU Deadline. Bellway is required, by no later than August 8, 2024 either to announce a firm intention to make an offer for Crest Nicholson under Rule 2.7 of the Code or to announce that it does not intend to make an offer for Crest Nicholson, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline may only be extended with the agreement of Crest Nicholson and the Panel in accordance with Rule 2.6(c) of the Code. There can be no certainty that a firm offer will ultimately be made for Crest Nicholson by Bellway, even if the pre-conditions are satisfied or waived. Bellway reserves the right to waive any pre-condition to the making of an offer. A further announcement will be made as and when appropriate. Robert Redshaw, Ram Anand, Robert Johnson and Irina Dzuteska of Citigroup Global Markets Limited and Heraclis Economides, Derek Shakespeare, Simon Hollingsworth and Oliver Hardy of Numis Securities Limited acted as financial advisor to Bellway. Robert Mayhew, Osman Akkaya, Stuart Jempson and Mark Gunalan of Barclays Bank PLC and Philip Yates, Sam Barnett, Will Soutar and Thomas Bective of Jefferies International Limited acted as financial advisor to Crest Nicholson Holdings.공시 • May 24+ 1 more updateBellway p.l.c. Announces Board and Executive ChangesBellway p.l.c. announced that Keith Adey, Group Finance Director, has advised the Board that, following a successful career that has spanned over 15 years with Bellway including over 12 years as Group Finance Director, and after much careful consideration, the time is right to step down from his role and from the Board. Keith intends to retire from full-time executive work once a successor has been appointed. A thorough recruitment process, led by the Nomination Committee with the support of external consultants, will now be undertaken. Throughout this process Keith will remain committed as Group Finance Director until an appropriate candidate has been appointed and a suitable handover has taken place which the Board expects to be early in 2025. The Company also announced that Simon Scougall will be appointed to join the Board in the newly created executive role of Chief Commercial Officer on 1 August 2024. Simon has held a number of senior positions within Bellway for over 13 years and is currently the Group General Counsel and Company Secretary and a member of the Group Executive Committee.공시 • May 23+ 1 more updateBellway p.l.c. to Report Fiscal Year 2025 Results on Oct 21, 2025Bellway p.l.c. announced that they will report fiscal year 2025 results on Oct 21, 2025Upcoming Dividend • May 16Upcoming dividend of UK£0.16 per shareEligible shareholders must have bought the stock before 23 May 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 61% but the company is paying out more than the cash it is generating. Trailing yield: 4.0%. Lower than top quartile of German dividend payers (4.6%). In line with average of industry peers (4.1%).공시 • May 01Bellway p.l.c. Appoints Cecily Davis as Independent Non-Executive Director and as Member of the Audit, Nomination, Sustainability and Remuneration Committees, Effect from 1 May 2024Bellway p.l.c. announced the appointment of Cecily Davis as an independent Non-Executive Director of the Company with effect from 1 May 2024. Cecily will also be appointed as a member of the Audit, Nomination, Sustainability and Remuneration Committees. Cecily has a wealth of senior executive experience of leadership and influencing, gained through her lengthy tenure as a senior partner with Fieldfisher and as current Co-Head of her firm's Africa Group. In addition, Cecily currently serves as a non-executive director on the board of Triple Point Social Housing REIT PLC, and has previously acted as non-executive director of both L&Q Group and Places for People.Declared Dividend • Mar 28First half dividend of UK£0.16 announcedShareholders will receive a dividend of UK£0.16. Ex-date: 23rd May 2024 Payment date: 1st July 2024 Dividend yield will be 4.1%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (61% earnings payout ratio) but not covered by cash flows (258% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 50% over the next 3 years, which should provide support to the dividend and adequate earnings cover.Reported Earnings • Mar 26First half 2024 earnings released: EPS: UK£0.71 (vs UK£1.87 in 1H 2023)First half 2024 results: EPS: UK£0.71 (down from UK£1.87 in 1H 2023). Revenue: UK£1.27b (down 30% from 1H 2023). Net income: UK£84.0m (down 64% from 1H 2023). Profit margin: 6.6% (down from 13% in 1H 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Consumer Durables industry in Germany. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 9% per year.Upcoming Dividend • Nov 24Upcoming dividend of UK£0.95 per share at 5.9% yieldEligible shareholders must have bought the stock before 30 November 2023. Payment date: 10 January 2024. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 5.9%. Within top quartile of German dividend payers (5.0%). Higher than average of industry peers (4.9%).공시 • Nov 06Bellway p.l.c., Annual General Meeting, Dec 15, 2023Bellway p.l.c., Annual General Meeting, Dec 15, 2023, at 08:30 Coordinated Universal Time. Location: Bellway p.l.c. Woolsington House, Woolsington New Castle Upon Tyne Tyne and Wear United Kingdom Agenda: To consider that the Company's audited financial statements for the financial year ended 31 July 2023 (the `Accounts') and the Directors'Report, the Strategic Report and the Auditor's Report on those Accounts and the auditable part of the Remuneration Report be received; to consider that the Remuneration Report, shown on pages 126 to 138 of the Annual Report and Accounts for the year ended 31 July 2023, be approved; to consider that a final dividend for the year ended 31 July 2023 of 95p per ordinary share, as recommended by the directors, be declared; to consider that Mr J Tutte be re-elected as a director of the Company; to consider that Mr J M Honeyman be re-elected as a director of the Company; to consider that Mr K D Adey be re-elected as a director of the Company; to consider that Ms J Caseberry be re-elected as a director of the Company; to consider that Mr I McHoul be re-elected as a director of the Company; and to consider other matters.Reported Earnings • Oct 18Full year 2023 earnings released: EPS: UK£2.98 (vs UK£1.97 in FY 2022)Full year 2023 results: EPS: UK£2.98 (up from UK£1.97 in FY 2022). Revenue: UK£3.41b (down 3.7% from FY 2022). Net income: UK£365.0m (up 51% from FY 2022). Profit margin: 11% (up from 6.9% in FY 2022). The increase in margin was driven by lower expenses. Revenue is expected to decline by 1.7% p.a. on average during the next 3 years, while revenues in the Consumer Durables industry in Germany are expected to grow by 6.6%. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings.공시 • Oct 18Bellway p.l.c. Recommends Final Dividend for the Year Ended 31 July 2023, Payable on 10 January 2024The Board of Bellway p.l.c. recommended the final dividend is maintained at 95.0 pence per share (2022 - 95.0 pence) for the year ended 31 July 2023. The 2023 proposed final dividend is subject to approval by shareholders at the Annual General Meeting on 15 December 2023 and, in accordance with IAS 10 'Events after the Reporting Period', has not been included as a liability in these financial statements. The proposed final dividend, subject to shareholder approval, will be paid on 10 January 2024 to all ordinary shareholders on the Register of Members on 1 December 2023. The ex-dividend date is 30 November 2023.New Risk • Sep 04New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 0.06% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.06% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.2% net profit margin).공시 • Jul 29+ 1 more updateBellway p.l.c. to Report Fiscal Year 2024 Results on Oct 15, 2024Bellway p.l.c. announced that they will report fiscal year 2024 results on Oct 15, 2024Upcoming Dividend • May 18Upcoming dividend of UK£0.45 per share at 5.6% yieldEligible shareholders must have bought the stock before 25 May 2023. Payment date: 03 July 2023. Payout ratio is on the higher end at 78%, however this is supported by cash flows. Trailing yield: 5.6%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (2.7%).Reported Earnings • Mar 29First half 2023 earnings released: EPS: UK£1.87 (vs UK£2.03 in 1H 2022)First half 2023 results: EPS: UK£1.87 (down from UK£2.03 in 1H 2022). Revenue: UK£1.81b (up 1.6% from 1H 2022). Net income: UK£230.0m (down 8.1% from 1H 2022). Profit margin: 13% (down from 14% in 1H 2022). Revenue is expected to decline by 4.2% p.a. on average during the next 3 years, while revenues in the Consumer Durables industry in Germany are expected to grow by 5.3%. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings.Board Change • Jan 10Less than half of directors are independentFollowing the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Senior Independent Non-Executive Director Sarah Whitney was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.Upcoming Dividend • Nov 24Upcoming dividend of UK£0.95 per shareEligible shareholders must have bought the stock before 01 December 2022. Payment date: 11 January 2023. Payout ratio is a comfortable 71% but the company is paying out more than the cash it is generating. Trailing yield: 7.0%. Within top quartile of German dividend payers (5.0%). Higher than average of industry peers (4.2%).공시 • Nov 18Bellway P.L.C. Announces Appointment of Jill Caseberry as Senior Independent Director and Chair of the Remuneration Committee with Effect from 1 January 2023Bellway p.l.c. announced a change to the other appointments of Jill Caseberry, a Non-Executive Director of the Company. Jill is also a Non-Executive Director of Bakkavor Group plc and has been appointed as Senior Independent Director and Chair of the Remuneration Committee with effect from 1 January 2023. Jill will step down from her role as designated workforce engagement Non-executive Director with effect from 1 January 2023.공시 • Nov 08Bellway p.l.c., Annual General Meeting, Dec 16, 2022Bellway p.l.c., Annual General Meeting, Dec 16, 2022, at 08:30 Coordinated Universal Time. Location: Bellway p.l.c., Woolsington House Woolsington, Newcastle Upon Tyne, NE13 8BF New Castle upon Tyne United Kingdom Agenda: To consider the Company's audited financial statements for the financial year ended 31 July 2022 (the `Accounts') and the Directors' Report, the Strategic Report and the Auditor's Report on those Accounts and the auditable part of the Remuneration Report be received (together the `Annual Report and Accounts'); to consider the Remuneration Report, shown on pages 106 to 118 of the Annual Report and Accounts for the year ended 31 July 2022; to approve a final dividend for the year ended 31 July 2022 of 95p per ordinary share, as recommended by the directors, be declared; to consider Mr J Tutte be elected as a director of the Company; to consider Mr J M Honeyman be re-elected as a director of the Company; to consider Mr K D Adey be re-elected as a director of the Company; to consider Ms J Caseberry be re-elected as a director of the Company; and to transact such other business matters.공시 • Oct 31Bellway p.l.c. Announces Director ChangesBellway p.l.c. announced that Denise Jagger, Senior Independent Non-Executive Director, will retire from the Board on 16th December 2022 after nine and a half years of service. Sarah Whitney, Non-Executive Director, will become Senior Independent Non-Executive Director.Reported Earnings • Oct 20Full year 2022 earnings released: EPS: UK£1.97 (vs UK£3.17 in FY 2021)Full year 2022 results: EPS: UK£1.97 (down from UK£3.17 in FY 2021). Revenue: UK£3.54b (up 13% from FY 2021). Net income: UK£242.6m (down 38% from FY 2021). Profit margin: 6.9% (down from 13% in FY 2021). Revenue is expected to decline by 1.5% p.a. on average during the next 3 years, while revenues in the Consumer Durables industry in Germany are expected to grow by 4.3%. Over the last 3 years on average, earnings per share has fallen by 16% per year whereas the company’s share price has fallen by 18% per year.공시 • Oct 18Bellway P.L.C. Recommends Final Dividend, Payable on 11 January 2023Bellway p.l.c. recommend a 15.2% increase in the final dividend to 95.0 pence per share (2021 - 82.5 pence, 2020 - 50.0 pence). This brings the total proposed dividend to 140.0 pence per share (2021 - 117.5p, 2020 - 50.0p), an increase of 19.1%. If approved, the overall dividend will be covered 3.0 times2,3 by underlying earnings (2021 - 3.0 times, 2020 - 4.1 times). The proposed final dividend, subject to shareholder approval, will be paid on 11 January 2023 to all ordinary shareholders on the Register of Members on 2 December 2022. The ex-dividend date is 1 December 2022. At the record date for the final dividend for the year ended 31 July 2021, shares were held by the Bellway Employee Share Trust (1992) (the 'Trust') on which dividends had been waived.Valuation Update With 7 Day Price Move • Sep 29Investor sentiment deteriorated over the past weekAfter last week's 17% share price decline to €18.30, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 7x in the Consumer Durables industry in Germany. Total loss to shareholders of 45% over the past three years.공시 • Aug 17Bellway p.l.c. Appoints Sarah Whitney as Independent Non-Executive Director, Effective from September 1, 2022Bellway p.l.c. announced the appointment of Sarah Whitney as an independent Non-Executive Director of the company with effect from September 1, 2022. Sarah will also be appointed as a member of the Audit, Nomination and Remuneration Committees. Sarah has significant senior executive experience in the property sector and is currently a non-executive director and Chair of the Audit and Management Engagement Committees at JP Morgan Global Growth & Income plc, Chair of the Supervisory Board of BBGI Global Infrastructure S.A., a non-executive director and member of the Audit and Management Engagement Committees of Tritax EuroBox plc and a trustee and Chair of the Investment Committee of The Canal & River Trust.공시 • Jul 29+ 2 more updatesBellway p.l.c. to Report Fiscal Year 2023 Results on Oct 17, 2023Bellway p.l.c. announced that they will report fiscal year 2023 results on Oct 17, 2023Board Change • May 31High number of new directorsNon-Executive Chairman John Tutte was the last director to join the board, commencing their role in 2022.Upcoming Dividend • May 12Upcoming dividend of UK£0.45 per shareEligible shareholders must have bought the stock before 19 May 2022. Payment date: 01 July 2022. Payout ratio is a comfortable 38% but the company is paying out more than the cash it is generating. Trailing yield: 5.2%. Within top quartile of German dividend payers (4.2%). Higher than average of industry peers (2.9%).Board Change • Apr 27High number of new directorsNon-Executive Chairman John Tutte was the last director to join the board, commencing their role in 2022.Reported Earnings • Mar 30First half 2022 earnings releasedFirst half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down UK£229.2m from profit in 1H 2021). Profit margin: (down from 13% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 11%, compared to a 8.2% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings.공시 • Mar 29Bellway p.l.c. Announces Interim DividendBellway p.l.c. announced The interim dividend has been increased to 45.0 pence per share (2021 - 35.0 pence, 2020 - nil), a rise of 28.6% and the Board anticipates that the dividend cover will be 3 times underlying earnings for the full financial year. The Board intends to reduce dividend cover to around 2.5 times underlying earnings by 31 July 2024, a prudent and sustainable level, supported by strong investment returns and enhanced cash generation, arising in part, from increased investment in land over the past 18 months.Buying Opportunity • Mar 23Now 21% undervalued after recent price dropOver the last 90 days, the stock is down 13%. The fair value is estimated to be UK£43.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.3% per annum over the last 3 years. Earnings per share has declined by 29% per annum over the last 3 years.Buying Opportunity • Feb 25Now 26% undervalued after recent price dropOver the last 90 days, the stock is down 12%. The fair value is estimated to be UK£43.84, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.3% per annum over the last 3 years. Earnings per share has declined by 29% per annum over the last 3 years.Buying Opportunity • Feb 08Now 22% undervalued after recent price dropOver the last 90 days, the stock is down 10%. The fair value is estimated to be UK£42.35, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.3% per annum over the last 3 years. Earnings per share has declined by 29% per annum over the last 3 years.Board Change • Dec 06Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. Independent Non-Executive Director Ian McHoul was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.Recent Insider Transactions • Dec 01Group CEO & Executive Director recently bought €126k worth of stockOn the 29th of November, Jason Honeyman bought around 3k shares on-market at roughly €37.31 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent buy, Jason has been a net seller over the last 12 months, reducing personal holdings by €38k.Upcoming Dividend • Nov 25Upcoming dividend of UK£0.82 per shareEligible shareholders must have bought the stock before 02 December 2021. Payment date: 12 January 2022. Trailing yield: 3.6%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (2.0%).Recent Insider Transactions • Oct 24Group CEO & Executive Director recently sold €164k worth of stockOn the 22nd of October, Jason Honeyman sold around 4k shares on-market at roughly €37.66 per share. This was the largest sale by an insider in the last 3 months. This was Jason's only on-market trade for the last 12 months.Reported Earnings • Oct 20Full year 2021 earnings released: EPS UK£3.17 (vs UK£1.57 in FY 2020)The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: UK£3.12b (up 40% from FY 2020). Net income: UK£390.7m (up 102% from FY 2020). Profit margin: 13% (up from 8.7% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings.Upcoming Dividend • May 13Upcoming dividend of UK£0.35 per shareEligible shareholders must have bought the stock before 20 May 2021. Payment date: 01 July 2021. Trailing yield: 2.0%. Lower than top quartile of German dividend payers (3.2%). Lower than average of industry peers (2.3%).Reported Earnings • Mar 25First half 2021 earnings released: EPS UK£1.86 (vs UK£1.94 in 1H 2020)The company reported a soft first half result with weaker earnings and profit margins, although revenues improved. First half 2021 results: Revenue: UK£1.72b (up 12% from 1H 2020). Net income: UK£229.2m (down 4.2% from 1H 2020). Profit margin: 13% (down from 16% in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings.Is New 90 Day High Low • Mar 05New 90-day high: €36.00The company is up 8.0% from its price of €33.18 on 04 December 2020. The German market is also up 8.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Consumer Durables industry, which is up 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €37.94 per share.공시 • Feb 10Bellway p.l.c. to Report First Half, 2021 Results on Mar 24, 2021Bellway p.l.c. announced that they will report first half, 2021 results on Mar 24, 2021Analyst Estimate Surprise Post Earnings • Nov 16Revenue misses expectationsRevenue missed analyst estimates by 3.0%. Over the next year, revenue is forecast to grow 19%, compared to a 4.6% growth forecast for the Consumer Durables industry in Germany.공시 • Nov 11Bellway p.l.c., Annual General Meeting, Dec 11, 2020Bellway p.l.c., Annual General Meeting, Dec 11, 2020, at 08:30 Coordinated Universal Time. Location: Woolsington House, Newcastle upon Tyne, NE13 8BF Woolsington United KingdomRecent Insider Transactions • Oct 30Independent Non-Executive Chairman recently bought €99k worth of stockOn the 28th of October, Paul Nigel Smith bought around 4k shares on-market at roughly €25.53 per share. This was the largest purchase by an insider in the last 3 months. Paul Nigel has been a buyer over the last 12 months, purchasing a net total of €185k worth in shares.Reported Earnings • Oct 21Full year earnings released - EPS €1.57Over the last 12 months the company has reported total profits of UK£192.9m, down 64% from the prior year. Total revenue was UK£2.23b over the last 12 months, down 31% from the prior year. Profit margins were 8.7%, which is lower than the 17% margin from last year. The decrease in margin was driven by lower revenue.Analyst Estimate Surprise Post Earnings • Oct 21Annual earnings released: Revenue misses expectationsAnnual revenue missed analyst estimates by 3.0% at UK£2.23b. Revenue is forecast to grow 18% over the next year, compared to a 4.0% growth forecast for the Consumer Durables industry in Germany.Is New 90 Day High Low • Sep 22New 90-day low: €24.87The company is down 14% from its price of €28.84 on 24 June 2020. The German market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €32.24 per share.공시 • Aug 12Bellway p.l.c. to Report Fiscal Year 2020 Results on Oct 20, 2020Bellway p.l.c. announced that they will report fiscal year 2020 results on Oct 20, 2020이익 및 매출 성장 예측DB:41B - 애널리스트 향후 추정치 및 과거 재무 데이터 (GBP Millions)날짜매출이익자유현금흐름영업현금흐름평균 애널리스트 수7/31/20283,337259237361137/31/20273,176225211317167/31/20263,065211103247151/31/20262,8741577283N/A10/31/20252,828157100111N/A7/31/20252,783158127139N/A4/30/20252,6601525463N/A1/31/20252,537147-19-13N/A10/31/20242,458139-43-39N/A7/31/20242,380131-67-65N/A4/30/20242,625175-11N/A1/31/20242,8702196567N/A10/31/20233,139292149152N/A7/31/20233,407365234236N/A4/30/20233,486294241242N/A1/31/20233,566222248248N/A10/31/20223,551232146147N/A7/31/20223,5372434545N/A4/30/20223,3593272728N/A1/31/20223,182412911N/A10/31/20213,152401219222N/A7/31/20213,123391429433N/A4/30/20212,764287409414N/A1/31/20212,405183389396N/A10/31/20202,315188162169N/A7/31/20202,225193-66-58N/A4/30/20202,7463587886N/A1/31/20203,267523222229N/A10/31/20193,240531N/A260N/A7/31/20193,213539N/A292N/A4/30/20193,167539N/AN/AN/A1/31/20193,121540N/A288N/A10/31/20183,039530N/A271N/A7/31/20182,958520N/A254N/A4/30/20182,846504N/AN/AN/A1/31/20182,734488N/A195N/A10/31/20172,647471N/A174N/A7/31/20172,559454N/A153N/A4/30/20172,431438N/A95N/A1/31/20172,304422N/A36N/A10/31/20162,272412N/A100N/A7/31/20162,241403N/A163N/A4/30/20162,130371N/A147N/A1/31/20162,019339N/A132N/A10/31/20151,892311N/A81N/A7/31/20151,765283N/A29N/A더 보기애널리스트 향후 성장 전망수입 대 저축률: 41B 의 연간 예상 수익 증가율(15.3%)이 saving rate(1.9%)보다 높습니다.수익 vs 시장: 41B 의 연간 수익(15.3%)이 German 시장(17.1%)보다 느리게 성장할 것으로 예상됩니다.고성장 수익: 41B 의 수입은 증가할 것으로 예상되지만 상당히 증가하지는 않을 것입니다.수익 대 시장: 41B 의 수익(연간 5%)이 German 시장(연간 6.8%)보다 느리게 성장할 것으로 예상됩니다.고성장 매출: 41B 의 수익(연간 5%)은 연간 20%보다 느리게 증가할 것으로 예상됩니다.주당순이익 성장 예측향후 자기자본이익률미래 ROE: 41B의 자본 수익률은 3년 후 7.5%로 낮을 것으로 예상됩니다.성장 기업 찾아보기7D1Y7D1Y7D1YConsumer-durables 산업의 고성장 기업.View Past Performance기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2026/05/22 15:36종가2026/05/22 00:00수익2026/01/31연간 수익2025/07/31데이터 소스당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.패키지데이터기간미국 소스 예시 *기업 재무제표10년손익계산서현금흐름표대차대조표SEC 양식 10-KSEC 양식 10-Q분석가 컨센서스 추정치+3년재무 예측분석가 목표주가분석가 리서치 보고서Blue Matrix시장 가격30년주가배당, 분할 및 기타 조치ICE 시장 데이터SEC 양식 S-1지분 구조10년주요 주주내부자 거래SEC 양식 4SEC 양식 13D경영진10년리더십 팀이사회SEC 양식 10-KSEC 양식 DEF 14A주요 개발10년회사 공시SEC 양식 8-K* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.분석 모델 및 스노우플레이크이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드와 YouTube 튜토리얼도 제공합니다.Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.산업 및 섹터 지표산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.분석가 소스Bellway p.l.c.는 32명의 분석가가 다루고 있습니다. 이 중 16명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.분석가기관Gavin JagoBarclaysRajesh PatkiBarclaysJonathan BellBarclays29명의 분석가 더 보기
공시 • Feb 11Bellway P.L.C. Provides Sales Guidance for the Year 2025Bellway p.l.c. provided sales guidance for the year 2025. For the year, the company remains on track to deliver full year volume output of at least 8,500 homes (31 July 2024 - 7,654 homes) with output weighted towards the first half.
Declared Dividend • May 20First half dividend of UK£0.23 announcedShareholders will receive a dividend of UK£0.23. Ex-date: 21st May 2026 Payment date: 1st July 2026 Dividend yield will be 3.8%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (54% earnings payout ratio) but not covered by cash flows (114% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 60% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
공시 • May 03Bellway p.l.c. Announces Announces Board and Committee ChangesBellway p.l.c. announced the appointment of Philip Harrison as an independent Non-Executive Director of the Company with effect from July 1, 2026. He will also be appointed as a member of the Audit, Nomination, and Remuneration Committees with effect from the same date. Philip will become Chair of the Audit Committee ahead of Ian McHoul retiring from the Board at this year's AGM in November. Philip has extensive finance leadership and strategy experience across several sectors, including construction. He has been Chief Financial Officer at Balfour Beatty plc for more than ten years and will step down from their Board on May 7, 2026. Prior to this he spent three years as Group Finance Director at both Hogg Robinson Group plc and VT Group plc. He was a Non-Executive Director at Dowlais Group plc from February 2023 to February 2026 where he was Chair of the Audit Committee and a member of the Remuneration and Nomination Committees. Ian McHoul will retire from the Board at this year's AGM in November after a nine-year tenure and significant contribution as Chair of the Audit Committee.
공시 • Nov 27Bellway p.l.c. Approves Final Dividend for 2025Bellway p.l.c. at its AGM held on 27 November 2025 approved to declare a final dividend of 49.0 pence per ordinary share for 2025.
공시 • Oct 27+ 2 more updatesBellway p.l.c. to Report Q2, 2026 Results on Feb 10, 2026Bellway p.l.c. announced that they will report Q2, 2026 results on Feb 10, 2026
공시 • Oct 14+ 1 more updateBellway p.l.c., Annual General Meeting, Nov 27, 2025Bellway p.l.c., Annual General Meeting, Nov 27, 2025.
공시 • Aug 13Bellway p.l.c. Announces Management ChangesBellway p.l.c. announced the appointment of Gill Barr as an independent Non-Executive Director of the company with effect from 15 September 2025. Gill will also be appointed as a member of the Audit, Nomination, and Remuneration Committees with effect from the same date. Gill will become Chair of the Remuneration Committee in April 2026 when Jill Caseberry steps down from this role before retiring from the Board later in the year. Gill has extensive marketing, strategy and general management experience across a number of industries. She was Group Marketing Director of The Co-operative Group from 2011 to 2014 and was previously Marketing Director of John Lewis. Prior to this she spent seven years at Kingfisher Plc where she held a variety of senior marketing and business development roles. She is currently a Non-Executive Director at DFS Furniture plc where she is Chair of the Remuneration Committee and a member of the Audit, Nomination and Sustainability Committees. She has previously acted as a Non-Executive Director of PayPoint Plc, Wincanton plc, McCarthy & Stone plc, N Brown Group plc and Morgan Sindall Group Plc. In addition, the company announced the appointment of Phil Hope as Company Secretary, replacing Simon Scougall who was appointed Chief Commercial Officer on 1 August 2024. Phil joined Bellway 15 years ago and has held senior positions within the Group including that of Group Financial Controller and Finance Director and is now Finance Director and Company Secretary. Phil has significant corporate governance and listed company experience.
공시 • Mar 26Bellway p.l.c. Announces Interim Dividend for the Year Ending July 31, 2025, Payable July 1, 2025Bellway p.l.c. announced the interim dividend of 21.0 pence for the year ending July 31, 2025. It was was approved by the Board on 24 March 2025 and, in accordance with IAS 10 'Events after the Reporting Period', has not been included as a liability in these condensed consolidated interim financial statements. The interim dividend will be paid on Tuesday 1 July 2025 to all ordinary shareholders on the Register of Members on Friday 23 May 2025. The ex-dividend date is Thursday 22 May 2025.
공시 • Feb 11Bellway P.L.C. Provides Sales Guidance for the Year 2025Bellway p.l.c. provided sales guidance for the year 2025. For the year, the company remains on track to deliver full year volume output of at least 8,500 homes (31 July 2024 - 7,654 homes) with output weighted towards the first half.
Buy Or Sell Opportunity • Nov 11Now 20% undervalued after recent price dropOver the last 90 days, the stock has fallen 1.8% to €32.20. The fair value is estimated to be €40.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.4% over the last 3 years. Earnings per share has declined by 24%. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 22% per annum over the same time period.
Recent Insider Transactions • Oct 18Key Executive recently sold €1.1m worth of stockOn the 15th of October, Keith Adey sold around 27k shares on-market at roughly €39.10 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Keith's only on-market trade for the last 12 months.
Declared Dividend • Oct 17Final dividend of UK£0.38 announcedShareholders will receive a dividend of UK£0.38. Ex-date: 28th November 2024 Payment date: 8th January 2025 Dividend yield will be 1.4%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (49% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 84% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
공시 • Oct 16Bellway p.l.c., Annual General Meeting, Dec 12, 2024Bellway p.l.c., Annual General Meeting, Dec 12, 2024.
Reported Earnings • Oct 15Full year 2024 earnings released: EPS: UK£1.10 (vs UK£2.98 in FY 2023)Full year 2024 results: EPS: UK£1.10 (down from UK£2.98 in FY 2023). Revenue: UK£2.38b (down 30% from FY 2023). Net income: UK£130.5m (down 64% from FY 2023). Profit margin: 5.5% (down from 11% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Consumer Durables industry in Germany. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings.
공시 • Oct 11Bellway P.L.C. Announces CFO ChangesBellway p.l.c. announced on 11 October 2024, the appointment of Shane Doherty as Chief Financial Officer. Shane Doherty, who was the Group Chief Financial Officer of Cairn Homes PLC ('Cairn') (a company trading on both the Euronext Dublin and the London Stock Exchange) until April 2024, will join Bellway on 2 December 2024 as Chief Financial Officer and be appointed as a member of the Board with effect from that date. Shane has significant experience in the housebuilding sector, having spent over four years at Cairn. Prior to this, he held a number of other senior finance roles across multiple sectors including as Chief Financial Officer at Morgan McKinley and European Finance Director at Flutter Entertainment PLC (formerly Paddy Power Betfair PLC). Shane qualified as a chartered accountant with PricewaterhouseCoopers in 2000. Further to the announcement on 21 May 2024, Bellway also announces that Keith Adey will be stepping down from his current role as Group Finance Director on 1 December 2024. Keith will remain on the Board and will continue to have an active role in the business as an executive director until 21 March 2025, which will include helping to oversee an orderly transition.
공시 • Jul 11Bellway p.l.c. (LSE:BWY) submitted non-binding offer to acquire Crest Nicholson Holdings plc (LSE:CRST) for approximately £670 million.Bellway p.l.c. (LSE:BWY) submitted non-binding offer to acquire Crest Nicholson Holdings plc (LSE:CRST) for approximately £670 million on July 3, 2024. The consideration consists of common equity of Bellway p.l.c. at a ratio of 0.099 per common equity of Crest Nicholson Holdings plc. A total dividend at £0.04 per share will be paid by Bellway p.l.c. The Revised Proposal is subject to a number of pre-conditions, including completion of satisfactory due diligence. The Board of Crest Nicholson has confirmed to Bellway that the Revised Proposal is at a value that it would be minded to recommend unanimously to Crest Nicholson's shareholders. In order to enable satisfactory due diligence to take place, Bellway has requested, and the Board of Crest Nicholson and the Panel on Takeovers and Mergers consented to, an extension to the PUSU Deadline. Bellway is required, by no later than August 8, 2024 either to announce a firm intention to make an offer for Crest Nicholson under Rule 2.7 of the Code or to announce that it does not intend to make an offer for Crest Nicholson, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline may only be extended with the agreement of Crest Nicholson and the Panel in accordance with Rule 2.6(c) of the Code. There can be no certainty that a firm offer will ultimately be made for Crest Nicholson by Bellway, even if the pre-conditions are satisfied or waived. Bellway reserves the right to waive any pre-condition to the making of an offer. A further announcement will be made as and when appropriate. Robert Redshaw, Ram Anand, Robert Johnson and Irina Dzuteska of Citigroup Global Markets Limited and Heraclis Economides, Derek Shakespeare, Simon Hollingsworth and Oliver Hardy of Numis Securities Limited acted as financial advisor to Bellway. Robert Mayhew, Osman Akkaya, Stuart Jempson and Mark Gunalan of Barclays Bank PLC and Philip Yates, Sam Barnett, Will Soutar and Thomas Bective of Jefferies International Limited acted as financial advisor to Crest Nicholson Holdings.
공시 • May 24+ 1 more updateBellway p.l.c. Announces Board and Executive ChangesBellway p.l.c. announced that Keith Adey, Group Finance Director, has advised the Board that, following a successful career that has spanned over 15 years with Bellway including over 12 years as Group Finance Director, and after much careful consideration, the time is right to step down from his role and from the Board. Keith intends to retire from full-time executive work once a successor has been appointed. A thorough recruitment process, led by the Nomination Committee with the support of external consultants, will now be undertaken. Throughout this process Keith will remain committed as Group Finance Director until an appropriate candidate has been appointed and a suitable handover has taken place which the Board expects to be early in 2025. The Company also announced that Simon Scougall will be appointed to join the Board in the newly created executive role of Chief Commercial Officer on 1 August 2024. Simon has held a number of senior positions within Bellway for over 13 years and is currently the Group General Counsel and Company Secretary and a member of the Group Executive Committee.
공시 • May 23+ 1 more updateBellway p.l.c. to Report Fiscal Year 2025 Results on Oct 21, 2025Bellway p.l.c. announced that they will report fiscal year 2025 results on Oct 21, 2025
Upcoming Dividend • May 16Upcoming dividend of UK£0.16 per shareEligible shareholders must have bought the stock before 23 May 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 61% but the company is paying out more than the cash it is generating. Trailing yield: 4.0%. Lower than top quartile of German dividend payers (4.6%). In line with average of industry peers (4.1%).
공시 • May 01Bellway p.l.c. Appoints Cecily Davis as Independent Non-Executive Director and as Member of the Audit, Nomination, Sustainability and Remuneration Committees, Effect from 1 May 2024Bellway p.l.c. announced the appointment of Cecily Davis as an independent Non-Executive Director of the Company with effect from 1 May 2024. Cecily will also be appointed as a member of the Audit, Nomination, Sustainability and Remuneration Committees. Cecily has a wealth of senior executive experience of leadership and influencing, gained through her lengthy tenure as a senior partner with Fieldfisher and as current Co-Head of her firm's Africa Group. In addition, Cecily currently serves as a non-executive director on the board of Triple Point Social Housing REIT PLC, and has previously acted as non-executive director of both L&Q Group and Places for People.
Declared Dividend • Mar 28First half dividend of UK£0.16 announcedShareholders will receive a dividend of UK£0.16. Ex-date: 23rd May 2024 Payment date: 1st July 2024 Dividend yield will be 4.1%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (61% earnings payout ratio) but not covered by cash flows (258% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 50% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
Reported Earnings • Mar 26First half 2024 earnings released: EPS: UK£0.71 (vs UK£1.87 in 1H 2023)First half 2024 results: EPS: UK£0.71 (down from UK£1.87 in 1H 2023). Revenue: UK£1.27b (down 30% from 1H 2023). Net income: UK£84.0m (down 64% from 1H 2023). Profit margin: 6.6% (down from 13% in 1H 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Consumer Durables industry in Germany. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 9% per year.
Upcoming Dividend • Nov 24Upcoming dividend of UK£0.95 per share at 5.9% yieldEligible shareholders must have bought the stock before 30 November 2023. Payment date: 10 January 2024. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 5.9%. Within top quartile of German dividend payers (5.0%). Higher than average of industry peers (4.9%).
공시 • Nov 06Bellway p.l.c., Annual General Meeting, Dec 15, 2023Bellway p.l.c., Annual General Meeting, Dec 15, 2023, at 08:30 Coordinated Universal Time. Location: Bellway p.l.c. Woolsington House, Woolsington New Castle Upon Tyne Tyne and Wear United Kingdom Agenda: To consider that the Company's audited financial statements for the financial year ended 31 July 2023 (the `Accounts') and the Directors'Report, the Strategic Report and the Auditor's Report on those Accounts and the auditable part of the Remuneration Report be received; to consider that the Remuneration Report, shown on pages 126 to 138 of the Annual Report and Accounts for the year ended 31 July 2023, be approved; to consider that a final dividend for the year ended 31 July 2023 of 95p per ordinary share, as recommended by the directors, be declared; to consider that Mr J Tutte be re-elected as a director of the Company; to consider that Mr J M Honeyman be re-elected as a director of the Company; to consider that Mr K D Adey be re-elected as a director of the Company; to consider that Ms J Caseberry be re-elected as a director of the Company; to consider that Mr I McHoul be re-elected as a director of the Company; and to consider other matters.
Reported Earnings • Oct 18Full year 2023 earnings released: EPS: UK£2.98 (vs UK£1.97 in FY 2022)Full year 2023 results: EPS: UK£2.98 (up from UK£1.97 in FY 2022). Revenue: UK£3.41b (down 3.7% from FY 2022). Net income: UK£365.0m (up 51% from FY 2022). Profit margin: 11% (up from 6.9% in FY 2022). The increase in margin was driven by lower expenses. Revenue is expected to decline by 1.7% p.a. on average during the next 3 years, while revenues in the Consumer Durables industry in Germany are expected to grow by 6.6%. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings.
공시 • Oct 18Bellway p.l.c. Recommends Final Dividend for the Year Ended 31 July 2023, Payable on 10 January 2024The Board of Bellway p.l.c. recommended the final dividend is maintained at 95.0 pence per share (2022 - 95.0 pence) for the year ended 31 July 2023. The 2023 proposed final dividend is subject to approval by shareholders at the Annual General Meeting on 15 December 2023 and, in accordance with IAS 10 'Events after the Reporting Period', has not been included as a liability in these financial statements. The proposed final dividend, subject to shareholder approval, will be paid on 10 January 2024 to all ordinary shareholders on the Register of Members on 1 December 2023. The ex-dividend date is 30 November 2023.
New Risk • Sep 04New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 0.06% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.06% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.2% net profit margin).
공시 • Jul 29+ 1 more updateBellway p.l.c. to Report Fiscal Year 2024 Results on Oct 15, 2024Bellway p.l.c. announced that they will report fiscal year 2024 results on Oct 15, 2024
Upcoming Dividend • May 18Upcoming dividend of UK£0.45 per share at 5.6% yieldEligible shareholders must have bought the stock before 25 May 2023. Payment date: 03 July 2023. Payout ratio is on the higher end at 78%, however this is supported by cash flows. Trailing yield: 5.6%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (2.7%).
Reported Earnings • Mar 29First half 2023 earnings released: EPS: UK£1.87 (vs UK£2.03 in 1H 2022)First half 2023 results: EPS: UK£1.87 (down from UK£2.03 in 1H 2022). Revenue: UK£1.81b (up 1.6% from 1H 2022). Net income: UK£230.0m (down 8.1% from 1H 2022). Profit margin: 13% (down from 14% in 1H 2022). Revenue is expected to decline by 4.2% p.a. on average during the next 3 years, while revenues in the Consumer Durables industry in Germany are expected to grow by 5.3%. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings.
Board Change • Jan 10Less than half of directors are independentFollowing the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Senior Independent Non-Executive Director Sarah Whitney was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.
Upcoming Dividend • Nov 24Upcoming dividend of UK£0.95 per shareEligible shareholders must have bought the stock before 01 December 2022. Payment date: 11 January 2023. Payout ratio is a comfortable 71% but the company is paying out more than the cash it is generating. Trailing yield: 7.0%. Within top quartile of German dividend payers (5.0%). Higher than average of industry peers (4.2%).
공시 • Nov 18Bellway P.L.C. Announces Appointment of Jill Caseberry as Senior Independent Director and Chair of the Remuneration Committee with Effect from 1 January 2023Bellway p.l.c. announced a change to the other appointments of Jill Caseberry, a Non-Executive Director of the Company. Jill is also a Non-Executive Director of Bakkavor Group plc and has been appointed as Senior Independent Director and Chair of the Remuneration Committee with effect from 1 January 2023. Jill will step down from her role as designated workforce engagement Non-executive Director with effect from 1 January 2023.
공시 • Nov 08Bellway p.l.c., Annual General Meeting, Dec 16, 2022Bellway p.l.c., Annual General Meeting, Dec 16, 2022, at 08:30 Coordinated Universal Time. Location: Bellway p.l.c., Woolsington House Woolsington, Newcastle Upon Tyne, NE13 8BF New Castle upon Tyne United Kingdom Agenda: To consider the Company's audited financial statements for the financial year ended 31 July 2022 (the `Accounts') and the Directors' Report, the Strategic Report and the Auditor's Report on those Accounts and the auditable part of the Remuneration Report be received (together the `Annual Report and Accounts'); to consider the Remuneration Report, shown on pages 106 to 118 of the Annual Report and Accounts for the year ended 31 July 2022; to approve a final dividend for the year ended 31 July 2022 of 95p per ordinary share, as recommended by the directors, be declared; to consider Mr J Tutte be elected as a director of the Company; to consider Mr J M Honeyman be re-elected as a director of the Company; to consider Mr K D Adey be re-elected as a director of the Company; to consider Ms J Caseberry be re-elected as a director of the Company; and to transact such other business matters.
공시 • Oct 31Bellway p.l.c. Announces Director ChangesBellway p.l.c. announced that Denise Jagger, Senior Independent Non-Executive Director, will retire from the Board on 16th December 2022 after nine and a half years of service. Sarah Whitney, Non-Executive Director, will become Senior Independent Non-Executive Director.
Reported Earnings • Oct 20Full year 2022 earnings released: EPS: UK£1.97 (vs UK£3.17 in FY 2021)Full year 2022 results: EPS: UK£1.97 (down from UK£3.17 in FY 2021). Revenue: UK£3.54b (up 13% from FY 2021). Net income: UK£242.6m (down 38% from FY 2021). Profit margin: 6.9% (down from 13% in FY 2021). Revenue is expected to decline by 1.5% p.a. on average during the next 3 years, while revenues in the Consumer Durables industry in Germany are expected to grow by 4.3%. Over the last 3 years on average, earnings per share has fallen by 16% per year whereas the company’s share price has fallen by 18% per year.
공시 • Oct 18Bellway P.L.C. Recommends Final Dividend, Payable on 11 January 2023Bellway p.l.c. recommend a 15.2% increase in the final dividend to 95.0 pence per share (2021 - 82.5 pence, 2020 - 50.0 pence). This brings the total proposed dividend to 140.0 pence per share (2021 - 117.5p, 2020 - 50.0p), an increase of 19.1%. If approved, the overall dividend will be covered 3.0 times2,3 by underlying earnings (2021 - 3.0 times, 2020 - 4.1 times). The proposed final dividend, subject to shareholder approval, will be paid on 11 January 2023 to all ordinary shareholders on the Register of Members on 2 December 2022. The ex-dividend date is 1 December 2022. At the record date for the final dividend for the year ended 31 July 2021, shares were held by the Bellway Employee Share Trust (1992) (the 'Trust') on which dividends had been waived.
Valuation Update With 7 Day Price Move • Sep 29Investor sentiment deteriorated over the past weekAfter last week's 17% share price decline to €18.30, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 7x in the Consumer Durables industry in Germany. Total loss to shareholders of 45% over the past three years.
공시 • Aug 17Bellway p.l.c. Appoints Sarah Whitney as Independent Non-Executive Director, Effective from September 1, 2022Bellway p.l.c. announced the appointment of Sarah Whitney as an independent Non-Executive Director of the company with effect from September 1, 2022. Sarah will also be appointed as a member of the Audit, Nomination and Remuneration Committees. Sarah has significant senior executive experience in the property sector and is currently a non-executive director and Chair of the Audit and Management Engagement Committees at JP Morgan Global Growth & Income plc, Chair of the Supervisory Board of BBGI Global Infrastructure S.A., a non-executive director and member of the Audit and Management Engagement Committees of Tritax EuroBox plc and a trustee and Chair of the Investment Committee of The Canal & River Trust.
공시 • Jul 29+ 2 more updatesBellway p.l.c. to Report Fiscal Year 2023 Results on Oct 17, 2023Bellway p.l.c. announced that they will report fiscal year 2023 results on Oct 17, 2023
Board Change • May 31High number of new directorsNon-Executive Chairman John Tutte was the last director to join the board, commencing their role in 2022.
Upcoming Dividend • May 12Upcoming dividend of UK£0.45 per shareEligible shareholders must have bought the stock before 19 May 2022. Payment date: 01 July 2022. Payout ratio is a comfortable 38% but the company is paying out more than the cash it is generating. Trailing yield: 5.2%. Within top quartile of German dividend payers (4.2%). Higher than average of industry peers (2.9%).
Board Change • Apr 27High number of new directorsNon-Executive Chairman John Tutte was the last director to join the board, commencing their role in 2022.
Reported Earnings • Mar 30First half 2022 earnings releasedFirst half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down UK£229.2m from profit in 1H 2021). Profit margin: (down from 13% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 11%, compared to a 8.2% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings.
공시 • Mar 29Bellway p.l.c. Announces Interim DividendBellway p.l.c. announced The interim dividend has been increased to 45.0 pence per share (2021 - 35.0 pence, 2020 - nil), a rise of 28.6% and the Board anticipates that the dividend cover will be 3 times underlying earnings for the full financial year. The Board intends to reduce dividend cover to around 2.5 times underlying earnings by 31 July 2024, a prudent and sustainable level, supported by strong investment returns and enhanced cash generation, arising in part, from increased investment in land over the past 18 months.
Buying Opportunity • Mar 23Now 21% undervalued after recent price dropOver the last 90 days, the stock is down 13%. The fair value is estimated to be UK£43.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.3% per annum over the last 3 years. Earnings per share has declined by 29% per annum over the last 3 years.
Buying Opportunity • Feb 25Now 26% undervalued after recent price dropOver the last 90 days, the stock is down 12%. The fair value is estimated to be UK£43.84, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.3% per annum over the last 3 years. Earnings per share has declined by 29% per annum over the last 3 years.
Buying Opportunity • Feb 08Now 22% undervalued after recent price dropOver the last 90 days, the stock is down 10%. The fair value is estimated to be UK£42.35, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.3% per annum over the last 3 years. Earnings per share has declined by 29% per annum over the last 3 years.
Board Change • Dec 06Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. Independent Non-Executive Director Ian McHoul was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.
Recent Insider Transactions • Dec 01Group CEO & Executive Director recently bought €126k worth of stockOn the 29th of November, Jason Honeyman bought around 3k shares on-market at roughly €37.31 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent buy, Jason has been a net seller over the last 12 months, reducing personal holdings by €38k.
Upcoming Dividend • Nov 25Upcoming dividend of UK£0.82 per shareEligible shareholders must have bought the stock before 02 December 2021. Payment date: 12 January 2022. Trailing yield: 3.6%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (2.0%).
Recent Insider Transactions • Oct 24Group CEO & Executive Director recently sold €164k worth of stockOn the 22nd of October, Jason Honeyman sold around 4k shares on-market at roughly €37.66 per share. This was the largest sale by an insider in the last 3 months. This was Jason's only on-market trade for the last 12 months.
Reported Earnings • Oct 20Full year 2021 earnings released: EPS UK£3.17 (vs UK£1.57 in FY 2020)The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: UK£3.12b (up 40% from FY 2020). Net income: UK£390.7m (up 102% from FY 2020). Profit margin: 13% (up from 8.7% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings.
Upcoming Dividend • May 13Upcoming dividend of UK£0.35 per shareEligible shareholders must have bought the stock before 20 May 2021. Payment date: 01 July 2021. Trailing yield: 2.0%. Lower than top quartile of German dividend payers (3.2%). Lower than average of industry peers (2.3%).
Reported Earnings • Mar 25First half 2021 earnings released: EPS UK£1.86 (vs UK£1.94 in 1H 2020)The company reported a soft first half result with weaker earnings and profit margins, although revenues improved. First half 2021 results: Revenue: UK£1.72b (up 12% from 1H 2020). Net income: UK£229.2m (down 4.2% from 1H 2020). Profit margin: 13% (down from 16% in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings.
Is New 90 Day High Low • Mar 05New 90-day high: €36.00The company is up 8.0% from its price of €33.18 on 04 December 2020. The German market is also up 8.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Consumer Durables industry, which is up 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €37.94 per share.
공시 • Feb 10Bellway p.l.c. to Report First Half, 2021 Results on Mar 24, 2021Bellway p.l.c. announced that they will report first half, 2021 results on Mar 24, 2021
Analyst Estimate Surprise Post Earnings • Nov 16Revenue misses expectationsRevenue missed analyst estimates by 3.0%. Over the next year, revenue is forecast to grow 19%, compared to a 4.6% growth forecast for the Consumer Durables industry in Germany.
공시 • Nov 11Bellway p.l.c., Annual General Meeting, Dec 11, 2020Bellway p.l.c., Annual General Meeting, Dec 11, 2020, at 08:30 Coordinated Universal Time. Location: Woolsington House, Newcastle upon Tyne, NE13 8BF Woolsington United Kingdom
Recent Insider Transactions • Oct 30Independent Non-Executive Chairman recently bought €99k worth of stockOn the 28th of October, Paul Nigel Smith bought around 4k shares on-market at roughly €25.53 per share. This was the largest purchase by an insider in the last 3 months. Paul Nigel has been a buyer over the last 12 months, purchasing a net total of €185k worth in shares.
Reported Earnings • Oct 21Full year earnings released - EPS €1.57Over the last 12 months the company has reported total profits of UK£192.9m, down 64% from the prior year. Total revenue was UK£2.23b over the last 12 months, down 31% from the prior year. Profit margins were 8.7%, which is lower than the 17% margin from last year. The decrease in margin was driven by lower revenue.
Analyst Estimate Surprise Post Earnings • Oct 21Annual earnings released: Revenue misses expectationsAnnual revenue missed analyst estimates by 3.0% at UK£2.23b. Revenue is forecast to grow 18% over the next year, compared to a 4.0% growth forecast for the Consumer Durables industry in Germany.
Is New 90 Day High Low • Sep 22New 90-day low: €24.87The company is down 14% from its price of €28.84 on 24 June 2020. The German market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €32.24 per share.
공시 • Aug 12Bellway p.l.c. to Report Fiscal Year 2020 Results on Oct 20, 2020Bellway p.l.c. announced that they will report fiscal year 2020 results on Oct 20, 2020