Buy Or Sell Opportunity • May 27
Now 21% overvalued Over the last 90 days, the stock has fallen 31% to UK£19.42. The fair value is estimated to be UK£16.05, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 9.3% over the last 3 years. Earnings per share has declined by 26%. For the next 3 years, revenue is forecast to grow by 5.0% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Declared Dividend • May 20
First half dividend increased to UK£0.23 Dividend of UK£0.23 is 9.5% higher than last year. Ex-date: 21st May 2026 Payment date: 1st July 2026 Dividend yield will be 3.9%, which is lower than the industry average of 4.7%. 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. Duyuru • May 03
Bellway p.l.c. Announces Announces Board and Committee Changes Bellway 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. Duyuru • Nov 27
Bellway p.l.c. Approves Final Dividend for 2025 Bellway 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. Duyuru • Aug 13
Bellway p.l.c. Announces Management Changes Bellway 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. Duyuru • Mar 26
Bellway p.l.c. Announces Interim Dividend for the Year Ending July 31, 2025, Payable July 1, 2025 Bellway 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. Duyuru • Feb 11
Bellway P.L.C. Provides Sales Guidance for the Year 2025 Bellway 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. Duyuru • Oct 16
Bellway p.l.c., Annual General Meeting, Dec 12, 2024 Bellway p.l.c., Annual General Meeting, Dec 12, 2024. Duyuru • Oct 11
Bellway P.L.C. Announces CFO Changes Bellway 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. Duyuru • Jul 11
Bellway 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. Upcoming Dividend • May 16
Upcoming dividend of UK£0.16 per share Eligible 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 British dividend payers (5.7%). Lower than average of industry peers (4.5%). Buy Or Sell Opportunity • May 16
Now 21% overvalued Over the last 90 days, the stock has fallen 1.4% to UK£27.69. The fair value is estimated to be UK£22.91, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.3% over the last 3 years. Earnings per share has declined by 4.4%. For the next 3 years, revenue is forecast to grow by 3.5% per annum. Earnings are also forecast to grow by 13% per annum over the same time period. Duyuru • May 01
Bellway 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 2024 Bellway 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 28
First half dividend of UK£0.16 announced Shareholders will receive a dividend of UK£0.16. Ex-date: 23rd May 2024 Payment date: 1st July 2024 Dividend yield will be 4.2%, which is lower than the industry average of 4.7%. 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 27
First 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 4.7% growth forecast for the Consumer Durables industry in the United Kingdom. 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 8% per year. Upcoming Dividend • Nov 23
Upcoming dividend of UK£0.95 per share at 5.9% yield Eligible 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%. Lower than top quartile of British dividend payers (6.2%). Higher than average of industry peers (5.2%). Duyuru • Nov 06
Bellway p.l.c., Annual General Meeting, Dec 15, 2023 Bellway 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 18
Full 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 2.1% p.a. on average during the next 3 years, while revenues in the Consumer Durables industry in the United Kingdom are expected to grow by 1.7%. 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 5% per year, which means it is significantly lagging earnings. Duyuru • Oct 18
Bellway p.l.c. Recommends Final Dividend for the Year Ended 31 July 2023, Payable on 10 January 2024 The 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. Upcoming Dividend • May 18
Upcoming dividend of UK£0.45 per share at 5.6% yield Eligible 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%. Lower than top quartile of British dividend payers (5.8%). In line with average of industry peers (5.2%). Reported Earnings • Mar 29
First 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 forecast to decline by 4.2% p.a. on average during the next 3 years, while revenues in the Consumer Durables industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Buying Opportunity • Mar 10
Now 20% undervalued Over the last 90 days, the stock is up 9.3%. The fair value is estimated to be UK£26.75, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.2% over the last 3 years. Earnings per share has declined by 16%. For the next 3 years, revenue is forecast to decline by 6.1% per annum. Earnings is also forecast to decline by 0.1% per annum over the same time period. Board Change • Jan 11
Less than half of directors are independent Following 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 24
Upcoming dividend of UK£0.95 per share Eligible 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 British dividend payers (5.7%). Lower than average of industry peers (8.3%). Reported Earnings • Oct 20
Full 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 the United Kingdom are expected to grow by 1.5%. 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. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 15% share price decline to UK£16.60, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 6x in the Consumer Durables industry in the United Kingdom. Total loss to shareholders of 44% over the past three years. Board Change • May 31
High number of new directors Non-Executive Chairman John Tutte was the last director to join the board, commencing their role in 2022. Upcoming Dividend • May 12
Upcoming dividend of UK£0.45 per share Eligible 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 British dividend payers (4.8%). Lower than average of industry peers (7.6%). Board Change • Apr 27
High number of new directors Non-Executive Chairman John Tutte was the last director to join the board, commencing their role in 2022. Reported Earnings • Mar 30
First half 2022 earnings released First 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 10% growth forecast for the industry in the United Kingdom. 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 8% per year, which means it has not declined as severely as earnings. Buying Opportunity • Mar 16
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be UK£35.52, 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 25
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be UK£35.67, 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 06
Insufficient new directors No 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 01
Group CEO & Executive Director recently bought UK£107k worth of stock On the 29th of November, Jason Honeyman bought around 3k shares on-market at roughly UK£31.61 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 UK£32k. Upcoming Dividend • Nov 25
Upcoming dividend of UK£0.82 per share Eligible shareholders must have bought the stock before 02 December 2021. Payment date: 12 January 2022. Trailing yield: 3.6%. Lower than top quartile of British dividend payers (4.1%). Lower than average of industry peers (4.6%). Recent Insider Transactions • Oct 24
Group CEO & Executive Director recently sold UK£139k worth of stock On the 22nd of October, Jason Honeyman sold around 4k shares on-market at roughly UK£31.82 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 20
Full 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 7% per year, which means it is well ahead of earnings. Upcoming Dividend • May 13
Upcoming dividend of UK£0.35 per share Eligible shareholders must have bought the stock before 20 May 2021. Payment date: 01 July 2021. Trailing yield: 2.0%. Lower than top quartile of British dividend payers (4.1%). Lower than average of industry peers (3.5%). Reported Earnings • Mar 25
First 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 4% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Mar 05
New 90-day high: UK£31.79 The company is up 6.0% from its price of UK£29.88 on 04 December 2020. The British market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£32.54 per share. Is New 90 Day High Low • Feb 11
New 90-day high: UK£31.20 The company is up 7.0% from its price of UK£29.08 on 12 November 2020. The British market is up 5.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Consumer Durables industry, which is also up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£32.52 per share. 
