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Berkeley Group (first-half earnings 8 December)
Berkeley's position as a builder of luxury homes means that it has seen its demand take a hit in the wake of the EU referendum, as concerns over the attractiveness of London as a financial centre rose. However, those concerns seem to have taken a back seat, and the rally in the share price to new record highs in October reinforces the more positive outlook. At around 10.8 times earnings, the company’s valuation is not ambitious, and even though earnings are expected to weaken in the coming year, the relatively undemanding price-to-earnings (P/E) ratio suggests much of that is being factored in. In addition, the firm’s operating margin of 25.5% is much healthier than the 19.7% for its rivals.
A strong trend prevails here, as the shares hit a record high. The pullback to the 100-day simple moving average (SMA), currently £36.64, created a new higher low, so it looks like we will continue to see further gains. Areas of support to look for include the September high at £37.64, then £35.79 and £34.65.