Vi använder en mängd olika cookies för att du ska få den bästa användarupplevelsen. Genom kontinuerlig användning av denna webbplats godkänner du vår användning av cookies. Du kan läsa mer om vår policy för cookies och redigera dina inställningar här eller genom att följa länken längst ner på alla sidor på vår webbplats.
(Q1 trading statement on 13 December)
In common with the rest of the sector, Bellway shares took a hit following the Brexit vote and have only recovered some of their losses in the months since. Its full-year numbers for the period to 31 July noted that reservations from 24 June to 31 July were 13% higher than for the same period a year ago, so the market will be closely watching to see how the rest of the quarter went. Signs of strength could mean the shares put on a late surge to help recover some lost performance.
Like others in the sector, Bellway trades on a cheap forward earnings multiple, relative to the average over the past five years (7.6 versus an average of 10.2). With a healthy dividend yield of 4.5% into the bargain, the longer-term picture seems to offer a good margin of safety.
Bellway shares started the year at a price of around £28. The post-Brexit low was £16 with the shares moving back towards £25 during the fourth quarter. So far they have been unable to push on meaningfully above this level. A break higher could see a challenge of £27, while a drop through £23 could mark the end of the post-Brexit bounce.