Bellway p.l.c.

I think you're right about the development sector as well.

So Neil Beemansley at Bellway Homes, I don't know if you've had him on the podcast, but you should.

He's amazing.

So he talks about how people talk about house builders and developers.

And of course, the government will be hoping that having announced Your First Home, the rebadged version of Help to Buy, that will be making a positive difference to new build figures, but then as Taylor Wimpey move out of London, doesn't sound like a, a positive difference in terms of new build completions, does it, aside from anything else.

So, uh, we've had some news in this morning from Bellway.

Uh, full year, uh, they've done 9,700 completions nearly, and next year they've cut their guidance to 9,000 from 9,400.

So as you can see, they're dropping about 8% on this year, which has not been a famous year for, for delivery as it goes anyway.

Uh, Bellway's operating margin down to 10.1%, down from 10.9, expecting to fall further.

And their order book down to 4,981 from 5,285.

But their underlying pre-tax profit, 305.7 million, up 5.7%.

Um, ultimately an extra, what's that? £38,000 per property in terms of build costs.

So time will tell if I am delusional or prophetic.

What else? Bellway.

Yeah, 2.5% increase in Bellway shares today.

Obviously, the house builder, BWY, that seemed to be – have we got tough macro obviously a 36 discount to nav that is a big discount there but we all obviously know about the well-known problems from the house building sector but given that these numbers look quite good actually july 26 results pbt up six percent we always go on adjusted numbers and adjusted EPS up 6%.

So you're on a PE of 10.7 times, and you've got this huge discount to NAV and a net cash balance sheet.

I'd need to check to see what the average selling price is, because obviously help to buy is targeting the bottom end of the market, which is why I personally hold...

MJ Gleeson shares in the house building sector.

Anyway, Bellway, that looks reasonably okay today.