UK&I Daily Focus: Wednesday, 13th May 2026

Research evidence excerpt

UK&I Daily Focus: Wednesday, 13th May 2026

Deutsche Bank

Research

Europe Strategy Date

13 May 2026

UK&I Daily Focus Periodical

Wednesday, 13th May 2026

Jonathan Jayarajan

LEADING STORIES Research Analyst

VISTRY GROUP (VTYV.L) - Focus on cash generation impacting margins - c.20% +44-20-754-76037

cut to PBT forecasts

Andy Chu, FCA

Chris Millington: Tgt 600p to 370p. Last Close 325.80p, Hold. Vistry’s update Research Analyst

highlights management's focus on cash generation, which has supported a c.30% +44-20-754-11360

increase in sales rate y/y. However, due to greater discounting, and to a lesser extent

rising build cost inflation, this is expected to impact margins. Based on updated

management guidance, we reduce FY26/27/28 PBT by c.20%, principally driven by

lower margins - but increase our Y/E net cash forecast slightly. Given the current

high level of macro uncertainty and the large H2 skew for profits, alongside a wider

sector de-rating, we reduce our target valuation multiple to 8x FY26 PE (from 10x),

this results in our target price falling to 370p (-38%), and we retain our Hold rating.

We continue to see material upside to Vistry when market conditions normalise and

earning stabilise, but until this happens the shares are likely to remain depressed.

Figure 1: Table of Contents

MARSHALLS (MSLH.L) - Resilient H1 performance - forecasts maintained

Leading Stories Page 01

Chris Millington: Tgt 248p. Last Close 125.80p, Buy. Marshalls trading update Company Update Page 02

shows a 1% y/y decline in revenue, which we think is a creditable performance in Sector Updates Page 02

light of the poor weather at the start of the year and a challenging trading backdrop. Source : Deutsche Bank

We maintain profit forecasts, which are well supported by cost saving actions.