Berkeley Group: FY2026 results - cash remains the focus

研报英文原文证据摘录

Berkeley Group: FY2026 results - cash remains the focus

Equity Research

UK Housebuilding & Construction

24 June 2026

Berkeley Group

FY2026 results - cash remains the

focus

Results and guidance are in line with expectations. Market BKGH.L/BKG LN OVERWEIGHT

and cost commentary is unchanged. We expect the focus Unchanged

UK Housebuilding &

today to be on the scope for sustained faster cadence of share Construction NEUTRAL

Unchanged

buy-backs and the group's views on policy changes needed to Price Target GBp 4105

raised 3% from GBp 3996revive the market.

Price (23-Jun-26) GBp 3446

Potential Upside/Downside +19.1%Our take: Results and guidance are unsurprisingly in line, given the recent update at the start of

Source: Bloomberg, Barclays Research

April. Market commentary is unchanged and build cost commentary looks to imply a

manageable margin outlook. While headline share buyback guidance hasn't been changed, the

Market Cap (GBP mn) 3180statement highlights the intention to "increase the cadence of buybacks where the stock is

Shares Outstanding (mn) 92.30trading below tNAV (currently at 0.95x). We expect the focus today to be on scope for medium-

Free Float (%) 96.91term buybacks and what we view as a compelling resulting value case (we see the stock

52 Wk Avg Daily Volume (mn) 0.3potentially trading on 0.74x p/tNAV by April 2028, assuming sustained buybacks at the current

Dividend Yield (%) N/Arate.

Return on Equity TTM (%) 10.27

Results in summary: Following the group's strategic update on 1 April, results for the year to 30 Current BVPS (GBp) 3761

April are unsurprisingly in line, guidance is unchanged and we are not expecting consensus Source: Bloomberg

estimates to move today. Completions were, as expected, broadly flat y/y at 4,076 new homes