Barratt Redrow Feedback from FY26 trading update call

研报英文原文证据摘录

Barratt Redrow Feedback from FY26 trading update call

C A Z E N O V E Europe Equity Research

15 July 2026

Barratt Redrow Overweight

BTRW.L, BTRW LN

Feedback from FY26 trading update call Price (14 Jul 26):278p

Price Target (Dec-27):350p

Following Barratt Redrow’s FY26 update, management hosted a conference call, European Building & Construction

from which our key take-aways are: 1) Demand stimulus. The company will and Infrastructure

continue to speak to the government and mention that it is unusual that there is no Zaim Beekawa AC

demand-side support, particularly for first-time-buyers. Management noted that (44-20) 7134-4175

the builders would be willing to pay for a scheme; 2) Speculation on government zaim.beekawa@jpmorgan.com

stimulus. Management noted that last year it was well documented that leaked J.P. Morgan Securities plc

information from July surrounding the budget was not helpful and it would Specialist Sales contact details:

reiterate this again given some recent speculation; 3) Build cost inflation. Material

Sam Edmunds - Specialist Sales -

inflation will be more than 3-4%. In terms of visibility, the company is having European Industrials

ongoing conversations with its supply chain. The company has agreed surcharges (44-20) 7742-8733

which may come down should the price of oil fall. In terms of phasing, more sam.edmunds@jpmorgan.com

inflation will be in H2, but management does not believe it will be that significant;

4) FY27E cash outflows. Existing land creditor settlements are expected to be

~£330m in FY27 and ~£195m in FY28. £220-£250m of committed land spend for

next year; 5) Planning. The planning policy framework has not yet been published

but the company does not see any shortage of land with planning; 6) ASP.