Barratt Redrow Inline FY26E update with FY27E completions expected to be up 2% at the mid-point; capital allocation to be focused on buybacks with £386m scheme announced with minimal dividend

研报英文原文证据摘录

Barratt Redrow Inline FY26E update with FY27E completions expected to be up 2% at the mid-point; capital allocation to be focused on buybacks with £386m scheme announced with minimal dividend

C A Z E N O V E Europe Equity Research

15 July 2026

Barratt Redrow

Inline FY26E update with FY27E completions expected Overweight

to be up 2% at the mid-point; capital allocation to be BTRW.L, BTRW LN

focused on buybacks with £386m scheme announced Price (14 Jul 26):278p

with minimal dividend Price Target (Dec-27):350p

Our Take: Barratt Redrow has reported FY completions of 17,667 (incl JVs) vs. European Building & Construction

guidance of 17,200-17,800; Adj. PBT is expected to be inline with market and Infrastructure

expectations. FY27E guidance looks for total home completions of 17,700 to Zaim Beekawa AC

18,200, including c. 600 completions from its JVs (implies 17,100-17,600 ex JVs (44-20) 7134-4175

versus JPMe at 17,163). Also, the company has noted that for FY27E, based on zaim.beekawa@jpmorgan.com

current market conditions, it anticipates minimal house price inflation and total J.P. Morgan Securities plc

build cost inflation could be 3-4%. The company has trimmed its outlet guidance Elodie Rall

for FY27E to 415 vs. previous guidance of 425 to 435. On capital allocation, the (44-20) 7134-5911

elodie.rall@jpmorgan.com

Board has concluded that 50% remains the correct proportion of adjusted net J.P. Morgan Securities plc

income to be returned to shareholders annually however, this recurring element of Jamie Smallbone

shareholder return will now be distributed by way of a share buyback, save for a (44-20) 3493-7015

nominal payment of 1 pence per share, to enable certain shareholders to comply jamie.smallbone@jpmorgan.com

with their investment mandates.