Barratt Redrow Model update post FY26 trading update

研报英文原文证据摘录

Barratt Redrow Model update post FY26 trading update

C A Z E N O V E Europe Equity Research

16 July 2026

Barratt Redrow Overweight

BTRW.L, BTRW LN

Model update post FY26 trading update Price (15 Jul 26):290p

Price Target (Dec-27):350p

Following Barratt Redrow’s FY26 trading update, we update our model. As a European Building & Construction

reminder, for FY26, the company reported FY completions of 17,667 (incl JVs) vs. and Infrastructure

guidance of 17,200-17,800 and expects Adj. PBT to be in line with market Zaim Beekawa AC

expectations for FY26E. With regards to FY27, the company is guiding for total (44-20) 7134-4175

home completions of 17,700 to 18,200, including c. 600 completions from its JVs zaim.beekawa@jpmorgan.com

(implies 17,100-17,600 ex JVs).The company also anticipates build cost inflation J.P. Morgan Securities plc

to be around 3-4% in FY27. Other elements of FY27E guidance include: (i) Elodie Rall

affordable split of ~20%; (ii) average sales outlets of ~415; (iii) admin costs of (44-20) 7134-5911

elodie.rall@jpmorgan.com

£360m with a JV contribution of £7m; interest cost of £43m and an adjusted J.P. Morgan Securities plc

property provision finance charge of £40m; (iv) land approvals of between 6k and Jamie Smallbone

8k and building safety spend of £300m. Our revised estimates look for completions (44-20) 3493-7015

of 17,391 with ASP growth of ~1% and overall our top line sees minimal changes, jamie.smallbone@jpmorgan.com

moving from £6,214m to £6,273m. We trim our earnings expectations on account J.P. Morgan Securities plc

of the latest build-cost inflation commentary and now look for margins of 7.7% Manshi Sinha

(previously 8.6%) with our Adj. Operating Profit at £484m (previously: £537m). (91-22) 6157 5111

Our revised adj.