Morgan Sindall PLC: H1-26: Targets upgraded following high profit growth

研报英文原文证据摘录

Morgan Sindall PLC: H1-26: Targets upgraded following high profit growth

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Buy Morgan Sindall PLC 23 July 2026

Forecast Change

Europe

United Kingdom

Reuters Bloomberg Exchange Ticker Price at 22 Jul 2026 (GBP) 4,984.00

MGNS.L MGNS LN LSE MGNS

Price Target (GBP) 6,200.00

Building & Construction

5,401.06 -

Construction 52-week range (GBP) 3,915.00

H1-26: Targets upgraded following high

Valuation & Risks profit growth

Jonathan Coubrough

Record H1; retained guidance looks conservative Research Analyst

Morgan Sindall has delivered another record H1, growing PBT 21%. The Fit Out and +44-20-754-54671

Construction medium-term targets are both upgraded. We estimate delivery of

Chris Millington

group targets in 5 years would represent a 10% PBT cagr, equal to the 10-year track Research Analyst

record. End markets are currently mixed, with fit out strong, construction generally +44-20-7541-1570

well supported, but private housing weak. However, the statement notes its

Christen Hjorth

partnerships model is heavily weighted to long-term public sector models, enabling

Research Analyst

it to support affordable and social housing ambitions. Retained guidance implies

+44-20-754-11567

group PBT will be -11% y/y in H2 on our forecasts, which we think will likely prove

conservative, following 2 upgrades already this year.

Key changes

5,700.00 to

TP ↑ 8.8%

H1: high growth in profits, margin, cash and dividend 6,200.00

H1 revenue +8% y/y to £2.6bn and PBT +21% to £116m (zero exceptional items), Source: Deutsche Bank

with the margin +50 bps to 4.5%. Diluted EPS +21% to 177p and DPS +10% to 55p.

Price/price relative

Average daily net cash +19% y/y to £423m, after investing c.£160m in Partnerships.

Order book flat y/y at £12.2bn.