Financials The Berkeley Group Holdings plc OTC Markets

Equities

BKGFY

US08425P1049

Homebuilding

Market Closed - OTC Markets Other stock markets 15:59:45 2024-06-03 EDT			5-day change	1st Jan Change
13.75 ^USD	+1.66%		+0.17%	+11.78%

01:50pm	Jefferies Lifts Berkeley Group PT, Affirms Hold Rating	MT
10:24am	Berenberg raises Ricardo; Goldman cuts LandSec	AN

Valuation

Fiscal Period: April	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,830	5,241	5,627	4,541	4,780	5,545	-	-
Enterprise Value (EV) ¹	3,855	4,102	4,499	4,272	4,369	5,063	5,002	4,947
P/E ratio	7.99 x	13.3 x	13.9 x	9.92 x	10.5 x	14.4 x	15.4 x	14.9 x
Yield	0.72%	2.84%	2.51%	0.52%	2.04%	4.15%	4.56%	4.65%
Capitalization / Revenue	1.63 x	2.73 x	2.56 x	1.93 x	1.87 x	2.23 x	2.22 x	2.16 x
EV / Revenue	1.3 x	2.14 x	2.04 x	1.82 x	1.71 x	2.03 x	2 x	1.93 x
EV / EBITDA	5 x	8.65 x	8.85 x	8.32 x	8.35 x	10.2 x	10.3 x	9.83 x
EV / FCF	6.5 x	13.7 x	14 x	-32.7 x	13.1 x	14.3 x	14.2 x	15.8 x
FCF Yield	15.4%	7.29%	7.15%	-3.06%	7.64%	7.01%	7.04%	6.33%
Price to Book	1.65 x	1.7 x	1.82 x	1.45 x	1.43 x	1.62 x	1.57 x	1.52 x
Nbr of stocks (in thousands)	118,753	115,698	112,317	111,305	107,478	105,828	-	-
Reference price ²	40.67	45.30	50.10	40.80	44.47	52.40	52.40	52.40
Announcement Date	19-06-19	20-06-17	21-06-23	22-06-22	23-06-21	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: April	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,957	1,920	2,202	2,348	2,550	2,489	2,501	2,565
EBITDA ¹	770.8	474.4	508.2	513.5	523.4	495.1	486.5	503.5
EBIT ¹	768.4	469.7	502.3	507.9	518.3	488.1	487.5	499.2
Operating Margin	25.98%	24.46%	22.81%	21.63%	20.32%	19.61%	19.49%	19.47%
Earnings before Tax (EBT) ¹	775.2	503.7	518.1	551.5	604	549.1	506.2	516.9
Net income ¹	627.4	410.1	422.7	482.4	465.7	394.3	363.3	368.9
Net margin	21.21%	21.35%	19.19%	20.55%	18.26%	15.84%	14.53%	14.38%
EPS ²	5.088	3.394	3.600	4.114	4.224	3.649	3.404	3.507
Free Cash Flow ¹	592.8	299.2	321.8	-130.8	333.6	354.8	352	313
FCF margin	20.04%	15.58%	14.61%	-5.57%	13.08%	14.25%	14.08%	12.2%
FCF Conversion (EBITDA)	76.91%	63.07%	63.32%	-	63.74%	71.66%	72.35%	62.16%
FCF Conversion (Net income)	94.49%	72.96%	76.13%	-	71.63%	89.98%	96.89%	84.85%
Dividend per Share ²	0.2945	1.285	1.258	0.2125	0.9069	2.173	2.392	2.438
Announcement Date	19-06-19	20-06-17	21-06-23	22-06-22	23-06-21	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: April	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2024 S1
Net sales	930.9	989.5	-	1,306	1,221	1,127	-
EBITDA	-	-	-	277.1	-	-	-
EBIT	-	-	-	274.3	-	236.9	-
Operating Margin	-	-	-	21%	-	21.01%	-
Earnings before Tax (EBT) ¹	-	-	-	-	-	260.8	298
Net income	-	-	187.7	-	-	242.6	-
Net margin	-	-	-	-	-	21.52%	-
EPS	-	-	1.620	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-
Announcement Date	19-12-06	20-06-17	20-12-04	21-06-23	21-12-08	22-06-22	-

¹GBP in Million

Estimates

Balance Sheet Analysis

Fiscal Period: April	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	975	1,139	1,128	269	410	482	543	598
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	593	299	322	-131	334	355	352	313
ROE (net income / shareholders' equity)	22.6%	13.5%	13.5%	15.3%	14.4%	11.7%	10.5%	10.5%
ROA (Net income/ Total Assets)	13%	7.75%	7.55%	7.95%	6.93%	5.85%	5.5%	5.75%
Assets ¹	4,843	5,294	5,601	6,070	6,724	6,741	6,604	6,412
Book Value Per Share ²	24.60	26.60	27.60	28.20	31.00	32.30	33.30	34.40
Cash Flow per Share ²	4.970	2.560	2.760	-1.100	3.050	3.180	3.530	3.490
Capex ¹	19.5	9.7	2.4	1.3	2	4.67	4.78	4.78
Capex / Sales	0.66%	0.51%	0.11%	0.06%	0.08%	0.19%	0.19%	0.19%
Announcement Date	19-06-19	20-06-17	21-06-23	22-06-22	23-06-21	-	-	-

¹GBP in Million²GBP

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for The Berkeley Group Holdings plc

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

52.4 GBP

Average target price

48.86 GBP

Spread / Average Target

-6.76%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Homebuilding

	1st Jan change	Capi.
DR HORTON	-3.32%	48.67B
PULTEGROUP, INC.	+11.89%	24.68B
DAIWA HOUSE INDUSTRY CO., LTD.	-0.73%	16.99B
SEKISUI HOUSE, LTD.	+15.68%	14.56B
TOLL BROTHERS, INC.	+16.77%	12.49B
SUMITOMO FORESTRY CO., LTD.	+29.03%	7.06B
TAYLOR WIMPEY PLC	+1.16%	6.63B
BARRATT DEVELOPMENTS PLC	-10.27%	6.21B
TAYLOR MORRISON HOME CORPORATION	+8.38%	6.12B

Other Homebuilding