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Barratt Developments plc (BTDPF)
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From Sunday Times:
Barratt Developments The end of the stamp duty break and rising raw material costs have taken the heat out of housebuilder shares. Barratt Developments, the country’s largest housebuilder by completion volume, is no exception but those concerns look overplayed. While build cost inflation might be expected to run at 4 to 5 per cent next year, the rate of house price growth need only be half that level to compensate for those higher costs.
The group’s scale has helped it post a superior return on equity and operating margin than all but two of its peers, Persimmon and the high-end developer Berkeley. By the start of October it was 71 per cent forward sold for next year and the weekly private reservations rate continues to run ahead of the pre-pandemic level. Analysts expect surplus cash to be returned to shareholders via a special dividend, which together with ordinary returns is expected to deliver a total dividend of 40.25p a share. At the current share price that equates to a generous potential dividend yield of 5.6 per cent.
Their earnings are severely impacted and dividend changes yet it balloons today.
anyone tracking barratt, thinking of long term hold or getting out?
anyone got any views on this holding or just waiting for signs of recovery?
Earnings in 8 days
Buy for the dividend which looks safe for next 3 years minimum
What is happening here? Why is it falling so much?
Care homes are full of dying patients. Hospitals are overloaded with the sick. The spike in deaths, and the failure to pay mortgages and rents (by newly unemployed) will soften the housing market for months. This will be a buyer's advantage, not a good place for sellers, including housebuilders during summer 2020.
Not your usual DD, but I am in the process of buying a house for Barratt, and have found some information out which doesn't seem to be publicly available. They are on target to get a 5 star rating again, based on internal responses.
But the bigger point, they are currently not offering large incentives which I received 5 months ago as demand has increased. We received, free carpets, integrated appliances and 3% off the advertised house price. All these offers are now gone. We found this out from our sales adviser, when she was telling us we bought at the right time as 'Barratt's are doing so well as a company they won't allow any of these offers currently'
Deutsche maintains Buy rating, 575 target.
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