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Barratt Developments PLC BDEV

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Company Report

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Barratt Earnings: Demand Conditions Show Further Improvement in Early Fiscal 2025

Grant Slade

Homebuyer demand has shown further improvement for no-moat Barratt Developments in early fiscal 2025. Its weekly private home sales rate rose to 0.58 home per active outlet, up 38% year on year. The progressive improvement in sale activity witnessed in 2024 and the recent spate of favorably trending housing market data speaks to our view that the UK housing market is in the midst of a cyclical revival. Barratt shares continue to screen attractively, with UK homebuyer appetite clearly rebounding from its housing cycle lows in 2023.

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Price vs Fair Value

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BDEV is trading within a range we consider fairly valued.
Price
GBX 481.30
Fair Value
GBX 382.00
Uncertainty
High
1-Star Price
GBX 9,264.00
5-Star Price
GBX 685.00
Economic Moat
Vnd
Capital Allocation
Ftvjgrxrz

Bulls Say, Bears Say

Bulls

Underlying housing demand is likely to benefit from the UK’s changing demographics. The ongoing aging of the population is likely to support demand for new housing over the coming decade as the average household size declines.

Bears

The UK government’s annual target of 300,000 new home additions is unlikely to materialize, with housing market data not indicative of a material undersupply of housing.

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News

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Trading Information

Previous Close Price
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Day Range
—–—
52-Week Range
—–—
Bid/Ask
— / —
Market Cap
—
Volume/Avg
— / —

Key Statistics

Price/Earnings (Normalized)
16.34
Price/Sales
1.14
Dividend Yield (Trailing)
3.37%
Dividend Yield (Forward)
3.37%
Total Yield
3.70%

Company Profile

Barratt Developments is the UK’s largest residential property developer by revenue and dwelling completions, marketing homes under its three brands: Barratt Homes, David Wilson, and Barratt London. Aligning with the typical business model employed by UK homebuilders, Barratt is vertically integrated through the land development, construction, and sales and marketing segments of the residential property development value chain.
Sector
Consumer Cyclical
Industry
Residential Construction
Stock Style Box
Mid Value
Total Number of Employees
6,270
Website
https://www.barrattdevelopments.co.uk

Competitors

Valuation

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Metric
BDEV
BKG
BWY
Price/Earnings (Normalized)
 16.3412.8314.28
Price/Book Value
 0.861.371.08
Price/Sales
 1.142.001.33
Price/Cash Flow
 43.9114.5014.97
Price/Earnings
BDEV
BKG
BWY

Financial Strength

Metric
BDEV
BKG
BWY
Quick Ratio
 0.900.680.33
Current Ratio
 4.553.395.78
Interest Coverage
 3.3718.248.81
Quick Ratio
BDEV
BKG
BWY

Profitability

Metric
BDEV
BKG
BWY
Return on Assets (Normalized)
 3.51%5.76%5.22%
Return on Equity (Normalized)
 5.01%11.61%7.58%
Return on Invested Capital (Normalized)
 4.84%9.30%7.82%
Return on Assets
BDEV
BKG
BWY

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