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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Barratt Developments    BDEV   GB0000811801

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FTSE inch up but Persimmon update hits housebuilders

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11/08/2017 | 06:27pm CET
FILE PHOTO:A sign displays the crest and name of the London Stock Exchange in London

Britain's top share index inched up on Wednesday supported by gains among heavyweight consumer and commodity stocks, while housebuilders were dragged lower by a disappointing update from Persimmon.

The UK blue chip FTSE 100 <.FTSE> index rose 0.2 percent at 7,529.72 points, while mid caps <.FTMC> were flat.

Among consumer stocks that added most points to the FTSE were Unilever (>> Unilever) and British American Tobacco (>> British American Tobacco), up 1.4 and 2 percent respectively, while gains in oil major Royal Dutch Shell <RDSa.L> and miner Rio Tinto (>> Rio Tinto) also helped.

Paper and packaging firm Mondi (>> Mondi) rose 2.3 percent after Morgan Stanley moved its rating on the firm to "overweight" from "equal weight".

Shares in housebuilder Persimmon (>> Persimmon) fell 3.5 percent, the worst-performing on the FTSE 100, after it issued a disappointing trading statement.

Persimmon depressed the whole sector, with Barratt Development (>> Barratt Developments), Taylor Wimpey (>> Taylor Wimpey), Bovis Homes (>> Bovis Homes Group), Crest Nicholson (>> Crest Nicholson Holdings PLC) and Redrow (>> Redrow plc) also falling.

"We continue to see stiffening headwinds for the housebuilders from a softening market climate with a much weaker pricing outlook, rising costs and a loss of confidence in pricing by both buyers and estate agents," Shore Capital analysts said.

Shares in Marks & Spencer (>> Marks & Spencer Group) rose 1.6 percent at the end of a volatile session after the grocer reported results.

The company posted a lower-than-expected fall in first-half profit and said it would accelerate its turnaround plan and open fewer Simply Food stores than previously planned.

"You've got a slightly weaker UK consumer possibly coming through in one or two of the retailers' results," Hargreaves Lansdown analyst George Salmon said, adding that upcoming results from Halfords (>> Halfords Group plc) and Sainsbury (>> J Sainsbury) would shed more light on this theme.

Shares in utility SSE (>> Scottish and Southern Energy) slipped 0.8 percent after agreeing to merge its UK retail activities with German energy group Innogy (>> Innogy SE).

SSE also reported half-year figures, which included an 8 percent drop in profit due to weakness in its networks business.

Some analysts were cautious about the merger announcement.

"Although the idea of a spin-off is understandable, we highlight that both businesses vary significantly in outlook and the industry's track record in integrating service and billing systems is poor," analysts at Jefferies said in a note.

"The move could also result in a rebasing of SSE's dividend and impairment for Innogy."

Outside of large caps, Wizz Air (>> Wizz Air Holdings PLC) dropped 9.3 percent after reporting results, with the focus on concerns over ticket pricing trends.

Wizz Air's CEO also said it was interested in acquiring airport slots at London Luton from failed airline Monarch.

(Reporting by Kit Rees; Editing by Raissa Kasolowsky/Mark Heinrich)

By Kit Rees and Danilo Masoni

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Financials ( GBP)
Sales 2018 4 816 M
EBIT 2018 837 M
Net income 2018 652 M
Finance 2018 636 M
Yield 2018 6,56%
P/E ratio 2018 9,73
P/E ratio 2019 9,22
EV / Sales 2018 1,19x
EV / Sales 2019 1,14x
Capitalization 6 348 M
Chart BARRATT DEVELOPMENTS
Duration : Period :
Barratt Developments Technical Analysis Chart | BDEV | GB0000811801 | 4-Traders
Technical analysis trends BARRATT DEVELOPMENTS
Short TermMid-TermLong Term
TrendsBearishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 17
Average target price 6,69  GBP
Spread / Average Target 6,7%
EPS Revisions
Managers
NameTitle
David Fraser Thomas Chief Executive Officer & Director
John Murray Allan Chairman
Steven J. Boyes Group Chief Operating Officer & Executive Director
Jessica White Chief Financial Officer
Tessa E. Bamford Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
BARRATT DEVELOPMENTS35.60%8 387
DAIWA HOUSE INDUSTRY CO LTD27.45%24 205
D. R. HORTON INC76.11%18 051
SEKISUI HOUSE LTD8.36%12 978
PERSIMMON50.68%10 912
SEKISUI CHEMICAL CO LTD18.37%9 842