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Crest Nicholson - Another housebuilder on basement PE of 5.7

August 2016

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • CRST
  • Price:
  • 353p
Interims from housebuilder Crest Nicholson were as expected with revenues rising 22% to £408m and pretax profit and eps increasing 25% to £72.6m and 22.9p, respectively. Growth came thanks to a 7% increase in housing legal completions at 1,206 while sales-per-outlet-per-week increased 4% to 1.06. Average selling prices rose 13% to £343,000 while excluding private rental sales (PRS) it rose 20% to £372,000. Gross margins fell 0.5% to 27.1% reflecting project mix and performance, although a reduction in administrative expenses meant operating margins were unchanged at 19.1%.The group bought 10 new sites with planning for 1,147 units and a gross development value of £472m and has a similar number i ...

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Crest Nicholson - 41% eps growth forecast between FY'17 - FY'19 (April 2017)
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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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