Updates

Bovis - Price target 1322p

April 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.

Bovis’ results contained few surprises with pretax profit climbing 20% to £160m and sales rising 17%. Operating margin rose 0.3% to 17.3% even after absorbing 8% build cost inflation. Completions rose 8% to 3,934 with average selling price up 7% to £231,600.Given the planning constraints in the UK a large part of Bovis’ value is in its consented land bank, which increased to 19,814 plots as at end December with 6,058 added in the year. Importantly the forward order book is strong and rose by 14% to 2,003 reservations and sales rates were 0.6 per site.Deutsche Bank has left forecasts unchanged with eps of 114.1p and a dividend of 45p (yield 5%) expected, leaving the prospective PE just 7.9. Its price ta ...

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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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