Primary Recommendations

Vistry - Increased focus on social / affordable housing and pre-sales could double profit to £800m medium term

November 2023

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.

While most UK house builders are trading near muti-year lows due to rising interest rates affecting affordability for new buyers, shares in Vistry have stood out this year with a near 50% rise. Virtually alone amongst its quoted peer group, CEO Greg Fitzgerald has fundamentally reshaped its business model by announcing it is to focus its entire business on partnership housing in which developers work to build homes for long term investors such as housing associations, local authorities and build-to-rent landlords, reducing its dependence on open market private sales. Going forward, open market sales will reduce in importance to just 35% of plots for each development scheme. The larger 65% partnership chunk will be pre-sold before work ha ...

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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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