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Share Price:
Up 216.20p
Change Today:
2.60p
Market Cap:
885.47m
Sector:
Construction & Materials

Berenberg nudges up target price on Ibstock

By Iain Gilbert

Date: Tuesday 27 Apr 2021

LONDON (ShareCast) - (Sharecast News) - Analysts at Berenberg slightly nudged up their target price on construction firm Ibstock from 230.0p to 255.0p on Tuesday, stating a new-build recovery appeared to already be priced in.
While Berenberg expects housebuilding activity to continue to recover over the course of the year, meaning it does believe that an upside risk to forecasts exists, it also believes that this has already been reflected in the group's shares. It also reckons better risk/reward scenarios exist elsewhere in the sector.

The German bank, which reiterated its 'hold' rating on the stock, did acknowledge that first-quarter trading highlighted the strength of the new-build recovery.

"Although not quantified, the group noted that it had made a good start to the year, trading 'modestly ahead of expectations', with good demand from both the new-build housing and the renovation, maintenance and improvement end-markets," noted Berenberg.

"Industry data suggests volumes till February were down just 6% year-on-year. Moreover, although increasing sequentially, inventory levels are -30% year-on-year and at their lowest levels since 2014. With demand in the new-build and RMI sector encouraging, production levels should continue to rise and drive margins back to pre-Covid-19 levels."

Along with its trading update, Ibstock also announced it would recommence the project to redevelop its Atlas site to replace its existing mothballed facility, with the redeveloped facilities likely delivering a capacity of 115.0m bricks each year and a net increase of 75.0m bricks, leading Berenberg to upgrade its outer-year forecasts.

"However, the plant is not expected to begin commissioning until H2 2023, with full production not expected until late 2024 - meaning investors will have to wait at least three years for these benefits," noted Berenberg.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Ibstock Market Data

Currency UK Pounds
Price 216.20p
Change Today 2.60p
52 Week High 242.40p
52 Week Low 143.10p
Volume 614,345
Shares Issued 409.56m
Market Cap 885.47m

Performance Indicators

Compare performance with the sector and the market.

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What The Brokers Say

Strong Buy 4
Buy 0
Neutral 7
Sell 0
Strong Sell 0
Total 11
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Ibstock Dividends

  Latest Previous
  Final Special
Ex-Div 15-Apr-21 15-Aug-19
Paid 14-May-21 20-Sep-19
Amount 1.60p 5.00p

Trades for 22-Jun-2021

Time Volume / Share Price
15:02 1,616 @ 216.40p
15:01 25,000 @ 216.40p
15:01 11 @ 216.40p
15:00 582 @ 216.15p
14:59 22 @ 216.20p

Ibstock Key Personnel

Chair Jonathan C Nicholls
CEO Joe Hudson
CFO Chris McLeish