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Prices & Quotes - UK Markets - Crest Nicholson Holdings (CRST)

Risk Warning The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back less than you invested. Past performance is not a guide to future performance.

Share Price:
Down 237.60p
Change Today:
-2.40p
Market Cap:
610.44m
Sector:
Household Goods & Home Construction

JP Morgan cuts forecasts across housebuilding sector, downgrades Redrow

By Abigail Townsend

Date: Tuesday 31 Mar 2020

LONDON (ShareCast) - (Sharecast News) - JP Morgan has reduced its forecasts for the UK housebuilding sector, including cutting its rating on Redrow and Taylor Wimpey.
In a note published on Tuesday, the bank said the sector had underperformed the FTSE 100 and FTSE 250 by 17 and 10 percentage points respectively, "demonstrating the cyclical nature of the sector".

"While the potential impact from Covid-19 remains uncertain, we take a cautious stance by incorporating 30% decline in completions and 5% drop in average selling prices for 2020, resulting in a 40% cut to CY-2021 estimated earnings per share on average."

But JP Morgan also warned there could be potential for a 45% decline in revised pre-tax profit estimates, should the fall in completions worsen to 45% and average selling price slide by 10%.

Within individual companies, the bank said that with dividend and land spend being cut across the sector, the focus now was shifting increasingly to balance sheet resilience. It downgraded Redrow and Taylor Wimpey to 'neutral', from 'overweight', after flagging up both stocks as having a "limited cushion" in terms of liquidity. Crest Nicholson and Vistry Group, both already 'underweight, were also flagged up over liquidity concerns.

It upgraded Berkeley Group to 'overweight' from 'neutral', however, on balance sheet resilience, and maintained its 'overweight' rating on Persimmon on the same basis.

Housebuilders have been hit especially hard by restrictions introduced to stop the spread of the Covid-19 outbreak. Construction sites across the country have temporarily closed, and on Friday, the government strongly advised people against moving house in the current climate if possible.

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CRST Market Data

Currency UK Pounds
Price 237.60p
Change Today -2.40p
52 Week High 519.00p
52 Week Low 164.50p
Volume 854,403
Shares Issued 256.92m
Market Cap 610.44m

Performance Indicators

Compare performance with the sector and the market.

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market
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Price Trend
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Income
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Growth
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Price Chg 6m
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P/E
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PEG
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Dividend Yield
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EPS Growth
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Operating Margin
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sector
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What The Brokers Say

Strong Buy 5
Buy 0
Neutral 3
Sell 0
Strong Sell 2
Total 10
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

CRST Dividends

  Latest Previous
  Final Interim
Ex-Div n/a 19-Sep-19
Paid n/a 04-Oct-19
Amount 0.000p 11.20p

Trades for 20-Oct-2020

Time Volume / Share Price
16:35 151,516 @ 237.60p
16:29 1 @ 238.00p
16:29 6 @ 238.00p
16:29 8 @ 238.00p
16:29 247 @ 238.00p

CRST Key Personnel

CEO Peter Truscott
COO Tom Nicholson