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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:
Up 239.00p
Change Today:
1.40p
Market Cap:
614.04m
Sector:
Household Goods & Home Construction

Canaccord ups rating on Crest Nicholson to 'buy'

By Abigail Townsend

Date: Thursday 25 Jun 2020

LONDON (ShareCast) - (Sharecast News) - Canaccord Genuity has upped its recommendation on Crest Nicholson to 'buy' following its interim results.
The housebuilder said on Wednesday that the Covid-19 pandemic had "significantly" impacted its first-half performance, with revenues down 52% and adjusted pre-tax profits tumbling 93%. The number of completed homes, forward sales and the open market average selling price all fell.

But in a note published the following day, Canaccord said: "While there remains material macro uncertainly, management hopefully provided profit guidance for the full year, which implies a sharp profit increase in the second half on that delivered for the first.

"Liquidity and the balance sheet look comfortable."

It continued: "Management has also assumed that house prices fall by 7.5%, which results in an inventory impairment that arguably makes the net asset value estimate now more robust to macro risks."

Canaccord also pointed to "operational efficiencies and other strategic initiatives, which should lead to a better quality business in the medium term".

The bank conceded that macro and Covid-19 risks were likely to weigh on the share price in the near term. But it concluded: "the valuation combined with the asset write-down taken should provide a degree of extra valuation comfort. We nudge our price target down to 260p and upgrade to 'buy'."

Previously, Canaccord had a 'hold' recommendation and a price target of 205.0p on the stock.

As at 1215 BST, shares in Crest Nicholson were trading 3% higher at 211.0p.

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

 

CRST Market Data

Currency UK Pounds
Price 239.00p
Change Today 1.40p
52 Week High 519.00p
52 Week Low 164.50p
Volume 469,104
Shares Issued 256.92m
Market Cap 614.04m

Performance Indicators

Compare performance with the sector and the 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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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 21-Oct-2020

Time Volume / Share Price
16:35 117,408 @ 239.00p
16:29 5 @ 239.20p
16:29 96 @ 239.60p
16:29 521 @ 239.40p
16:29 48 @ 239.20p

CRST Key Personnel

CEO Peter Truscott
COO Tom Nicholson