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Broker snap: KBC not sold on Bellway's cash generation
Mon, 01 Dec, 2008
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Broker snap: KBC not sold on Bellway's cash generation
Tue, 14 Oct 2008, 09:41:00
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Name
Value
Percent
Change
Bellway
491.00p
-3.44%
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Profit before tax at housebuilder <b>Bellway</b> was ahead of market consensus but the 75% cut in the final dividend was more severe than expected, according to broker KBC Peel Hunt, which remains neutral on the stock.<br /><br />"The provision against land and stock at £130m was at least one-third more than the market expected," KBC analyst Robin Hardy reckons.<br /><br />Hardy expects Bellway's full-year pre-tax profit to slide below £50m next year and earnings per share (EPS) to dive below 25p; earlier today Bellway announced pre-tax profits in the year to end-July of £165.7m, and EPS of 104.2p, excluding exceptional items. <br /><br />"While the balance sheet is not that stressed we do not like the cash generation profile here and feel that under the likely improvements in the 2009 bank lending regime, other stocks have bigger gains to post," KBC said.
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