Bellway’s Share Price Looks Well Supported
House builder Bellway’s share price should be well underpinned by the expected delivery of growth over the medium term and a decent dividend payout, Canaccord Genuity says. Bellway has guided for a higher average selling price for fiscal 2021 and pretax profit consensus forecasts for the year are likely to rise 3%-4%, but don’t expect any material changes to fiscal 2022 at this stage, the Canadian investment bank says. Bellway’s share price has risen around 18% in the year to date but it still has one of the lowest price-to-book multiples in the sector, adding to its attractiveness, Canaccord says. Canaccord retains its buy rating and 4,060-pence price target on the stock. Shares are broadl…
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