Financials The Berkeley Group Holdings plc Berne S.E.

Equities

BKG

GB00BLJNXL82

Homebuilding

Delayed Berne S.E. Other stock markets			5-day change	1st Jan Change
- ^CHF	-.--%		-.--%	-.--%

20/06	UBS raises Landsec; Berenberg cuts SSP	AN
19/06	Stocks Rise as British Inflation Rate Returns to Bank of England's 2% Target	MT

Valuation

Fiscal Period: April	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,830	5,241	5,627	4,541	4,780	5,006	-	-
Enterprise Value (EV) ¹	3,855	4,102	4,499	4,272	4,369	4,989	4,509	4,486
P/E ratio	7.99 x	13.3 x	13.9 x	9.92 x	10.5 x	12.7 x	13.5 x	14 x
Yield	0.72%	2.84%	2.51%	0.52%	2.04%	4.59%	5.39%	5.22%
Capitalization / Revenue	1.63 x	2.73 x	2.56 x	1.93 x	1.87 x	2.02 x	1.99 x	2.01 x
EV / Revenue	1.3 x	2.14 x	2.04 x	1.82 x	1.71 x	2.02 x	1.79 x	1.8 x
EV / EBITDA	5 x	8.65 x	8.85 x	8.32 x	8.35 x	10.3 x	9.15 x	9.18 x
EV / FCF	6.5 x	13.7 x	14 x	-32.7 x	13.1 x	12.7 x	12.9 x	16.6 x
FCF Yield	15.4%	7.29%	7.15%	-3.06%	7.64%	7.85%	7.77%	6.02%
Price to Book	1.65 x	1.7 x	1.82 x	1.45 x	1.43 x	1.47 x	1.38 x	1.34 x
Nbr of stocks (in thousands)	1,18,753	1,15,698	1,12,317	1,11,305	1,07,478	1,05,828	-	-
Reference price ²	40.67	45.30	50.10	40.80	44.47	47.30	47.30	47.30
Announcement Date	19/06/19	17/06/20	23/06/21	22/06/22	21/06/23	19/06/24	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: April	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,957	1,920	2,202	2,348	2,550	2,464	2,519	2,487
EBITDA ¹	770.8	474.4	508.2	513.5	523.4	484.5	493.1	488.5
EBIT ¹	768.4	469.7	502.3	507.9	518.3	479.7	496.2	475.2
Operating Margin	25.98%	24.46%	22.81%	21.63%	20.32%	19.47%	19.7%	19.1%
Earnings before Tax (EBT) ¹	775.2	503.7	518.1	551.5	604	557.3	521.2	500.5
Net income ¹	627.4	410.1	422.7	482.4	465.7	397.6	379.4	355.5
Net margin	21.21%	21.35%	19.19%	20.55%	18.26%	16.13%	15.06%	14.29%
EPS ²	5.088	3.394	3.600	4.114	4.224	3.711	3.513	3.389
Free Cash Flow ¹	592.8	299.2	321.8	-130.8	333.6	354.8	350.2	270
FCF margin	20.04%	15.58%	14.61%	-5.57%	13.08%	14.25%	13.9%	10.85%
FCF Conversion (EBITDA)	76.91%	63.07%	63.32%	-	63.74%	71.66%	71.03%	55.27%
FCF Conversion (Net income)	94.49%	72.96%	76.13%	-	71.63%	89.98%	92.32%	75.94%
Dividend per Share ²	0.2945	1.285	1.258	0.2125	0.9069	2.173	2.548	2.469
Announcement Date	19/06/19	17/06/20	23/06/21	22/06/22	21/06/23	19/06/24	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: April	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2024 S1
Net sales	930.9	989.5	-	1,306	1,221	1,127	-
EBITDA	-	-	-	277.1	-	-	-
EBIT	-	-	-	274.3	-	236.9	-
Operating Margin	-	-	-	21%	-	21.01%	-
Earnings before Tax (EBT) ¹	-	-	-	-	-	260.8	298
Net income	-	-	187.7	-	-	242.6	-
Net margin	-	-	-	-	-	21.52%	-
EPS	-	-	1.620	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-
Announcement Date	06/12/19	17/06/20	04/12/20	23/06/21	08/12/21	22/06/22	-

¹GBP in Million

Estimates

Balance Sheet Analysis

Fiscal Period: April	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	975	1,139	1,128	269	410	484	496	520
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	593	299	322	-131	334	355	350	270
ROE (net income / shareholders' equity)	22.6%	13.5%	13.5%	15.3%	14.4%	11.7%	10.4%	9.87%
ROA (Net income/ Total Assets)	13%	7.75%	7.55%	7.95%	6.93%	5.85%	5.57%	5.67%
Assets ¹	4,843	5,294	5,601	6,070	6,724	6,741	6,811	6,270
Book Value Per Share ²	24.60	26.60	27.60	28.20	31.00	32.30	34.20	35.40
Cash Flow per Share ²	4.970	2.560	2.760	-1.100	3.050	3.230	2.460	2.780
Capex ¹	19.5	9.7	2.4	1.3	2	4.67	3.76	3.8
Capex / Sales	0.66%	0.51%	0.11%	0.06%	0.08%	0.19%	0.15%	0.15%
Announcement Date	19/06/19	17/06/20	23/06/21	22/06/22	21/06/23	19/06/24	-	-

¹GBP in Million²GBP

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for The Berkeley Group Holdings plc

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

47.3 GBP

Average target price

49.31 GBP

Spread / Average Target

+4.26%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Homebuilding

	1st Jan change	Capi.
DR HORTON	-6.31%	46.89B
PULTEGROUP, INC.	+8.09%	23.47B
DAIWA HOUSE INDUSTRY CO., LTD.	-7.19%	15.86B
SEKISUI HOUSE, LTD.	+9.87%	13.91B
TOLL BROTHERS, INC.	+13.94%	12.02B
SUMITOMO FORESTRY CO., LTD.	+23.58%	6.56B
TAYLOR WIMPEY PLC	-1.53%	6.44B
TAYLOR MORRISON HOME CORPORATION	+3.67%	5.85B
BARRATT DEVELOPMENTS PLC	-15.39%	5.8B

Other Homebuilding