Deutsche Bank initiates coverage of Countryside Properties at 'buy'
Countryside Properties got a boost on Monday as Deutsche Bank initiated coverage of the housebuilder at 'buy' with a 426p price target.
Countryside Partnerships
229.80p
16:40 11/11/22
FTSE 250
19,884.73
17:14 28/03/24
FTSE 350
4,383.21
17:14 28/03/24
FTSE All-Share
4,338.05
16:50 28/03/24
Household Goods & Home Construction
13,053.56
17:14 28/03/24
"Countryside is the UK's foremost housebuilder specialising in large scale regeneration partnerships," DB said.
"This partnership business we see as a key differentiator for the stock, providing more consistent over-the-cycle profitability profile, significantly higher return on capital employed, and strong positioning to government policy."
Last month, the company said it expected annual property sales to rise by 10-15% or more over the medium term as it announced trading in line with its expectations.
In the first 38 weeks of Countryside’s financial year, average weekly visitors to its sites rose 3% and the number of reservations per outlet was steady at 0.88 a week. House price inflation was 3% and the cost of building houses increased 3-4%.
At 1450 BST, the shares were up 1.7% to 337.60p.