Today’s interims are in line with the recent trading update (11th October) and as such we make no changes to forecasts. Revenue of £324.8m represents a LFL decline of 14%, with EBITDA of £25.6m (H123: £25.5m). This is a strong performance, against what is a challenging market backdrop and underlines the benefits of its diversified operating model and focused strategy. We therefore continue to be surprised at the weakness of the share price, especially in the context of a broader peer group. Putting this into perspective, YTD the average share price accretion across the housebuilding sector is 22%; conversely, Brickability is -24% (and 21% below its IPO price), and this disparity is looking increasingly anomalous. With the shares trading on just 4.3x FY24E EV/EBITDA, leverage of just c.1x and a dividend yield of 6.5%, we believe this presents a good opportunity to revisit the story.
