Brexit

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Brexit	Cost	Profit	Hold	Pr R	price	target	PE	Debt	Ave Earning	R/Equity	R/Assets	MK cap
Barratt	10,973	2,584	13,557	24%	500
Bellway***	33,718	8,898	42,616	26%	2390
Bovis**	25,027	8,030	33,057	32%	917
persimmon	35,188	11,883	47,071	34%	1870	2,200	10	–		22	14	5.8B
Taylor*	23,684	6,251	29,935	26%	165
Virgin	11,007	2,828	13,835	26%	314
	139,597	40,474

Persimmon

• the total number of voting rights in the Company is currently 308,321,637.

• On 28 June 2016 Persimmon plc (the “Company”) was informed that on that day Persimmon (Share Scheme Trustees) Limited purchased 70,000 ordinary shares in the Company at an average price of 1341.134p. The shares were purchased by the employee benefit trust for the Company’s Bonus Share Scheme. 

• the Executive Directors hold options/awards over the following number of ordinary shares granted under the Company’s various share schemes:

  Name	Number of ordinary shares
  Jeff Fairburn	4,880,923
  David Jenkinson	2,429,541
  Mike Killoran	3,400,940
  Nigel Greenaway	1,683,920

File: BovisHomes2015.pdf

regular payout ratio: one third of earnings per share
England  and Wales.
Targeting 75-80% of land developed in prime south of England
During 2015, this increased to circa 1.2 million transactions although this is still down from a peak of circa 1.6 million transactions during 2007. The lack of supply that is preventing higher transaction levels is driving a significant increase in house prices that have accelerated over the last  two years with Halifax reporting an average sales price of £203,900 in December 2015, higher than the 2007 peak for the first time.

File: BovisHomes2009.pdf

Overheads were reduced by 34% compared with 2008.

The Group’s net assets increased from £632.3 million at the start of 2009 to £692.6 million at 31 December 2009, equating to a net asset value of £5.20 per share. The major element of the net asset movement over the year of £60.3 million was the net £59.0 million raised by the Group’s equity placing in September.

David Ritchie | Chief Executive

20% decline on the average sales price in 2007 (£206,200).

The Group held a consented land bank of 12,042 plots at 31 December 2009, over six and a half years supply at current levels of activity

The challenge ahead for the Group is to use its balance sheet strength to acquire residential land and thus grow its sales outlet count

Substantial shareholdings：Schroders 10.92%; Blackrock 10.10%; Prudential; Sanderson;standard life; threadneedle; legal&general

Bellway

EPS 148.7p; 103.5; 230 for 2015
Dividend 34p; 25p; 77 for 2015
Average selling price up by 17.3%
Net Assets: 1.69B
Total Liabilities: 802.3m

Taylor Wimpey

h1 2016

EPS: 6.6; 5.8 h1 2015; 15.1 FY2015

too early to assess the impact of the EU Referendum

Total Liability 2.33B; Equity: 2.59B

AR 2015

File: Taylor Wimpey ARA 2015.pdf

8.0% increase in total average selling  price to £230k
Return on net operating assets** (%) 27.1
We operate in a cyclical market. This can be very easy to forget when the market is positive.

Fr 2011, our earnings per share have increased by 610%

regular maintenance dividend, which is currently set at 2% of net assets

Pete Redfern Chief Executive

Diluted earnings per share  14.9p  11.5p

Bank and other loans   (100m)

Five Year Review

Briexit