Analyst Views: Have you changed your outlook following Persimmon’s statement?
CLYDE LEWIS | PEEL HUNT
Finals showed a 16 per cent rise in volumes boosting revenues by 21 per cent … the key surprise was the acceleration of the capital return programme. When you are sitting there with a big cash promise, a big land bank and you have delivered good growth it tells you quite a bit about the strength and depth of the firm.
MARK HUGHES | PANMURE GORDON
Persimmon has published a strong set of results, with profits ahead of forecasts. The company has also announced an acceleration of some of the cash returns to shareholders which is positive news. We are upgrading our forecasts but we struggle to justify the current valuation and retain a “sell” recommendation.
GLYNIS JOHNSON | DEUTSCHE BANK
Persimmon reported profits slightly ahead of our estimates… With a strong net cash balance sheet, and high single digit dividend yield we see the attractions of the Persimmon business. However, trading at a 60 per cent premium to our estimated 2015 net asset value we see better opportunities elsewhere.