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Bellway

DB:41B
Snowflake Description

Flawless balance sheet 6 star dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
41B
DB
£4B
Market Cap
  1. Home
  2. DE
  3. Consumer Durables
Company description

Bellway p.l.c., together with its subsidiaries, engages in the house building business in the United Kingdom. The last earnings update was 6 days ago. More info.


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41B Share Price and Events
7 Day Returns
5.5%
DB:41B
-1.1%
DE Consumer Durables
0.1%
DE Market
1 Year Returns
9.4%
DB:41B
2.9%
DE Consumer Durables
8.8%
DE Market
41B Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Bellway (41B) 5.5% -2.3% 28.1% 9.4% 40.5% 73.2%
DE Consumer Durables -1.1% 3.5% 4.1% 2.9% -5.9% 11.6%
DE Market 0.1% 5.9% 15% 8.8% 14.5% 21%
1 Year Return vs Industry and Market
  • 41B outperformed the Consumer Durables industry which returned 2.9% over the past year.
  • 41B matched the Germany Market (8.8%) over the past year.
Price Volatility
41B
Industry
5yr Volatility vs Market

41B Value

 Is Bellway undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Bellway to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Bellway.

DB:41B Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 12 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.1%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:41B
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6.7%
Consumer Durables Unlevered Beta Simply Wall St/ S&P Global 0.81
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.815 (1 + (1- 19%) (0.38%))
0.877
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.88
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.877 * 6.65%)
6.06%

Discounted Cash Flow Calculation for DB:41B using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Bellway is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:41B DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (GBP, Millions) Source Present Value
Discounted (@ 6.06%)
2020 309.39 Analyst x3 291.70
2021 283.59 Analyst x4 252.09
2022 267.88 Est @ -5.54% 224.52
2023 257.67 Est @ -3.81% 203.62
2024 250.98 Est @ -2.6% 186.99
2025 246.59 Est @ -1.75% 173.22
2026 243.74 Est @ -1.16% 161.43
2027 241.93 Est @ -0.74% 151.07
2028 240.84 Est @ -0.45% 141.80
2029 240.24 Est @ -0.25% 133.36
Present value of next 10 years cash flows £1,919.00
DB:41B DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= £240.24 × (1 + 0.23%) ÷ (6.06% – 0.23%)
£4,126.88
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= £4,126.88 ÷ (1 + 6.06%)10
£2,290.84
DB:41B Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= £1,919.00 + £2,290.84
£4,209.84
Equity Value per Share
(GBP)
= Total value / Shares Outstanding
= £4,209.84 / 123.13
£34.19
DB:41B Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:41B represents 1.19503x of LSE:BWY
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
1.19503x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (GBP) x Listing Adjustment Factor
= £ 34.19 x 1.19503
€40.86
Value per share (EUR) From above. €40.86
Current discount Discount to share price of €38.48
= -1 x (€38.48 - €40.86) / €40.86
5.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Bellway is available for.
Intrinsic value
6%
Share price is €38.48 vs Future cash flow value of €40.86
Current Discount Checks
For Bellway to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Bellway's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Bellway's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Bellway's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Bellway's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:41B PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-07-31) in GBP £4.38
LSE:BWY Share Price ** LSE (2019-11-14) in GBP £32.2
Germany Consumer Durables Industry PE Ratio Median Figure of 8 Publicly-Listed Consumer Durables Companies 17.05x
Germany Market PE Ratio Median Figure of 402 Publicly-Listed Companies 19.83x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Bellway.

DB:41B PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= LSE:BWY Share Price ÷ EPS (both in GBP)

= 32.2 ÷ 4.38

7.35x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bellway is good value based on earnings compared to the DE Consumer Durables industry average.
  • Bellway is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Bellway's expected growth come at a high price?
Raw Data
DB:41B PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 7.35x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts
1%per year
Germany Consumer Durables Industry PEG Ratio Median Figure of 5 Publicly-Listed Consumer Durables Companies 0.97x
Germany Market PEG Ratio Median Figure of 255 Publicly-Listed Companies 1.36x

*Line of best fit is calculated by linear regression .

DB:41B PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 7.35x ÷ 1%

7.05x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bellway is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Bellway's assets?
Raw Data
DB:41B PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-07-31) in GBP £23.73
LSE:BWY Share Price * LSE (2019-11-14) in GBP £32.2
Germany Consumer Durables Industry PB Ratio Median Figure of 12 Publicly-Listed Consumer Durables Companies 1.69x
Germany Market PB Ratio Median Figure of 577 Publicly-Listed Companies 1.83x
DB:41B PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= LSE:BWY Share Price ÷ Book Value per Share (both in GBP)

= 32.2 ÷ 23.73

1.36x

* Primary Listing of Bellway.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bellway is good value based on assets compared to the DE Consumer Durables industry average.
X
Value checks
We assess Bellway's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Consumer Durables industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Consumer Durables industry average (and greater than 0)? (1 check)
  5. Bellway has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

41B Future Performance

 How is Bellway expected to perform in the next 1 to 3 years based on estimates from 12 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Bellway expected to grow at an attractive rate?
  • Bellway's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Bellway's earnings growth is positive but not above the Germany market average.
  • Bellway's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:41B Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:41B Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts 1%
DB:41B Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 12 Analysts 3.1%
Germany Consumer Durables Industry Earnings Growth Rate Market Cap Weighted Average 15%
Germany Consumer Durables Industry Revenue Growth Rate Market Cap Weighted Average 4.4%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.7%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:41B Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below
All numbers in GBP Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:41B Future Estimates Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-07-31 3,684 650 577 1
2022-07-31 3,525 581 548 5
2021-07-31 3,357 520 527 12
2020-07-31 3,240 417 515 11
2019-11-14
DB:41B Past Financials Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income *
2019-07-31 3,213 292 539
2019-04-30 3,167 539
2019-01-31 3,121 288 540
2018-10-31 3,039 271 530
2018-07-31 2,958 254 520
2018-04-30 2,846 504
2018-01-31 2,734 195 488
2017-10-31 2,647 174 471
2017-07-31 2,559 153 454
2017-04-30 2,431 95 438
2017-01-31 2,304 36 422
2016-10-31 2,272 100 412

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Bellway's earnings are expected to grow by 1% yearly, however this is not considered high growth (20% yearly).
  • Bellway's revenue is expected to grow by 3.1% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:41B Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below

All data from Bellway Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:41B Future Estimates Data
Date (Data in GBP Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-07-31 4.68 4.68 4.68 1.00
2022-07-31 4.45 4.55 4.30 3.00
2021-07-31 4.20 4.37 3.75 8.00
2020-07-31 4.17 4.44 4.04 7.00
2019-11-14
DB:41B Past Financials Data
Date (Data in GBP Millions) EPS *
2019-07-31 4.38
2019-04-30 4.39
2019-01-31 4.39
2018-10-31 4.31
2018-07-31 4.23
2018-04-30 4.11
2018-01-31 3.98
2017-10-31 3.84
2017-07-31 3.71
2017-04-30 3.57
2017-01-31 3.44
2016-10-31 3.36

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Bellway is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Bellway's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Bellway has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

41B Past Performance

  How has Bellway performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Bellway's growth in the last year to its industry (Consumer Durables).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Bellway's year on year earnings growth rate has been positive over the past 5 years.
  • Bellway's 1-year earnings growth is less than its 5-year average (3.6% vs 18.2%)
  • Bellway's earnings growth has exceeded the DE Consumer Durables industry average in the past year (3.6% vs -21.1%).
Earnings and Revenue History
Bellway's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Bellway Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:41B Past Revenue, Cash Flow and Net Income Data
Date (Data in GBP Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-07-31 3,213.24 538.55 109.65
2019-04-30 3,167.25 539.28 108.06
2019-01-31 3,121.26 540.01 106.47
2018-10-31 3,039.46 529.96 103.57
2018-07-31 2,957.66 519.91 100.67
2018-04-30 2,846.06 504.13 97.85
2018-01-31 2,734.46 488.36 95.02
2017-10-31 2,646.51 471.21 92.62
2017-07-31 2,558.56 454.06 90.22
2017-04-30 2,431.41 437.78 88.70
2017-01-31 2,304.25 421.50 87.19
2016-10-31 2,272.45 412.20 85.09
2016-07-31 2,240.65 402.90 82.99
2016-04-30 2,129.88 370.88 80.52
2016-01-31 2,019.11 338.85 78.04
2015-10-31 1,892.26 311.00 72.89
2015-07-31 1,765.41 283.15 67.74
2015-04-30 1,690.51 260.14 64.15
2015-01-31 1,615.62 237.12 60.56
2014-10-31 1,550.22 214.27 60.46
2014-07-31 1,484.82 191.42 60.36
2014-04-30 1,396.70 167.35 58.44
2014-01-31 1,308.58 143.27 56.53
2013-10-31 1,209.63 125.92 54.53
2013-07-31 1,110.68 108.57 52.53
2013-04-30 1,079.40 101.72 51.23
2013-01-31 1,048.13 94.86 49.93

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Bellway has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Bellway used its assets more efficiently than the DE Consumer Durables industry average last year based on Return on Assets.
  • Bellway's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Bellway's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Consumer Durables industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Bellway has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

41B Health

 How is Bellway's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Bellway's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Bellway is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Bellway's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Bellway's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Bellway has no debt, it does not need to be covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Bellway Company Filings, last reported 3 months ago.

DB:41B Past Debt and Equity Data
Date (Data in GBP Millions) Total Equity Total Debt Cash & Short Term Investments
2019-07-31 2,921.17 0.00 201.24
2019-04-30 2,921.17 0.00 201.24
2019-01-31 2,693.80 60.00 33.40
2018-10-31 2,693.80 60.00 33.40
2018-07-31 2,557.10 0.00 98.99
2018-04-30 2,557.10 0.00 98.99
2018-01-31 2,323.90 168.00 36.60
2017-10-31 2,323.90 168.00 36.60
2017-07-31 2,191.34 30.00 45.97
2017-04-30 2,191.34 30.00 45.97
2017-01-31 1,977.30 200.00 24.90
2016-10-31 1,977.30 200.00 24.90
2016-07-31 1,867.02 32.50 58.97
2016-04-30 1,867.02 32.50 58.97
2016-01-31 1,694.90 100.00 41.10
2015-10-31 1,694.90 100.00 41.10
2015-07-31 1,575.91 80.00 41.49
2015-04-30 1,575.91 80.00 41.49
2015-01-31 1,444.00 190.00 97.10
2014-10-31 1,444.00 190.00 97.10
2014-07-31 1,366.06 30.00 33.60
2014-04-30 1,366.06 30.00 33.60
2014-01-31 1,274.10 60.00 23.60
2013-10-31 1,274.10 60.00 23.60
2013-07-31 1,218.84 50.00 24.22
2013-04-30 1,218.84 50.00 24.22
2013-01-31 1,164.30 113.00 17.60
  • Bellway has no debt.
  • Bellway has no debt compared to 5 years ago when it was 2.3%.
  • Bellway has no debt, it does not need to be covered by operating cash flow.
  • Bellway has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess Bellway's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Bellway has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

41B Dividends

 What is Bellway's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.67%
Current annual income from Bellway dividends. Estimated to be 5.1% next year.
If you bought €2,000 of Bellway shares you are expected to receive €93 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Bellway's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.38%).
  • Bellway's dividend is above the markets top 25% of dividend payers in Germany (3.68%).
Upcoming dividend payment

Purchase Bellway before the 'Ex-dividend' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:41B Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below
Germany Consumer Durables Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 3.1%
Germany Market Average Dividend Yield Market Cap Weighted Average of 334 Stocks 2.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.7%
Germany Bottom 25% Dividend Yield 25th Percentile 1.4%
Germany Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:41B Future Dividends Estimate Data
Date (Data in £) Dividend per Share (annual) Avg. No. Analysts
2023-07-31 0.00 1.00
2022-07-31 1.81 6.00
2021-07-31 1.69 14.00
2020-07-31 1.64 12.00
2019-11-14
DB:41B Past Annualized Dividends Data
Date (Data in £) Dividend per share (annual) Avg. Yield (%)
2019-11-08 1.504 4.670
2019-10-15 1.504 4.628
2018-11-12 1.430 4.940
2018-10-16 1.430 4.961
2017-11-10 1.220 3.840
2017-10-17 1.220 3.337
2016-11-14 1.080 3.839
2016-10-18 1.080 4.486
2015-12-11 0.770 3.219
2014-12-12 0.520 2.362
2013-10-15 0.300 1.920
2013-03-26 0.230 1.715
2012-10-16 0.200 1.875
2012-10-15 0.200 2.073
2011-10-18 0.125 1.595
2011-10-17 0.125 1.817
2011-01-07 0.100 1.511
2009-10-13 0.090 1.371
2009-10-12 0.090 1.125
2009-03-31 0.060 0.823

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Bellway's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.5x coverage).
X
Income/ dividend checks
We assess Bellway's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.7%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Bellway afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Bellway has a total score of 6/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

41B Management

 What is the CEO of Bellway's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Jason Honeyman
COMPENSATION £1,205,978
TENURE AS CEO 1.3 years
CEO Bio

Mr. Jason Honeyman is the Chief Executive Officer of Bellway p.l.c. since August 1, 2018 and its Executive Director since September 1, 2017. Mr. Honeyman was the Chief Operating Officer of Bellway p.l.c. since September 1, 2017 until August 1, 2018. Mr. Honeyman is a highly respected senior operator in the industry and has considerable housebuilding experience having overseen the successful management of its Southern Divisions since 2011. He has been an employee of Bellway since January 2005 having been Managing Director of largest and most successful Division at Thames Gateway before being promoted to Southern Regional Chairman in December 2011.

CEO Compensation
  • Jason's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Jason's remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

Average tenure of the Bellway management team in years:

3.8
Average Tenure
  • The tenure for the Bellway management team is about average.
Management Team

Jason Honeyman

TITLE
CEO & Executive Director
COMPENSATION
£1M
TENURE
1.3 yrs

Keith Adey

TITLE
Group Finance Director & Executive Director
COMPENSATION
£1M
AGE
40
TENURE
7.8 yrs

Simon Scougall

TITLE
Group General Counsel & Company Secretary
TENURE
3.8 yrs
Board of Directors Tenure

Average tenure and age of the Bellway board of directors in years:

1.9
Average Tenure
59
Average Age
  • The average tenure for the Bellway board of directors is less than 3 years, this suggests a new board.
Board of Directors

Paul Nigel Smith

TITLE
Independent Non-Executive Chairman
COMPENSATION
£163K
AGE
59
TENURE
0.9 yrs

Jason Honeyman

TITLE
CEO & Executive Director
COMPENSATION
£1M
TENURE
2.2 yrs

Keith Adey

TITLE
Group Finance Director & Executive Director
COMPENSATION
£1M
AGE
40
TENURE
7.8 yrs

Jill Caseberry

TITLE
Independent Non-Executive Director
COMPENSATION
£68K
AGE
54
TENURE
2.1 yrs

Ian McHoul

TITLE
Independent Non-Executive Director
COMPENSATION
£64K
AGE
59
TENURE
1.8 yrs

Denise Jagger

TITLE
Senior Independent Non-Executive Director
COMPENSATION
£66K
AGE
61
TENURE
1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Bellway's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Bellway has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

41B News

Simply Wall St News

41B Company Info

Description

Bellway p.l.c., together with its subsidiaries, engages in the house building business in the United Kingdom. The company builds and sells homes ranging from one-bedroom apartments to six-bedroom family homes, as well as provides homes to housing associations for social housing. Bellway p.l.c. was incorporated in 1978 and is headquartered in Newcastle upon Tyne, the United Kingdom.

Details
Name: Bellway p.l.c.
41B
Exchange: DB
Founded: 1978
£4,636,874,809
123,129,043
Website: http://www.bellwayplc.co.uk
Address: Bellway p.l.c.
Seaton Burn House,
Dudley Lane,
Newcastle upon Tyne,
Tyne and Wear, NE13 6BE,
United Kingdom
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
LSE BWY Ordinary Shares London Stock Exchange GB GBP 24. Jan 1994
OTCPK BLWY.F Ordinary Shares Pink Sheets LLC US USD 24. Jan 1994
DB 41B Ordinary Shares Deutsche Boerse AG DE EUR 24. Jan 1994
BATS-CHIXE BWYL Ordinary Shares BATS 'Chi-X Europe' GB GBP 24. Jan 1994
Number of employees
Current staff
Staff numbers
2,998
Bellway employees.
Industry
Homebuilding
Consumer Durables
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/11/14 21:05
End of day share price update: 2019/11/14 00:00
Last estimates confirmation: 2019/11/01
Last earnings filing: 2019/11/08
Last earnings reported: 2019/07/31
Last annual earnings reported: 2019/07/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.