Consumer Discretionary
The market still does not grasp the full extent of the turnaround currently underway - hidden value in the Partnership Housing division has been overlooked due to historical problems. This has led to a dramatic underperformance vs. Countryside and Vistry. However, deep-seated actions taken by management have now taken root which will result in an extended period of rapid growth and expanding margins. While its construction business provides a stable cash cow, Partnership Housing will become the most profitable division in the group by FY25. TP £38.00 (60% upside).
Edition: 124
- 26 November, 2021