Galliford Try - Consensus forecasts increased, post positive trading statement
Galliford Try published a positive trading statement for 1HFY24 on 17 January 2024 which included guidance that revenue and pre-exceptional profit before tax (Adjusted PBT) for FY24 would be c5% ahead of then market expectations. That prompted four of the five covering brokers to revise their forecasts including one additional broker extending forecasts through FY26. On average, revenue forecasts increased by 3.9% for FY24 with estimates for adjusted PBT increasing by 4.9% and estimates for EPS increasing by 6.9%. Dividend estimates were also raised, by an average of 3.8%. The shares had outperformed sharply following the FY23 results and have consolidated around current levels. Based on the revised consensus forecasts, Galliford Try is trading on an FY24 P/E of just 11.0x and offers a near 5% yield with the company set to update its strategic targets in 2Q calendar 2024.Galliford Try is a housebuilding, regeneration and construction group. Co.'s operating segments are: Linden Homes, which is a housebuilder that develops housing on sites, primarily for first-time buyers and families; Partnerships and Regeneration, which is Co.'s specialist regeneration business that works with registered providers and other partners to increase the supply of housing and build sustainable communities; and Construction, which is organised into the Building, Infrastructure and PPP Investments divisions, and also includes facilities management, telecommunications, dry lining and its national piling specialists, Rock & Alluvium.
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