Galliford Try - Post 1H23 Results Consensus Overview
Earlier this month, Galliford Try reported a strong set of interim results including a 65% YoY increase in adjusted profit before tax and an increase in the Divisional operating margin. The financial performance prompted a 36% YoY increase in the interim dividend to 3.0p per share. In our view these results confirmed that Galliford Try is making good progress against its Sustainable Growth Strategy. Following the results, changes to consensus estimates were modest with the most notable being a 4% increase in consensus adjusted profit before tax for FY23, following positive management guidance. We note that the consensus dividend forecast of 8.5p implies a cut in the FY23 final YoY which seems unlikely to us. There was a 3.5% increase in the average target price to 249p, 45% ahead of the current share price.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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