Bellway PLC (BWY:LN)

Consumer Discretionary/Home Construction Price: 3,252.00 GBX Report Date: September 29, 2021 Business Description and Key Statistics

Bellway is a holding company. Through its subsidiaries, Co. is a Current YTY % Chg homebuilder. Co. builds homes designed to complement the style of existing local architecture in communities, meet local demand Revenue LFY (M) 2,225 -30.7 and improve the area in which they are built. With a range that EPS Diluted LFY 1.56 -64.2 extends from one-bedroom apartments to six-bedroom family homes, Co. provides choice from which customers can choose a Market Value (M) 4,011 property that meets their individual requirements. Co. also provides homes to housing associations for social housing. Co.'s focus is to Shares Outstanding LFY (000) 123,346 provide family housing across its divisions and in addition provide Book Value Per Share 24.27 apartments in the outer commuter zones of London. Bellway and Ashberry are the main brands Co. uses to sell its homes. EBITDA Margin % 11.50 Net Margin % 8.7 Website: www.bellway.co.uk Long-Term Debt / Capital % 0.0 ICB Industry: Consumer Discretionary Dividends and Yield TTM 0.85 - 2.61% ICB Subsector: Home Construction Payout Ratio TTM % 64.1 Address: Woolsington House Woolsington 60-Day Average Volume (000) 215 GBR 52-Week High & Low 3,712.00 - 2,286.00 Employees: 3,119 Price / 52-Week High & Low 0.88 - 1.42

Price, Moving Averages & Volume

3,781.8 3,781.8 Bellway PLC is currently trading at 3,252.00 which is 3.9% below its 50 day moving 3,589.9 3,589.9 average price of 3,383.24 and 1.3% below its 200 day 3,398.1 3,398.1 moving average price of 3,294.62.

3,206.3 3,206.3 BWY:LN is currently 12.4% below its 52-week high price of 3,712.00 and is 42.3% above 3,014.5 3,014.5 its 52-week low price of 2,286.00. Over the past 52- 2,822.7 2,822.7 weeks, BWY:LN is up 42.3% while on a calendar year-to- date basis it is up 10.1%. 2,630.9 2,630.9 The Relative Strength Index (RSI) indicator for BWY:LN is 2,439.1 2,439.1 currently 35.8. An RSI value of 70 and above is considered 2,247.3 2,247.3 overbought and 30 and below 10/20 11/20 12/20 1/21 2/21 3/21 4/21 5/21 6/21 7/21 8/21 9/21 oversold. Volume (000) 1,653 1,653

1,240 1,240

827 827

413 Mean (335.26) 413

0 0 10/20 11/20 12/20 1/21 2/21 3/21 4/21 5/21 6/21 7/21 8/21 9/21

Price Price (50-Day Simple Moving Average) Price (200-Day Simple Moving Average)

Consumer Discretionary/Home Construction Price: 3,252.00 GBX Report Date: September 29, 2021 Price Performance, Technical Indicators & Risk Metrics

Difference Price Performance % Change vs FTSE 350 Technical Indicators 1-Day % -0.58 -1.53 50-Day Average Price 3383.24 1-Week % -7.22 -8.34 Price / 50-Day Average 0.96 4-Week % -7.48 -6.62 200-Day Average Price 3294.62 52-Week % 42.26 19.31 Price / 200-Day Average 0.99 RSI - Relative Strength Index 35.80 Quarter-to-Date % 0.37 -0.11

Year-to-Date % 10.05 -0.50 Risk Metrics Last Month % 7.22 5.30 Price Volatility 68.70 Last Quarter % -4.79 -9.46 Sharpe Ratio 0.10 Last Calendar Year % -22.38 -9.39 Sortino Ratio 0.16

5-Year Price Performance vs. FTSE 350

Bellway PLC Current: 1.42 CAGR: 7.4% Over the past five years, FTSE 350 Index Current: 1.20 CAGR: 3.8% Bellway PLC's stock price is up 42.4% which is 22.2% 1.9 1.9 above the FTSE 350 Index performance of 20.2% over the same period. Bellway PLC's 1.8 1.8 cumulative annualized growth rate (CAGR) over the five year 1.7 1.7 period has been 7.4% while that of the FTSE 350 Index has been 3.8%. 1.6 1.6 Over the past year, Bellway PLC's stock price performance 1.6 1.6 of 42.3% has outperformed that of the FTSE 350 Index by 1.5 1.5 19.3%. On a year-to-date BWY:LN basis, Bellway PLC's stock price performance of 10.1% 1.4 1.4 has outperformed the FTSE 350 Index by 0.5%. 1.3 1.3 Over the past week, Bellway ^NMX:LN PLC's stock price performance 1.2 1.2 of -7.2% has underperformed that of the FTSE 350 Index by 8.3%. 1.1 1.1

1.0 1.0

0.9 0.9

0.8 0.8 2017 2018 2019 2020 2021 2022

Consumer Discretionary/Home Construction Price: 3,252.00 GBX Report Date: September 29, 2021 Growth and Profitability Metrics

5-Year 10-Year Historical Growth 3-Year 5-Year 10-Year Profitability Current Average Average Revenues % -4.5 4.7 11.2 Gross Margin % 15.7 24.0 22.0 Revenues Per Share % -4.7 4.6 10.6 EBITDA Margin % 11.5 20.4 18.1 EBITDA % -23.7 -7.1 17.0 Pre-Tax Margin % 10.6 19.9 17.4 EPS Diluted % -24.9 -7.5 18.1 Net Margin % 8.7 16.2 13.9 Free Cash Flow % -100.0 -100.0 -100.0 Return on Equity % 6.5 19.8 16.5 Cash from Operations % -99.9 -99.9 -99.9 Return on Capital % 6.6 19.8 16.5 Book Value % 10.8 13.5 11.0 Return on Assets % 4.9 14.0 11.7

Revenue (M) Bellway PLC's cumulative annualized revenue growth Current: 2225.40 Median: 2758.11 High: 3213.24 Low: 2225.40 CAGR: -4.5% rate over the charted period is 3,410.8 3,410.8 3,213.2 -4.5%. This compares to cumulatative annualized 2,957.7 2,999.2 2,999.2 growth of -4.5% over the past 3 years. 2,558.6 2,587.6 2,587.6 2,225.4 2,176.0 2,176.0 2017 2018 2019 2020 2021 Bellway PLC's cumulative EPS Diluted annualized EPS growth rate Current: 1.56 Median: 3.96 High: 4.36 Low: 1.56 CAGR: -24.9% over the charted period is 4.92 4.92 -24.9%. This compares to 4.36 4.22 cumulatative annualized 3.69 3.75 3.75 growth of -24.9% over the past 3 years. 2.59 2.59 1.56 1.42 1.42 2016 2017 2018 2019 2020 2021

Net Profit Margin % Bellway PLC's net profit margin of 8.7% is 7.5% below Current: 8.66 Median: 17.45 High: 17.90 Low: 8.66 CAGR: -17.6% the period's mean net margin 18.4 18.4 of 16.2%. During the charted Mean (16.16) period, the observed net profit 15.0 15.0 margin high and low were 17.9% and 8.7% respectively. 11.6 11.6

8.2 8.2 2016 2017 2018 2019 2020 2021 Bellway PLC's return on equity Return on Equity % of 6.5% is 13.3% below the Current: 6.50 Median: 22.35 High: 24.10 Low: 6.50 CAGR: -29.5% period's mean return on equity 25.0 25.0 of 19.8%. During the charted Mean (19.77) period, the observed ROE 18.5 18.5 high and low were 24.1% and 6.5% respectively. 12.1 12.1

5.6 5.6 2016 2017 2018 2019 2020 2021

Consumer Discretionary/Home Construction Price: 3,252.00 GBX Report Date: September 29, 2021 Valuation Metrics

5-Year 10-Year 5-Year 10-Year Current Median Median Current Median Median

Price / EPS TTM 20.8 8.3 10.6 Earnings Yield % 5.27 12.51 9.71

Price / Sales 1.8 1.4 1.4 Free Cash Flow Yield % 0.00 4.40 3.22

Price / Operating Cash Flow 20.2 8.3 10.4 Dividend Yield % 2.61 3.86 2.79

Price / Book Value 1.3 1.4 1.5 Enterprise Value / EBITDA 15.7 6.5 8.0

Price / EPS TTM Bellway PLC is trading at 20.83 times its EPS generated Current: 20.83 Median: 8.31 High: 23.77 Low: 5.86 CAGR: 24.6% during the latest fiscal year. 24.7 24.7 This multiple is above the historically observed median 18.1 18.1 of 8.31, while high and low observations have been 23.77 and 5.86. 11.5 11.5 Median (8.31)

5.0 5.0 2016 2017 2018 2019 2020 2021 Price / Sales Bellway PLC is trading at a Price to Sales ratio of 1.80 Current: 1.80 Median: 1.38 High: 2.06 Low: 0.87 CAGR: 7.6% based on sales generated 2.12 2.12 during the latest fiscal year. This ratio is above the 1.68 1.68 historically observed median ratio of 1.38, while high and Median (1.38) low observations have been 1.25 1.25 2.06 and 0.87.

0.81 0.81 2016 2017 2018 2019 2020 2021 Bellway PLC is trading at a Price / Book Value Price to Book ratio of 1.34 Current: 1.34 Median: 1.44 High: 2.08 Low: 0.80 CAGR: -2.2% based on book value at the 2.1 2.1 latest fiscal year end. This ratio is below the historically observed median of 1.44, 1.7 1.7 while high and low Median (1.44) observations have been 2.08 1.2 1.2 and 0.80.

0.7 0.7 2016 2017 2018 2019 2020 2021 Bellway PLC has a Free Cash Free Cash Flow Yield % Flow Yield of 0.00% based on Current: 0.00 Median: 4.37 High: 8.45 Low: 0.00 CAGR: 0.0% free cash flow generated 8.9 8.9 during the latest fiscal year. This value is below the historically observed median 5.8 5.8 yield of 4.37%, while high and Median (4.37) low observations have been 2.7 2.7 8.45 and 0.00.

-0.4 -0.4 2016 2017 2018 2019 2020 2021

Consumer Discretionary/Home Construction Price: 3,252.00 GBX Report Date: September 29, 2021 Dividends Data

Dividends Per Share TTM 0.85 Payout Ratio TTM % 64.06% Dividend Yield TTM % 2.61%

Rate Ex Date Record Date Payment Date Currency Note 0.350 20-05-2021 21-05-2021 01-07-2021 GBP INTERIM GROSS 0.500 26-11-2020 27-11-2020 08-01-2021 GBP FINAL GROSS 1.000 28-11-2019 29-11-2019 08-01-2020 GBP FINAL GROSS 0.504 23-05-2019 24-05-2019 04-07-2019 GBP INTERIM GROSS 0.950 29-11-2018 30-11-2018 09-01-2019 GBP FINAL GROSS 0.480 24-05-2018 25-05-2018 02-07-2018 GBP INTERIM GROSS 0.845 30-11-2017 01-12-2017 10-01-2018 GBP FINAL GROSS 0.375 18-05-2017 19-05-2017 03-07-2017 GBP INTERIM GROSS 0.740 01-12-2016 02-12-2016 11-01-2017 GBP FINAL GROSS 0.340 19-05-2016 20-05-2016 01-07-2016 GBP INTERIM GROSS 0.520 03-12-2015 04-12-2015 13-01-2016 GBP FINAL NET

Dividend Growth and Yield

Dividends Per Share TTM Bellway PLC's trailing 12- month dividend per share is Current: 0.85 Median: 1.17 High: 1.50 Low: 0.50 CAGR: -0.2% 0.85 and its dividend has 1.55 1.55 grown at a cumulative annualized rate of -0.2% over 1.37 1.37 the charted period. This compares to dividend growth 1.18 1.18 of -15.00% over the past year and cumulative annualized growth of -13.80% over the 1.00 1.00 past 3 years.

0.82 0.82

0.63 0.63

0.45 0.45 2016 2017 2018 2019 2020 2021

Dividend Yield TTM % Bellway PLC's current dividend yield is 2.61% based on Current: 2.61 Median: 3.86 High: 7.89 Low: 1.35 CAGR: -7.1% trailing 12 month dividends. 8.22 8.22 The current yield is below the historically observed median 7.02 7.02 of 3.86% and, over the charted time period, the observed high 5.82 5.82 yield has been 7.89% and the observed low yield has been 1.35%. 4.62 4.62

3.42 3.42

2.22 2.22

1.02 1.02 2016 2017 2018 2019 2020 2021

Consumer Discretionary/Home Construction Price: 3,252.00 GBX Report Date: September 29, 2021 ICB Subsector Peer Comparisons

Price Change Year to Date % Price Change Last Calendar Year % -11.8 -0.8 10.2 21.2 32.2 -36.0 -25.9 -15.7 -5.6 4.5

Glenveagh Properties Plc 30.2 Countryside Properties PLC (New) 2.7 Vistry Group PLC 26.7 Persimmon PLC 2.7 Crest Nicholson Holdings PLC 18.9 Glenveagh Properties Plc -1.6 Redrow Plc 16.4 Berkeley Group Holdings Plc -2.4 Bellway PLC 10.1 Barratt Developments plc -10.3 Peer Group Average 9.5 Peer Group Average -13.5 Countryside Properties PLC (New) 7.5 Taylor Wimpey Plc -14.3 Cairn Homes Plc 5.0 Bellway PLC -22.4 Berkeley Group Holdings Plc 0.2 Redrow Plc -23.3 Barratt Developments plc 0.0 Cairn Homes Plc -23.9 Persimmon PLC -3.9 Crest Nicholson Holdings PLC -24.5 Taylor Wimpey Plc -6.1 Vistry Group PLC -30.8 -11.8 -0.8 10.2 21.2 32.2 -36.0 -25.9 -15.7 -5.6 4.5

Price / EPS TTM Price / Book Value 0.0 26.1 52.3 78.4 104.5 0.0 2.2 4.4 6.6 8.8

Crest Nicholson Holdings PLC 99.9 Berkeley Group Holdings Plc 8.4 Countryside Properties PLC (New) 99.9 Countryside Properties PLC (New) 2.4 Berkeley Group Holdings Plc 66.0 Persimmon PLC 2.4 Peer Group Average 36.1 Peer Group Average 2.2 Glenveagh Properties Plc 28.0 Taylor Wimpey Plc 1.5 Bellway PLC 20.8 Redrow Plc 1.4 Redrow Plc 20.3 Barratt Developments plc 1.4 Barratt Developments plc 17.2 Vistry Group PLC 1.4 Persimmon PLC 13.3 Glenveagh Properties Plc 1.4 Cairn Homes Plc 12.6 Bellway PLC 1.3 Vistry Group PLC 11.7 Crest Nicholson Holdings PLC 1.2 Taylor Wimpey Plc 7.6 Cairn Homes Plc 1.0 0.0 26.1 52.3 78.4 104.5 0.0 2.2 4.4 6.6 8.8

EPS 5-Year Growth Rate % Revenue 5-Year Growth Rate % -117.4 -83.4 -49.4 -15.4 18.6 -5.5 -1.4 2.8 6.9 11.1

Taylor Wimpey Plc 12.4 Countryside Properties PLC (New) 10.3

Vistry Group PLC 5.3 Taylor Wimpey Plc 10.1

Berkeley Group Holdings Plc 4.4 Vistry Group PLC 6.9

Persimmon PLC 3.7 Bellway PLC 4.7

Barratt Developments plc -2.7 Peer Group Average 3.8

Redrow Plc -5.9 Redrow Plc 3.1

Bellway PLC -7.5 Persimmon PLC 2.8

Peer Group Average -21.1 Berkeley Group Holdings Plc 1.5

Countryside Properties PLC (New) -100.0 Barratt Developments plc -1.9

Crest Nicholson Holdings PLC -100.0 Crest Nicholson Holdings PLC -3.4

-117.4 -83.4 -49.4 -15.4 18.6 -5.5 -1.4 2.8 6.9 11.1

Consumer Discretionary/Home Construction Price: 3,252.00 GBX Report Date: September 29, 2021 Abbreviations: CAGR - Cumulative annual growth rate. EBIT - Earnings before interest and taxes. EBITDA - Earnings before interest, taxes, depreciation & amortization. LFY - Last fiscal year M - Million LON - London Stock Exchange

Definitions: Market Value - Weekly Price times latest Shares Outstanding times any applicable ADR factor. Revenue - Sum of the last four quarters of Revenues. Revenue Per Share - Sum of the last four quarters of Total Revenue divided by Weighted Average Shares Outstanding. Operating EPS LFY - EPS excluding non-recurring, non-operating items, fiscal year aligned TTM value. 60-Day Average Volume (000) - The average of the last 60 daily volume values in thousands of shares. Price 52-Week High - The high closing price from the last 52 weeks of daily closing prices. Price 52-Week Low - The low closing price from the last 52 weeks of daily closing prices. Price / 52-Week High - Latest price divided by the high price from the past 52 weeks of daily closing prices. Price / 52-Week Low - Latest price divided by the low price from the past 52 weeks of daily closing prices. 50-Day Average Price - Mean of last 50 daily closing prices. 200-Day Average Price - Mean of last 200 daily closing prices. Price / 50-Day Average Price - Latest closing price divided by mean of last 50 daily closing prices, as a percentage. Price / 200-Day Average Price - Latest closing price divided by mean of last 200 daily closing prices, as a percentage. Relative Strength Index - Relative Strength Index or RSI measures the magnitude of gains over a given time period against the magnitude of losses over that period. The equation is RSI = 100 - 100 / (1 + RS) where RS = (total gains / n) / (total losses / n) and n = number of RSI periods. In this item, 14 days is used and one year of daily prices are considered. A value of 30 or below may imply oversold and 70 or above may imply overbought. Price Volatility - The standard deviation of the last 20 days of daily closing prices. Sharpe Ratio - The 5 year average of the excess monthly return over the risk - free rate(1 - month T - bill) over the 5 year standard deviation of the same series. Sortino Ratio - The same calculation as the Sharpe Ratio but with positive excess returns set to zero for the standard deviation denominator, so only negative volatility weighs in. Dividends Per Share TTM - Sum of the last four quarters of Dividends Per Share. Payout Ratio - Dividends Per Share TTM divided by Operating EPS TTM. Dividend Yield TTM % - Sum of the last four quarter of Dividends Per Share divided by Weekly Price. EBITDA - Sum of the last four quarters of EBITDA (Operating Income + Depreciation & Amortization). Free Cash Flow - Sum of the last four quarters Net Cash from Operations minus Capital Expenditures (Purchase of Property, Plant & Equipment), from the Cash Flow Statement. Book Value Per Share - Total Common Equity last quarter divided by Shares Outstanding last quarter. Gross Margin % - Sum of the last four quarters Gross Profit divided by the sum of the last four quarters Revenues. EBITDA Margin % - Sum of the last four quarters EBITDA divided by the sum of the last four quarters Revenues. Pre-Tax Margin % - Sum of the last four quarters of Earnings Before Taxes divided by sum of the last four quarters Revenues. Net Profit Margin % - Sum of the last four quarters of Operating EPS divided by sum of the last four quarters Revenues Per Share. Return on Equity % - Sum of the last four quarters of Operating EPS divided by the average of the last four quarters Book Value. Return on Capital % - Sum of the last four quarters of Operating EPS divided by the average of the last four quarters Total Capital Per Share. Return on Assets % - Sum of the last four quarters of Operating EPS divided by the average of the last four quarters Total Assets Per Share. Price / EPS TTM - Weekly Price divided by the sum of the last four quarters of Operating EPS (capped at 99.9). Price / Sales - Weekly Price divided by Revenues Per Share TTM. Price / Book Value - Weekly Price divided by Book Value Per Share last quarter. Book Value Per Share is Total Common Equity last quarter divided by Shares Outstanding last quarter (capped at 49.9). Free Cash Flow Yield % - Free Cash Flow Per Share TTM divided by Weekly Price. Enterprise Value - Market Value plus Total Debt last year plus Preferred Equity last year minus Cash & Cash Equivalents last year. Enterprise Value / Sales - Enterprise Value divided by the sum of the last four quarters of Revenue. Enterprise Value / EBITDA - Enterprise Value divided by EBITDA TTM. Enterprise Value / EBIT - Enterprise Value divided by trailing four quarters of Operating Income. Enterprise Value / Free Cash Flow- Enterprise Value divided by the sum of the last four quarters of Free Cash Flow. Russell 1000 Index - The largest 1,000 stocks by market cap, the index comprehensively covers the US large cap universe. EPS 5-Year Growth Rate % is capped at 999.9%. Revenue 5-Year Growth Rate % is capped at 999.9%.

Consumer Discretionary/Home Construction Price: 3,252.00 GBX Report Date: September 29, 2021

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