nice starting point..

Going well today.

The share has risen 125% in 2012 and more since the new year. Should have further upside. The company is in the enviable position of building on land it bought cheaply at the bottom of the cycle while selling its houses into a rising market. Debt levels along with write downs and off balance sheet financing have also subsided.

DC, that summary comes from IC. You need to name your source each time in order to avoid accusations of plagiarism.

Thats fine with me.

05 Feb Barratt... BDEV Liberum Capital Buy 216.00 217.50 165.00 259.00 Reiterates

TARGET SP 259p.

Brokers With Buy ratings on
BDEV

Date Company Name Broker Rec. Price Old target price New target price Notes

05 Feb 13 Barratt... Liberum Capital Buy 227.25 165.00 259.00 Reiterates
17 Jan 13 Barratt... UBS Buy 227.25 210.00 250.00 Retains
17 Jan 13 Barratt... Deutsche Bank Buy 227.25 - 279.00 Retains
16 Jan 13 Barratt... Bank of America Merrill Lynch Buy 227.25 234.00 265.00 Retains

N@P Building Society.

anyone here got level 2

From Twitter....

David Thomas ‏@djthomas
Housing market shows revival signs

http://bbc.in/12oIgN0

18 Feb Barratt... BDEV Deutsche Bank Buy 234.05 233.30 279.00 279.00 Retains

279p SP Target.

In the Sunday Mail today - Barratt Developments which closed at 239.5p will reveal interim results on Wednesday but is set to report a pre-tax profit for the year down slightly on 2011's £110m.

Wednesday preview: Barratt Developments expects double profits
Tue 26 Feb 2013


LONDON (SHARECAST) - House-builder Barratt Developments is expected to reveal on Wednesday double-digit pre-tax profits for the last half of 2012.

In a trading update last month, the company said it anticipates profit before tax of £45m and revenues to remain unchanged at £950m.

Group operating profit is pegged at £80m, up by 31% on the prior year.

Net debt at the end of the year was £332m, down sharply £542.2m in the year before.

Chief Executive Mark Clare said: "This has been a good first half performance. Pre-tax profit has more than doubled, net debt was significantly lower than the prior year, and we have started the second half with a strong private forward order book up by over 35%.

"In addition, we have been investing for the future, successfully securing higher margin land both in the South-East and across the rest of the country that will drive further profit growth."

The group benefited from the UK’s NewBuy and FirstBuy mortgage schemes during the Autumn which provides aid to new homeowners.

At time of the announcement, Jefferies reiterated its ‘buy’ rating and a price target of 250p.

“The key risk, in our view, is a deterioration in mortgage availability,” the broker said.

“However, we expect mortgage supply to remain stable for the foreseeable future and initiatives such as NewBuy and FirstBuy to protect the group, in part, from any shocks in the market; so far, the funding for the lending scheme appears to be helping thaw mortgage supply across all loan to value bands

Half Yearly Report

113% increase in pre-tax profit

First half highlights

· Group revenues of £951.1m (2011: £952.8m) and completions of 5,085 units (2011: 5,117 units)

· Private completions increased by 5.3% on the prior year to 4,241 units (2011: 4,028 units)

· Profit from operations up 32.2% at £80.8m (2011: £61.1m), with operating margin increasing to 8.5% (2011: 6.4%)

· Profit before tax increased by 113.4% on the prior year to £46.1m (2011: £21.6m)

· Significant increase in approvals to acquire higher margin land, with £453.0m of land acquisitions approved in the period equating to 9,320 plots on 67 sites

· Net debt as at 31 December 2012 was £331.7m (31 December 2011: £542.2m) and is forecast to be around £160m at 30 June 2013 (30 June 2012: £167.7m)



Outlook

· Strong start to the second half with the Group delivering 0.64 (FY12: 0.61) net private reservations per active site per week (excluding joint ventures)

· Private forward sales (excluding joint ventures) as at 24 February 2013 up by 34.0% to £897.7m (26 February 2012: £669.9m)

· Joint venture private forward sales as at 24 February 2013 up by 231.0% to £80.1m (26 February 2012: £24.2m)

· The Board expects to propose a final dividend for the year ended 30 June 2013

· The Board has targets of achieving zero net debt as at 30 June 2015, a dividend cover of around three times for the year ended 30 June 2016 and a substantial improvement in return on capital employed in the medium term

Sold my holding in at 95p Nov 11

JP Morgan Cazenove Neutral 269.80 267.60 200.00 250.00 Upgrades

HSBC Overweight 267.10 267.40 241.00 355.00 Retains

Interim Management Statement

Highlights

· 9.7% increase in net private reservations to 0.68 (2012: 0.62) per week per active site

· 18.0% uplift on the prior year in net private reservations per week per active site to 0.72 (2012: 0.61) following the announcement of the Government's Help to Buy scheme

· Private ASP up c. 4% on completions in the period, with a higher rate of increase expected for the second half as a whole, driven by changes in mix

· Private forward sales (excluding joint ventures) up 28.5% as at 5 May 2013 to £1,013.5m (6 May 2012: £788.6m)

· Good progress made with our land investment strategy and expect to approve the purchase of c. 17,000 plots in FY13 (FY12: 12,085 plots), with attractive opportunities continuing to be available

· Net debt guidance reduced to c. £100m for 30 June 2013 (30 June 2012: £167.7m), reflecting the timing of land payments and control of working capital

· Over the next three years the Group intends to recruit around 600 graduates and apprentices, designed to tackle the skills shortage that could constrain future growth prospects of the industry

Numis Hold 316.95 - 320.00 Retains

Jefferies: Reiterates: Buy - TP held at 385p

Deutsche Bank Buy 306.95 336.00 336.00 Reiterates

Bank of America Merrill Lynch Neutral 306.95 265.00 325.00 Downgrades

Agrees a comprehensive refinancing package

Barratt Developments PLC (the 'Group') announces that it has reached separate agreements for a comprehensive refinancing package and the monetisation of a portion of the Group's shared equity portfolio.

Highlights
· Committed borrowing facilities of c. £850m at attractive terms, with maturities ranging from 2016 to 2021

· Early repayment of historic high cost private placement notes

· Cancellation of interest rate swaps

· Reduction of underlying average interest rate to c. 4.5%

· Raised £34m by monetising part of its shared equity portfolio

· Maintains guidance of zero net debt as at 30 June 2015

Commenting, David Thomas, Group Finance Director of Barratt Developments said:

"We are delighted to have agreed this comprehensive refinancing package ahead of schedule which will provide us with more appropriate lending facilities, in terms of both interest cost and duration. It reflects our improved financial position and the significant progress we've made towards our target of zero net debt as at 30 June 2015.

The monetisation of the shared equity portfolio is in line with our strategy and represents another self-help measure to improve profitability, reduce net debt and increase return on capital employed. The fact that we've been able to conclude this deal now is further evidence of the improving outlook for the sector."