Lovely looking chart with uptrend channel in place.



Brokers in the main like the company....

Bellway PLC

FORECASTS
2009 2010

Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Panmure Gordon
03-03-09 HOLD 28.55 17.84 8.00 13.71 8.57 8.00

Arbuthnot Securities
02-03-09 BUY 38.50 33.60 8.00 29.00 25.31 5.00

Collins Stewart
24-02-09 HOLD

Numis Securities Ltd
20-02-09 BUY 40.00 25.70 12.00 31.00 19.70 12.

Annual General Meeting and Interim Management Statement

Bellway p.l.c. is holding its Annual General Meeting today, at 12.00 noon and
is issuing an Interim Management Statement relating to the 18 week period from
1 August 2014 to 30 November 2014.


Highlights

- The reservation rate remains robust at 147 per week (2013 - 144 per week).

- The Group has made a significant investment of £233 million (2013 - £121
million) on attractive land opportunities.

- The operating margin is expected to be around 20% for the current financial
year.

- The Group is well placed to deliver further disciplined volume growth,
slightly in excess of 10% for the year ending 31 July 2015, with further
improvements in profitability and return on capital employed.

Interim Results

Highlights

Volume growth to meet the demand for housing has resulted in earnings per share growing by 56.1% to 103.5p and return on capital employed increasing by 580 bps to 22.8%.

Operational Highlights

§ Completions up 15.7% to 3,754 (2014 - 3,245).
§ London remains resilient, with housing revenue in this region up 16.4% to £203.2 million (2014 - £174.6 million).
§ £355 million spent on land opportunities at attractive margins, up 47.9% (2014 - £240 million).
§ Owned and controlled land bank continuing to grow to 35,837 plots (31 July 2014 - 35,434 plots).
§ Order book up 35.2% to £1,121.1 million at 8 March (9 March 2014 - £829.5 million).
§ New South West division now open in Bristol to facilitate future growth plans.

Jefferies International lifts Bellway to buy from hold, target raised from 1717p to 2542p

Interim Management Statement
Friday 5 June 2015

Bellway is today updating the market with regard to its current trading position by issuing an Interim Management Statement (IMS) in respect of the period from 1 February to 31 May 2015.

Highlights
* Housing completions for the full year to 31 July 2015 are expected to
exceed those achieved last year by around 850 units (2014 - 6,851).

* A strong trading performance should result in the full year operating
margin increasing by around 300 bps to over 20% (2014 - 17.2%).

* A record £500 million has been spent on land and land creditors since 1
August (2014 - £400 million), thereby securing further growth potential at
attractive rates of return.

* The successful disposal of the Group's entire portfolio of shared equity
assets for cash consideration of £32.5 million has resulted in an
exceptional profit of £6.9 million and will facilitate additional
investment in land.

* The forward sales position is strong, with growth of 22% in the value of
the forward order book to £1,270 million (2014 - £1,040 million).

Ted Ayres, Group Chief Executive, commented:
"Positive market conditions, implementation of our strategy for growth and a continuing focus on return on capital employed are allowing Bellway to deliver a further increase in volume and a significant rise in profitability. Our disciplined investment in land, alongside plans to open a seventeenth operating division early in the next financial year, ensure that the Group is well positioned to create additional value for shareholders. "

Liberum note :
"Bellway’s IMS showed that the housing market has continued to be strong, giving management confidence it will achieve its guidance for July 2015. Orders and the land bank are rising, and this has driven up our expectation for volumes in 2016, leading to 2% EPS upgrades for 2016E-2018E, extending a long period of positive estimate momentum. We upgrade our target price from 2352p to 2512p to reflect better expected NAV and return on equity, and a smaller discount to fair value. We are running out of upside in the sector, but Bellway remains our preferred mainstream housebuilder as it is well placed to grow in the gap left by the big builders eschewing volume growth and the SMEs who are constrained by access to finance.

Bellway’s IMS (four months to end May) says that the strong start to the spring selling season has continued. Management noticed no slow-down in activity coming into the election and no bounce after, but sales rates have remained good throughout. Reservations in the first four months of the second half (1 Feb to 31 May) were 3% ahead of a strong period last year. Pricing is said to remain positive, with London still outperforming. Bellway's guidance for July 2015 is broadly in line with our estimates, with management guiding to volumes of 7,700 (up from 6,851), ASP of over £220,000 and a margin in excess of 20% (we have 7,700, £222,500 and 20.3% (up from 20.2%), in our model).

Bellway is building good momentum into 2016, with an order book up 10% by volume and 22% by value, and has been very active in the land market, spending £500m in the financial year to date. Management has said that these acquisitions are meeting or exceeding its minimum gross margin and return on capital criteria. Bellway opened its sixteenth division recently, in the South West, and a 17th has been identified in the South East, to open shortly. This suggests that momentum is building for 2016.

We have made a very small upgrade for 2015 as we have tweaked our margin assumption upwards (from 20.2% to 20.3%), but we move 2016E onwards up more materially as we increase expected volume growth (from 6% to 7% for 2016E)."

StockMarketWire.com
Bellway reports that customer demand has continued to be robust throughout the usually quieter summer months and on into the traditionally stronger autumn selling season.

The reservation rate has increased by 12% to 165 homes per week (2014 - 147 per week) in the 18 weeks to 6 December and housing completions for the full year to 31 July 2016 are expected to increase by around 10% (2015 - 7,752).

The average selling price of completions in the current financial year is expected to rise by around 10%.

The operating margin is expected to rise to at least 21% in the current financial year, contributing to a further anticipated improvement in return on capital employed.

Chief executive Ted Ayres said: The Group is committed to its strategy of creating shareholder value through disciplined volume growth and increasing the supply of much needed new homes. The measures announced in the government's recent autumn statement, particularly in relation to the amendments to the Help to Buy scheme in London and its extension in England until 2021, not only provide access to mortgages for homebuyers but also provide further visibility in relation to the longer term outlook when assessing land opportunities. The Group continues to trade well and is favourably positioned to continue delivering volume growth, whilst maintaining a strong focus on return on capital employed.⬝

Bellway said its most recently opened operating divisions, located in Bristol and Kent, are both performing well, with high customer demand in respect of the homes they are constructing.

The average selling price in respect of reservations taken in the period has risen by 5.8% to £252,100 (2014 - £238,200). The increase is modestly ahead of expectations, influenced by the favourable pricing environment and is reflective of the ongoing investment in higher value locations. The Board anticipates that the average selling price of completions in the current financial year will rise by around 10%, although the rate of increase in the six months to 31 January 2016 is likely to be higher due to the legal completion of a number of high value London apartments

StockMarketWire.com
Bellway's housing completions for the full year to 31 July are expected to rise by at least 10% (2015 7,752).

The group reports a strong sales performance in the period from 1 February to 5 June with an 8% increase in the weekly reservation rate to 196 per week during the period (2015 182 per week).

Other highlights:
- Interest in Barking Riverside Limited sold resulting in an exceptional profit of £17.3 million, whilst retaining a pre-emption to purchase around 2,600 development plots.

- Plans to open a nineteenth operating division to support the Group's ongoing growth strategy are well progressed.

Chief executive Ted Ayres said: "The continued positive trading environment, the availability of good quality land opportunities and disciplined investment in an expanding divisional structure are enabling Bellway to continue delivering ongoing volume growth. This strategy for growth, together with a focus on return on capital employed, should lead to another record performance in the year ending 31 July 2016, resulting in further value creation for shareholders."

Liberum comment:
"Past episodes of slowing GDP growth suggest UK house prices could fall by 3% in 2017. Using this as our central case drives EPS cuts of around 18%, and target price cuts of around 20%. Valuations across the sector are much more compelling after a 34% fall in the shares, especially with dividends mainly intact. We limit our enthusiasm to three high conviction stocks: Bellway (BUY), Berkeley (up from HOLD to BUY) and Gleeson (BUY)."

http://i.imgur.com/g1ShqVY.jpg

StockMarketWire.com
Bellway reports an outstanding trading performance in the year to the end of July, achieving new records in both volume and operating margin.

An update ahead of its preliminary results on 18 October shows that housing revenue is expected to increase by around 27% to £2.2 billion (2015 £1,735.1 million) and further volume growth with a 12.5% increase in the number of housing completions to 8,721 (2015 7,752).

Bellway also achieve a record pre-exceptional operating margin, which is expected to rise by around 150 basis points to approach 22%.

Other highlights:
- A substantial forward order book comprising 4,644 homes (2015 4,568 homes) with a value of £1,117.1 million (2015 £1,087.9 million) provides a solid foundation for the next financial year.

- Strong balance sheet with net cash of £26 million (2015 net bank debt of £38.5 million).

Chief executive Ted Ayres said: "The group has delivered an outstanding trading performance, achieving new records for Bellway in respect of both volume and operating margin. We have invested in high quality land and have maintained a significant forward order book, thereby ensuring that the Group is well placed to continue its sizeable contribution to meeting the UK's requirement for new homes in the year ahead.

"It is still too early to assess the effect of the EU referendum result, however trading in recent weeks has been encouraging and Bellway, with its strong balance sheet and robust land bank, can be flexible and respond opportunistically to any changes in market conditions."

StockMarketWire.com
Bellway reports another record year, further increasing the number of new homes sold, which has resulted in a substantial growth in earnings.

Total revenue rose by 26.9% to £2,240.7 million in the year to the end of July (2015 - £1,765.4 million) as a result of the number of homes sold rising by 12.5% to 8,721 (2015 - 7,752), a new record and the Group's seventh successive year of volume growth, together with a further rise of 12.9% in the average selling price to £252,793 (2015 - £223,821).

The group said the strong trading performance resulted in an operating margin of 22.0% (2015 - 20.4%1). This has contributed to earnings per share ('EPS') rising by 42.0% to 328.7p (2015 - 231.5p) and the net asset value per ordinary share ('NAV') has increased by 18.4% to 1,522p (2015 - 1,286p).

The proposed total dividend per share has risen by 40.3% to 108.0p (2015 - 77.0p).

And it says a disciplined approach towards investment has resulted in return on capital employed rising by 430 bps to 28.2%2 (2015 - 23.9%).

Chairman John Watson said: "Bellway has delivered another record year, further increasing the number of new homes sold, which has resulted in a substantial growth in earnings.

"The excellent operating performance has facilitated further investment into the business and has enabled the Board to propose a final dividend of 74.0p per share, bringing the total dividend for the year to 108.0p per share.

"The long term outlook continues to be positive, supported by strong customer demand, a substantial forward order book and favourable trading conditions across all areas of the country where Bellway operates. Whilst there is some uncertainty following the result of the EU referendum, trading since that date has remained resilient.

"Bellway has invested significantly in high quality land opportunities and infrastructure over recent years. As a result, with its strong balance sheet and structure of nineteen operating divisions, the Group is well placed to deliver additional value for shareholders through further disciplined volume growth in the current financial year."

StockMarketWire.com
Bellway has seen a strong sales performance with a 7% increase in the reservation rate to 176 per week (2015 165), according to an update for the 18 week period from 1 August to 4 December.

The update - issued ahead of today's annual general meeting - says that housing completions for the full year to 31 July 2017 are expected to increase by around 5%.

Other highlights:
- Continued investment in high quality sites to secure further growth, with £263 million expended on land and land creditors (2015 £235 million). - As previously announced, the Board is recommending a final dividend of 74.0p per share (2015 52.0p per share), which will result in a record full year dividend for the year ended 31 July 2016 of 108.0p per share (2015 77.0p per share). Chief executive Ted Ayres said: "The Group has made an encouraging start to the financial year and customer demand for new homes continues to be robust. The strength of the underlying housing market supports further growth and this, together with Bellway's strong balance sheet and significant operational capacity, ensures that the Group is well positioned to continue its disciplined growth strategy."

=-=--==-=-=-

Date Broker New target Recomm.
8 Feb Deutsche Bank 2,993.00 Hold
7 Feb Liberum Capital 2,780.00 Buy
7 Feb Peel Hunt 2,900.00 Hold

-===--=

28/2/2017
RNS
Deutsche Bank AG lifts its holding


3,768,986 to 4,126,063 0 3.36% 0

Nice chart mirroring the sector since July.

beware!

BELLWAY (+ others)
An enquiry into potential mis selling by Major Developers such as Taylor Wimpey, Bellway, Persimmon, Linden Homes, Barrats etc of new homes with onerous lease clauses that have resulted in home owners facing in some cases doubling ground rent every 10 years. These clauses were hidden from buyers during sales process and concerted effort by sales people to discourage potential purchase of freehold at point of sale. The clauses are so onerous that owners of these homes cannot now sell them.
Subsequently Developers have sold on the leases to off shore freeholders who in many instances are subsidiaries of the same Developers. I had informed Taylor Wimpey that I would purchase and was told I had 5 years to purchase. The lease was sold without my knowledge in less than 2 years to one of these companies. In my case it was £5,900 to purchase from Taylor Wimpey and 6 months later I was quoted £44k to purchase from the new owner of the freehold.

Finals http://www.moneyam.com/action/news/showArticle?id=5706270

Superb chart just screaming to have some lines drawn on it!

Peel Hunt Add 3,549.50 3,545.00 3,545.00 Reiterates

StockMarketWire.com
Bellway said Wednesday it expected to generate record annual revenue as historical low interest rates supported demand for affordably priced new housing.

For the 12 months to 31 July, the company expects revenue growth of around 16% to almost £3bn, well above the £2.56bn seen last year, and operating margin of around 22% roughly flat year-on-year.

Bellway broke through the 10,000 homes barrier for the first time in its history, selling 10,307 new residential dwellings, an increase of 6.9% from 9,644 homes sold last year.

Strong sales demand was seen during the year, with a 7.0% increase in the reservation rate to 200 per week, up from 187 per week last year.

'There remains an underlying requirement for additional, good quality and affordably priced new housing. This is supported by the availability of Help to Buy and an environment of low interest rates, which despite the recent Bank of England decision, remain close to a historically low level,' said Jason Honeyman, Chief Executive.

'Overall, trading conditions are favourable and customer confidence appears robust, with this reflected in the cancellation rate, which remains low at just 11% for the full year (2017 11%).'

StockMarketWire.com
Bellway said Tuesday annual profits and revenue grew double digits on strong demand for new housing, though the company warned that Brexit could weigh on the busy spring selling season.

For the 12 months to 31 July, profit before tax rose 14.3% to £641.1m and revenue increased 15.6% to almost £2.96bn, well above the £2.56bn from a year earlier. This was in line with the company's guidance released in August.

The gross margin fell to 25.5% for the year, from 25.9% compared to the prior financial year, driven by the reduced income following the sale of freehold reversion interests.

The company's sales were also boosted by the Help-to-Buy scheme, particularly in London, where affordability was most constrained, the company said. Help-to-Buy accounted for 39% of completions.

Bellway sold 10,307 new residential dwellings, an increase of 6.9% from 9,644 homes sold last year.

Robust demand for affordably priced homes supported a 2.9% increase in the reservation to 176 a week in the period, up from 171 a week from a year earlier.

Forward sales were strong as the value of the order book was 7.9% ahead at £1.47bn, compared with £1.36bn last year.

'The Board are mindful that the forthcoming exit from the EU in March could pose a threat to consumer confidence during the busy spring selling season,' said Jason Honeyman, CEO.

'Assuming that market conditions remain unchanged, however, this healthy position should enable Bellway to further increase output in the year ahead.'

Looks a tidy piece of news https://www.moneyam.com/action/news/showArticle?id=6169991