Bellway reported fiscal 2025 results slightly above expectations and announced a GBP 150 million share buyback. Maintaining a fair value estimate of GBX 2,800, their new volume target of 10,000 homes for 2028 aligns with forecasts. Operating margin guidance for 2026 was slightly below expectations, but strong operating leverage is expected in the future.

Uncertainty remains leading up to the autumn budget on Nov. 26, impacting the peer group. Bellway continues to face planning delays, but their medium-term guidance is not heavily reliant on improvements due to their substantial landbank.

Read more at Morningstar: Investors Welcome New Medium-Term Targets and Buyback Initiation