Bellway p.l.c.
Bellway p.l.c., together with its subsidiaries, engages in the homebuilding business in the United Kingdom. The company builds one-bedroom and two-bedroom apartments; and five-bedroom family home. It offers its homes under the Bellway and Ashberry brands. The company was founded in 1946 and is head…
Bellway p.l.c., together with its subsidiaries, engages in the homebuilding business in the United Kingdom. The company builds one-bedroom and two-bedroom apartments; and five-bedroom family home. It offers its homes under the Bellway and Ashberry brands. The company was founded in 1946 and is headquartered in Newcastle upon Tyne, the United Kingdom.Looks undervalued
5-year outlook: Not shown because confidence is low: Earnings-based DCF disagrees strongly.
Why: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Details and the full model are below.
Market price below modeled range
Showing the Fade DCF (10-year growth fade) you selected on the company card, using 3.97% growth, 3.1% terminal growth and 10.8% discount. The range varies these assumptions slightly; it is illustrative, not investment advice.
Assumptions: growth 3.97%, discount rate 10.80%, terminal growth 3.10% (sector defaults). See a worked example.
Blended growth assumption: 4.0% (sector default 7.2%, own revenue history -2.8%, analyst revenue consensus 5.7%).
Analyst consensus expects revenue growth of 5.7% a year; the growth assumption used is 4.0%.
Adjust assumptions
Show the recommended model instead
Why this model: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Compare models- Recommended: Free-cash-flow DCF — GBP 40.82 (+77.4%)
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EPS-based Gordon proxy
— GBP 22.04 (-4.2%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— GBP 40.82 (+77.4%)
Not used: Not chosen: Free-cash-flow DCF ranks ahead of it for this company.
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FCFF (steady state)
— GBP 39.40 (+71.2%)
Not used: Assumes only the long-run terminal growth rate from today, so it ignores the near-term growth expected.
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EV/EBITDA (12x)
— GBP 34.53 (+50.1%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— GBP 40.77 (+77.2%)
Not used: An alternative growth path (fading over 10 years) shown for comparison; the automatic choice does not use it.
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EV/Sales (Rule of 40)
— GBP 78.03 (+239.1%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear GBP 26.77 | 14.0% |
| Base GBP 40.77 | 43.6% |
| Bull GBP 67.56 | 65.9% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 70 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 4 of 5 years | 16 / 20 |
| Growth | revenue -2.8% a year | 4 / 20 |
| Balance sheet | net cash | 20 / 20 |
| Margins | EBITDA margin 10% | 10 / 20 |
Peers in Consumer Discretionary
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| BWY.L (this company) | GBP 23.01 | 43.6% | 14.0 | 0.8 | 3.1% | 70 |
| KGF.L Kingfisher plc | GBP 3.72 | 45.2% | 27.0 | 1.1 | 3.3% | 74 |
| INCH.L Inchcape plc | GBP 6.41 | 37.3% | 9.0 | 1.9 | 4.1% | 80 |
| ZAL.DE Zalando SE | EUR 27.49 | 36.6% | 108.5 | 2.6 | – | 80 |
| DECK Deckers Brands | USD 87.74 | 34.9% | 11.2 | 5.1 | – | 100 |
| LULU Lululemon Athletica | USD 111.77 | 33.3% | 8.9 | 2.6 | – | 100 |
| EXPE Expedia Group | USD 272.48 | 29.6% | 15.8 | 20.2 | 0.7% | 100 |
| BKNG Booking Holdings | USD 168.72 | 28.9% | 17.7 | – | 1.0% | 100 |
| PETS.L Pets at Home Group Plc | GBP 2.58 | 25.2% | 18.8 | 1.2 | 2.9% | 82 |
| Peer median | 16.8 | 2.6 | ||||
Dividends
Paid in the last 12 months: GBP 0.01 per share · yield 0.03% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 0.002 |
| 2025 | 0.007 |
| 2024 | 0.005 |
| 2023 | 0.014 |
| 2022 | 0.014 |
| 2021 | 0.012 |
Annual financial statement
Saved annual report · Fiscal year 2026 · EODHD annual statements · period ended 31 Jul 2026
| Revenue | GBP 3,162,200,000 |
|---|---|
| EBITDA | GBP 325,000,000 |
| EBIT | GBP 306,900,000 |
| Net income | GBP 193,400,000 |
| Free cash flow | GBP 334,000,000 |
| Capital expenditures | GBP 6,300,000 |
| Debt | GBP 130,000,000 |
| Cash | GBP 287,700,000 |
| Working capital | GBP 4,009,200,000 |
| Shares outstanding | 117,501,410 |
| Reported dividends per share | GBP 0.7140 |