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Berkeley Group continued to outpace its housebuilding rivals despite admitting that sales have fallen.
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Even so, establishing large forward sales and concentrating on the London market is paying off. The group is continuing with its share buy-back programme, is debt free and has £71m of cash.
Berkeley is in a strong position to buy up land on the cheap as other builders struggle with debt. And with housebuilders now regarded as a good long-term bet, Berkeley looks the best of the bunch. Good value at 857p.
Last IC View: Fairly priced, 660p, 27 Jun 2008
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-IC-1.9.0c-prod - 15/05/2009 11:00:33 - stuart.turner
