2025-05-26-Jefferies-本周图表_Genuit相对于更具周期性同行的折价_8页_173kb

Summary of Jefferies Equity Research Report (May 26, 2025)

Overall Assessment: This report analyzes the UK and European building products and housebuilders sectors, highlighting solid year-to-date trading performance and stable 2025 outlooks across UK building products. The analysis underscores Genuit's valuation discrepancies compared to peers.

Key Points:

1. Trading Performance:

   • UK housebuilders and building products companies exhibit strong year-to-date trading results.
   • 2025 outlooks remain unchanged.

2. Genuit's Valuation:

   • Genuit is currently trading at a discount compared to Ibstock and Forterra, reflecting its structural ESG drivers.
   • Despite market uncertainty, the newly-emerged discount may attract investor interest due to potential undervaluation.

3. Sector Ratings (UK Housebuilders):

   • Barratt Developments: Buy
   • Bellway: Buy
   • Berkeley Group: Hold
   • Crest Nicholson: Buy
   • Persimmon: Buy
   • Taylor Wimpey: Buy
   • Vistry Group: Hold
   • Watkin Jones: Hold

4. Note on Genuit:

   • Its 1-year forward P/E suggests relative undervaluation in the context of historical data.
   • Analysts suggest this discount could draw attention back to the stock, though market conditions remain cautious.

5. Disclosures and Analyst Notes:

   • Standard disclosures include potential conflicts of interest due to Jefferies' business relationships with companies.
   • Analyst certifications and research methodologies are provided for transparency.

Exhibit Reference:

• The chart in Exhibit 1 illustrates Genuit's historical P/E relative to peers, highlighting the current discount, which may signal an opportunity despite overall uncertainties.

Analysts:

• Priyal Woolf, Glynis Johnson, Laura Ojeil, Graham Hunt, Gonzalo Riera Ripoll