Bellway p.l.c.

41B.F · Consumer Cyclical · Residential Construction · Valued as of 2026-11-05 · Statements 2026-07-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

3.47B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

2.50B USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

4.74B USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

3.57B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

3.39B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

1.05×

the ratio the screener ranks by

Margin of Safety

+4.9%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 3.47B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)2.59B USD
+②Net Cash Today185.95M USD
+③Growth Value693.39M USD
=Value3.47B USD

EPV of the Operations (NOPAT over WACC)

2.59B USD

Net cash today

+185.95M USD

Growth Value

+693.39M USD

Value

3.47B USD

①EPV (Earnings Power Value)

2.59B USD

②Net Cash Today

185.95M USD

③Growth Value

693.39M USD

Market value

Market Cap3.39B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+2.1%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 2.50B USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE1.60B USD
+②Equity at Year 15, Today895.63M USD
=Value2.50B USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth rising to its long-run rate and the ROE on new investment rising to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

1.60B USD

②Equity at Year 15, Today

895.63M USD

Market value

Market Cap3.39B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-35.9%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 4.74B USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).

The projection was not made (an FCFF at or below zero in the latest three years), so the value is the book value today, 4.74B USD, as the screener leaves it.

①Present Value of the 15 Years of FCFF

Not in the value

②Invested Capital at Year 15, Today

Not in the value

③Net Cash Today

Not in the value

Market value

Market Cap3.39B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+28.5%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 12.88%
Cost of Equity =Risk-Free Rate 4.50%+Beta 1.35×Market Risk Premium 6.00%= 12.60%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 103.48M USDPretax Income 364.08M USD= 28.42%

The tax the interest saves.

Interest Expense =EBIT 413.53M USD−Pretax Income 364.08M USD= 49.45M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 49.45M USDTotal Debt 201.71M USD×(1 − Tax Rate for WACC 28.42%)= 17.55%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 201.71M USDMarket Cap + Total Debt 3.39B USD + 201.71M USD= 5.61%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 94.39%×Cost of Equity 12.60%+Debt Weight 5.61%×Cost of Debt 17.55%= 12.88%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-07-31.

Total Assets 6.86B USD − Total Liabilities 2.12B USD = Book Value Today 4.74B USD

Total Debt 201.71M USD − Cash and Short-Term Investments 387.66M USD = Net Debt Today -185.95M USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 1-6.4%at most 5%passes112,510,388 / 120,231,371
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets2.8%at least -10.0%passes(454.22M USD − 260.59M USD) ÷ 6.86B USD
Price to bookMarket Cap ÷ Book Value Today0.72×at most 3×passes3.39B USD ÷ 4.74B USD
Operating marginOperating Income ÷ Revenue9.5%above 10.0%does not pass403.02M USD ÷ 4.26B USD
Revenue growthRevenue ÷ Revenue a Year Before − 139.3%above 10.0%passes4.26B USD / 3.06B USD
Net cash(Cash − Total Debt) ÷ Market Cap5.5%above -30%passes(387.66M USD − 201.71M USD) ÷ 3.39B USD
Operating efficiencyOperating Income ÷ Gross Profit62.8%above 25.0%passes403.02M USD ÷ 642.19M USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

27.23 EUR

Enterprise value

2.95B EUR

the provider's own figure

EV / EBITDA

9.10×

Price / book

0.73×

the provider's book

Price / earnings

14.32×

Return on equity

5.5%

the provider's figure, not this page's

Profit margin

6.1%

Revenue growth

21.3%

Analyst target, mean

—

Analysts

—

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

Income statement (USD)20222023202420252026

Revenue

—4.38B3.06B—4.26B

Gross profit

—834.67M464.14M—642.19M

Operating income

—650.16M273.44M—403.02M

EBITDA

operating income before depreciation and amortisation

—668.82M289.25M—421.48M

Pretax income

—621.47M236.05M—364.08M

Net income

—469.64M167.69M—260.59M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

—469.64M167.69M—260.59M

R&D

—————
Balance sheet, year end (USD)20222023202420252026

Total assets

6.07B6.58B6.42B—6.86B

Total liabilities

1.97B2.13B1.97B—2.12B

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

4.10B4.45B4.45B—4.74B

Total debt

179.37M186.57M185.17M—201.71M

Cash and equivalents

457.33M465.78M153.56M—387.66M

Net PP&E

fixed assets after depreciation

41.67M40.79M38.81M—65.62M

Working capital

current assets less current liabilities

4.80B5.18B5.11B—5.40B
Cash flow (USD)20222023202420252026

Operating cash flow

54.84M303.91M-84.17M—454.22M

Capital expenditure

paid out, so below zero

-609.28K-3.47M-1.80M—-8.49M

Depreciation and amortisation

7.43M7.72M6.55M—7.95M

Free cash flow

operating cash flow plus capital expenditure

54.23M300.44M-85.97M—445.73M