The Berkeley Group Holdings plc

BKG.L · Consumer Cyclical · Residential Construction · Valued as of 2026-11-03 · Statements 2026-04-30

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

5.38B USD

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

Profit

4.00B USD

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

FCFF

5.01B USD

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

Average Intrinsic Value

4.79B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

3.93B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

1.22×

the ratio the screener ranks by

Margin of Safety

+18.1%

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: 5.38B 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)4.89B USD
+②Net Cash Today485.13M USD
+③Growth Value0 USD
=Value5.38B USD

EPV of the Operations (NOPAT over WACC)

4.89B USD

Net cash today

+485.13M USD

Growth Value

0 USD

Value

5.38B USD

①EPV (earnings power value)

4.89B USD

②Net Cash Today

485.13M USD

③Growth Value

0 USD

Market value

Market Cap3.93B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+27.0%

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): 4.00B 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 FCFE2.73B USD
+②Equity at Year 15, Today1.27B USD
=Value4.00B 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 falling 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

2.73B USD

②Equity at Year 15, Today

1.27B USD

Market value

Market Cap3.93B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+1.8%

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): 5.01B 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).
①Present Value of the 15 Years of FCFF2.90B USD
+②Invested Capital at Year 15, Today1.63B USD
+③Net Cash Today485.13M USD
=Value5.01B USD
FCFF: the NOPAT left for the shareholders and the lenders once the business reinvests what next year's growth needsReinvestment: the part of the year's NOPAT put back into the business to grow the next year; below zero, capital the business releasesPresent value of the FCFFColoured bars show the FCFF, grey bars the reinvestment. With a positive reinvestment the two stacked are the year's NOPAT; with a negative one the grey is below zero, capital the business releases, and the NOPAT is the FCFF plus that negative amount. Shaded, years 6 to 10: the growth falling to its long-run rate and the ROIC on new investment falling to the WACC. Axes linear.

①Present Value of the 15 Years of FCFF

2.90B USD

②Invested Capital at Year 15, Today

1.63B USD

③Net Cash Today

485.13M USD

Market value

Market Cap3.93B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+21.6%

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: 9.99%
Cost of Equity =Risk-Free Rate 4.50%+Beta 1.19×Market Risk Premium 6.00%= 11.61%

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 179.71M USDPretax Income 609.48M USD= 29.49%

The tax the interest saves.

Interest Expense =EBIT 646.07M USD−Pretax Income 609.48M USD= 36.59M USD

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

Cost of Debt =Interest Expense 36.59M USDTotal Debt 896.54M USD×(1 − Tax Rate for WACC 29.49%)= 2.88%

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

Debt Weight =Total Debt 896.54M USDMarket Cap + Total Debt 3.93B USD + 896.54M USD= 18.59%

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

WACC =Equity Weight 81.41%×Cost of Equity 11.61%+Debt Weight 18.59%×Cost of Debt 2.88%= 9.99%

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, 2026-04-30.

Total Assets 8.75B USD − Total Liabilities 3.84B USD = Book Value Today 4.92B USD

Total Debt 896.54M USD − Cash and Short-Term Investments 1.38B USD = Net Debt Today -485.13M 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 − 1-9.0%at most 5%passes92,940,730 / 102,155,538
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets-0.9%at least -10.0%passes(351.46M USD − 429.77M USD) ÷ 8.75B USD
Price to bookMarket Cap ÷ Book Value Today0.80×at most 3×passes3.93B USD ÷ 4.92B USD
Operating marginOperating Income ÷ Revenue18.7%above 10.0%passes603.27M USD ÷ 3.22B USD
Revenue growthRevenue ÷ Revenue a Year Before − 1-3.6%above 10.0%does not pass3.22B USD / 3.34B USD
Net cash(Cash − Total Debt) ÷ Market Cap12.4%above -30%passes(1.38B USD − 896.54M USD) ÷ 3.93B USD
Operating efficiencyOperating Income ÷ Gross Profit74.8%above 25.0%passes603.27M USD ÷ 806.34M USD

Market Data

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

Share price

3231.23 GBp

Enterprise value

2.61B GBP

the provider's own figure

EV / EBITDA

5.83×

Price / book

0.83×

the provider's book

Price / earnings

9.75×

Return on equity

8.8%

the provider's figure, not this page's

Profit margin

13.4%

Revenue growth

-0.3%

Analyst target, mean

3693.49 GBp

Analysts

20

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.

USD2023202420252026
Income statement

Revenue

3.19B3.10B3.34B3.22B

Gross profit

871.70M810.29M886.40M806.34M

Operating income

648.39M603.10M671.21M603.27M

EBITDA

operating income before depreciation and amortisation

789.38M743.40M754.04M650.53M

Pretax income

755.60M700.66M710.01M609.48M

Net income

582.59M499.88M512.80M429.77M

Normalized income

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

582.59M499.88M512.80M429.77M

R&D

————
Balance sheet, year end

Total assets

8.58B8.80B8.98B8.75B

Total liabilities

4.41B4.32B4.21B3.84B

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

4.17B4.48B4.78B4.92B

Total debt

832.04M835.31M915.80M896.54M

Cash and equivalents

1.34B1.50B1.36B1.38B

Net PP&E

fixed assets after depreciation

49.79M40.61M42.15M20.79M

Working capital

current assets less current liabilities

5.73B5.85B5.81B5.73B
Cash flow

Operating cash flow

419.84M293.44M259.22M351.46M

Capital expenditure

paid out, so below zero

-2.50M-1.76M-1.34M—

Depreciation and amortisation

6.38M6.03M5.10M4.46M

Free cash flow

operating cash flow plus capital expenditure

417.33M291.68M257.88M351.46M