GB : Vistry - Another upgrade

We have upgraded our 2021E EPS estimate by 4% after a strong trading update. Trading has strengthened through this year with the sales rate up 26% on 2019 in the last 9 weeks after being up 14% in the first 8 weeks of the year. We see over 23% TSR upside to our raised target price of 1530p, set using sum of the parts – valuing housebuilding at 1.35x book and partnerships on 15x earnings. We think this the right way to value Vistry’s shares and expect further rerating as more analysts adopt this approach.

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