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BKGFY - Berkeley Group: Good Dividend News Doesn't Merit Rerating
Berkeley Group Holdings ADR
U.K.-based upmarket homebuilder Berkeley (BKGFY) recently updated the market with an upbeat trading statement. Although I retain a negative rating on the stock, the trading statement helps the bull case on the name.
Berkeley Continues to Perform Fairly Well
Despite the challenges of post-lockdown working and house selling, the company described trading in recent months as resilient. It reaffirmed its guidance of £500 million of pre-tax profit for the full year. Although that is good and flat year on year, note that the c. £500m level of this year and last is already a