Taylor Wimpey Earnings: Profit Margin Pressures Easing Despite Soft 2024 Home Completion Outlook

Taylor Wimpey shares remain attractive despite 2024 home completion guidance, which tracks softly relative to our prior expectations. We make no change to our GBX 190 fair value estimate, which factors in the likely fruitful decade that awaits Taylor Wimpey beyond the still subdued UK housing market conditions that prevail. Having weakened some 5% following the release of its 2023 result, Taylor Wimpey shares offer attractive upside of 29% relative to our valuation.