Persimmon PLC

PSN: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Persimmon: Shares Appeal as Update Allays Worst Fears

Grant Slade

Jan 14, 2025

Persimmon’s January 2025 trading update reaffirmed our optimism for the no-moat builder, with completions, earnings, and net cash all ahead of guidance. Persimmon’s weekly private sales for the year—a closely watched metric by investors—was 0.7 per active outlet, up from 0.58 in 2023. Improving sales activity is indicative of a cyclical recovery in the UK’s housing market. With no changes to our forecasts, we maintain our GBX 2,300 fair value estimate and view the shares as materially undervalued.

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Persimmon PLC

Persimmon: Shares Appeal as Update Allays Worst Fears

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