Retaining Bellway's No-Moat Rating and Lowering Fair Value Estimate; Shares Fairly Valued

Bellway is one of the UK’s largest residential property developers. It typifies the business model employed by UK homebuilders, traditionally operating in the land development, construction and sales and marketing segments of the residential property development value chain. Bellway has also invested in its own manufacturing facility for timber frames, which it expects to produce 3,000 frames a year by 2030.