Moving to a Multiples-Based Terminal Value Methodology and Resetting Expectations for Bellway

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.