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

Persimmon is one of the UK’s largest homebuilders by revenue and dwelling completions, marketing homes under its three brands: Persimmon Homes, Charles Church, and Westbury Partnerships. Persimmon distinguishes itself from peers by operating in the lower-priced segment of the new-build market, targeting first-time buyers; Persimmon Homes' average selling price was 20% below the UK new-build national average in 2024. Charles Church is Persimmon’s premium brand, selling homes at average selling prices 50% above Persimmon Homes’. Westbury Partnerships develops affordable social housing that is sold to housing associations.