Persimmon: Affordable Homes Builder Leveraged To Lower Rates [Seeking Alpha]
PERSIMMON PLC UNSP/ADR (PSMMY)
NASDAQ:AMEX Investor Relations:
persimmonhomes.com/corporate/investors
Company Research
Source: Seeking Alpha
Don't rule out a fiscal boost either, particularly with election season approaching. Alongside the rest of the UK homebuilding sector, Persimmon Plc ( OTCPK:PSMMF ), a leading builder within the affordable home niche (via its core ‘Persimmon' brand) and to a lesser extent in upmarket homes (via its ‘Charles Church' brand), has rallied strongly towards the end of last year. Fundamentally, it's a timely reminder that the housing sector is ultimately a call on interest rates. So as badly as the stock has been hit by ‘higher for longer' rates in recent years, the pivot toward rate cuts means a cyclical housing recovery may have only just begun. In the meantime, Persimmon management has been pulling its weight and then some, as its FY23 trading update showed. Building on a net cash balance sheet and attractive land bank, the company is as well-placed as ever to capitalize on protracted mortgage rate declines going forward. Persimmon is also unique in its leverage to a volume recovery
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