Persimmon (OHP) AI Stock Analysis

Company Guidance

Guidance reiterated that Persimmon expects to deliver around 12,500 homes in 2026 (the top end of prior guidance) with underlying PBT “in line with current expectations/consensus” and year‑end net cash broadly in line with previous guidance (adjusted gearing could be ~20%); the group cites a strong forward book of £1.9bn (private forward book £1.3bn, up 5%, ~8% sold for the year) and an affordable order book of £600m fully secured. Operationally H1 delivered 5,189 completions (up 13%), 4,261 private completions (up 7%), net private weekly sales 205 (up 7%), a five‑week private sales rate of 0.72 including bulk (0.59 excl bulk), blended ASPs +1% (private ASPs +3%) and incentives ~5%; H1 underlying PBT was £170m (up 3%), underlying operating profit £189m (up 10%) with an operating margin of 12.8%, gross profit £267m and housing revenue ~£1.5bn. Balance sheet and other metrics supporting the guidance include net debt of £165m at 30 June, PX stock £168m, owned/controlled plots ~81,000 (strategic/promoter plots ~93,000), 6,123 plots with detailed planning (118% of H1 completions), remediation provision £206m (H1 spend £24m, targeting ~£100m this year), ROCE 11.3%, underlying EPS 38p, interim dividend 20p and a minimum annual capital return policy of 60p.