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Henry Boot
(LSE:BOOT)
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Rating:59Neutral
Price Target:
147.00 p
▼(-5.77% Downside)
Action:Reiterated
Date:09/22/26
The score is driven primarily by mixed financial performance: a conservatively positioned balance sheet offsets a sharp revenue decline and notably weak recent cash flow. Technicals are also a headwind with the price below key moving averages and negative momentum. Valuation is a relative support (low P/E and high yield), but the latest earnings call points to continued near-term operational pressure, higher leverage vs. earlier periods, and dividend uncertainty.
Positive Factors
Conservative balance sheet
Extremely low leverage gives Henry Boot meaningful financial resilience across property cycles and reduces dependence on debt funding. The substantial equity base can support continued land and development investment while providing flexibility to manage timing differences between project spending and asset disposals.
Negative Factors
Revenue contraction and operating loss
Broad-based lower transactional activity is weakening current earnings across Henry Boot's property-related operations. The reported operating loss indicates that the business is not covering its operating base as effectively, and a prolonged slowdown could delay reinvestment and reduce the conversion of its asset pipeline into profits.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Extremely low leverage gives Henry Boot meaningful financial resilience across property cycles and reduces dependence on debt funding. The substantial equity base can support continued land and development investment while providing flexibility to manage timing differences between project spending and asset disposals.
Read all positive factors
Henry Boot (BOOT) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£194.78M
Dividend Yield5.31%
Average Volume (3M)92.16K
Price to Earnings (P/E)16.8
Beta (1Y)0.38
Revenue Growth-40.97%
EPS Growth-53.09%
CountryUK
Employees490
SectorReal Estate
Sector Strength53
IndustryReal Estate - Diversified
Share Statistics
EPS (TTM)0.09
Shares Outstanding134,596,900
10 Day Avg. Volume105,009
30 Day Avg. Volume92,163
Financial Highlights & Ratios
PEG Ratio-2.39
Price to Book (P/B)0.71
Price to Sales (P/S)1.20
P/FCF Ratio-10.01
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£178.00Price Target Upside14.10% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.06
Revenue Forecast (FY)£244.33M
Henry Boot Business Overview & Revenue Model
Company Description
Henry Boot PLC is a diversified United Kingdom-based enterprise involved in real estate investment and development, land acquisition and preparation, and various construction projects. Its operations are structured across three primary divisions: ...
How the Company Makes Money
Henry Boot makes money primarily from property-related activities and construction services. Key revenue and profit drivers typically include: (1) Property development: generating income and profit from developing residential and commercial/indust...
Henry Boot Earnings Call Summary
Earnings Call Date:Sep 22, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 23, 2027
Earnings Call Sentiment Negative
The call highlighted substantial embedded land and development value, strong planning progress, healthy Hallam Land returns, and a sizeable HBD pipeline. However, these positives were outweighed by revenue declining 19%, a GBP 3.9 million operating loss, higher gearing of 33%, GBP 133 million of net debt, suspended interim dividends, weaker sales progress than the prior year, subdued market demand, and an expected operating loss at Stonebridge Homes.Positive Updates
Experienced Leadership and Strategic Review
Edward Hutchinson, who has been with Henry Boot for just over 20 years and previously served as Managing Director of HBD and interim Managing Director of Stonebridge Homes, has taken over as Chief Executive Officer. A business review is underway, with a refreshed strategy and associated medium-term objectives expected in early 2027.
Negative Updates
Revenue Declined and Operating Loss Reported
Group revenue decreased by 19% to just below GBP 81 million, reflecting lower transactional activity across all markets. The group reported a GBP 3.9 million operating loss, driven by weaker trading performance and a reduction in the value of the wholly owned investment property portfolio.
Read all updates
Q2-2026 Updates
Positive
Negative
Experienced Leadership and Strategic Review
Edward Hutchinson, who has been with Henry Boot for just over 20 years and previously served as Managing Director of HBD and interim Managing Director of Stonebridge Homes, has taken over as Chief Executive Officer. A business review is underway, with a refreshed strategy and associated medium-term objectives expected in early 2027.
Read all positive updates
Company Guidance
Management expects Stonebridge Homes to report an operating loss in 2026, with completions this year being second half weighted, while gearing is expected to reduce towards the end of the year as planned disposals are completed during the second half; the group targets GBP 203 million of sales, with a further GBP 59 million required, and expects a better second half performance supported by land sales that have slipped from H1 into H2. Hallam Land expects over 2,000 plots exchanged or under offer to complete in the second half, remains on track to submit a total of 10,000 during the full year, expects to secure planning on a materially higher number of plots in the second half, and expects its stock of consented plots to increase. HBD expects to remain selective in building up its committed program, is targeting a start on site at Wakefield Hub in the near future and at Freeport 36 later this year, and will present a refreshed strategy and associated medium term objectives in early 2027; the interim dividend was not paid, and the dividend will be considered again once full year results are known.Henry Boot Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
86
Very Positive
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 205.87M | 251.55M | 328.38M | 359.40M | 341.42M | 230.60M |
| Gross Profit | 47.94M | 65.81M | 74.54M | 76.77M | 81.59M | 55.55M |
| EBITDA | 28.03M | 39.76M | 44.78M | 48.88M | 43.87M | 31.80M |
| Net Income | 12.20M | 21.52M | 23.33M | 26.30M | 33.32M | 28.16M |
Balance Sheet | ||||||
| Total Assets | 642.88M | 654.37M | 623.64M | 594.40M | 578.30M | 508.89M |
| Cash, Cash Equivalents and Short-Term Investments | 21.99M | 8.40M | 16.76M | 13.03M | 17.40M | 11.12M |
| Total Debt | 154.91M | 116.42M | 79.45M | 90.79M | 66.03M | 51.66M |
| Total Liabilities | 236.20M | 234.23M | 198.49M | 184.28M | 184.02M | 153.61M |
| Stockholders Equity | 410.14M | 422.67M | 422.25M | 405.40M | 388.32M | 349.84M |
Cash Flow | ||||||
| Free Cash Flow | -32.48M | -30.15M | 24.08M | -15.49M | -15.30M | -43.70M |
| Operating Cash Flow | -30.21M | -28.77M | 25.57M | -3.40M | -8.87M | -36.68M |
| Investing Cash Flow | -3.01M | 5.38M | 2.00M | -9.90M | 24.55M | -24.97M |
| Financing Cash Flow | 45.26M | 15.02M | -23.84M | 8.94M | 3.03M | 30.64M |
Henry Boot Technical Analysis
Neutral
156.00
Price Trends
149.89
Negative
156.93
Negative
173.19
Negative
Market Momentum
-1.90
Negative
52.65
Neutral
77.16
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:BOOT, the sentiment is Neutral. The current price of 156 is above the 20-day moving average (MA) of 144.15, above the 50-day MA of 149.89, and below the 200-day MA of 173.19, indicating a neutral trend. The MACD of -1.90 indicates Negative momentum. The RSI at 52.65 is Neutral, neither overbought nor oversold. The STOCH value of 77.16 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for GB:BOOT.
Henry Boot Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
59 Neutral | £194.78M | 16.76 | 2.93% | 5.31% | -40.97% | -53.09% | |
59 Neutral | £608.23M | -23.67 | -3.74% | 0.60% | -34.57% | -148.98% | |
57 Neutral | £213.95M | 39.51 | 1.34% | 6.64% | 4.03% | -79.67% | |
54 Neutral | £30.51M | -7.23 | -11.17% | 4.79% | ― | ― | |
50 Neutral | £51.77M | -9.78 | -4.75% | 4.10% | 4.77% | -1540.79% | |
45 Neutral | £180.55M | -1.94 | -13.63% | 8.78% | -9.52% | -67.44% |
* Real Estate Sector Average
GB:BOOT
Henry Boot
148.00
-64.78
-30.44%
GB:CLI
CLS Holdings
45.55
-12.81
-21.95%
GB:HWG
Harworth
187.00
18.54
11.00%
GB:HLCL
Helical
192.00
-13.43
-6.54%
GB:PCA
Palace Capital
188.00
-19.08
-9.21%
GB:TOWN
Town Centre Securities
122.00
6.27
5.42%
Henry Boot Corporate Events
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresPrivate Placements and Financing
Henry Boot Swings to Interim Loss but Banks on Land Bank and Pipeline Value
Negative
Sep 22, 2026
Henry Boot, a UK land promotion, property development and housebuilding group, reported weaker first-half results for 2026 as subdued residential land and property transaction volumes weighed on performance. Revenue fell to £80.7m and the gro...
Business Operations and StrategyExecutive/Board Changes
Henry Boot reshapes board as two non-executive directors to exit
Neutral
Aug 27, 2026
Henry Boot has announced forthcoming board changes, with non-executive director Serena Lang set to step down once a successor is recruited, and non-executive director Talita Ferreira leaving the board on 30 November 2026 due to other professional ...
Business Operations and Strategy
Henry Boot’s Origin JV Secures Major Industrial and Logistics Lettings
Positive
Aug 19, 2026
Henry Boot’s development arm HBD has secured 404,100 sq ft of new industrial and logistics lettings within Origin, its joint venture with Feldberg Capital, taking 66% of the 711,000 sq ft portfolio to let or under offer. The deals span key U...
Regulatory Filings and Compliance
Henry Boot CEO Ed Hutchinson Buys Shares on London Market
Positive
Aug 11, 2026
Henry Boot PLC has disclosed a share transaction involving its chief executive officer, Ed Hutchinson, under EU Market Abuse Regulation requirements. The notification details a purchase of ordinary shares by the CEO and underscores the companyR...
Business Operations and StrategyRegulatory Filings and Compliance
Henry Boot Updates Share Capital and Voting Rights After New Share Issue
Neutral
Aug 3, 2026
Henry Boot PLC has issued and allotted 40,239 new ordinary shares under its 2020 Sharesave Plan and 2020 Company Share Option Plan, with the shares admitted to trading on the London Stock Exchange Main Market between 1 July and 31 July 2026. Follo...
Regulatory Filings and Compliance
Henry Boot discloses director’s spouse buying 10,000 shares
Neutral
Jul 24, 2026
Henry Boot PLC has disclosed a transaction involving a person closely associated with one of its board members, as required under the EU Market Abuse Regulation. The filing relates to the purchase of 10,000 ordinary shares in the company by Emma S...
Business Operations and StrategyFinancial Disclosures
Henry Boot Warns 2026 Profits Will Miss Expectations as Market Headwinds Bite
Negative
Jul 22, 2026
Henry Boot PLC reported that trading in the first half of 2026 has been hit by elevated macroeconomic and political uncertainty, which has depressed transaction volumes across its land, property and homebuilding markets. Hallam Land’s plot s...
Business Operations and StrategyPrivate Placements and Financing
Henry Boot secures funding for first phase of £1bn Golden Valley cyber hub
Positive
Jul 13, 2026
Henry Boot’s development arm HBD has secured forward funding for the first £95m phase of the £1bn Golden Valley mixed‑use innovation and technology scheme in Cheltenham, a project aligned with the UK’s National Cyber St...
Private Placements and FinancingRegulatory Filings and Compliance
Henry Boot Updates Share Capital and Voting Rights After Options Issuance
Neutral
Jul 1, 2026
Henry Boot PLC has issued and allotted 44,830 new ordinary shares under its 2020 Sharesave Plan and 2020 Company Share Option Plan, with the shares admitted to trading on the London Stock Exchange Main Market between 1 June and 30 June 2026. The m...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.