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Crest Nicholson Holdings
(LSE:CRST)
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Rating:49Neutral
Price Target:
58.00 p
â–¼(-11.04% Downside)
Action:Reiterated
Date:09/29/26
The score is held back primarily by weak cash generation (negative operating and free cash flow for three consecutive years) and still-fragile profitability despite a 2025 rebound. Technicals show some near-term improvement versus shorter moving averages, but momentum remains mixed and the stock is still well below the 200-day trend. Valuation is supported by a ~4.7% yield, but a negative P/E signals earnings instability.
Positive Factors
Moderate leverage supports flexibility
Relatively low debt-to-equity across most years provides Crest Nicholson with some financial flexibility to manage housing-market volatility and fund ongoing development. This cushion is valuable for a cyclical builder, even though the latest increase in debt warrants monitoring.
Negative Factors
Persistent negative cash generation
Three consecutive years of negative operating and free cash flow show that reported profitability has not translated into cash. Continued cash absorption can restrict development investment, increase reliance on funding, and leave less flexibility if housing conditions weaken.
Read all positive and negative factors
Positive Factors
Negative Factors
Moderate leverage supports flexibility
Relatively low debt-to-equity across most years provides Crest Nicholson with some financial flexibility to manage housing-market volatility and fund ongoing development. This cushion is valuable for a cyclical builder, even though the latest increase in debt warrants monitoring.
Read all positive factors
Crest Nicholson Holdings (CRST) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£162.80M
Dividend Yield4.89%
Average Volume (3M)1.73M
Price to Earnings (P/E)―
Beta (1Y)2.36
Revenue Growth-8.41%
EPS Growth58.66%
CountryUK
Employees685
SectorConsumer Cyclical
Sector Strength84
IndustryResidential Construction
Share Statistics
EPS (TTM)-0.12
Shares Outstanding257,071,170
10 Day Avg. Volume1,135,854
30 Day Avg. Volume1,734,598
Financial Highlights & Ratios
PEG Ratio-1.88
Price to Book (P/B)0.59
Price to Sales (P/S)0.70
P/FCF Ratio-38.60
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£74.50Price Target Upside14.26% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)-0.02
Revenue Forecast (FY)£502.47M
Crest Nicholson Holdings Business Overview & Revenue Model
Company Description
Operating within the United Kingdom, Crest Nicholson Holdings plc specializes in the development and sale of residential properties. Their offerings span apartments, houses, and commercial units, catering to a varied clientele comprising first-tim...
How the Company Makes Money
Crest Nicholson makes money primarily by developing residential sites and generating revenue from the sale of completed new-build homes. Its core revenue model is: (1) acquire or control land (or enter agreements to purchase subject to planning), ...
Crest Nicholson Holdings Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
62
Positive
Cash Flow
30
Negative
| Breakdown | TTM | Oct 2025 | Oct 2024 | Oct 2023 | Oct 2022 | Oct 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 558.90M | 610.80M | 618.20M | 657.50M | 913.60M | 786.60M |
| Gross Profit | 63.80M | 85.30M | -71.60M | 100.60M | 91.80M | 143.40M |
| EBITDA | -3.80M | 23.00M | -122.80M | 39.50M | 145.80M | 120.60M |
| Net Income | -30.40M | 2.20M | -103.50M | 17.90M | 26.40M | 70.90M |
Balance Sheet | ||||||
| Total Assets | 1.38B | 1.42B | 1.44B | 1.53B | 1.58B | 1.61B |
| Cash, Cash Equivalents and Short-Term Investments | 95.60M | 126.20M | 74.80M | 163.70M | 374.90M | 351.80M |
| Total Debt | 245.00M | 173.40M | 94.30M | 104.10M | 101.00M | 102.50M |
| Total Liabilities | 694.40M | 702.70M | 713.30M | 674.00M | 696.10M | 706.80M |
| Stockholders Equity | 688.80M | 718.10M | 728.90M | 856.30M | 883.10M | 901.60M |
Cash Flow | ||||||
| Free Cash Flow | -40.60M | -11.00M | -69.20M | -167.20M | 54.10M | 126.40M |
| Operating Cash Flow | -40.40M | -11.00M | -67.80M | -165.40M | 54.20M | 126.60M |
| Investing Cash Flow | -20.70M | -7.40M | 25.00M | 1.60M | 11.90M | -700.00K |
| Financing Cash Flow | 73.90M | 69.60M | -46.00M | -47.00M | -43.20M | -14.60M |
Crest Nicholson Holdings Technical Analysis
Neutral
65.20
Price Trends
61.00
Positive
64.56
Negative
86.26
Negative
Market Momentum
1.03
Negative
53.14
Neutral
40.45
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:CRST, the sentiment is Neutral. The current price of 65.2 is above the 20-day moving average (MA) of 61.97, above the 50-day MA of 61.00, and below the 200-day MA of 86.26, indicating a neutral trend. The MACD of 1.03 indicates Negative momentum. The RSI at 53.14 is Neutral, neither overbought nor oversold. The STOCH value of 40.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for GB:CRST.
Crest Nicholson Holdings Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | £2.77B | 11.41 | 5.99% | 5.18% | 9.47% | 193.33% | |
68 Neutral | £4.40B | 18.78 | 3.13% | 1.86% | 8.55% | 26.47% | |
66 Neutral | £4.00B | 13.11 | 8.45% | 4.82% | 17.38% | 18.92% | |
64 Neutral | £2.43B | 13.13 | 5.49% | 3.28% | 13.63% | 25.11% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
55 Neutral | £827.68M | -1.65 | -16.57% | 7.03% | -7.99% | -5071.71% | |
49 Neutral | £162.80M | -5.40 | -4.32% | 4.89% | -8.41% | 58.66% |
* Consumer Cyclical Sector Average
GB:CRST
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-98.11
-60.75%
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Crest Nicholson Holdings Corporate Events
Financial DisclosuresRegulatory Filings and Compliance
Crest Nicholson Updates Share Capital and Admits New Stock to LSE
Neutral
Sep 30, 2026
Crest Nicholson Holdings plc has confirmed that, as of 30 September 2026, its issued share capital stands at 257,071,153 ordinary shares of 5 pence each, all carrying one vote per share and with no shares held in treasury, a figure that will serve...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Crest Nicholson Secures Extension to Debt Covenant Waiver
Positive
Sep 30, 2026
Crest Nicholson has confirmed it remains in constructive talks with its lending banks to amend debt covenants and secure an appropriate level of funding and liquidity for the business. The move follows earlier trading updates and reflects the Grou...
Business Operations and StrategyExecutive/Board Changes
Crest Nicholson Refreshes Board With New Independent Non-Executive Director
Positive
Sep 30, 2026
Crest Nicholson has announced a forthcoming board change, with long-serving non-executive director Louise Hardy intending to step down at the company’s Annual General Meeting in March 2027 after nearly nine years on the board. Her departure ...
Executive/Board Changes
Crest Nicholson Executives Receive Shares Under Incentive Plan
Positive
Sep 10, 2026
Crest Nicholson has disclosed a series of share transactions involving its senior management under the company’s Share Incentive Plan. Chief executive officer Martyn Clark, chief financial officer Bill Floydd and group company secretary Penn...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Crest Nicholson Cuts Debt Faster Than Planned but Warns of FY26 EBIT Loss
Negative
Sep 3, 2026
Crest Nicholson reported that its cash optimisation programme is outperforming expectations, aided by a significant third-party fire remediation recovery and additional land disposals, allowing the company to cut its projected year-end net debt to...
Delistings and Listing ChangesRegulatory Filings and Compliance
Crest Nicholson Updates Market on Share Capital and New Admissions
Neutral
Aug 28, 2026
Crest Nicholson Holdings plc has updated the market on its capital structure, confirming that as of 28 August 2026 it has 257,061,394 ordinary shares in issue, each carrying one vote, with no shares held in treasury. This figure becomes the key re...
Executive/Board ChangesRegulatory Filings and Compliance
Crest Nicholson Executives Acquire Shares Under Incentive Plan
Positive
Aug 10, 2026
Crest Nicholson Holdings plc has reported share transactions involving several senior executives under its Share Incentive Plan. Chief executive officer Martyn Clark, chief financial officer Bill Floydd and group company secretary Penny Thomas eac...
Delistings and Listing ChangesRegulatory Filings and Compliance
Crest Nicholson Updates Share Capital and Admits New Stock to LSE
Neutral
Jul 31, 2026
Crest Nicholson Holdings plc has updated the market on its capital structure, confirming that as of 31 July 2026 it has 257,051,979 ordinary shares of 5 pence each in issue, all carrying one vote per share and with no shares held in treasury. This...
Business Operations and StrategyDividendsFinancial Disclosures
Crest Nicholson Swings to Loss as It Tightens Cash and Seeks Covenant Relief
Negative
Jul 16, 2026
Crest Nicholson reported an interim operating loss as revenue and home completions fell amid subdued UK housing demand and economic uncertainty. The group’s adjusted gross margin halved, completions dropped to 584 units, and net debt nearly ...
Business Operations and StrategyExecutive/Board Changes
Crest Nicholson Executives Receive Shares Under Incentive Plan
Neutral
Jul 10, 2026
Crest Nicholson Holdings plc, a U.K. residential housebuilder listed on the London Stock Exchange’s main market, develops and sells new homes nationwide and uses equity-based incentive plans to align leadership with shareholder returns. The ...
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.