Crest Nicholson Holdings PLC (GB:CRST)
LSE:CRST
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Crest Nicholson Holdings
(LSE:CRST)
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Rating:40Underperform
Price Target:
59.00 p
â–¼(-48.78% Downside)
Action:DowngradedDate:04/22/26
The score is held down mainly by weak cash generation (negative operating and free cash flow for three consecutive years) and a bearish technical trend (price far below key moving averages with negative MACD). Valuation is also a major drag due to the very high P/E, while the balance sheet remains only moderately supportive given the recent debt step-up and still-fragile profitability.
Positive Factors
Proven Homebuilding Business Model
The company’s core model—acquiring land, obtaining planning, building and selling homes—creates recurring, project-based cash generation tied to completions and ASPs. This model produces predictable revenue drivers (completions, prices, margins) over multi-year site cycles.
Negative Factors
Poor Cash Generation
Three consecutive years of negative operating and free cash flow signal weak cash conversion from sales and working-capital strain from build activity. Persistent cash deficits limit reinvestment, raise funding risk, and constrain capacity to scale developments without external financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Proven Homebuilding Business Model
The company’s core model—acquiring land, obtaining planning, building and selling homes—creates recurring, project-based cash generation tied to completions and ASPs. This model produces predictable revenue drivers (completions, prices, margins) over multi-year site cycles.
Read all positive factors
Crest Nicholson Holdings (CRST) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£166.87M
Dividend Yield1.79%
Average Volume (3M)844.40K
Price to Earnings (P/E)193.0
Beta (1Y)2.48
Revenue Growth-1.20%
EPS GrowthN/A
CountryUK
Employees704
SectorConsumer Cyclical
Sector Strength84
IndustryResidential Construction
Share Statistics
EPS (TTM)-0.02
Shares Outstanding257,020,320
10 Day Avg. Volume607,005
30 Day Avg. Volume844,401
Financial Highlights & Ratios
PEG Ratio-1.89
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
£106.17Price Target Upside-7.84% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)0.02
Revenue Forecast (FY)£540.48M
Crest Nicholson Holdings Business Overview & Revenue Model
Company Description
Crest Nicholson Holdings plc builds residential homes in the United Kingdom. The company develops and sells apartments, houses, and commercial properties. It serves first-time buyers, families, and investors. The company was founded in 1963 and is...
How the Company Makes Money
Crest Nicholson makes money primarily by developing and selling newly built residential properties. Its core revenue stream is the sale of completed homes to private buyers (including first-time buyers and owner-occupiers) and, where applicable, t...
Crest Nicholson Holdings Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
62
Positive
Cash Flow
30
Negative
| Breakdown | Oct 2025 | Oct 2024 | Oct 2023 | Oct 2022 | Oct 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 610.80M | 618.20M | 657.50M | 913.60M | 786.60M |
| Gross Profit | 85.30M | -71.60M | 100.60M | 194.30M | 166.70M |
| EBITDA | 23.00M | -122.80M | 39.50M | 42.80M | 100.20M |
| Net Income | 2.20M | -103.50M | 17.90M | 26.40M | 70.90M |
Balance Sheet | |||||
| Total Assets | 1.42B | 1.44B | 1.53B | 1.58B | 1.61B |
| Cash, Cash Equivalents and Short-Term Investments | 126.20M | 74.80M | 163.70M | 374.90M | 351.80M |
| Total Debt | 173.40M | 94.30M | 104.10M | 101.00M | 102.50M |
| Total Liabilities | 702.70M | 713.30M | 674.00M | 696.10M | 706.80M |
| Stockholders Equity | 718.10M | 728.90M | 856.30M | 883.10M | 901.60M |
Cash Flow | |||||
| Free Cash Flow | -11.00M | -69.20M | -167.40M | 54.10M | 126.40M |
| Operating Cash Flow | -11.00M | -67.80M | -165.60M | 54.20M | 126.60M |
| Investing Cash Flow | -7.40M | 25.00M | 1.60M | 11.90M | -700.00K |
| Financing Cash Flow | 69.60M | -46.00M | -47.00M | -43.20M | -14.60M |
Crest Nicholson Holdings Technical Analysis
Neutral
115.20
Price Trends
127.68
Negative
131.99
Negative
148.20
Negative
Market Momentum
-3.90
Negative
53.50
Neutral
69.40
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 115.2 is above the 20-day moving average (MA) of 105.08, below the 50-day MA of 127.68, and below the 200-day MA of 148.20, indicating a neutral trend. The MACD of -3.90 indicates Negative momentum. The RSI at 53.50 is Neutral, neither overbought nor oversold. The STOCH value of 69.40 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 |
|---|---|---|---|---|---|---|---|
67 Neutral | £3.43B | 13.20 | 2.73% | 4.73% | 28.95% | 43.50% | |
63 Neutral | £2.68B | 37.90 | 2.40% | 8.95% | 13.04% | -54.27% | |
62 Neutral | £2.14B | 8.04 | 4.43% | 2.62% | 13.29% | 7.12% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
58 Neutral | £3.30B | 15.22 | 8.05% | 4.54% | 17.20% | 6.80% | |
54 Neutral | £1.01B | 15.19 | 4.20% | ― | -4.38% | 100.09% | |
40 Underperform | £166.87M | 192.98 | 0.30% | 1.79% | -1.20% | ― |
* Consumer Cyclical Sector Average
GB:CRST
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Crest Nicholson Holdings Corporate Events
Regulatory Filings and Compliance
Crest Nicholson Executive Increases Stake With Share Purchase
Positive
Apr 28, 2026
Crest Nicholson Holdings has disclosed that Group Company Secretary and person discharging managerial responsibilities, Penny Thomas, acquired 3,000 ordinary shares in the company. The shares, each with a nominal value of £0.05 and carrying t...
Regulatory Filings and Compliance
Crest Nicholson Executives Acquire Shares via Incentive Plan
Neutral
Apr 24, 2026
Crest Nicholson has disclosed that chief executive Martyn Clark, chief financial officer Bill Floydd and group company secretary Penny Thomas have each acquired a small number of ordinary shares under the company’s Share Incentive Plan. The ...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Crest Nicholson cuts guidance and pivots to cash preservation amid housing market uncertainty
Negative
Apr 21, 2026
Crest Nicholson has warned that intensifying macroeconomic uncertainty, including the prospect of prolonged higher interest rates and weaker consumer confidence, is weighing on demand and land buyer sentiment, prompting a strategic shift towards c...
Business Operations and StrategyExecutive/Board Changes
Crest Nicholson Executives Acquire Shares Under Incentive Plan
Neutral
Apr 10, 2026
Crest Nicholson disclosed that Chief Executive Officer Martyn Clark and Chief Financial Officer Bill Floydd have each acquired partnership shares and received free matching shares in the company under its Share Incentive Plan. The transactions, in...
Business Operations and StrategyDelistings and Listing Changes
Crest Nicholson Adds 78,626 Shares to LSE Listing
Neutral
Apr 7, 2026
Crest Nicholson Holdings has admitted 78,626 new ordinary shares of £0.05 each to trading on the London Stock Exchange’s Main Market under existing block admissions. This incremental issuance brings the total number of ordinary shares i...
Regulatory Filings and Compliance
Crest Nicholson Confirms Total Voting Rights and Share Capital
Neutral
Mar 31, 2026
Crest Nicholson Holdings has confirmed that its issued share capital stands at 257,020,326 ordinary shares of 5 pence each as of 31 March 2026, with each share carrying one voting right and no shares held in treasury. This updated total voting rig...
Executive/Board Changes
Crest Nicholson grants nil-cost share awards to senior leadership under LTIP
Positive
Mar 26, 2026
Crest Nicholson Holdings has granted new restricted share awards to senior executives under its Long-Term Incentive Plan, aligning leadership remuneration with shareholder interests through equity-based incentives. The awards, made on 26 March 202...
Executive/Board ChangesStock BuybackDividendsFinancial DisclosuresShareholder Meetings
Crest Nicholson Investors Back All AGM Resolutions, Strengthening Board Mandate
Positive
Mar 25, 2026
Shareholders of Crest Nicholson Holdings plc strongly backed all resolutions at the company’s Annual General Meeting on 25 March 2026, with around 69% of issued share capital voting. They approved the financial statements, directors’ r...
Business Operations and StrategyFinancial Disclosures
Crest Nicholson Sees Trading Improve as Strategic Shift Gains Traction
Positive
Mar 25, 2026
Crest Nicholson reported a sustained improvement in trading since mid-January, with its open market sales rate modestly ahead of last year and full-year guidance unchanged, while noting it has not yet seen a material impact from recent macroeconom...
Other
Crest Nicholson Non-Executive Director Boosts Stake with Share Purchase
Positive
Mar 24, 2026
Crest Nicholson disclosed that non-executive director Gillian Kent acquired 9,538 ordinary shares in the company at a price of £1.04274 per share on 23 March 2026. The transaction, conducted on the London Stock Exchange’s Main Market, m...
Business Operations and StrategyExecutive/Board Changes
Crest Nicholson Executives Receive Shares Under Incentive Plan
Positive
Mar 10, 2026
Crest Nicholson Holdings has disclosed that chief executive Martyn Clark and chief financial officer Bill Floydd have each acquired partnership shares and been awarded free matching shares in the company through its Share Incentive Plan, with tran...
Executive/Board ChangesRegulatory Filings and Compliance
Crest Nicholson CEO Exercises Incentive Shares and Increases Equity Holding
Neutral
Mar 3, 2026
Crest Nicholson disclosed that its chief executive officer and director, Martyn Clark, exercised 97,544 share options under the company’s Long-Term Incentive Plan, which was granted to replace a forfeited award from his previous employer. Th...
Regulatory Filings and Compliance
Crest Nicholson Updates Total Voting Rights and Issued Share Capital
Neutral
Feb 27, 2026
Crest Nicholson Holdings plc has confirmed that, as of 27 February 2026, its issued share capital stands at 256,947,314 ordinary shares of 5p each, with each share carrying one voting right and no shares held in treasury. This updated total voting...
Financial DisclosuresRegulatory Filings and ComplianceShareholder Meetings
Crest Nicholson Publishes 2025 Annual Report and Sets 2026 AGM Date
Neutral
Feb 17, 2026
Crest Nicholson Holdings has published its 2025 Annual Report and Accounts and issued its 2026 Notice of Annual General Meeting, following the release of preliminary results for the year ended 31 October 2025. The AGM is scheduled for 25 March 202...
Other
Crest Nicholson Executives Increase Holdings Through Share Incentive Plan
Positive
Feb 10, 2026
Crest Nicholson has disclosed that its chief executive officer, Martyn Clark, chief financial officer, Bill Floydd, and group company secretary, Penny Thomas have all acquired ordinary shares in the company through its Share Incentive Plan. The tr...
Regulatory Filings and Compliance
Crest Nicholson Confirms Total Voting Rights of 256.9 Million Shares
Neutral
Jan 30, 2026
Crest Nicholson Holdings plc has confirmed that, as of 30 January 2026, its issued share capital stands at 256,941,700 ordinary shares of 5p each, with each share carrying one voting right and no shares held in treasury. The updated total voting r...
Business Operations and StrategyFinancial DisclosuresLegal Proceedings
Crest Nicholson Delivers Profit Growth and Strengthens Balance Sheet Amid Market Slowdown
Positive
Jan 29, 2026
Crest Nicholson reported full-year 2025 results broadly in line with expectations, delivering modest profit growth despite a subdued housing market as it continues its strategic shift towards the mid-premium segment. Adjusted revenue was broadly f...
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.