Bellway's Intrinsic Value

Hi,
the Intrinsic Value of Bellway seems incorrect.

Applying the well-known formula for a defensive grade I get a price equal to 45,45 and not to 36,96 as shown in the share's analysis.
Furthermore, the enterprinsing grade price is also incorrect.

Am I missing something?

Thanks in advance,
Jack.

Stocks Discussed: 
Bellway PLC (BWY.L)

Submitted by Jack. Created on Thursday 3rd November 2022. Updated on Thursday 3rd November 2022.

Submitted by GrahamValue on Thursday 3rd November 2022

Dear Jack,

Thank you for your forum post!

The Defensive Price (Graham №) on GrahamValue is calculated using the average EPS of the past three years, just as Graham required.

Similarly, the Enterprising Price (Serenity №) is calculated using the Tangible Book Value Per Share (TBVPS). Please check if you are following these procedures.

Thank you again for your forum post!

Submitted by Jack on Tuesday 8th November 2022

Hi Graham Value,
the reason is that I took the Diluted Normalized EPS instead of Diluted EPS (Excluding ExtraOrd Items).

For other shares both figures were coincident, in BWY case not.

Thank you,
Jack.

Submitted by GrahamValue on Tuesday 8th November 2022

Dear Jack,

Thank you for clarifying!