Numis analyst Chris Millington believes that UK home builder Countryside (CSP) is undervalued as he estimates it can grow at double the rate of the wider housebuilding sector.
In Countryside’s trading update, growth has been revealed across the group's activities which include housebuilding, land and planning and its partnerships division, where it works with local authorities to regenerate public sector land.
In the half year to 31 March 2017, the firm revealed a 31% increase in completions to 1,437 homes.
Despite the strong update, shares in Countryside have only nudged 0.4% higher to 263p.
Management also reported a record private forward order book, which jumped nearly 70% to £347.1m, up from £205.3m in the same period of 2016.
The company floated on the stock market in February 2016 at 225p with a market cap of £1,013m.
