Belvoir Group PLC (AIM:BLV) has had a price target hike from finnCap on the back of its results unveiled on Monday.
The price target for the UK property franchise group goes up by 6p to 371p or almost 40% upside on its 268p share price.
Results for 2021 showed group revenue increased by 37% to an all-time high of £29.6mln from £21.7mln in 2020, of which 25 percentage points were accounted for by like-for-like growth (read more).
Profit before tax jumped 39% to £9.3mln from £6.7mln the previous year, which the company noted marks the 26th successive year of increasing profits.
The company’s strong results were supported by housing transactions but point to long-term value and potential in growing the business, finnCap commented.
The broker anticipates the lettings and financial services company to see normalised housing transactions in the future but expects to see a switch to re-mortgages from sales.
FinnCap upgraded the company’s full-year 2022 and 2023 earnings per share expectations by 4%, before adding it also anticipates revenues and dividends per share to rise this year.