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Crest Nicholson Holdings (CRST) Fair Value & Analysis

Consumer Cyclical · GB · Market cap 170M GBX

CN Crest Nicholson Holdings CRST · LSE
Price£0.6630
Fair Value£0.1900
Upside-71.3%
Quality57/100
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Weak Growth
Thin margins · 0.4% net margin
Low debt · negative free cash flow
4.69% dividend yield
Mixed vs. peers (7/13)
Narrow moat 22/100
Evidence: Medium Range £0.1400 – £0.2400 Share as image

Fair value as of: Jul 12, 2026

From 14 valuation models · updated 29 days ago

Share price −4.1% over the past month.

A solid business, but screening 71% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (£0.2400). The favourable scenario is already priced in.
  • Solid but not exceptional quality (57/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

£3.78 £0.6390 Fair Value £0.1900 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 12, 2026.

How to read this chart

60‑month range £0.6390 – £3.78 · fair‑value band £0.1400 – £0.2400 · the £0.6630 price screens above the £0.1900 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 12, 2026.

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Analysis

Crest Nicholson Holdings (CRST) currently trades at £0.6630, while our model-based Fair Value estimate is £0.1900, implying the stock looks roughly 71.3% overvalued today. The Quality Score stands at 57/100 (solid quality), in the Consumer Cyclical sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Crest Nicholson Holdings generated revenue of £611M at a net margin of 0.4%. Revenue grew 0.2% year over year. It earns a return on equity of 0.3%. Net debt stands at £48.4M. Fundamentals as of Jul 12, 2026

Our scenario range runs from £0.1400 (bear case) to £0.2400 (bull case); at £0.6630, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Consumer Cyclical peers we cover trades at 44% fair-value upside, at -71%, CRST screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income £1.69 £1.53 £0.8700 76
ROIC Compounder £1.06 £1.16 £1.24 72
Gordon GGM £0.1700 £0.1900 £0.2000 70
All 14 models by family
Earnings-Based
Graham-Dodd £0.0600 £0.0700 £0.0800 54
EPV £1.06 £1.16 £1.24 59
Dividend Discount
Gordon GGM £0.1700 £0.1900 £0.2000 70
DDM Multi-Stage £0.1700 £0.2000 £0.2400 61
Multiples
P/E Multiple £0.1400 £0.1900 £0.2400 63
P/S Multiple £0.1100 £0.1500 £0.1800 58
P/B Multiple £0.1100 £0.1500 £0.1800 55
EV/EBIT £1.97 £2.54 £3.12 53
EV/EBITDA £1.52 £1.95 £2.38 54
EV/Revenue £1.40 £1.90 £2.40 43
Asset-Based
NCAV (Graham) £1.40 £1.87 £2.80 50
Economic Profit
Residual Income £1.69 £1.53 £0.8700 76
ROIC Compounder £1.06 £1.16 £1.24 72
Growth Earnings
Growth-Adj P/E £0.1000 £0.1400 £0.1900 68

Widest divergence: Asset-Based (£1.87) versus Earnings-Based (£0.0700). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 611M GBX
Revenue growth (YoY) +0.2%
Net margin 0.4%
Return on equity 0.3%
Free cash flow −11.0M GBX FY2025
P/E ratio 66.1
More key figures
Operating margin 4.9%
EPS (TTM) £0.0100
Dividend yield 4.7%
EPS growth (YoY) +63.6%
Net debt 48.4M GBX FY2025

Figures from reported company fundamentals · as of Jul 12, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 57/100

Of which business quality 54 · Market factors (momentum, volatility) 11

Profitability 17
Margins and returns on capital today
Quality Growth 73
Are margins and returns improving?
Cashflow 40
Earnings quality: real cash, not paper profit
Fin. Strength 51
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 18
Calm price path (market factor)
Momentum 11
Price trend over the last 3–12 months (market factor)
52W Momentum 2
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Crest Nicholson Holdings plc engages in building residential homes in the United Kingdom. It develops and sells apartments, houses, and commercial properties. The company was founded in 1963 and is headquartered in Addlestone, United Kingdom.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Crest Nicholson Holdings reported revenue of £611M in FY2025 versus £787M in FY2021, a compound −6.1%/yr. Reported net income was £2.2M in FY2025, compounding −58.0%/yr from FY2021.

Growth Quality 14/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
£611M
Latest YoY
−1.2%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−12.6%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−2.1%
Avg. growth/yr (15Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+5.2%
Revenue −6.1%/yr
FY21 £787M
FY22 £914M
FY23 £658M
FY24 £618M
FY25 £611M
Net income −58.0%/yr
FY21 £70.9M
FY22 £26.4M
FY23 £17.9M
FY24 −£104M
FY25 £2.2M
Character of growth · EPS growth decomposed (2014-2025) −24.6 % p.a.
Revenue per share −2.7 pp

of which total revenue −2.7 pp · buybacks/dilution +0.0 pp

EBIT margin −14.5 pp
Tax rate −0.6 pp
Residual (interest, one-offs) −6.8 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

CRST screens 71% overvalued. Compare with D.R. Horton, Inc →

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Cite: Fair Value Calculator (2026). "Crest Nicholson Holdings Fair Value". https://www.fairvalue-calculator.com/stock/CRST

Peer Group

Residential Construction · 65 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 57 · Above median
Fair Value upside −71% · Bottom 25%
Return on equity (TTM) 0% · Bottom 25%
Return on assets 1% · Bottom 25%
Net margin (TTM) 0% · Bottom 25%
Operating margin (TTM) 5% · Below median
Revenue growth 0% · Above median
Dividend yield (TTM) 4.7% · Top 25%
Debt / equity 0.09× · Lower than median

Valuation Multiples vs Residential Construction median · lower = cheaper

P/E (TTM) 66.1× · Pricier than 75% of peers
P/B 0.32× · Cheaper than 75% of peers
P/S (TTM) 0.38× · Cheaper than median
EV/EBITDA 5.2× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 51
FUTURE 1 · sector 0
PAST 1 · sector 33
HEALTH 96 · sector 88
DIVIDEND 94 · sector 54

VALUE 0: the price sits above our fair-value range.

Insider activity: 45/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Residential Construction stocks, each showing price versus our Fair Value estimate (as of Jul 12, 2026).

Stock Price Fair Value vs Fair Value
D.R. Horton, Inc DHI $149.39 $214.93 +44%
PulteGroup, Inc PHM $124.75 $193.56 +55%
Lennar Corporation LEN $83.89 $146.58 +75%
NVR, Inc NVR $6,479 $7,821 +21%
Toll Brothers, Inc TOL $150.76 $225.76 +50%
Taylor Morrison Home Corporation TMHC $72.13 $144.47 +100%
Installed Building Products, Inc IBP $228.65 $209.51 -8%
Meritage Homes Corporation MTH $73.83 $104.26 +41%
Champion Homes, Inc SKY $82.70 $75.12 -9%
Cavco Industries, Inc CVCO $569.16 $421.10 -26%

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Frequently asked questions

Is Crest Nicholson Holdings (CRST) overvalued or undervalued?
As of Jul 12, 2026, our model estimates a fair value of £0.1900 versus a price of £0.6630, about −71% (overvalued).
What is the fair value of CRST?
Our model-based fair value for Crest Nicholson Holdings is £0.1900 (as of Jul 12, 2026), built from audited fundamentals. The current price is £0.6630.
What is the quality score of CRST?
Crest Nicholson Holdings has a Quality Score of 57/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Crest Nicholson Holdings (CRST)?
Crest Nicholson Holdings reported trailing-twelve-month revenue of about £611M (latest available figure, as of Jul 12, 2026).
What is the net profit margin of CRST?
The net profit margin of Crest Nicholson Holdings is about 0.4%, meaning it keeps roughly 0.4% of revenue as net income. Based on the latest reported figures.
Does Crest Nicholson Holdings pay a dividend?
Crest Nicholson Holdings currently shows a dividend yield of about 4.33% relative to its recent price (as of Jul 12, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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