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CRST

Crest Nicholson Holdings PLC

Consumer Products and Services First-pass screen £170m
310/1000 Overall fit
AI beneficiary 35% 18
Operating leverage 25% 47
Valuation 25% 34
Downside protection 15% 30

First-pass take

UK residential housebuilder with zero AI exposure. Material going concern warning: may breach interest cover covenant in downside scenario. Carries £236m fire remediation liability. Adjusted earnings growing 56% YoY but operating cash flow negative. Weak cyclical position.

Flags

no-ai-exposuregoing-concern-warningfire-remediation-236mweak-fcfcyclicalcontrol-environment-weaknessno-valuation-data