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PSN

Persimmon PLC

Consumer Products and Services First-pass screen £3.4bn
390/1000 Overall fit
AI beneficiary 35% 20
Operating leverage 25% 65
Valuation 25% 30
Downside protection 15% 57

First-pass take

Strong operational execution (12% volume growth, 17% profit growth) with stated 20% margin target supported by vertical integration expansion. However, housing is cyclical, rising leverage costs (up 79% YoY) offset benefits, building safety remediation (£226m provision) is ongoing headwind, and valuation metrics are absent.

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