Taylor Wimpey PLC

First-pass take

Cyclical housebuilder facing margin compression (10.9% vs 12.2% YoY) despite 13% revenue growth. No AI exposure. Significant cladding remediation (~£150m p.a.) and regulatory burdens (Future Homes Standard, Building Safety Levy). Medium-term targets (16-18% margins, 14k completions) are aspirational; near-term guidance shows continued margin/profit decline. Low leverage and net cash provide moderate protection; cash position declining to £0-50m by H1 2026.