EFTA Document EFTA01385506

> Consumer Deutsche Bank Bovis Homes - Glynis Johnson, BUY, close 1185p, 1368p tgt, 15% upside • Management's targets for 2020 are credible (EBIT margins >18% and ROCE >25%) and provide scope for upside. We see scope for expansion from the following sources: - Land bank intake margin is 26.4%, above the gross margin target of 23.5% - Contingency costs assumed in the current land bank and all new land intake should edge lower. These have increased from 2.5% to 4% of build cost, but the