Fair Value Adjustments

The changes in fair value are driven by updates to revenue growth, net profit margin, future P/E, and discount rate assumptions. Specifically, revenue growth has been adjusted downward to 4.72%, while the net profit margin has decreased to 6.13%. The merger of Barratt and Redrow is a key factor driving these changes, with analysts reassessing cost synergies, land bank, reservation trends, and home completion guidance. However, integration complexity and building safety remediation costs remain significant risks for the company.