How large is the long-term earnings upside? Four developers positioned to deliver earnings above pre-crisis peak. We revise our normalised earnings calculation by 3% after recalibrating our assumptions (How big could the long-term upside be, 27 Feb 2025). Our revised calculation reflects a more positive margin outlook, the positive impact of which outweighs the slow pace of sales. This supports developers' ability to regain pricing power in the new home market versus the secondary market. See Figure 1 for p ...