Share Name Share Symbol Market Type Share ISIN Share Description
Countryside Properties LSE:CSP London Ordinary Share GB00BYPHNG03 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -2.80p -1.03% 269.80p 269.00p 269.70p 272.00p 269.00p 270.20p 316,573 16:35:01
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate 671.3 78.6 13.6 19.8 1,214.10

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Date Time Title Posts
31/1/201712:47New thread for Countryside (CSP)4.00
23/5/201617:44CSP with Charts & News6.00
20/12/200520:50CROWN SPORTS - UNDERVALUED48.00
11/8/200314:46Crown Sports54.00

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Countryside Properties Daily Update: Countryside Properties is listed in the Real Estate sector of the London Stock Exchange with ticker CSP. The last closing price for Countryside Properties was 272.60p.
Countryside Properties has a 4 week average price of 235.70p and a 12 week average price of 220.30p.
The 1 year high share price is 290p while the 1 year low share price is currently 170.60p.
There are currently 450,000,000 shares in issue and the average daily traded volume is 671,719 shares. The market capitalisation of Countryside Properties is £1,214,100,000.
ramas: likewise i am very interested in csp - nav above share price, small profit which a takeover could very much improve via stripping of some admin costs - it may take time but i see a 20p ish takeover in due course IMO . We have a dragons nearby and livingwell and d. Lloyd which all cater for differing groups of people
mufmitz: I don't think I bought enough! Only about 8K. I find it a little worrying that so much of the share issue is held by so few people. This can encourage wild swings in the share price. If they knew anything they could dump the lot and holders like me would get stuffed. I am fairly convinced however that CSP is the way forward. When everybody got lots of exercise just cycling to work we didn't need health and fitness clubs but now we do. It could be a real growth area.
sportbilly1976: Hadn't noticed the part in the title post about 84% of the shares being held by just 6 shareholders - this could have a massive effect on the share price movements if demand creeps up - and 2 days on the leader board is not going to distract attention form this stock
wonder boy: Any opinions on results? Not had time to have a proper look yet but they seem fairly good, even if not as great as I had hoped. Will be interesting to see where the share price is after the next (traditionally stronger) half year.
wonder boy: Come on! Somebody must hold or follow these. The company received a £42 million takeover offer in December 2002. The company has made terrific progress since then but it's share price has lagged behind. Currently valued at just £20 million.
wonder boy: CSP hold 4,100,000 Clubhaus shares worth about GBP33,000. Not a great deal, infact they add about 0.01p per CSP share.
wonder boy: What does the company do? Crown Sports plc owns and operates 22 mid-sized health and fitness clubs across the UK trading under the Dragons name, it also oversees a further 27 health and fitness clubs based in Europe and the Middle East on a contract management basis. The company is now focused entirely on these core businesses following the disposal of the golf, sports publishing and sports betting businesses during 2003. How much is the company valued at? With 291 million shares in issue and a current share price of 6.375p, CSP is valued at £18.55 million. What is the Net Asset Value (NAV)? Net assets at 31 December 2002 were £51.12 million. Since this date the company has disposed of Crown Golf, the Winning Line and Crown Content decreasing NAV by £17.2 million. Current NAV is therefore £33.92 million (or 11.66p per share). Approximately 93% of assets are good quality tangible assets including 11 health and fitness club freeholds and 7 long leaseholds (i.e. greater than 50 years). These clubs are typically based in the Home Counties around London and with property prices booming in the last few years they could be worth considerably more than their book value (I intend to do more research here). Are revenues growing? Turnover at the core business was £28.1 million in 2002 (2001: £21.6 million), an increase of 30% on the year. I expect further revenue growth this year as the company benefits from having fully integrated the 7 health and fitness clubs acquired in 2001 and completed major refurbishment works on 5 further clubs. What about costs? Management implemented a major cost reduction programme mid-2002 the results of which will only be fully reflected in the 2003 accounts. Costs reduction measures include elimination of layers of management, reducing central overheads and improving buying terms. Exceptional costs of £8.4million in 2002 relate almost entirely to bid defence costs, acquisition/disposal costs and impairment of fixed assets relating to the disposed businesses only i.e. they truly are exceptional costs and will not be repeated in 2003. Will improved revenue and costs translate to profits and cash flow? The group made an operating profit before exceptional items of £4.3 million in 2002, after exceptionals (which I stress again relate almost entirely to the businesses disposed of in 2003 and are not repeatable) the company made a £6.2 million loss. Stripping out the revenues and costs of the disposed businesses, subtracting the exceptional items and assuming constant costs and revenues in the core businesses (remember costs should be substantially lower in 2003), operating profit for 2003 will be about £6 million. This puts CSP on a prospective P/E of just 3! Negative cash flow of £2.3 million in 2002 should be reversed this year because of substantially reduced debt financing requirements and a reduced need for refurbishment and integration works. What are the prospects for growth? CSP has a reputation for growth via acquisition. The reduction in debt (see below) means that CSP is again in a position to grow its business. I believe the health and fitness industry has solid long-term growth prospects and CSP has the management to exploit this (they previously turned Sportsmedia from a £20 million operation into a FTSE 350 company). In addition CSP is in talks with several companies about managing their gyms on a contract basis, an area in which CSP is considered the industry leader. Any potential issues with the company / industry? Not really. The disposal programme is now complete and has allowed the company to reduce debt from £60.2 million at 31 December 2001 to approximately £15 million now. The company has banking facilities totalling £53 million including a £40 million loan repayable over 7 years – this company is not going into liquidation in the foreseeable future. The health and fitness market is maturing in the UK but CSP is expanding into Europe and the Middle East via contract management. Margins may have come under pressure but management have acted quickly to reduce costs. One potential issue is that approximately 84% of shares are held by just 6 shareholders. However, these investors appear to be in for the long haul, and if that proves to be correct the share price should benefit from the limited free float through gearing (i.e. small increase in demand for shares will result in large price increase because of restricted supply). Conclusion: The company has been undervalued in recent years because of worries about high debt levels and a somewhat confusing 'sports conglomerate' strategy. The completion of the disposal programme has resolved these issues and the company is ripe for a re-rating. CSP is a much leaner and more focused company. It has a solid asset base and good growth prospects. Do your own research and be happy with your findings.
snape: BB Thanks for the beeson address the site looks interesting. As for comments on CSP they say nothing particularly negative. Main issue they say is to sort their equity investments. Which they have. Share price move, share sales and FD resigning however seem to point towards a prof warning. Heres hoping its not too severe.
reetus: Major Shareholders in Clubhaus: Major Shareholders: 103.12m 50p Ords - P Davidson 16.00%, Edinburgh Fund Mgrs PLC 10.73%, PDFM Ltd 7.91%, AXA Equity & Law Life Assur 5.96%, Electra Quoted Mngt Ltd 5.92%, Crown Sports PLC 3.86%, Singer & Friedlander Inv Mgmt 3.36%, A Baron Von Spoercken 1.74%, Other Dirs 0.51%. Shouldn't CSP be going up along with Clubhaus's share price?
Countryside Properties share price data is direct from the London Stock Exchange
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