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Real-Time news about Countryside Prp (London Stock Exchange): 0 recent articles
|bumpy dog [new]: LONDON (AFX) - Countryside Properties PLC said it has noted the recent rise
in its share price adding it has received a preliminary approach, led by the
chairman Alan Cherry, with the support of executive management, which may lead
to a cash offer being made for the company.
"Matters are at an early stage and there is no certainty that any offer will
be made," the company said.|
|bumpy dog [new]: Down 5p today at 230p, on what is generally a firm day for housebuilders.
Per AFX News: "Countryside Properties 230 down 5. The Shares Magazine 'sell' "
Anyone got the full text ? To be honest, I've been a little surprised by the recent share price strength, and have been wondering if I was overreacting to the announcement.
(Linhur - I hope to make it to the SIA AGM on May 5. SIA has very much lagged the small oils sector over the last year, and I think that ES in particular is going to have a fairly sceptical audience. Unless of course he pulls a very plump rabbit out the hat, which I think is unlikely. Look forward to seeing you then if poss. Rgds, BDN)|
|bigbertie: trigsta - I'm not sure that CYD is overvalued compared to CRST.
firstly, CYD said in their results that they had 5,400 plots with planning permission, not 2,500 - where did the 2,500 come from? 5,400 is about seven years supply for CYD, as a lot of their houses are built on other peoples land.
secondly, CRST price to book ratio is 1.6 compared to only 1.3 for CYD - ie CRST share price is higher relative to the NAV per ordinary share. One reason is that CRST have not paid for a lot of their land yet - I have not seen the 2003 accounts but in the year to Oct 2002 their land creditor was £260m. (CYD land creditor is small). Also CRST have £38m preference shares which have to be deducted from their assets before calculating NAV.
so it's more complicated than it looks. however if land prices go on rising CRST strategic land will rise in value, and I'm sure that's a key reason why
Ronson and Petchey have bought in.
I'm happy to hold both shares|
|trigsta: Just something ive heard - heard they closed down a regional office - perhaps it was in conflict with crest? ;-)
Countryside have a massive land bank - something that has never been priced into the share price in my opnion - last i know was they have about enough land for 2500 plots - do you know what crests landbank is?
Might get into this shortly|
|bumpy dog [new]: For the record, there was no Director buying today. In fact, today's RNS was about "awards" (in other words gifts) to Directors under the COUNTRYSIDE PROPERTIES PARTNERSHIP PLAN.
Total shares awared = 600k. Total value = just over £1.2m. Considering there are only 79m shares in issue, that's significant and unwelcome dilution of legitimate shareholder's interests, in my view.
Why should the Directors buy shares when they can get them free ? Why should the Directors care too much about driving up the share price when their acquisition cost is zero ?
(surprised at the upward share price today)|
|nutterd: This company is the most undervalued on the stock exchange. It has a forward PE of about 4. NAV exceeds its share price. NAV is well below true value. When a site is purchased it goes into a construction company's accounts at the purchase price. That site appreciates as it is taken through the planning stage. Development land has been increasing greatly in value any way. Most of the company's sales are in the second half. Before long the market will wake up and smell the coffee. This is a raging buy.|
|bumpy dog [new]: Don't know the source of the following, which I lifted from the Ben Bailey (BBC) thread:
Northern business supports Countryside Properties
Countryside Properties has closed the books on a reasonable year thanks largely to robust trade in the north, which offset weaker prices in the south.
The £155 million group said today that results for the full year to September will be in line with market expectations, which include a profit before tax of £36.2 million and earnings per share of 32.7p.
The dividend should be approximately 7.7p giving a yield, based on the current share price of 192p, of 4%.
Countryside (CYD) has three core divisions involved in residential, commercial and strategic property and covering the north and southern regions of England. Activities include new homes, affordable housing for local authorities and housing associations, mixed-use and regeneration developments and land trades.
The diversity has been a blessing this year as housing markets in parts of London and the South East softened while some smaller commercial projects were delayed thus reducing volumes and the number of sales completions. However, trade in the north west of the country was fairly buoyant with volumes and prices increasing.
The group’s land bank has grown in the year and provides scope for long-term developments as well as short term trading in order to bank some profits and generate cash flows for new purchases, although these will have to be done with thought as the land market is stronger than the housing market.
The group added today that the housing market across the board has shown some improvement in recent weeks and forward sales of new homes are up 5% since the year end.
This will be a relief for those convinced that the softer conditions in the south would lead to softer conditions throughout, and they may still do so as consumer confidence rests on a knife edge. Even so, interest rates remain low and demand for housing is still high so the current stability is reasonably well supported.
Full year results will be announced on 26th November. Until then investors have time to consider the value in the shares at the current level.
The shares trade on just 6 times earnings forecast for this year falling to 5 times for next year. The implied growth rate is 14% for the new financial year.
There are risks of a further general slow down, particularly if interest rates go up but Countryside has shown the benefits of building a well-diversified portfolio of activities that operate across regions and as a result the financial position is robust.
A fairer price would be 225p to 250p. Buy|
|bumpy dog [new]: Irshaad -
Thanks for the clarification. For me, words like "fly" imply share price growth which is much higher than average for the sector. Over the last 3 years or so, CYD's growth has been good compared to the overall market. Compared to the housebuilding sector, I'd say that it has been about average until the last 6 months or so, during which it has definitely lagged, caused probably by the aforementioned disappointing interim results.
Also, the effort devoted to 'social housing' bears little fruit during a property boom, but may be more helpful during a slowdown. Judging by some of CYD's presentation material, 'social housing' seems to be more directed to winning socialist brownie points (and honours etc) with Tony Bliar than with rewarding shareholders. Although of course being one of Tony's cronies is not necessarily a bad thing in terms of commercial opportunity.
So then, we're both waiting for the 26th. I expect respectable results (at least 15% increase in EPS and DPS), but shareprice fireworks would for me be a bonus, not an expectation.
|maplinrover: Today's preliminary results and future outlook look quite good IMO. There's a yield of 4% and I make the nav a shade under 148p so the small premium to its current trading price of 160p doesn't seem bad for a company that's doubled its turnover in four years and its pre-tax profits in three. I reveal an interest in this company and also the fact that I have added to it, taking advantage of what I see as a temporary decline in its share price. (that's tempting providence for you.) The building sector may not be fashionable just now but 4% is not to be turned down.|
I have just looked at WSNC's thread (4 items) although not up to date, you may be interested in having a look at them. They show that there's always more than one opinion. Incidentally WSNC's share price has improved since the drop following the news. The shares are below NAV so thoughts could be turning to someone else mopping them up and turning the co. round. Now that would be a turn up wouldn't it!|
Countryside Prp share price data is direct from the London Stock Exchange