Bellway Share Discussion Threads

[shanklin] 07/8/2015 07:12

Bit of a shame BWY give no clue as to whether they expect to meet, beat or miss market expectations.

[dr_smith] 05/6/2015 09:48

OK guys, I can see you hiding, IMS out and 1.63% down (FTSE100 only .75% down).

The negatives:
1)"Industry wide labour constraints remain a challenge,"
2)"Net bank debt
The Group had net bank debt at 31 May of �191 million (31 May 2014 - �47
million), representing modest gearing of around 13% (2014 - 4%). The timing of
land acquisitions and the profile of forecast legal completions should mean
that net debt is likely to reduce throughout the remainder of the current
financial year."
3)"Sale of shared equity loans

On 22 May 2015, Bellway disposed of its entire interest in 2,376 shared equity
loans for cash proceeds of �32.5 million, resulting in a profit of �6.9
million.
...
The completion of this transaction means that the Group has now sold all of its
remaining interest in shared equity assets, thus releasing underperforming
capital for further investment in land opportunities."


Re 1) That is not news but a kow, though known for a long time, so possibly an expectation this had diminsihed with traing programmes and recruitment over the last year.

Re 2) The bank debr figure is around 11% of revenue. Could be read as an increasing reliance on funding to faciliatte increased building with associated cost, but as developments don't start/end on same dates each year, it is hard to compare on a like for like basis.

Re 3) I don't know where these loans came from. I wonder if they are from joint building ventures, and perhaps a morale that joint ventures may not be as lucrative as sole ventures, especially when resources/labour are finite and therefore need to be focised on the biggest margin sites first.

The postives.
As a long term holder I'm happy, so assume the blip to be short term speculators, so come on out from behind the sofa and say hello. :-)

All IMO.

[hillbrown] 13/5/2015 08:59

Onwards and upwards.

[karateboy] 08/4/2015 21:05

May be due to Labour noises about Non-Dom tax issues and billioner may be leaving London, with impact on London house prices..SP should recover itself.

[gp1948] 08/4/2015 11:23

Quite a sharp drop in BWY today relative to sector peers.

[hillbrown] 25/3/2015 09:21

Agree Doc Smith. No materially minus points to see. May be a little frothy at the current mark up so quick but a very solid hold.

Every time I consider should I sell housebuilders I remind myself we are an island, we have an increasing population and continuing low interest rates for the foreseeable future and deposits are being funded by oldies to avoid IHT etc etc............

[dr_smith] 25/3/2015 08:57

Morning HB, I read the results and expected lots of emails from posters on this thread. All quiet.. until yours :-)
I was expecting good news and as a long term holder the results are of interest but not planning to sell in forseeable future.
market is sometimes tepid on good results, so nice to see the present 4-5% upswing, taking others BKG BVS along for the ride.

Lots of positives, only negative I could spot was landbank being increased slightly, but not being proportionally to accommodate higher percentage of present/future sales without eroding position. In fairness, that could be in the pipeline and waiting for election policies to be revealed first.

[hillbrown] 25/3/2015 08:08

Cracking 1/2 year numbers, onwards and upwards.

[mike740] 09/2/2015 16:47

From the Ft today:

"Hedge funds have begun to take out bets against property businesses that are exposed to the downturn in London’s housing market, in the first sign that investors are tentatively seeking to profit from the slowdown.
Several hedge funds have taken out short positions, essentially bets that a company’s share price will fall, against estate agents Foxtons and Savills, along with property portal Zoopla, and housebuilder Berkeley Group.
The capital faces a surfeit of expensive new homes as developers rush to profit from foreign demand to buy in London.
While the bets are still relatively small they represent the first sign that hedge funds have begun to move against the UK property market after several years of surging house prices, and the high-profile stock market listings of Foxtons and Zoopla."

[cockneyrebel] 09/2/2015 13:48

BWY t/s tomorrow.



Pensioner landlords could drive up house prices for first-time buyers
A wave of retirees entering the buy-to-let market will push home ownership dream further out of reach for young buyers

[simon42] 06/2/2015 15:49

Should have legs now

[jeffcranbounre] 09/1/2015 19:29

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[dr_smith] 19/12/2014 10:02

..or someones large unfulfilled buy buoyed the price to peak at 19.60, this cause had the effect of you responding...
..gotta go now, chicken and egg are having an argument ;-)

[hillbrown] 19/12/2014 09:05

Just sold 1,000 @ 19.6032. Shows as a buy. Very unreliable the buy/sell.

[cockneyrebel] 12/12/2014 07:24

Nice trading update - sales up nicely and margins set to rise too.

Co sounds very confident imo - good for the sector as the spring selling period approaches imo

All imo

CR

[hillbrown] 05/12/2014 13:50

Are Bdev and TW. GOING TO RUN OUT OF STEAM AS Bwy and Crst START TO EVEN THINGS UP?





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[dt1010] 25/11/2014 18:23

A tip?

Buy Inland Homes, 58.75p now, Simon Thompson in the IC, WH Ireland and Finncapp all target it to go to at least 70p on strong results. AGM in December.

They develop in the commuter belt outside London, a market which is still booming. Telford Homes results tomorrow will prove this nicely and should reflect well on INL.

The share traded in a tight range between 43 - 50p for all of 2014. Broke 50p recently. New target is 70p.

[morph7] 05/11/2014 00:55

Half a mill director sales on the 4th?Any explanations?

[cockneyrebel] 29/10/2014 08:04

*Liberum Increases Bellway PT To 1,990p From 1,764p, Reiterates Buy

[pen8] 28/10/2014 20:50

With a low P/E ratio of under 10 and beneath the sector average, I think a risky short as the run into Xmas and first 3 months is normally great for builders...so worth going long

[eastbourne1982] 20/10/2014 23:10

OK the recent news from the company was decent however given how fragile this sector can be Bellway seems to be getting rather expensive.

Anyway else looking to go short in the near future ?