Countryside Partnerships Dividends - CSP

Countryside Partnerships Dividends - CSP

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Stock Name Stock Symbol Market Stock Type
Countryside Partnerships Plc CSP London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
2.80 1.03% 274.80 12:00:07
Open Price Low Price High Price Close Price Previous Close
277.80 273.40 279.20 272.00
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Industry Sector

Countryside Partnerships CSP Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

Top Dividend Posts

km18: Countryside Partnership (CSP) posted interims yesterday. Reported revenue was down to £602.2m, adjusted operating profit was £46.9m, there was no change to current year adjusted operating profit expectations - the Board still expects approximately £150m including significant profit growth in the second half. Good progress is being made in the transition to an exclusively Partnerships business. H1 2022 completions, revenue and adjusted operating profit were down, but on an unusually strong comparative period which had benefited from Covid related deferrals. The total forward order book was up 19% to £1,816m since the start of the year. The business is recovering from COVID but will not reach FY19 levels yet this year. Share price has more than halved over the past 9 months so valuation is starting to look quite attractive, forward PE ratio is around 8.4x. But there are clear risks to meeting current FY22 profit guidance and the share price lacks momentum. CSP is a share to monitor for now... ...from WealthOracleAM
who knows 1: Csp need an update on the business as promised in January. Short interest will expand as mentioned due to the uncertainty. Who knows how they will fair what with inflation but the sooner the better. I think Browning West must be over leveraged with their position and will need to see some way forward. Personally I’m not sure how this will turn out but the longer the downtrend the less confident I remain.
medieval blacksmith: I actually bought CSP yesterday because it has been in and out of my portfolio over the years. I doubt Porsche would do that. I remember looking at one of their houses decades ago and was suitably impressed against the rest and over the years they seem to have managed maintaining distinction with their property/places. Lower than 300p piqued my interest and so a bought in below £3.00. Currently up 15.7% in less than 24 hours - probably a long term hold though. Still working on it. Wait to see new management perhaps.
buywell3: Building shares and companies like INTU and PURP and CWD have given an indication of what is to come. Yes there are some big Insti Holders here But so what It is they that are now locked into deteriorating sector --- holding large % holdings that they will, after INTU have difficulty shifting IMO. buywell has previously said this: buywell3 - 14 May 2020 - 21:43:41 - 114 of 122 CSP with Charts & News - CSP 300p hit as thought The WHO are now saying a Covid-19 vaccine may never be found like HIV It is here to stay No U shaped recovery buyywell believes We have entered a minimum 24 month bear market IMO with a 50% loss from the peak Possibly 36 months until herd immunity is reached ie 50% of world population has had it. This happened in the last virus pandemic 1918 to 1919 Spanish Flu. htTps:// Target here 200p IMO Property is in for a hard time over the next 24 months plus IMO dyor buywell3 - 14 May 2020 - 08:07:53 - 107 of 122 CSP with Charts & News - CSP Dropping now though Queue forming as punters leave stage right 300p today ?? IMO dyor
silkstag: Half year results to 31-3-2020 now due 14 May - almost a month later than H1 2019. Lets see what they have to say about order book, reservations rate, completions (only March harmed), net debt. Share price shot up 100p in past month and I expect that 100p to disappear over the next month. Not CSP management fault. I doubt home counties families are in the mood for viewings, the biggest asset spend of their life and paying top dollar. Grim 12 months ahead for CSP. Not yet priced in. All imho. DYOR.
bogdan branislov: Can't be specific, I think that awareness of CSP and the attractions of its partnership business model has been steadily growing over the past year, the fact that Woodford offloaded easily without a price dive suggested a lot of underlying support and interest in CSP. Last but not least, many if not most private investors have been hanging back in cash until after the election, they are now buying in, CSP is at the top of a lot of private investors' buy lists, this should go on for weeks, not quite like today obviously, but more steady gains to come I suspect. Whilst the right thing to do was to stay invested during the election, the next best things is to build a position now asap. But investors don't tend to think like that, they don't like to buy straight after a 5% or 10% gain, so they wait for a dip, they feel better buying into a dip even if the wait for the dip takes a while and they end up paying more by waiting. Consequently, every short dip in CSP's share price will likely be followed by aggressive buying, probably well into the new year. If you had the foresight to spot CSP's value before now and the patience and fortitude to sit tight during the politcal and market uncertainty, then you have earned your gains, they are fully deserved, don't sell yourself short by selling too quickly. I have this suspicion that CSP will become a popular highly priced stock in time, at this point I will exit of course. I will no doubt top slice a little when we reach a fair price, perhaps 70% up from where we are now - i.e. about 70% up from the current price of c465p, but I will allow a portion of my holding to run on onto more expensive territory - probably well over 1,000p, before exiting fully. Bogdan
bogdan branislov: minerve - just as background, over the past 10.5 years my SIPP is 11x up, c26% average annual growth compounding, so I am no investing numpty. You say it is indefensible. CSP have their way of calculating ROCE, they say there is no standard way, that it is not a statutory or absolutely defined method. On this CSP are correct, but I happen to disagree with them, I think that they should use the standardised approach that most others adopt. But CSP are not trying to deceive here, they are quite open about their approach. My company analysis is now very thorough, not much now tends to get past me. I could find some fault with every listed company. When I discuss a company, even one where I have a multiple six figure holding such as CSP, I like to post objectively, a warts and all approach, not just using the platform to promote in a one sided way. A key skill in investing is knowing what to overlook, if I chose to overlook nothing, I would invest in nothing. If any of the statutory figures were incorrect, that would be very difficult to hide from me, there is nearly always a trail, a crossover into different parts of the financial statements. CSP is a strong company, the statutory reporting solid, the business model protectively positioned and the growth prospects look excellent. CSP is a very low risk business for investors, with considerable upside potential. If you want to go safer than CSP then you need to research for the best building society account, don't hod you breath for the upside there though!
bogdan branislov: Thanks for that KB. Yes I noticed that CSP did very well on the recent IC screens. The two most consistent IC screen performers, of the screens that matter that is, seem to be CSP and MGNS, my two largest holdings. The limitation of IC growth screens is that they over emphasise earnings growth, whilst important, balance sheet equity growth is the key metric and was the growth figure emphasised by Graham and Dodd in Security Analysis. CSP and MGNS both have shown solid balance sheet equity growth, which, for CSP, is particularly good going as the strong growth phase has a habit of pulling on a lot of forward resource and temporarily stretching the balance sheet. Not the case with CSP, which highlights just how cash generative CSP will be as the growth rate settles a little in time. Once the annual results are out, linked to a sensible election result, should see CSP doing very well. I think that CSP will be a great stock to hold over the next 3 to 5 years.
bogdan branislov: Perhaps. I recall reading a long time ago that investing the 'if' is much easier to determine than the 'when'. i.e. a stock like CSP will almost inevitably go up unless their is a dramatic reversal in the story, but it is very hard to predict when the big price rise will come. When I look at the public information issued on CSP now, particular following the recent half year update, it is extraordinary that the price is where it is. I recall Dart Group in the 2013, selling for about 70 pence a share. The PE was well down into single figures, the past and projected growth about 15% pa and the cash surplus only slightly below the market cap, although some of that cash was forward bookings, services not yet provided so adjusting, cash was about half market cap. PE was slightly lower than CSP, but the growth was less than what looks likely for CSP now and Dart's, airline, holiday company and road haulage mix was higher risk than CSP's model. Overall I would say that CSP is even more compelling and in 2013 there were more bargains around making CSP even more standout in today's market. The point is it took a while for Dart to get going even when the case was overwhelming, but when it did, the price kept rising for years. Before the price move, analysts and BB posters could not accept that sometimes you just have to wait, they seemed to think there must be a reason, something that we had missed. Dart kept appearing on IC growth screens as the most undervalued low risk stock, as CSP does now. Then having ignored catalyst after catalyst, the price began to rise. It has more than 10 bagged since. I sold having made c150% profit, silly me! I won't make the mistake of selling too soon with CSP. I will stick my neck out and agree with you that the full half year results will make a real difference, CSP cannot be ignored for much longer, the buy case is just overwhelming. Bogdan
bogdan branislov: Politically uncertainty and the fact that house builders in general are strongly suspected of not making sufficient cost provisions for higher cost replacement land against current sales - boosting short term profit levels, but taking a big margin risk later in the cycle as the higher cost of the replacement land will have to be borne in full down the track. Cyclical ineptitude is almost an accepted tradition for conventional house builders. What has this to do with CSP given their predominantly partnership based model? Not much, but the market still lumps CSP in with other house builders and is only starting to wake up to CSP, as the almost complete lack of previous activity on this BB demonstrates. In terms of price target. I use a Neff total return for this type of company - (average annual growth rate forecast for the nest 2 years + current yield), divided by the cash or debt adjusted trailing year PE ratio. A kind of inverted PEG but factoring the divi into the total return. CSP, based on the official forecasts, has a Neff ratio of about 1.5. A Neff ratio of 0.5 is usually considered fair value, neither attractive nor over priced. O.7 or higher is getting interesting, above 1, which is a demanding threshold, suggests a real bargain. 1.5, when the business model is sound is compelling. But of course the 1.5 for CSP is nonsense. The broker forecasts are hugely conservative for CSP, the real Neff ratio for CSP is probably well above 2. The price could go up 150% now and while CSP may, at 150% above current price, at first glance look costly relative to conventional house builders, when you actually drill down into the numbers and CSP's growth profile, CSP would still not be expensive at 150% higher than the current price. CSP should five bag over the next 4 years or so. Given the pipeline, the growth must continue as the local authority partners will want their houses built, it is not like sitting on a land bank. Best for shareholders if the share price steadily begins to catch up to its fair valuation, the fair value obviously increasing year on year with the growth, without ever over shooting it as the expansion continues. Say, 70% share price growth this year and next, compounding, followed by say, 50% per annum compounding for each of the 2 years after that, that would get us there nicely. Cloud Cuckoo you may think! Well, with 10 years of SIPP investing this coming May, my gains have tipped over the 1,000% mark now. If there are relatively low risk growth bargains out there, I do tend to find them. CSP is as compelling as they come. Bogdan
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