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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Countryside Partnerships Plc | CSP | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 229.80 | 00:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 229.80 | 229.80 |
| Top Posts |
|---|
Posted at 24/11/2022 12:15 by oldmancalling A bit late, but.Vistry agrees £1.25bn takeover of rival housebuilding group Countryside Partnerships and earmarks millions in cost savings Vistry Group has agreed to buy rival Countryside Partnerships in a deal Vistry said the deal would create 'significant benefits and value creation' Housebuilders hopeful of flourishing under the next Prime Minister By JANE DENTON FOR THISISMONEY PUBLISHED: 08:50, 5 September 2022 | UPDATED: 16:37, 5 September 2022 2 View comments e-mail Top +99Home 2 View comments FTSE 250-listed housebuilder Vistry Group has agreed to buy rival Countryside Partnerships in a deal that values the embattled UK group at around £1.25billion. The cash and share deal has been recommended by the boards of both companies, Vistry told shareholders on Monday. Under the terms of the deal, Countryside shareholders will receive 0.255 new Vistry shares and 60p in cash for each Countryside share they own. Deal: UK housebuilder Vistry has agreed to buy rival Countryside Partnerships +1 Deal: UK housebuilder Vistry has agreed to buy rival Countryside Partnerships Vistry, which was previously known as Bovis Homes, said the deal would create 'significant benefits and value creation from the increased scale of the combined business and synergies of at least £50million.' The deal will see the Countryside Partnerships brand added to Vistry’s existing stable, including Bovis Homes, Linden Homes and Drew Smith. Vistry shares will continue to be listed on the premium listing segment of the Official List and will continue to trade on the Main Market of the London Stock Exchange. RELATED ARTICLES Previous 1 Next FTSE 250 housebuilder Vistry plotting takeover of its... Finance boss of US retailer Bed, Bath & Beyond falls to his... RUTH SUNDERLAND: New PM should turn to the three Rs -... FTSE 100 giant Ashtead cruising for row with shareholders... SHARE THIS ARTICLE Share HOW THIS IS MONEY CAN HELP Vistry share price and data available here Based on Vistry's closing share price of 741p on 2 September, the deal represents a total implied value of 249p per Countryside Share, Vistry said: 'The terms of the Combination represent a premium of approximately 9.1 per cent. to the Closing Price per Countryside Share of 228 pence on 2 September 2022 (being the latest practicable date prior to the date of this announcement).' Countryside put itself up for sale in June after coming under pressure from activist investor Browning West, which started building a stake in the company in 2020 and has been calling for a breakup. UK housebuilder Countryside previously rejected two previous bids from Inclusive Capital, which valued it at around £1.47billion, claiming they undervalued the company. Greg Fitzgerald, chief executive of Vistry, said: 'This proposed Combination has a highly compelling strategic rationale. 'It will create a leader in the Partnerships housing sector, with the scale and expertise to accelerate profitable growth across both Partnerships and Housebuilding, and expand the delivery of much needed affordable housing across England. 'The proposed Combination will add the strength of the Countryside brand to Vistry's own well-established Bovis Homes and Linden Homes brands and will leverage the skills and market knowledge of both the Countryside and Vistry teams. 'We believe there is clear potential to generate material value for both Vistry and Countryside Shareholders and wider stakeholders from a combined group with enhanced scale and superior returns and to improve the performance of key parts of Countryside's business. 'We welcome the support of the Countryside Board and the support we have already received from a significant proportion of Countryside Shareholders for the Combination.' Douglas Hurt, chairman of Countryside, said: 'The Combination will create a leading, enlarged partnerships business and is an opportunity to leverage both Countryside's brand and place-making experience with the growing Vistry partnerships business, alongside Vistry's established housebuilding business. 'The scale of the Combined Group will enable the delivery of synergies, operating efficiencies and further growth for the benefit of Countryside Shareholders and wider stakeholders. 'The Countryside Board has carefully reviewed this Combination and believes it offers the best potential to create the greatest value for Countryside Shareholders.' Vistry said in today's stock market update: 'The Combination would create one of the country's leading homebuilders, comprising a top tier housebuilder and a leading partnerships business, with capability across all housing tenures, and delivering much needed affordable housing.' Vistry, which snapped up Galliford Try’s housing business Linden at the start of 2020, said the deal is expected to be wrapped up in the first quarter of next year with the enlarged business led by its chief executive Greg Fitzgerald. On revenue growth, Vistry said: 'The revenue of the Combined Group’s Partnerships business would be expected to increase to over £3billion per annum in the medium term, materially in excess of the Vistry Group’s existing medium term target of approximately £1.6billion.' Vistry shares were up 1.89 per cent or 14.00p to 755.00p this afternoon. Countryside shares rose today and were up 5.17 per cent or 11.80p to 240.00p this afternoon. Jeffrey Ubben, founder and managing partner of In-Cap, said: 'Due to significant operating synergies, In-Cap believes the combination delivers superior long-term value relative to its 295p per share possible cash offer.' |
Posted at 30/5/2022 08:54 by medieval blacksmith So quiet with the news out this morning. |
Posted at 13/1/2022 11:06 by hbuilder Surely value isn’t trashed by 25% just by CEO leaving abs trading below expectations? The activist investors will be buying more shares at this price and pushing it back up one way or another! Dyor but I imagine in the next year or so this will recover. |
Posted at 13/12/2019 15:13 by 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 |
Posted at 21/11/2019 13:30 by 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! |
Posted at 28/7/2019 12:34 by blueclyde However, we are fully reserved for private sales for the full year and fully sold for both PRS and Affordable homes. With build programmes on track, our focus now continues to be one of converting our private for sale reservations into completions in the fourth quarter.I am not sure the market managed to pick up just how good the trading update was. I am not sure what the full year expectations for there year are EPS wise but it looks like they will be hit. Also does anyone have a link to the presentation the did a month or so back at the investor day? |
Posted at 25/7/2019 09:46 by bogdan branislov I think that the statement is okay actually. Bear in mind that the first half of the year was well ahead of the previous year and the construction schedule suggests that the final quarter should be well ahead also. Woodford is likely to have to unload, but it may well be another block transfer to another fund(s). The profit growth for this year is forecast to be decent, but there is a lot going on with the business and the full extent of CSP's profit growth and the underlying balance sheet equity growth won't be fully clear until the year end results. Seeing the year end results linked to a clearer outcome timetable for Brexit and the resolution of the Woodford holdings would clear the way for CSP to re-rate significantly. All should become clear over the next few months. In the meantime, CSP is selling very cheaply relative to its growth projection, giving investors a considerable margin of safety. The recovery in the share price, will happen at some point and is likely to rapid when it does. Those waiting on the sidelines are likely to lose out. Remember that share prices climb the 'wall of worry'. By the time all factors becomes fully clear, the share price could easily be twice the current level and not at such a great entry point. Bogdan |
Posted at 17/4/2019 22:15 by bogdan branislov The CSP growth rate is extraordinary, but very much in line with the growth in Partnership build agreements. Given that margins are expected to hold, the profits for this year look like being way ahead of the forecast - under promise and over deliver, this intentionally seems to be the approach. CSP is my largest holding by some way now, nothing else out there compares, even comparing hypothetically to the 2009 market, when bargains were more common, CSP at this price relative to earnings and earnings growth would have been a stand out opportunity. The former CFO's move to COO did surprise me at the time, ops director people just tend to be very different in personality type to financial directors. There was that slightly strange issue to do with CSP's ROCE calculation for the last full years results. There is no statutory approach, but IC strongly felt that not including the intangibles in their ROCE calculation, which lifted the ROCE from about 25% to a slightly daft 37%, was not in line with the way the sector would normally make the calculation. CSP were very open about how they did this, there was nothing clandestine at all, CSP are very conservative in their forecasts and their is no statutory method for calculating ROCE, so not a big deal at all in the scheme of things. But CSP did take some sharp criticism from a large private investor about their ROCE approach. The criticism was along the lines of given how strong CSP's results, growth and overall statutory financials are, why on earth did they feel the need to 'torture' the ROCE data in that way, it was so unnecessary. The response was prompt and considered and came back from Director level. Probably no connection here, but who knows. For every company, if you look hard enough, you will find something that you would prefer had been done slightly differently. Part of the skill is knowing what to overlook and what not to. Often the willingness and promptness of the company to discuss and engage with the issue is very telling. Bogdan |
Posted at 12/10/2018 10:28 by bogdan branislov The results, particularly cash build up in light of the growth rate, are compelling - growth usually drains cash. It is not just PE value but growth and quality and bid pipeline. The near 30% ROCE means that they can grow and acquire without balance sheet pressure, a very rare thing. Sometimes sentiment diverges from reality and fundamentals like this, but not for long I suspect. This is when the true investors are revealed, those who ignore the sentiment and place their confidence in the fundamentals, which could not be better. Bogdan |
Posted at 12/8/2003 09:12 by 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. |
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