Countryside Partnerships Share Discussion Threads

[corlis] 14/2/2018 21:29

at 310 this is looking very good

[olliemagern] 26/1/2018 13:22

First 1/4 completions up 47% against +23% first 1/4 last year.
Very very good start to the year.

[minerve] 25/1/2018 11:04

Update seems on track.

[olliemagern] 22/11/2017 11:40

CSP full year results "confident of delivering sector-leading growth in 2018 and beyond."

[olliemagern] 11/10/2017 13:41

Walbrock I think you miss the point. The CSP business model is re-positioning to the strongest demand of affordable lower cost houses in Partnerships, this gives quicker turnover opportunities in the market. Increased orders mean CSP is set to grow earnings around 25% p.a. in 2018 and 2019 with growth two or three times faster than most other house builders.
At 347p they are currently on a p/e 7.9 times my Y19 f/c earnings of 44p.
As we get more clarity and certainty the shares will outperform the sector.

[walbrock82] 11/10/2017 12:40

Having looked at the results, here are my thoughts

This homebuilder completed 28% more homes than last year taking it to 3,389 homes.
But, the average selling price ("ASP") reduced by 8% to £430,000, which was in-line with market expectations.
The problem is their housebuilding division with average ASP reduced by 23% to £515,000, whereas the Partnerships division saw 12% increase to £343,000.

Countryside contributes ASP rise in their Partnership down to “outer London and regional cities.” But the reason for price decline in their housebuilding division is down to reduce their exposure from the high-end product! It should say that London home price is falling.
Land plots continue to grow to 38,811 plots, which is equivalent to 11.45 years’ supply at current volume.


No profit forecast
Apart, from stating the obvious (Help to Buy scheme), there is no mentioned with a profit forecast. It will be interesting to know how the reduction in homebuilding selling price affects pre-tax profits.

Historical and forecast
Last year sales came to £671m, up from £277m in 2013. Meanwhile, operating profits were £87m, up from £17m.
Stock, as % of sales is almost equivalent to annual turnover. PE ratio is at 25 times with EV/EBIT at 15 times. Although, PE is forecast to fall to 13 times.
Also, the dividend yield is low at 1.5%.

Comparison
For the sake of comparison, Berkeley Holdings has PE of 8.5 times and EV/EBIT at 5.9 times.

Final thoughts
Their housebuilding division contributes 53% of turnover and 48% of pre-tax profits. With the division seeing a 23% fall in average selling price, this could push it into a net loss and will affect overall profitability. I feel without profits forecast, this is a delay reaction. As soon as they report their annual results (somewhere in November), we could see a major share price correction!

Add in the fact that it is twice as expensive than the sector average, then the shares a sell, based on the lack of financial detail. Feel free to comment below.

For further results and analysis on other companies result, click

[olliemagern] 10/10/2017 09:51

Building pre sold houses for expanding Sigma capital and PRSR with local govt help, ensures rapid redevelopment of brownfield sites. And helps the govt to meet new housing demands. CSP will continue to outperform other house builders for the foreseeable future.
Eps for Y Sep 16 was 16p, current f/c 27p y Sep 17, 35p Y Sep 18 and 40p Y Sep19. Likey to be upgraded in due course.

[olliemagern] 10/10/2017 09:41

olliemagern 31 Jan '17 - 12:47 - 4 of 4 from old thread.
Oaktree placing at 230p means their stake is down from a majority 56% to 46%, they need the cash to support their US oil investments.
On track to meet 24p eps Y sept17 and 31p Y Sep18.
Increasing work from faster track local govt affordable brownfield housing partnerships mean these are likely to grow faster than most house builders, and therefore look a good value investment at 230p, with 120p tangible net assets.

[runthejoules] 29/5/2017 19:24

What the heck happened at 11.30am, did someone in a fund suddenly read Wednesday's SHARES magazine? Or the results?

[luckymouse] 26/5/2017 15:47

hard core volume

[olliemagern] 31/1/2017 12:47

Oaktree placing at 230p means their stake is down from a majority 56% to 46%, they need the cash to support their US oil investments.
On track to meet 24p eps Y sept17 and 31p Y Sep18.
Increasing work from faster track local govt affordable brownfield housing partnerships mean these are likely to grow faster than most house builders, and therefore look a good value investment at 230p, with 120p tangible net assets.
Numis target 296p
Peel Hunt target 310p

[127tolmers] 24/5/2016 16:33

Price briefly reached 280. Highest broker forecast is currently 297.

Now looks likely to be achieved after the 6 month results and 2018 outlook.

75p on a 225p investment would be sweet.

[nellie1973] 23/5/2016 16:44

Great Breakout, good for 300 after those sound results.

[eaglebeagle] 18/5/2016 14:50

Just purchased my first tranche in this share so good luck to all of us.

[silkstag] 13/4/2016 10:30

Hello! What are market expectations for turnover and earnings year to 30 September 2016?

[joseph moran] 28/2/2016 21:38

It is a bit lonely in here. I applied for £1000.00 and was scaled down so I only got 377 shares.

[tyranosaurus] 28/2/2016 11:46

Thank you for setting up this board.
Hopefully one day it will get used.

[127tolmers] 12/2/2016 17:35

Pricing range was 225-275 and final offer was 225p. If the market recovers in general a 275 exit point will look achievable quite quickly. 50 on 275 or 22% would be nice. I got scaled back to 85% in the offer. Watch out for lock ins to end after 6 & 12 months.

[joseph moran] 12/2/2016 16:46

Good start

[charmer1_23] 20/12/2005 20:50

Trading Statement

RNS Number:9518V
Crown Sports PLC
20 December 2005


Crown Sports plc

Trading Update



The management of Crown Sports plc provide a trading update as it approaches the
end of its current trading year.


We announced at our interim results in September that as a result of a slowdown
in membership sales we were significantly increasing our marketing investment.
As a result of the action taken we have seen several months of strong new joiner
growth which, combined with a stabilising attrition rate, we anticipate will
result in our overall membership levels being ahead at the end of the year.


We also communicated that we were seeing significant increases in electricity,
gas and business rates, that have continued to impact upon the business in the
second half of the year.


As a consequence we believe that it is prudent to continue to take a cautious
view on the short-term outlook for the group. While we expect pre-tax profits
for the year (before goodwill and exceptionals) to be ahead of 2003, they will
be below the strong result achieved in 2004 and below current market forecasts.


The company will announce its final results for the twelve months to 31 December
2005 on 4th April 2006.


Enquiries:


Mark Edwards
Buchannan Communications Tel [phone]






This information is provided by RNS
The company news service from the London Stock Exchange
END

TSTFELFFSSISELE

[ramas] 21/4/2005 09:14

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

[heidigynne] 05/4/2005 08:24

Hi recs.,
Thank for your observations.
The turn-round story attracts me.
Plus the property backed embedded value.
[ 300k trade just printed].

rgds.,
H