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Share Name Share Symbol Market Type Share ISIN Share Description
Countryside Partnerships Plc LSE:CSP London Ordinary Share GB00BYPHNG03 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -6.00 -2.16% 271.20 270.80 271.20 280.00 270.80 273.20 1,032,023 16:35:08
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate 1,371.4 85.4 13.8 19.7 1,423

Countryside Partnerships Share Discussion Threads

Showing 151 to 172 of 350 messages
Chat Pages: 14  13  12  11  10  9  8  7  6  5  4  3  Older
DateSubjectAuthorDiscuss
20/5/2019
11:40
My understanding was the leaseholds were sold on to private companies. But like I said, everyone who bought a house on a lease has been offered a chance to buy the freehold back. This is an historic issue. The liverpool labour mayor has only brought it up it to play up to his extreme left, anti capitalist, Momentum base.
king_baller
20/5/2019
11:31
These would have been built by their Partnership side who work in conjunction with the local authority and build on their land. Purely a guess, but I would suggest that the land does not actually belong to CSP but belongs to Liverpool Council and therefore it would be leasehold not freehold owned?
shallwe
20/5/2019
11:12
The leasehold deals are undoubtedly bad for the property buyers. However they bought at a discount to the freehold price. And CSP have said they have offered everyone on leasehold a chance to buy the freehold.
king_baller
20/5/2019
10:37
Countryside have told the world that they no longer do this. The evidence that I have found dates from when the practice was uncovered 2 years ago and does not appear to have related to many of their developments. I haven't seen any recent articles or examples and I have looked. In light of that, as the disclaimer says, the past is not necessarily a guide for the future.
diogenes1960
20/5/2019
09:37
Do a google search of “Countryside leasehold scandal” and you’ll see plenty of evidence they are guilty of this. The scandal was covered by the media when it was first exposed in 2017. The problem is greedy companies like Countryside were able to rip off people buying their homes and do it perfectly legally through selling leasehold properties with escalating ground rent clauses.The issue hasn’t gone away, but it is now being dealt with by government reforms.
archy147
18/5/2019
15:19
Having Having read the response of CSP to this, it looks like a case of an under-informed Councillor (not exactly a rare breed) trying to raise his profile. I would like some evidence of CSP doing this before making a judgement. Strange that the media have not run with it, isn't it?
diogenes1960
16/5/2019
19:22
At 31 March 2019, we had 31 open selling outlets with a further 73 sites under construction (HY 2018: 22 and 27 respectively).Looks like things should ramp up as someone mentioned in the next 12 months.
blueclyde
16/5/2019
12:54
I noticed too they purchased £13 million worth of shares for employee trust. I am not the best at trying to read a balance sheet like this but it does imply that they are expecting a strong second half.Also a large increase in the dividend. They also acquired a lot of plots which will fuel further growth. The yield pays you to wait.
blueclyde
16/5/2019
08:51
At first glance I was a little disappointed, on closer inspection less so. The key info is under the Partnership heading under the sub-heading of Operating Profit and Margin. Reported operating profit for the Partnership business fell to 9.5% for H1, but is expected to revert back to target figure of c15% for the full year, so the profit growth figures for H1 are not actually meaningful due to reporting requirements. i.e. H1 results are not a half year representation of the full year, even when allowing for the H2 volume weighting, due to the H1 reported margin being c35% lower than the anticipated margin for the full year. Big increase in dividend, active sites up 49% from H1 2018 and additional plots acquired during H1 over 12,000. Interesting to see if Peel Hunt revise upwards following these results. Given the second half output weighting and the fact that the operating margin of the Partnership business is expected to increase from the 9.5% reported in H1 to c15% for the full year, suggests the current full year forecast is conservative. Bogdan
bogdan branislov
15/5/2019
18:54
The figures tomorrow will be very good even though the major numbers will come in H2. The market, however, continues to have a valuation metric on house builders tied to share price to book value - hence benefiting inefficient builders and having an adverse impact on those that efficiently use their assets. I've a stake here, and would like to see this break tomorrow or in the near future but I have my doubts the market will wake up anytime soon.
podgyted
15/5/2019
08:33
rimau1 - It will be interesting to see both the EPS for H1 and whether there is any change in Peel Hunt's projections. You mention 2020-21 and how the value plays out in that period. What is your thinking here, what is it that happens during that period to make it stand out do you think? Bogdan
bogdan branislov
15/5/2019
07:58
Interesting analysis Bogdan. I am not quite so bullish in the short term, they flagged an H2 weighting during the recent trading update and I would also expect some short term margin contraction - well flagged softer markets and sector wide input cost inflation could more than offset cost efficiencies in the short term. Very excited about 2020-21 when the value on offer here really plays out. For 2019 Peel Hunt have lower % growths. EPS full year around 39 so maybe H1 of 19 would be nice.
rimau1
15/5/2019
07:47
Hi Bogdan. Thanks for confirming what I was thinking! The acquisition so further fuel huge growth it just remains to be seen how much of the 40% growth in properties falls into percentage profit increase. Even if it is 20% then I believe the share price currently on a PE of 10 should quickly move by as much to maintain that PE. I also see the dividend of 10p last year covered by 30p of earnings. I don't see them needing all that cash as they ramp up out put they coulda easily make the dividend 20p what would also support a share price north of 400p too.
blueclyde
14/5/2019
22:56
Well, I have been tasking a close look at it, several close looks in fact. At risk of stating the obvious, if the margins are maintained, which is expected with the more efficient factory production of timber frames ramping up, then the H1 profit growth should not be far behind the output growth. There was a big surge in output growth in H2 last year, so it is unlikely that output growth for the full year will be as high as 43%, probably more like somewhere in the mid 30s %. Conservatively I am assuming profit growth of over 20% for the year, although this would require a fall in margins that appears unlikely - but I can't quite bring myself to assume annual profit growth of over 30%. The profit growth % added to the divi for the year looks like it will be at least 25, about 2.5 times the trailing year PE ratio. This is extraordinary, the sum of growth and divi being half the trailing PE is generally seen as fair value, growth plus divi the same as trailing PE suggests an exceptional bargain. I have not seen a valuation ratio like this for a solid, non-tech FTSE company since Barratt sold for c£1 per share in 2010. Clearly Brexit, trade war fears, Corbyn government fears and general negativity towards house building and construction have all contributed to this extraordinary situation. There may be another factor, a very temporary factor, let me explain. I recently e-mailed one of the editors of a leading national newspaper about CSP - I can't be any more specific for confidentiality reasons. He called me back a few days ago, said he had read through my valuation assessment and thought the under valuation was just compelling. 'But what was the company called again' he asked, 'was it Countrywide?' !!!! He quickly corrected himself to be fair but you take my point, there is no name out there more toxic than Countrywide right now, the complete antithesis of Countryside Properties. I can't see the rate of growth slowing with nearly 10,000 new builds signed up in H1 alone, for partnerships alone, this is over 4 times the H1 output - extraordinary. Bogdan
bogdan branislov
13/5/2019
19:34
Anyone care to take a guess at the half year EPS figure this week?
blueclyde
01/5/2019
07:41
KB, interesting bit of history you point out there, could be a pattern. Yes I contacted CSP yesterday. They are usually very good at replying, although the nature of the question, much along the lines of my post below, is likely to take a couple of days for CSP to respond to. Bogdan
bogdan branislov
30/4/2019
17:18
Bogdan. A quick google search shows that she suddenly resigned from Quintain in 2012 within months of being promoted from finance director (which she had been for 14 years) to deputy chief executive. I agree the change from CFO to COO of such a large/growing company is unusual. Potentially she has just taken a role that didn’t suit her? Would be good for some clarification rather than guess work though, have you contacted CSP?
king_baller
30/4/2019
10:46
Rebecca Worthington's resignation. It is unusual for someone to move from CFO to COO, very unusual. Add to that the 43% year on year growth, add to that the new build agreements for the half year being over times greater than the increased build rate - there is a lot of operational pressure within CSP at the moment due to the rapid growth rate. There must be someone out there who can give us some more information as to why this resignation has happened. It does not surprise me, most CFO's stepping into the COO role within a rapidly growing company would struggle I suspect, but I don't like not knowing what happened. If anyone has any more information could they please inform us. Thanks, Bogdan
bogdan branislov
23/4/2019
10:02
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
21/4/2019
13:28
Perhaps we will see the share price move substantially with the results in May. Would be surprised if it didn't move up to it's all time high in the 380s by then.
blueclyde
20/4/2019
22:42
Although my ten year SIPP total gains of just over 1,000% have made the effort of investing worthwhile, my gains would have been higher if I had not made the same repeated mistake. I bought Dart Group for c70 pence on 2013, selling for just over £2 a year or so later. Back in 2010, I bought Barratt for about £1, selling for about £2.50 in 2013. Need I say any more! I have a tendency to sell before a stock double bags, even when the valuation remains attractive. Top skimming, i.e. reinvesting some gains elsewhere would have made some sense, but selling out completely in the two examples above cost me a lot of gains. I am determined not to do this with CSP as the price moves up. I still want some skin in this game when we reach the 4 bag point, which I am increasingly confident that we will within just a few years. Bogdan
bogdan branislov
20/4/2019
17:58
IC reader post: I have to admit to being far more interested in news that will allow me to make large gains over the medium term. To this end, the story of this week seems to have pretty much passed under IC's radar. Countryside Properties on a trailing year PE of just over 10, was forecast to generate gains for each of the next 2 financial years of about 11% per annum. The projected increase in build rate linked to the maintenance of CSP's very high trading margin when viewed from a very capital light business model, made these forecasts appear conservative indeed. Thew H1 trading statement came out last week. H1 completions up 43% year on year. Forward order book up 49% year on year. Whilst the total completions were 2,362 for the period, newly obtained business for the period, on the Partnership side of the business alone, was 9,893 additional plots. That is, the new business obtained in H1 alone was over 4 times the current build rate, which in itself was 43% higher than the same period last year. In case anyone had not noticed, CSP is not waiting around for Brexit, or Trump's trade wars or the EU slowdown to resolve. CSP is simply doing the business and is very under valued. Doug
bogdan branislov
Chat Pages: 14  13  12  11  10  9  8  7  6  5  4  3  Older
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