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Share Name Share Symbol Market Type Share ISIN Share Description
Countryside Properties Plc LSE:CSP London Ordinary Share GB00BYPHNG03 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  +4.80p +1.59% 305.80p 536,869 16:35:09
Bid Price Offer Price High Price Low Price Open Price
305.00p 305.40p 306.80p 301.20p 306.80p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate 845.80 141.70 26.00 11.8 1,376.1

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Date Time Title Posts
20/5/201912:54CSP with Charts & News54
31/1/201712:47New thread for Countryside (CSP)4
20/12/200520:50CROWN SPORTS - UNDERVALUED48
05/4/200507:23rere2
11/8/200314:46Crown Sports54

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DateSubject
26/5/2019
09:20
Countryside Properties Daily Update: Countryside Properties Plc is listed in the Real Estate sector of the London Stock Exchange with ticker CSP. The last closing price for Countryside Properties was 301p.
Countryside Properties Plc has a 4 week average price of 298p and a 12 week average price of 298p.
The 1 year high share price is 378.40p while the 1 year low share price is currently 265.60p.
There are currently 450,000,000 shares in issue and the average daily traded volume is 676,387 shares. The market capitalisation of Countryside Properties Plc is £1,376,100,000.
15/5/2019
07:47
blueclyde: 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.
21/4/2019
13:28
blueclyde: 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.
17/4/2019
23:53
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
11/10/2017
13:40
walbrock82: 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 http://bit.ly/2yFcLts
21/4/2005
10:14
ramas: 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
14/4/2004
16:09
mufmitz: I don't think I bought enough! Only about 8K. I find it a little worrying that so much of the share issue is held by so few people. This can encourage wild swings in the share price. If they knew anything they could dump the lot and holders like me would get stuffed. I am fairly convinced however that CSP is the way forward. When everybody got lots of exercise just cycling to work we didn't need health and fitness clubs but now we do. It could be a real growth area.
14/4/2004
12:58
sportbilly1976: Hadn't noticed the part in the title post about 84% of the shares being held by just 6 shareholders - this could have a massive effect on the share price movements if demand creeps up - and 2 days on the leader board is not going to distract attention form this stock
24/9/2003
18:30
wonder boy: Any opinions on results? Not had time to have a proper look yet but they seem fairly good, even if not as great as I had hoped. Will be interesting to see where the share price is after the next (traditionally stronger) half year.
02/9/2003
10:17
wonder boy: Come on! Somebody must hold or follow these. The company received a £42 million takeover offer in December 2002. The company has made terrific progress since then but it's share price has lagged behind. Currently valued at just £20 million.
12/8/2003
10:12
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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