Share Name Share Symbol Market Type Share ISIN Share Description
Crest Nicholson Holdings LSE:CRST London Ordinary Share GB00B8VZXT93 ORD 5P
  Price Change % Change Share Price Shares Traded Last Trade
  -13.40p -2.87% 453.80p 2,208,800 16:35:13
Bid Price Offer Price High Price Low Price Open Price
450.60p 451.40p 477.40p 449.40p 465.40p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate 1,043.2 207.0 66.1 6.9 1,160.50

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Date Time Title Posts
22/3/201816:33*** Crest Nicholson ***2,019
17/6/201414:22Editor of Spreadbet Magazine, Zak Mir discusses Crest NIcholson (CRST)-
09/6/201410:43Crest Nicholson1
13/2/201309:37Crest Nicholson thread1
21/7/200708:27Crest Nicholson251

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Crest Nicholson Daily Update: Crest Nicholson Holdings is listed in the Real Estate sector of the London Stock Exchange with ticker CRST. The last closing price for Crest Nicholson was 467.20p.
Crest Nicholson Holdings has a 4 week average price of 429.80p and a 12 week average price of 429.80p.
The 1 year high share price is 648.50p while the 1 year low share price is currently 429.80p.
There are currently 255,728,505 shares in issue and the average daily traded volume is 3,525,560 shares. The market capitalisation of Crest Nicholson Holdings is £1,160,495,955.69.
1gw: I chatted to various directors after the AGM about the relative share price underperformance. One opinion expressed was that perhaps Crest is falling between the stools of "income" and "growth" and that this makes it relatively difficult for the market to price. That is perhaps consistent with my observation in the post above. I did specifically bring up the pbt per share point and got referred to the remuneration plan in this year's AR (the LTIP on page 90). That has an eps "target" of 85.3p for FY20 ("threshold" of 82.0p and "maximum" of 92.0p). i.e. they have listened to the feedback on the apparent lack of stretch in the targets in the FY16 report and have gone for more stretching targets this time. You can work out for yourselves what the p/e is on that FY20 target.
stemis: The share price divergence with other housebuilders seemed to occur in June around the time of the interims. There's an article dated 23.3.17 from IC comparing housebuilders. I've looked at a few and share price movement since then is BVS + 28.4% PSN + 20.2% RDW + 19.6% TEF + 18.6% BWY + 8.9% BDEV - 2.8% and CRST? CRST - 20.4%
dov: salpara111 I have been banging on about this for months this has underperformed others for a long time now. This smells wrong the recent share sales by directoes seem inspired we are told by the management everything is on track on the good ship Crest but the share price is saying something different going down consistently.I am expecting an on track statement AT THE agm but not a convincing market response
wilkie_hk: Hopefully, this doesn't appear a completely naïve question but are there shady mechanisms within the city by which a share price can be held back as a prelude to a takeover bid. At the beginning of the year I thought there was every possibility that we would see £6+ this year and any takeover would require an offer of around £7 per share. However, we are where we are at the moment and the share price underperformance this year now conditions one to feeling that a £5.50 offer would be attractive. I'm sure the directors would do very nicely out of any take over deal as would their buddies at Price Waterhouse/Deliotte. Thoughts?
1gw: Depressing set of director sales following vesting, although it doesn't seem to be holding down the share price.
wilkie_hk: I would guess that crest may be little more vulnerable to a downturn that has in the past rippled out from London. I do note that in their agm statement of 23rd March 2017 they stated that they were investing in land in the midlands and it would seem beneficial for them to focus on improving the geographical spread. However, the current earnings ratio would indicate that the share price is factoring flat or gently declining top line over the next 5 years. I am concerned that there may be something else going on here as degree of the sustained underperformance of the share price relative ro it's peers just doesn't seem to have any basis otherwise. There is another agm statement pending for the end of the month which may be interesting.
wilkie_hk: With Crest's share price performance this year you would think that the likes of Persimmon, Taylor Wimpey and Barratt would be sharpening their pencils. Their boards have a commitment to create shareholder value and, on the face of it, there is now every chance of picking Crest up from something less than £6 with a cash and share offer. I wouldn't be at all surprised if there was an offer on the table by the end of the summer unless we see a significant share price recovery.
wilkie_hk: Must say I am a bit miffed with this one. I have a heavy holding in these and have played to the trend for the share price to show outperformance in the first quarter by topping up my holding before Christmas and then reducing again in April for a couple of years. Comparing Crest to it's peers; PSN, TW., RDW, PSN & BWY. Based on a number of metrics CRST would appear to be the best value. Strong operating margin, excellent dividend yield, PE, land bank etc. Additionally, from the annual reports and statements the company appears to be prudently run. However, share price performance lags markedly behind it's peers on a 5 year basis. The others range from 121% to 242%, compared to CRST achieving just 78%. OK a few percentage points are gained by the higher than average divi yield, although PSN and BDEV pay more. So what am I missing that has caused CRST to lag behind the others? I don't want to bury my head in the sand with these and am open to having the percieved negatives pointed out to me. So?
creative_accountant: I hadn't noticed the new broker coverage so thanks for pointing that out, but sadly I feel CRST will now continue to under perform the sector as it has done over the last two business days whilst they ignore shareholder disapproval of the "easy" remuneration vesting criteria. The worrying thing is if CRST feel single digit profit growth is a stretch target than that says alot about their future profitability and how they see themselves performing. Redrow is not catching CRST in terms of share price and I believe, with its stronger EPS growth, it will soon overtake CRST. For its financial year ending June it will report C. 66p EPS which is broadly what CRST is expected to report for its own 2017 period ending 4 months later in October. After that with an improving ROCE and higher level of retained earnings if market conditions remain stable there is no doubt RDW EPS will accelerate well ahead of CRST and this seems to be a view backed by the board of RDW and indeed CRST; CRST see single digit earnigns growth as a stretch target whilst RDW stretch target is far more ambitious with an upper bound 92p EPS for 2019 for full LTIP vesting. For a company that is supposed to be balooning revenue to 1.4 bn and ramping up volumes to 4000 units the fact that the board of crst see single digit profit growth as their stretch target is very worrying and it does not add up.
1gw: Crst share price benefitting from the BKG statement this morning I think: "The housing market in London and the South East has now stabilised. Overall, underlying reservations in the seven months since the immediate Brexit referendum effect (August to February) are down 16% on the comparable period last year, with the last two months ahead of last year. Enquiry levels remain robust, cancellation rates are at normal levels and pricing continues to be resilient and above business plan levels." hTtps://
Crest Nicholson share price data is direct from the London Stock Exchange
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