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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Kier Group Plc | KIE | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 4.80 | 2.58% | 191.20 | 16:35:16 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 190.60 | 186.80 | 192.20 | 191.20 | 186.40 |
| Industry Sector |
|---|
| CONSTRUCTION & MATERIALS |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 11/03/2025 | Interim | GBP | 0.02 | 24/04/2025 | 25/04/2025 | 02/06/2025 |
| 12/09/2024 | Final | GBP | 0.0348 | 24/10/2024 | 25/10/2024 | 29/11/2024 |
| 07/03/2024 | Interim | GBP | 0.0167 | 18/04/2024 | 19/04/2024 | 31/05/2024 |
| Top Posts |
|---|
Posted at 11/6/2025 12:15 by stdyeddy We will get there clyde. We're three weeks from the year-end and there'll be a trading update next month. The market will get interested when the figures are out. There should be good newsflow from that point with an AGM and the audited accounts coming in the weeks after.The full year dividend announcement will likely sharpen focus on the shareprice -- it's not obvious to the market that Kier's policy is one third for the interim and two thirds for the final. The final dividend might even be bigger than that if the profits are significantly higher. My guess is that we'll be at £2 by the end of August. Berenberg have had a very reasonable £2.10 target for Kier for the last year. Market sentiment has not been behind Kier though. Infrastructure investment is becoming a hot topic and the government will be using it as a vote-winning economic strategy, so I'm sure we have a winner here. We're certainly nearer the beginning of a new construction cycle than the end. Regarding a bid for the business -- I have mixed feelings; there would be some short term excitement, but I'd prefer to see Kier get past £3 by the end of the year, rather than have an opportunist trying to buy the business for £2.50. |
Posted at 06/6/2025 11:42 by tinkertraderxx I think we feel some frustration / surprise at how slow the share price has been to react to the relentless good news coming out of Kier. Leaving the speed of the reaction to one side for a moment, what do we know?Full order book and, as highlighted in the Capital markets update, the Property division high-margin profit is going to start growing YOY. We can expect significant revenue growth. How much? They have signposted margin improvement to 4.5%. The trend is to average month end net cash positive. They have committed to 3x earnings cover on the dividend. Where would these metrics realistically drive the share price and annual dividend in 12 months or 24 months time? |
Posted at 19/5/2025 16:41 by itisonlymoney a lot of tailwinds building behind kier as the govt's biggest contracts winner. US investors divesting US stocks and investing in the uk, which has lagged for some time and has much lower p/e ratios and more stable govt. uk pension funds being encouraged to invest in uk companies. improved trading relationship with the EU helping the uk economy in many sectors.kier is one of a few unflashy shares, with hundreds of lower value contracts spreading risk and a good dividend about to be announced by the look of things. we just broke through a 12month high - more buyers than sellers even at this price. looking fwd to the investor day. this yr kier might have something to shout about. |
Posted at 01/4/2025 19:48 by stdyeddy Kier is easily the more likely takeover target. Kier is the UK government's largest contractor, has far and away the lowest p/e of the tier one contractors, has been made lean and efficient by Davies over the last five years, and is arguably the largest regional construction business. Kier is on every major framework, has a huge order book (£11bn) with 95% of it already committed for payment by customers, and the best customer base -- all govt authorities and public bodies which never default.Davies and Kesterton have failed to move the shareprice since the last rights issue. Although they've done a good job operationally, they've been unsuccessful in terms of the shares and the perception of the business with the investment community. A takeover bid would find a great many shareholders who are very tired of the lack of shareprice performance. Risks are low for a buyer -- the business has NET CASH which may be as high as £200m by now, which is to say, probably around £450m in cash less the only outstanding debt (the £250m corporate bond). From memory, I think the bond is 'callable' and could be bought back and cancelled or refinanced at a lower rate. The pension funds are, by now, all in surplus, and the property portfolio, including Kier's Tempsford Hall estate, is probably worth more than 50% of the firm's market cap. The shareprice is irrationally low, largely due to a market which is tariff-anxious and unwilling to appraise something as mundane as a construction business making a small but steady margin and only recently returning to dividend payouts. Kier's traditional approach to the dividend is one third at the interim and two thirds for the final, so I'm expecting a total of 6p this year. That's a 4.7% return at today's shareprice. Plus there's still about £17.5m remaining to be spent from the £20m share buyback programme -- the shares being bought at a glacial pace by Kier's sleepy housebroker, Peel Hunt. With the shares in the 120s, the buyback could grab excellent value for shareholders, but evidently when opportunity comes knocking, the Peel Hunt boys can't be bothered to answer the door. Kesterton should give them a call, just to ask them exactly what they think they're doing with Kier's buyback money. |
Posted at 31/3/2025 23:04 by stdyeddy I agree with you clyde. The takeover threat must be substantial right now. Davies and Kesterton should pay some attention to this because they'll end up missing out on some big bonuses.Burbelly, tariffs don't affect Kier at all. It's a UK focused business and doesn't export to the US. (I'm guessing you know this and were being sarcastic.) The share price movement is about the market's collective reaction to 'risk' shares. Kier is in the category unfairly, because of its history over the last six years. Kier now has a solid financial base, low debt, plenty of cash and dependable clients who never default. And Kier pays a dividend. All the other construction firms dropped today, but none as much as Kier. I wouldn't mind so much if the volatility went the other way too. I reckon clyde's value assessment is correct and Kier will get to £3 in time. I really thought we'd be there by now but the market reaction to the last two results has been perverse, to say the least. There will come a point where the company is paying out so much cash that the market won't be able to resist it and the shares will get to £3. I reckon the July numbers will cause a big uplift here. But if there's a bid for the business in the meantime, someone will try to steal it for £2. |
Posted at 26/3/2025 19:00 by stdyeddy I agree with itsonly. 6p is my expectation. I doubt very much Kier will pay out 50% of earnings. That's one of the things that got them into so much trouble seven years ago, along with a couple of other management issues. They're cautious now. Ultra-cautious I'd say. Davies is the 'safe pair of hands' that's righted the ship and it's taken a long while to get there. No way will he be jeopardising that with a payout at 2x cover.However, the property arm has the potential to make a big contribution, and Tempsford Hall is there in the background as one of Kier's 'property investments'. Anything could happen with Tempsford -- they could sell it and immediately bank anything from £70 to £90m but I think they'll develop the site as housing. How often does a developer get handed an opportunity like a 'new town' where they've got the biggest piece of land in that new town and it cost them mere shillings back in the days of typewriters and vinyl records? The point I'm coming to is that the property arm might end up booking big profits that could get paid out as a special dividend, but that is speculating some way into the future. Let's keep it real and see what numbers we get in July. I've got a feeling that even business as usual is going to give Kier something like £140m in profit. The falling debt usage is going to have a big impact on the bottom line as you've already pointed out clyde. The 3x cover dividend could end up being an 8% return on its own, plus we've got 3% in effect through the share buyback. |
Posted at 19/3/2025 09:21 by stdyeddy There was a moment about three or four years ago when the Costain share price briefly matched the Kier share. Costain was in no better shape than it is now and Kier had a lot of debt and very little cash. And here we are again, almost. Except this time, Kier has around £165m in net cash and is paying over 4% in dividends at the current share price. Costain pays a dividend of about 2%, half that of Kier. I expect the streams to uncross and for life in the universe to continue as normal. |
Posted at 26/2/2025 10:28 by stdyeddy It's just you clyde. And me. And maybe a very few others. The market is not excited about Kier atm, partly because the p/e still looks similar to MGNS and partly because the business is still associated with housing, even though this is a miniscule part of Kier's business nowadays. There's also a lot of negativity around UK govt finances; this is slowly being dispelled as the facts come out -- unemployment is not rising, wages are still increasing, and business is still in rude health, not least because the govt has effectively thrown a ton of stimulus into the economy by forcing businesses to raise wages for the lowest paid, and given public sector employees a significant pay rise.You raised an excellent point in one of your earlier posts about financing costs, and how much of it was due to debt that had now been repaid, and that something like £25m (I forget the exact number and can't be bothered to look right now) would be going straight onto the bottom line in the next set of results. There is so much positive news waiting in the wings now, including the development of Kier's huge Tempsford estate (a longer-term project, I presume) plus the actual earnings on a record year for Kier. Interim numbers are out in less than a fortnight, and I'm hopeful that Kier will announce an increased dividend too. We should get a lot of action here, either in the run-up to that report, or on the release of the numbers, and maybe even both. I agree with your forecast; £3 looks like a reasonable target, perhaps as soon as the full year numbers -- Kier's year ends in June. |
Posted at 21/1/2025 19:36 by itisonlymoney it's the circumstances stutes. i prefer the share buyback here because kier management is getting wise to the stockmarket. they've obviously been getting advice from people who understand how the stockmarket works. part of davies and kesterton's bonuses depend on kier hitting shareprice targets. they've tried to get the market interested in the shares in capital market days and results presentations and they always fail because there's a lack of confidence and understanding out in the market.there's no way for instance that the share price should've got to 130p the other day. that's an insane valuation for this business. the brokers can put out all the analyst notes they want but money talks. this way everyone knows that there's a floor under the share price now. if they don't know it, they will soon see it. peel hunt will buy anytime the price drops and this'll give stability to the share price £20m will go a long way. you can buy small amounts in a share that only trades 1m a day to give it a little push upwards or at least prevent "stop hunting" by the market makers. it changes the balance from, likely to go down, to likely to go up. this kind of wise move from kier just adds to the attraction of the fundamentals; the business generated another £120m in cash in the last 12 months and net cash is growing, even while kier pays out dividends. revenue is up a little and frm the cash figure, it looks like kier has continued to make at least 3% margin. that's £120m operating profit. divi this yr will likely be £40m. that's nearly 7% on this shareprice. the interim divi will be a third of the total and will send the share price much higher. the sharebuyback will make sure the share price is in the right place to begin with so that we actually see the benefit. that's why it's different to lloyds and that's why i'm glad their doing it. this way we get share price growth AND dividends. |
Posted at 09/1/2025 00:24 by stdyeddy The markets spooked today on fears of a UK recession.Meanwhile, our favourite construction firm continues to win work and grow the business. Kier very nearly caught up with Morgan Sindall in terms of construction contracts won over the last 12 months according to Construction Enquirer, finishing the year in second place with over £2.27bn and a mere £22m behind MGNS (2.298bn). Incredibly this is a full billion pounds more in contracts for Kier compared with the previous year. Here's the ranking table: Kier's shareprice today is about where it was a full four years back when the business still had a very substantial debt pile, smaller turnover, lower margins and no dividend. The business now has net cash and reinstated the dividend in 2024, paying out a quarter of its earnings. I'm expecting management to increase the dividend to one third of earnings for this year. We may get news of the interim proposed payout in the update. All brokers have Kier down as a buy. The share price is massively undervalued by any practical measure. Trading update in 12 days (21 Jan). |
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