Persimmon Share Discussion Threads

[jonwig] 20/3/2012 11:46

I'll probably go to the AGM, it's not far to York.

I think the proposed 620p return of capital is a tremendous deal. They must be confident that they can deliver whatever the state of the housing market.
And if conditions are better than their base scenario, there could be normal dividends on top.

Questions which need to be asked!

[cockneyrebel] 20/3/2012 11:31

On the recent support trendline this am.

AGM on April 21 - I'd have thought an interesting hold between here and then imo.

CR

[dkpetti] 14/3/2012 10:30

Sadly I'm rarely excited these days!

[jonwig] 14/3/2012 07:14

UT = uncrossing trade at the closing auction. It's a bundle not a single trade, between buyers and sellers.

I wouldn't get too excited.

[dkpetti] 13/3/2012 20:35

Large trade gone through this afternoon at 16.35. Anyone see it? Is it a buy? What is a 'UT' trade?

[johnv] 06/3/2012 13:47

gap nearly filled, anyone still holding/considering buying

[dugganjoe] 03/3/2012 17:17

Halifax 'to raise' mortgage rate
The UK's biggest mortgage lender, the Halifax, is raising its standard variable mortgage rate from 1 May, to 3.99% from 3.5%

[racg] 29/2/2012 08:38

I don't know, London is completely unaffected by the downturn and the rest of the country took the hit and is now starting to move. I think actually the reverse may be the truth in the near future.

But yes, I do take your point that up til now, the better geographical areas have stopped all over the inferior ones.

[undervaluedassets] 28/2/2012 15:53

the real point is in Sunderland it might not sell at all ....

[racg] 28/2/2012 15:34

Quality ? You must be joking, valuation tells you the quality. So if it is £1 million pounds of land in Mayfair or £1 million in Sunderland, it s the same, as far as we are concerned, just that in Sunderland it will probably buy you a football club ground and stadium thrown in and in Mayfair a 1 bed flat.

Anyway what is good for psn is good for us all.

So keep in defying gravity psn.

[undervaluedassets] 28/2/2012 11:26

agree NTAV is not everything.

Quality of those assets that counts.

[kiwihope] 28/2/2012 10:05

NTAV isn't everything.

[johnv] 28/2/2012 09:21

PSN has a net tangible asset value of 492p(sp 700p) whilst BDEV has 211p (sp 145p), I believe BDEV is far better value.

[cw2000] 28/2/2012 09:16

mmmm... nice one !
check results for yourselves
chart is pretty too

[kiwihope] 28/2/2012 09:15

Undervalued...

I think you're getting a bit worked up really. It was quite obvious last year that there was an exceptional credit which boosted basic eps. They stated this in the first paragraph of the text. I always look at what they call 'underlying' eps, as this is supposedly what the core repeatable business profits are. Believe me, PSN are not bad in this respect, with some companies you have to read the whole statement before you find out what's going on. You also need to be wary of what 'underlying' adds or leaves out.

[undervaluedassets] 28/2/2012 08:58

it is so so so naughty. They just pick whatever figure for EPS and profitability they like to make the figures look good for the year's results that they are presenting.

The weird thing is they are a good company - Why are they resorting to 'a fine italian hand' with their results presentation.

if you just looked at the EPS headline and did not refer back it... anyway enough said..

They are not bad results... it is just that one set of results ( either this years or last years... you pick Persimmon) is not as great as being presented.

The market don't seem to care (or want to know) .

[jonwig] 28/2/2012 08:50

uva - yes, all companies massage what they put into the headline. If you go to the income statement, it becomes clearer.

These results are due more to reversing previous writedowns than to cash generation.

[jonwig] 28/2/2012 08:30

This is maybe the best bit:

The plan to return £1.9 billion (£6.20 per share) by way of dividends commences in 2013 and ends in 2021. On completion of the Capital Return Plan, the Board anticipates that Persimmon will be achieving a greater level of sales activity, enhanced margins, and will possess the same robust capabilities that it holds today.

70p pa for nine years.

[theophilus] 28/2/2012 07:05

Results looking good.

Summary

The performance of the business in 2011 has been robust and results from our focus on improving profits and cash generation. Persimmon is now in an enviable position with excellent asset backing and strong liquidity.

As key aspects of our markets change our management teams continue to adapt to take opportunities as they present themselves. We support the National Planning Policy Framework as currently drafted and consider the presumption in favour of sustainable development is necessary if the industry is to expand its output to build the new homes that the country needs whilst simultaneously creating new employment opportunities.

We look forward to rising to the challenges ahead both in further developing our business and in delivering the benefits of our operational success as enhanced returns to shareholders via the Capital Return Plan.

We are proud of the achievements of all our staff which result from their dedication, imagination and hard work. We thank all our teams for their contribution to the continued success of Persimmon.

Dividends

The Board of Directors has recommended a final dividend of 6.0 pence per share (2010: 4.5 pence) based upon the performance of the business in 2011 and current market conditions, an increase of 33% on the prior year. The 2011 dividend of 10.0 pence per share is covered 3.7x by underlying after tax profits, and is 33% higher than the prior year. The payment of future dividends is incorporated in the Capital Return Plan announced by the Board.







Th.

[bigbertie] 26/2/2012 21:46

what's all this about buying Westbury??? I thought they bought it in 2005?

edit - that's crazy. yesterday (Sunday) 2 RNS appeared on the list on this BB regarding the takeover approach to Westbury. Today (Monday) they have gone. They were dated 2012 although the Westbury bid happened in 2005. I reread them several times because I could not understand it.

[dividend3] 26/2/2012 13:13

Shares Mag has just placed a 126p - 138p target on Taylow Wimpey.

[zoolook] 24/2/2012 13:10

Can anyone with access to the note summarise the case for JP Morgan Cazenove target price of 915p

[kiwihope] 24/2/2012 13:04

Although I'm a great fan of PSN, having held on and off for almost 10-years, I think the price is getting a bit toppy based on fundamentals and outlook. So I've sold half my holding for a nice profit...