Springfield Properties Share Discussion Threads

[dros1] 14/9/2021 17:02

just going thru this year RNS there are quite a few directors selling which is concerning

[dros1] 14/9/2021 16:59

Sandy Adam sold 4 millions shares in Feb. this year at 138p and we are higher than this since than

[gn100] 14/9/2021 14:47

swiss paul - Simon Thompson in the IC had a target price of 220p on 1/6/21. Interesting to see his comments in due course

[gn100] 14/9/2021 14:43

And then the CEO and his wife sell 30,000 shares

[swiss paul] 14/9/2021 12:22

some selling on fact? Shame - hope it gets picked up in the IC - eiethr that or give us a divvi!

[18bt] 14/9/2021 08:05

Beating forecasts on all the main metrics.

[spob] 14/9/2021 07:38

nice results out this morn

[paulo435] 07/9/2021 00:08

Article from last week, www.inverness-courier.co.uk/news/springfield-properties-to-ask-residents-for-views-on-650-hom-249456/

[trustman] 06/9/2021 21:26

Figures this month. Also good job on debt reduction.

[paulo435] 05/8/2021 22:20

Construction costs for new builds could be holding this price back at the moment, however on the other hand I see that Taylor Wimpey are stating the high selling prices in the housing market at the moment are meaning there’s still plenty fat to play with yet.

[dros1] 08/7/2021 13:46

Scotland and London top new build sales charts
hxxps://www.mortgageintroducer.com/scotland-and-london-top-new-build-sales-charts/

[paulo435] 01/7/2021 07:41

Nice trading update this morn.

[aldriglikvid] 14/6/2021 14:13

I'm looking at 30m PBT annually coming 3 years. This is too cheap.

[davebowler] 06/6/2021 14:54

SCSW tipped this yesterday.

[wad collector] 04/6/2021 23:41

That IC article looks like it has pushed up the price today. The author, Simon Thompson, does do a lot of buy tips and not many holds or don't buys though.

[spob] 02/6/2021 08:11

Springfield smashes earnings forecasts

Buoyant private housing demand and land sales to two national housebuilders.
Profits for 2020/21 financial year to be materially above market expectations.

A pre-close trading update from Springfield Properties (SPR: 168p), a housebuilder focused on developing a mix of private and affordable housing in Scotland, highlights why I selected the shares, at 135.6p, in my 2021 Bargain Shares Portfolio.

A strong rebound in build and sales activity in the first half of the 2020/21 financial has continued into the second half (to 31 May 2021), so much so that both revenue and profit from Springfield’s private housebuilding activities will exceed prior guidance that was already factoring in a material step change in profits.

True, the Scottish housing market is in rude health, as is the case with most regions in the UK, but Springfield is also attracting home buyers because its mid-sized Village community developments are close to fast-growing cities (Dundee, Perth, Stirling, Livingston and Elgin) and offer more spacious homes with gardens and green spaces. A lower entry price makes them highly affordable, too. In addition, Springfield has sold 200 plots to two major housebuilders across its Central Belt developments, a further indication of the strength of Scotland’s housing market.

Analyst Alastair Stewart of Progressive Equity Research has taken note, upgrading full-year pre-tax profit and earnings per share (EPS) estimates by almost 20 per cent to £18m and 14.7p, respectively, implying close to 80 per cent profit growth on 38 per cent higher revenue of £199m. The upgrade is split roughly 50:50 between the private housing division and land sales. Stewart has also slashed his net debt forecast from £42.5m to £25.2m, representing a 63 per cent year-on-year reduction, adding weight to forecasts which point to a hike in the annual dividend from 2p to 4.5p a share when the group releases results next month.

On this basis, the shares are rated on 11.5 times earnings for the year just ended and offer a dividend yield of 2.6 per cent, a rating that fails to factor in the strong likelihood of Springfield realising further value from its high-quality land bank. It is conservatively valued, too, as land and work in progress is in the books at £155m, or less than £10,000 per plot. Moreover, the 15,000-plot land bank equates to 20 years output, so underpinning another step change in pre-tax profits and net asset value (NAV) in the coming years as the hidden value in the land bank is released. Progressive Equity is factoring 33 per cent higher pre-tax profit of £23.9m in the 2022/23 financial year, and a closing NAV of 132p a share, implying the shares are rated on a lowly prospective price/earnings (PE) ratio of nine and 1.3 times NAV estimates.

A triple top chart break-out of the 165p to 170p resistance level looks on the cards and would set up a share price move to my upgraded 220p target price. Buy.

[alan@bj] 01/6/2021 07:05

Excellent trading update. Profit expected to be significantly ahead of market expectations.

[wad collector] 24/5/2021 21:58

Broker clarified it a listing error , their valuation data stream persistently misclassifies it as Non-AIM , apparently none of the commercial data feeds are 100% accurate.

[wad collector] 05/5/2021 21:26

Thanks for that , as you say , hard to see why it wouldn't , not got a main market or foreign listing , business is not an investment platform, but it is definitely showing up as not-BPR eligible on the broker portfolio. I assume it is their mistake but will post here what they say.

[value viper] 05/5/2021 09:36

Listed on AIM and a house builder - I see no reason it wouldn't qualify.Telford Homes of the past did (taken over now) so why wouldn't this ?Confident BPR on the stock.

[wad collector] 04/5/2021 23:26

Just noticed that this is showing up in my statement as no longer an AIM share ; but still seems listed as AIM on LSE . Category AMQ1 , I cannot find out what that means. Or more specifically , whether it still qualifies for IHT relief ? Anyone know? Thanks