Taylor Wimpey Share Discussion Threads

[sundaymonday] 04/8/2011 15:00

Safe as ouses

[davy855] 04/8/2011 14:51

Has anyone seen BDEV. What is going on here. We are steady and the 250 is down 320 pts. Sweet J

[sundaymonday] 04/8/2011 10:11

The many investors who bought into Taylor Wimpey in the rescue capital-raising of May 2009 have done OK thus far. The shares have gone up by a third from the 25p placing price after the debt-burdened housebuilder was stabilised successfully. Chief executive Pete Redfern is making progress in the core British business, lifting the operating margin from 6.1% to 9.3% and confident of hitting double figures next year. He has also achieved build cost savings of 10 per cent and reports improved customer satisfaction. With mortgage availability so constrained, progress may be slow, but shareholders should hold on, says the Times.

[sundaymonday] 04/8/2011 09:54

03 Aug JPMorgan Overweight 58p

[libertine] 04/8/2011 09:47

04 Aug Taylor Wimpey PLC TW. Citigroup Buy 33.77 48.00 49.00 Upgrades

[sundaymonday] 04/8/2011 09:34

5. Tax

The tax charge of GBP17.1 million includes the impact of GBP11.1 million write down of deferred tax assets resulting from the reduction in the UK corporation tax rate to 26% from 1 April 2011 and other items that in aggregate reduce the overall half year tax charge by GBP1.7 million. The remaining tax charge relates to the utilisation of the deferred tax asset against profits generated in the period.

[sundaymonday] 04/8/2011 09:31

In accordance with accounting standards, the completion of the disposal crystallises the recognition of foreign exchange gains previously recorded in the cumulative translation reserve of GBP59.1 million, resulting in an expected profit from discontinued operations of GBP43.1 million which will be reported in the full year results.

[sundaymonday] 04/8/2011 09:10

tolmers - cheers

Looks like the steps towards margin improvement for the continuing business are set in stone and good progress is being made - with clear map of how TW. is going to outperform over the next 18 months.

No worries whatsoever - except of course the UK housing mkt and how that performs for the next few years.

TW. could still perform well even if we see house price decrease of (say) 10% this year and 5% next. They can avoid it through improved mix.

[edsthebusiness] 03/8/2011 19:52

smurfy, chill mucker, it'll all come out in the wash

[smurfy2001] 03/8/2011 19:38

Won't the deferred tax back be used on the final statement. I like the low gearing, better to have a cash surplus which they will no doubt achieve next year all going well.

Better to steer cautiously.

RE: Dividend, my preference would be to generate long term value by performing a buy back (there are too many shares on issue), that would also increase the EPS substantially.

I will email investor relations regarding this.

[127tolmers] 03/8/2011 19:07

Analysts presentation from today.

Interesting chart near end on profit drivers in next 18 months and then beyond.

I think TW missed a trick by not having a special dividend of 2-3p to reflect the exit from the US (normal FTSE practice).

It would have demonstrated a concern for shareholders and avoided the view that they are going to fritter the proceeds away in the land market.

New gearing at 9% is too low in my view and does not impose a tight enough discipline on management.

I have not read details of the management incentive scheme but suspect that they are not closely aligned with those of the shareholders in all respects ie a dividend reduces the share price.

Any thoughts anybody?

No mention of any more deferred tax write backs.

[shaws37] 03/8/2011 17:37

hmm, what a to$$er.



Simon Brown, housebuilding analyst at Northland Capital, said Taylor Wimpey had moved forward from the "awful recession it had suffered".

"But there still a lot to be done and, while they have the second best margins in the sector today, it is unlikely that will still be the case by the end of the reporting season," Mr Brown added.

[davy855] 03/8/2011 16:08

I know spenny but its really f in everybody off though eh? We may have well have stayed in cash this year.

Hindsight hey?

[spennysimmo] 03/8/2011 15:56

Fundamentals are too strong now to worry.

[sundaymonday] 03/8/2011 15:38

Nothing to worry about

[davy855] 03/8/2011 15:20

What a load of tosh.

[cerrito] 03/8/2011 14:27

Going through the interims seems steady as she goes.
The following things caught my eye:
Good that there was no moan about the planning system and indeed are pleased with the approvals they have
Noted that there was no mention about the Spring selling season; in the last years we have had plenty of reference to that
See that Tangible NAV went up from 47 to 57p per share
Note that profits on UK housing before finance charges were £76m in H1 11 compared to £62m and £61m in the two semesters last year
The rather alarming figure for net cash from operating activities was noted though as explained in note 7 was due to build up in inventories-ie the land bank.
Big picture is that I am very comfortable with my holding

[edsthebusiness] 03/8/2011 13:52

wtf happened just then

[spennysimmo] 03/8/2011 13:13

Positive broker ratings, improved margin, reduced debt and a more stable business seem to be making no difference.

[smurfy2001] 03/8/2011 12:10

Has everyone sold?

Surprised that there are no people around here?

:-(

[deanforester] 03/8/2011 10:49

From the RNS:

The Board is not proposing an interim dividend for 2011 (2010: nil). We will assess our dividend policy in the light of both the prevailing economic and market conditions in the future and also the availability of attractive opportunities to invest in land in the UK. We will update the market at the time of our full year results.

[edsthebusiness] 03/8/2011 10:39

sequoia, you too, badass played up yesterday so going for service whilst the kids are off school, easy day again today