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TWOD Taylor Woodrow

0.00
0.00 (0.00%)
Share Name Share Symbol Market Type Share ISIN Share Description
Taylor Woodrow LSE:TWOD London Ordinary Share GB000878230 ORD 25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% - 0.00 -
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Taylor Woodrow Share Discussion Threads

Showing 901 to 923 of 1025 messages
Chat Pages: 41  40  39  38  37  36  35  34  33  32  31  30  Older
DateSubjectAuthorDiscuss
10/6/2007
14:18
Any predictions for next week.If they continue to fall i think other companys will spoil the merger.beginning to look a steal on the land bank alone.
8gamsby
10/6/2007
06:41
Morning Folks,

Interesting...

Market banks on housebuildersGraham Searjeant, Personal Investor
Something odd is happening to the FTSE 100 index. To keep it as a measure of the top companies, the constituents are reviewed each quarter. A company that has slipped to 101 may not be relegated but insiders that drop beyond 110 have to go and outsiders that rank in the top 90 most valuable are normally promoted from the second-tier 250 index. This week it was time to tip your bowler hat goodbye to Bradford & Bingley (B&B), the least valuable of nine banking groups in the top 100.

Fear is in the air, if not on the ground, that the housing market is over the top, activity will fall, bad debts will rise and prices will go limbo dancing. Not good for a specialist mortgage lender such as B&B.

Relegation is a blow to pride if not the share-price killer it once was. Promotion still bestows status in the business world. That makes it more intriguing that B&B is replaced by Barratt Developments, now the UK's biggest housebuilder. The mortgage lender is now regarded as a worse proposition than what used to be called the speculative builder.

Barratt has made it via merger rather than favour, after a £2.2 billion takeover of Wilson Bowden. It is not the first, nor probably the last builder, to join the top 100. Persimmon, the pioneer of bids in the sector, has been established since buying Westbury.

Both of these will be leap-frogged by the proposed Taylor Woodrow/Wimpey combine. Rival predators may yet intervene in the nil-premium merger after ten weeks' silence.

In 2000, near the height of the dot-com boom, housebuilding shares traded at seven times earnings when profits were growing strongly, which is why they were backed here, as they have been several times since. Solid sectors, literally bricks in this case, were neglected as funds poured money into Marconi.

Seven years later Persimmon shares have risen by 600 per cent, Wimpey by more than 400 per cent and Barratt by more than 300 per cent. Even Taylor Woodrow, which timed an acquisition poorly, has virtually trebled. Over the same period the FTSE 100 has risen by 4 per cent and the 250 by 94 per cent. Value investing has paid, as in utilities. And bidders have come in to buy marketable assets, in the form of building land, and strong cashflow.

Ten years ago there were more than 30 quoted housebuilding companies. Most were tiddlers. Bigger groups combined housing with general construction and civil engineering. Two thirds have disappeared from the stock market. The housebuilding industry has prospered and been more stable than expected, partly because it controlled supply. Instead of each company expanding output to raise profits, leading builders have grown by taking over others. Berkeley Homes made a leveraged buyout of itself on behalf of shareholders. Consolidation has not helped the housing shortage but the industry has skilfully avoided a repeat of the 1980s' boom and bust.

That memory, when mass unemployment and repossessions met peak output, hung over the sector for 15 years. It lifted after builders sustained only modest damage when the last house price boom was halted by interest rates in 2004. Wimpey's profit margins, which had expanded from 13 per cent to 17 per cent, fell back to 13. Barratt and Persimmon did better. Recent troubles in America, where their interests are much smaller, have been more painful for Taylor Wimpey's would-be partners.

These new groups can control complex brownfield developments or conversions. They can contemplate new off-site construction and see "carbon-neutral" homes as an opportunity, not just another daft regulation. Housebuilders, along with big commercial property developers, make up the most important new sector of the FTSE 100. Their ratings have edged up to about 10.5 times earnings, still well below the market average but now on a par not only with mortgage banks but also with Royal Bank of Scotland or Barclays, which have much higher dividend yields. Banks now offer better value – but maybe run greater risks for less growth.

markpun
09/6/2007
12:58
Twenty reasons to be cheerful: Is this the top of the market? Here are some reasons that it isn't:
conan the trader
09/6/2007
07:08
A vote of confidence in the home builder sector with a director buy..

Alistair Leitch, financial director of Bellway, has topped up his stake in the housebuilder.

Leitch purchased 5,000 shares at 1,290.00p each. He now holds 91,000 shares or 0.079% of the company.

markpun
09/6/2007
06:46
Morning 8Gamsby,

I can not see this going any lower, the US finished solid yesterday and should continue upwards in the coming months with the 2nd quater earnings kicking of mid july, assuming earnings are solid.

What are your thoughts? Now is the time to buy. I agree with you, down 20% is way over sold. I hope next week upwards.

Have a good weekend.

markpun
08/6/2007
19:15
Blimey down over 20%in last two weeks. IF they keep going down next week other interested parties may well show some interest.How low can they go?
8gamsby
08/6/2007
06:08
Morning Folks,

Property shares bear brunt of fears about interest rates
Large capsBryce Elder
Property stocks did the most damage as interest rate and bond yield worries made for another jittery session, with Persimmon the day's sharpest faller.

Britain's biggest builder dropped 47p at £12.40, the lowest since September, on worries about house prices and interest rates. Dealers also noted that Persimmon seemed to have decided not to intervene in the merger between its peers Taylor Woodrow and George Wimpey - a move that had appeared a certainty a few months ago. That decision would underline growing uncertainty about the state of the housing market on both sides of the Atlantic, they said.

Real estate companies also suffered, with Sergo down 20½p at 657p. The group, formerly known as Slough Estates, recently chose to give £250 million back to shareholders after disposing of its US healthcare business - a move that analysts said highlighted a lack of investment opportunities in the UK.

There were some signs of optimism, however. The London-based developer Minerva slid 15¾p at 365p, tempting its chief executive into buying nearly £57,000 of stock. Salmaan Hasan picked up 15,000 issues at an average price of just over 378½p apiece.

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The FTSE 100 closed lower for a fourth successive session, down 17.6 at 6,505.1. It erased an early rally to close exactly on its 50-day moving average - a key level of support, according to the chart

markpun
07/6/2007
12:56
Cheers Judge,

I really hope we see a turn around next week, very badly burnt.

markpun
07/6/2007
12:36
Dunno - I am no trader, but it is looking v oversold (see RSI). I would have thought 400p (PER of some 7x based on 57p eps) would be a good place to buy for a long term investment ... unless the UK market implodes of course.

However, you must remember that it was only a few years ago when the housebuilders were on PERs of 5-6x. With three housebuilders in the FTSE 100, I cant see investors letting the sector drop to these lows but you never know.

judge jury
07/6/2007
12:16
I find this heart breaking. Judge, where do you see the bottom?
markpun
07/6/2007
07:41
Morning Folks,

Another sad morning, all early gains gone, bid moves up and a flood of sells. When will it end and a turn around?

Frustrating.

markpun
06/6/2007
16:04
I think it's possible. Proforma PBT based on 2006 numbers for Taylor Wimpey are £777m. If you assume a 10% increase (see below) and add in £70m of synergies (at the low end of expectations), you get to forecast proforma PBT of about £925m. Take off some tax and divide by 1.141bn shares and you get proforma eps of about 57p. Put a PE rating of 9.5x on this and you get to about 540p.

However, the above assumes (1) earnings go up and (2) TayWimp attracts a PER of 9.5x. Both assumptions could be hit by interest rates. Moreover, TayWimp have to prove that the merger is working to get a higher rating that is more in line with the sector.

Interest rate worries are hitting the sector PERs at the moment and to hit 540p, these worries need to prove unfounded - i.e. the housing market in the UK and hence earnings don't collapse. It would also help if the US housing market starting to pick up a bit (which doesn't look too likely at the mo).

I think the Taylor Wimpey combination will prove to be a good one operationally and it will be good to have three housebuilders in the FTSE 100. However, the share price performance from here on in will depend in large part on where interest rates go and what happens to sector sentiment.

judge jury
06/6/2007
15:49
Do you still think we may see £5.40 before year end Judge
8gamsby
06/6/2007
08:27
Only one wee problem, those immigrants wont be affording houses. Will be hoarding their service level wages to bring home after 2 years.
mountpleasant
06/6/2007
07:00
Morning Folks,

This is an interesting long read for those interested..

markpun
05/6/2007
07:08
Conan, dear chap why I am invested is non of your business, every one is entitled to their opinion. You have the option to use the filter button if you so wish. Now run along old bean.

And also wishing you a good day.

markpun
05/6/2007
06:57
Morning Folks,

I hope this statement is true..

"However consensus is building that the run lower may now be coming to an end so downside pressures closer to home may well be limited."

Here is hopeing for a better day.

markpun
04/6/2007
22:23
POS markpun - that's a bit extreme! - if you think a business is a POS then why the hell are you invested in it? The whole sector is down today - again - and has been falling for a few weeks. TWOD has had a larger fall than the sector average as it had a very strong rise on the hope that a bidding war would break out. That didn't happen, hence the re-trace. Long-term prospects for Taylor Wimpey are very good within the sector - but if the sector as a whole sufferes then so will Taylor Wimpey.
conan the trader
04/6/2007
12:40
Interest rate decision this week.
yewtrees
03/6/2007
17:50
If BDEV bought WLB for £2.2 billion and they were reportedly worth around £3billion themselves how come every paper i read now shows a valuation of about £3.75billion.What have i missed.On another point very much a done deal between TWOD AND WIMPEY.
8gamsby
31/5/2007
06:01
8Gamsby,

Keep the faith, hopefully it will turn back up slowly.

markpun
30/5/2007
19:10
Almost back to were we started .Wish i had got out a week ago
8gamsby
29/5/2007
22:13
Hopefully as soon as USA picks up which it surely must.TAYLOR/WIMPEY WILL BECOME a force to be reckoned with.Turnover of £7 billion.profits of £750-800million yearly.Massive land bank.INCREASED DIVIDENDS!
8gamsby
Chat Pages: 41  40  39  38  37  36  35  34  33  32  31  30  Older

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