Telford Homes Dividends - TEF

Telford Homes Dividends - TEF

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Telford Homes Plc TEF London Ordinary Share GB0031022154 ORD 10P
  Price Change Price Change % Stock Price Last Trade
0.00 0.0% 349.50 01:00:00
Close Price Low Price High Price Open Price Previous Close
349.50 349.50
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Industry Sector

Telford Homes TEF Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

Top Dividend Posts

spob: CBRE to buy UK-listed residential developer Telford Homes Tie-up values Telford’s equity at more than £200m Philip Georgiadis 13 minutes ago CBRE, the world’s largest real estate services firm, has agreed to buy British residential developer Telford Homes in a deal that values its equity at £267m. The New York-listed property group said on Wednesday that it has agreed a cash deal to pay 350 pence per share for Telford, which represents an 11 per cent premium to its Tuesday closing price of 306 pence. The deal values Telford’s equity at approximately £267m. Including net debt, the enterprise value of the deal is roughly £340m, according to FactSet data. Telford Homes’ chairman said the deal represents “fair value” in light of the group’s market positioning, its portfolio and pipeline and “the current operating environment.” The group’s share price has fallen from highs of nearly 500 pence in 2015. The UK housing market has slowed in recent years, with the London market particularly badly affected by changes to taxation and the impact of Brexit-related uncertainty. Andrew Wiseman said: “The board remains confident in the long-term prospects of the business, however the board also recognises the risks posed by the political and macroeconomic environment”. Aim-listed Telford was established in 2000 and develops residential housing across London, with a development portfolio in process of £1.3bn. It has recently shifted to focus on the build to rent sector, which CBRE expects to grow substantially in the coming years. Bob Sulentic, president and chief executive of CBRE, said: “The UK is in the early stages of a secular shift toward institutionally owned urban rental housing, similar to what we have seen in the US over the last two decades. Telford Homes is well positioned to lead this trend.” Telford would operate as a stand alone business within CBRE subsidiary Trammell Crow Company if the deal completes.
bulltradept: IC View Yesterday: Profits for the first half of 2019 will be lower than in the second half, but profits are usually weighted towards the second half anyway. After the initial fall, the share price has recovered some ground, which suggests that the initial reaction was overdone. Indeed, if Brexit turns out favourably, the shares, trading at just 1.1 times net assets look cheap. However, with uncertainty unlikely to dissipate in the short term, poor sentiment will limit the upside. At 359p, hold.
james188: The chairman still retains a very large stake in Telford, so I am very relaxed about this sale. TEF's share price has been pulled down by general market sentiment on house builders and some ill judged comments from Govt along the lines of clobbering builders for land banking. They would do better to focus on trying to reduce the cost and time it takes to secure planning consents (whilst maintaining proper scrutiny), particularly in London where the likes of TEF are tackling complex brownfield sites, many of which are a complete eyesore in their current state.
speedsgh: From Simon Thompson's article today on housebuilders... Alpha alert for housebuilders - HTTPS:// "My final play is London housebuilder Telford Homes. It’s proved a cracking investment with the share price rising almost 50 per cent since I spotted the potential less than 18 months ago ('London property trading play', 22 Aug 2016). I last advised running profits at 397p in the autumn ('A trio of small-cap plays', 16 Oct 2016), since when the share price has risen 8 per cent to 420p and is now heading back towards the May 2017 high of 439p. I reckon there is a decent chance of a chart break out. The company continues to de-risk its £1.5bn plus development pipeline of 4,000 new homes by entering into build-to-rent funding arrangements with large institutional investors, while at the same time targeting the lower end of the London property market where there are chronic housing shortages. This strategy de-risks the forward sales pipeline, accelerates profit recognition, drives a higher return on capital as Telford no longer needs to fund these developments, and reduces gearing levels as capital is released from its land bank and working capital. Indeed, chief executive Jon Di-Stefano noted at the recent interim results that Telford is bang on track to deliver pre-tax profits in excess of £40m for the 12 months to end March 2018, having secured over 95 per cent of anticipated gross profit already. Moreover, it has already secured two thirds of the gross profit needed for pre-tax profits to exceed £50m in 2018/19. Rated on less than 9 times Equity Developments EPS estimates, falling to 7.6 times 2018/19 forecasts, priced on a miserly 1.2 times March 2019 forecast net tangible assets, and offering a 4 per cent prospective dividend yield, Telford’s shares rate a trading buy with a chart break-out on the cards. Buy."
james188: Agree with the above. What seems bizarre to me is how well the Watkins Jones share price has fared in comparison; the market seems to view the business much more favourably and I struggle to understand why. In any event, I could not resist topping up at this level.
jurgenklopp: to be fair to the Company they have been stating for a while now that they are on track to exceed £40 million pre-tax this year and £50 million for y/e March 2019. So the market has a good idea of what to expect even if it is heavily weighted to the second half of this financial year. What may give momentum to the share price is confirmation of some of these 'exciting opportunities' coming to fruition. In this respect Telford has developed a very good reputation and ought to deliver. A reasonably hefty divi will hit the account tomorrow - I will have a gentle top up !!
speedsgh: "We expect less than a quarter of the forecast open market handovers for the year to occur in the first six months and as a result full year profits will be significantly weighted towards the second half." Significant H2 weighting is not ideal & may act as a brake on the share price for a while until there is clearer evidence of them meeting full year guidsnce? TEF is a high quality business imo but, despite the chronic demand-supply imbalance, it still operates in a highly cyclical market.
gp1948: It's a pleasure Olddog. TEF is the biggest holding in my portfolio (by quite some way). I like to keep track of things with this company. I think the results on 31st May should give us a modest boost in the share price.
speedsgh: TEF share price was nearly 500p in Q2 2015. Reckon the company is in a better position now than it was then, albeit macro uncertainty may be greater at this point? Aimho
muscletrade: Investor Chronicle plugging TEF with a well considered piece. I also feel that investors are being overly cautious in their assessment of some housebuilders. I made a strong case to buy shares in east London builder Telford Homes (TEF:285p) at around the current level in late summer and last week’s trading update hasn’t altered my positive stance ('London property trading play', 22 Aug 2016). The board revealed that since the start of September it has seen greater interest levels and more visitors to its central sales centre which has led to an increased number of reservations. This includes the sale of three of the remaining penthouses at the Horizons development in London’s docklands which have achieved an average price of over £1m, well in excess of the company’s usual price point. The average anticipated price of open market homes in Telford’s future pipeline is £517,000. Given this focus on the lower end of the London housing market, profit expectations for the 12 months to end March 2017 are well underpinned. In fact, with over five months of the financial year still to go, Telford has already secured 95 per cent of the open market home sales for the 12 month period, prompting analyst Gavin Jago at brokerage Peel Hunt to maintain his pre-tax profit and EPS estimates at £33m and 35p, respectively, and pencil in a 10 per cent hike in the payout to 15.7p a share. Analysts Mark Hughes and Hannah Crowe at Equity Development have similar forecasts, having just initiated coverage. On this basis, the shares are rated on 8.25 times earnings estimates and offer a prospective dividend yield of 5.4 per cent. The next significant site launch is at the company’s City North scheme in Finsbury Park, a joint development with The Business Design Centre in Islington. The 355-home development is now underway and is being funded by a £110m loan facility with LaSalle Residential Investment Fund. The scheme also includes 140,000 sq ft of commercial and leisure space and a new entrance to the underground station. It’s well worth noting then that around 150 of the units have already been pre-sold and form part of Telford’s £650m sales pipeline which underpins over half of its revenues for the next three financial years. At an average selling price of £800 per sq ft, and given its attractive location, I would anticipate solid sales demand at City North when the site is launched next month. I would also flag up that the chronic supply shortage of housing in London reflects a significant gap between the need for homes and the numbers being built each year, an imbalance that will not ease anytime soon given the predicted population growth in London over the next decade. Furthermore, the collapse in sterling – buyers with euros and US dollars now get more than 20 per cent more UK property for their money than before the EU Referendum – has already stimulated interest at the top end of the London market and could attract rich overseas investors to the high rental returns from Telford’s offering. Institutional demand for PRS growing Another positive is that Telford is currently in discussions with a prospective purchaser for the sale of its third private rented sector (PRS) development this year. The company has already offloaded around 300 homes in its pipeline with a development value of £130m to M&G Real Estate, and a subsidiary of L&Q, one of the UK's leading housing associations and one of London's largest residential developers. These deals reflect increasing institutional demand for high-quality, well-located developments to be 'built for rent'. There is decent financial upside from PRS sales because assuming Telford achieves close to its target operating margin of 15 per cent, it will earn huge profits on the £130m of revenue generated from the two schemes. Profits will be recognised earlier because under contract accounting standards it is based on a percentage build basis rather than on legal completion of the schemes. Furthermore, Telford has no debt finance on its PRS developments, has recouped its land costs and is fully carried on funding, so will make a higher return on capital employed that on a normal housing development. Admittedly, it forsakes net margin to secure the sale of a complete development, but it’s good business as this mitigates risk. Frankly, with Telford’s shares priced on 8.25 times earnings estimates, rated on a 5 per cent premium to end March 2017 book value estimates and offering a forward dividend yield of 5.4 per cent, investors are pricing in a sharp reversal of house prices at the more affordable end of the London market despite the strong supply-demand dynamics of the market segment Telford is targeting. And with analysts forecasting cumulative EPS of almost 140p over the next three financial years even in a flat London market, of which over 50p a share is earmarked for dividends, this progressive earnings profile is simply not being reflected in the current valuation. Offering more than 30 per cent share price upside to my 370p target price, I continue to rate Telford’s shares a buy.
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