Telford Homes Share Discussion Threads

[speedsgh] 05/6/2017 09:03

"The Board believes the Group's skillset can be utilised to develop build to rent homes anywhere in London..." Nudge nudge, wink wink.

[tudes100] 05/6/2017 08:46

Scale of the project is significantly different from previous PRS sales, numbers of homes dramatically more although they need to secure the planning permission first.

[shanklin] 05/6/2017 08:44

Well I did not think of foreign PRS investors :-)

[owenski] 05/6/2017 08:41

Shanklin -

"LOL, pound would crash and TEF could sell PRS and to foreign investors."

And here TEF are with Greystar, are you using a crystal ball ;-)

[shaker44] 05/6/2017 08:02

Great post shanklin. Thank you

[gbh2] 05/6/2017 07:58

SP should develop in run up to ex dividend date, news will help hopefully :)

[cwa1] 05/6/2017 07:24

Nice announcement with quite some potential IMHO.

[shanklin] 05/6/2017 07:09

Interesting...

[shanklin] 02/6/2017 15:09

LOL, pound would crash and TEF could sell PRS and to foreign investors.

[gbh2] 02/6/2017 13:23

IF he gets in it'll be a rerun of the last time the Left wing of the labour party got in - If memory serves correctly, it took about three years for the Elite to bring down the government and force a new election by which time we were ready to vote for anything wearing Blue!

[pillion] 02/6/2017 12:55

Corbyn as PM

Unions will have free rein; and free reign

London will be number one target
my opinion: no advice intended

[gbh2] 01/6/2017 21:56

Sector wide drop on news of sales downturn.

[james188] 01/6/2017 21:43

As the CEO has pointed out several times, no political party will want to be associated with being other than supportive of the sort of homes that Telford Homes are providing.

[pillion] 01/6/2017 21:10

TEF could fall further
Corbyn is the Bogeyman

[gbh2] 01/6/2017 16:28

Unexpected drop gave me a chance to pick up a few more.

[speedsgh] 01/6/2017 07:15

More to come from Telford Homes -

[hillofwad] 01/6/2017 06:15

Shaker

It was very encouraging to read from the report on their website that they have received multiple approaches from investors keen to do business



One thing is for sure they wouldn't have been slow in coming forward with sites to meet this demand . Expect annoucements very soon of some major new deals with other goldplated investors probably in Boroughs where Telford are underepresented

On the subject of Wicks surprised he hasn't made moves to dispose of more consented sites Good deal maker and managed to exit before he market fell last cycle Certainly they wont want to be caught with their trousers down

[shaker44] 01/6/2017 04:52

And IC have set a target price north of 500, as have other analysts they quoted.
I like the management thinking here. Not locked,into existing model, thoughtful about
scarce capital, manage contracts well ( pay well for high quality) and seem to nurture local planners- unlike the bolshy approach by Wicks at INL!! And above all, they seem very good at identifying potential sites with money to be made. Clearly, also nurturing relationships with poension funds etc for buy to let. Busy guys!!

Seem not dissimilar to the approach by Watkins Jones in the buy to let student market, also going well.

[pillion] 31/5/2017 22:17

Cheers stentorian

[stentorian] 31/5/2017 22:11

IC have today underlined their January 2017 BUY tip with an updated recommendation for TEF at 435p citing, good yield (3.6% ex-div 15th Jun), low gearing and a 24% discount to av. price to book value for the sector.

[hillofwad] 31/5/2017 16:35

One other important point is that they have a shedload of money coming back through the door including the land elements at Bermondsey.Manhattan and Stratosphere of over £50m which will be quickly recycled into Cambridge Heath Road and Kilburn

Still plenty of headroom and no doubt one of those going straight back out again

As the market cools they will be liquid and able to buy cheaply ready for the next cycle

Since sites are sometimes 6 years from site identification and completion its always forward looking The problem is always access to capital

Since 2009 TEF have managed to kick on by using foreign investors deposits giving half the profits away to the likes of Pears on Avant Garde and profit sharing with Housing Associations who have inserted the land This time around they will be in a better position just think of the profit they gave away on Avant Garde

[maurillac] 31/5/2017 16:20

disappointing market reaction today for all that ! nothing new though, the market has always been a bit of a "back of the classroom dunce" over tef.
happy to hold these myself
m

[dr_smith] 31/5/2017 15:32

Thank-you Hillofwad - Yes - report mentioned about landbank buying selectively at right price.
So management nimble..to best utilise in house-resources (plant and staff), though more contracts for third parties, may mean less capital as building cost, but more plant and trades to be kept busy if demand from such third parties eases off.
Law of diminishing returns at play - whereas some builders merely take their foot off the gas pedal.
Amazingly, this sector looks forward 2-5 years or more, unlike say supermarkets with an event horizon around 3 months.

[hillofwad] 31/5/2017 14:26

DR Yes I agree.However TEF managed the last downturn by nimbly switching to affordable and social It also helps that they dont landbank They were one of the few house builders to make a profit during the downturn They have put the bullet proof vest on this time They effectively stopper buying land in the Summer of 2015 and only recntly ramped up this year on sites which on the face of it look going straight back out the door to the PRS sector and derisked

They really are Men for All Seasons It sounds like I'm ramping but I don't think I have been more impressed with a company

[owenski] 31/5/2017 14:03

Worth a look - JDS comments on results