Telford Homes Share Price (TEF)

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Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Telford Homes	LSE:TEF	London	Ordinary Share	GB0031022154	ORD 10P

	Price Change	% Change	Share Price	Shares Traded	Last Trade
	-16.00p	-5.37%	282.00p	262,604	16:35:09

Bid Price		Offer Price	High Price	Low Price	Open Price
281.50p		282.00p	302.00p	280.50p	295.50p

Industry Sector	Turnover (m)	Profit (m)	EPS - Basic	PE Ratio	Market Cap (m)
Household Goods & Home Construction	316.24	46.31	49.80	5.7	213.4

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Telford Homes (TEF) Latest News (1)

Telford Homes News

Date	Time	Source	Headline
10/12/2018	07:49	ALNCF	Alliance News Flash Headline
04/12/2018	13:20	UKREG	Telford Homes PLC Director/PDMR Shareholding
28/11/2018	11:31	ALNC	Telford Homes Interim Revenue And Profit Surge Despite Uncertainty
28/11/2018	07:00	UKREG	Telford Homes PLC Interim Results
05/11/2018	11:12	ALNC	Telford Homes Buys First Development Site In Ealing For GBP28 Million
05/11/2018	07:00	UKREG	Telford Homes PLC Acquisition of part of Greystar site in Greenford
10/10/2018	13:04	ALNC	TAKING AIM: Telford Homes Guidance Gets Mixed Reactions
10/10/2018	08:43	ALNC	Telford Homes Says First Half Sales Hurt By Brexit Negativity
10/10/2018	06:00	UKREG	Telford Homes PLC Trading Update
04/10/2018	09:18	ALNC	Telford Homes Non-Executive Director Frank Nelson Steps Down

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Telford Homes Takeover Rumours

Telford Homes (TEF) Share Charts

1 Year Telford Homes Chart

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Telford Homes (TEF) Discussions and Chat

Telford Homes Forums and Chat

Date	Time	Title	Posts
10/12/2018	21:02	TELFORD HOMES - Wot, nobody watching?	2,709
19/12/2014	10:45	Telford Homes 2014	17
08/8/2013	13:48	* Telford Homes *	24
24/8/2009	21:24	a	7

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Telford Homes (TEF) Most Recent Trades

Trade Time	Trade Price	Trade Size	Trade Value	Trade Type
2018-12-10 17:37:07	285.90	1,000	2,858.99	O
2018-12-10 17:07:30	282.01	229	645.81	O
2018-12-10 16:57:47	285.40	6,778	19,344.41	O
2018-12-10 16:55:18	284.68	4,958	14,114.58	O
2018-12-10 16:54:55	289.50	172	497.94	O

View all Telford Homes trades in real-time

Telford Homes (TEF) Top Chat Posts

Date	Subject
10/12/2018 08:20	Telford Homes Daily Update: Telford Homes is listed in the Household Goods & Home Construction sector of the London Stock Exchange with ticker TEF. The last closing price for Telford Homes was 298p. Telford Homes has a 4 week average price of 280.50p and a 12 week average price of 280.50p. The 1 year high share price is 474.50p while the 1 year low share price is currently 280.50p. There are currently 75,676,000 shares in issue and the average daily traded volume is 231,658 shares. The market capitalisation of Telford Homes is £213,406,320. Read Full Thread Reply
12/10/2018 10:53	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. Read Full Thread Follow Reply
02/2/2018 17:12	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. Read Full Thread Follow Reply
03/1/2018 13:52	speedsgh: From Simon Thompson's article today on housebuilders... Alpha alert for housebuilders - HTTPS://www.investorschronicle.co.uk/comment/2018/01/03/alpha-alert-for-housebuilders/ "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." Read Full Thread Follow Reply
16/9/2017 13:25	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. Read Full Thread Follow Reply
13/7/2017 08:33	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. Read Full Thread Follow Reply
27/5/2017 06:37	walbrock82: Whether you are short or long-term investors, here are some serious facts to date and forecasts in the future: A. Since 2004, Telford Homes saw revenue compounded by 16%. B. Development pipeline is over £1.5bn or four times the size of annual revenue. What you didn’t know is Telford’s pipeline has an average property price of £510,000 vs. the average London price of £580,000. Should this give the company a cushion, if prices fall? C. Despite rising property prices, it is very sensitive to movement in price and sentiment (think volume of transaction). Remember that Brexit vote. it caused the shares to fall 30%. D. Annual home price is starting to fall in London. It registered a drop of 1.5% last year. The first time in eight years. Also, it caused Telford’s shares to collapse by 95%. But, I would admit that uncertainty surrounding the banks played a big part as well. E. Property prices in London are 15 times greater than the average salary of £30,000. This is the highest on record. Will it carry on higher? F. Telford’s guidance paint a rosy forecast of profit before tax of exceeding £40m in 2018 and £50m by 2019 (2016 was £32m). On that measure, expect the share price to rise to £6.50 per share on a proportional basis. If these facts interest you, then there is more in this article: http://bit.ly/2s6z0Bc What do you believe in? Higher or Lower property prices in London. Read Full Thread Follow Reply
25/5/2017 21:02	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. Read Full Thread Follow Reply
25/4/2017 16:26	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 Read Full Thread Follow Reply
18/10/2016 12:56	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. Read Full Thread Follow Reply
21/1/2016 11:01	ganthorpe: Looking at the recent fall in TEF share price I did a few back of envelope calculations . Midas full year profit estimate of £30M may be pre or post tax.My scribbles worked out at £32m pre tax and £25.5M post tax. This gives EPS of about 41P allowing for the extra shares from the November placing. The interims stated that they intended to pay more than one third of profits as dividend , and the interim was up 27.5% , so a similar increase would give 7.65P for the final , making 14.15P for the year.This would be just over one third of 41P earnings and more than Midas figure. At about 350P the P/E would be about 8.5 times earnings and the yield about 4% DYOR Read Full Thread Follow Reply

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