Watkin Jones Investors - WJG

Watkin Jones Investors - WJG

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Stock Name Stock Symbol Market Stock Type
Watkin Jones Plc WJG London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
1.00 0.43% 233.00 16:29:33
Open Price Low Price High Price Close Price Previous Close
232.00 227.50 234.50 233.00 232.00
more quote information »
Industry Sector
REAL ESTATE

Top Investor Posts

DateSubject
19/7/2021
07:15
skinny: Board succession update. On 14 April 2021, Watkin Jones plc (AIM:WJG) announced that as part of its long term Board succession planning, Grenville Turner had given notice of his intention to retire as Chair during 2021 and that Phil Byrom, Chief Financial Officer, had also given notice of his intention to retire in 2022. Following an active recruitment process, the Board is pleased to announce the appointments of a new Chair-designate and CFO-designate. Appointment of non-executive director and Chair-designate Alan Giddins is appointed as non-executive director and Chair-designate with immediate effect. It is intended that Grenville will step down from the Board in October 2021 and that Alan will take over as Chair, having allowed time for an orderly handover. Alan is currently Chair of Hill & Smith Holdings PLC, the FTSE 250 international group creating sustainable infrastructure and safe transport solutions, having joined in October 2017 as the Senior Independent Director, before assuming the role of Chair in October 2019. Alan is also a non-executive director and investment committee member of Big Society Capital Limited, the UK's largest social impact-led investor. Alan brings a wealth of board, investment and ESG experience, having been Managing Partner and Global Head of Private Equity at 3i Group plc ('3i'), and sat on the boards of a number of 3i's largest private equity investments. Prior to joining 3i in 2005, Alan spent 13 years in investment banking advising a broad range of quoted companies. He qualified as a chartered accountant and has a degree in economics. Appointment of Chief Financial Officer-designate Sarah Sergeant is appointed to the Board as Chief Financial Officer-designate with effect from 6 October 2021. Phil Byrom will step down from the Board, and Sarah step up to CFO after a suitable handover period. Sarah is currently the Chief Financial Officer of the UK & Ireland region at Compass Group PLC, the FTSE 30 food and support services company. She has held a number of senior finance and operational roles over her 13-year tenure at Compass, including Group Financial Controller, M&A Director, and CFO of the Asia Pacific region, based in Singapore. Sarah brings considerable financial, strategic and operational experience from across the commercial spectrum. She is a chartered accountant. Grenville Turner, Chair, commented on the Board appointments: "We are delighted to welcome Alan and Sarah to the Board. Alan brings considerable expertise particularly in guiding companies through the execution of their growth strategies and Sarah brings significant financial and operational experience working in complex businesses. Their experience will be invaluable to Watkin Jones as we continue to grow the business."
26/6/2021
21:39
standish11: Watkin Jones gets green light for Birmingham build to rent tower Grant Prior1 day ago Share Watkin Jones has received resolution to grant permission for its biggest build to rent scheme to date in the centre of Birmingham. The 30-storey Makers’ Yard scheme has been designed by Glenn Howells Architects and will include 551 apartments, 47 of which will be affordable. Residents will be able to enjoy social lounges, a gym, co-working space, large double height reception areas, a landscaped podium and a double height sky lounge. At the heart of the 2.47-acre site will be a new pedestrianized public square, giving access to the scheme’s 1,483sq.m of ground floor commercial space that will enable local employment opportunities. Alex Pease, Chief Investment Officer of Watkin Jones, said: “This decision marks the growing recognition of BtR’s role in creating sustainable new homes, and our expertise in delivering a strong pipeline of landmark places across the UK. “I’m thrilled that we can now get on and start building this fantastic scheme, which is already attracting strong interest from institutional investors.
27/5/2021
07:48
kadvfn1: Of far more relevance to me is that institutional demand for BTR hit a record £1.23bn in the first quarter of 2021, highlighting a strong recovery in confidence following last year’s Covid-19 induced market softness. Watkin Jones is developing 5,008 apartments which have a GDV of £950m, including a site in Edinburgh (524 flats) that was secured after the 31 March half-year end. It’s easy to see why the asset class is proving attractive to investors. Across the UK, occupancy levels are above 90 per cent, rent collection rates have exceeded 95 per cent since the start of the pandemic, and with household sizes forecast to reduce by 2.4 per cent by 2041, there will be a need for an extra 240,000 homes in the next 20 years. Also, BTR residential property provides a hedge against inflation and a widening yield gap over 10-year government bond yields, thus offering decent prospects for both capital and income growth in a zero-interest rate policy environment. The directors note that their Leicester scheme (185 flats) has been brought forward to the current year and the marketed pipeline of forward sales is proceeding well. They also flag up that institutional investment in PBSA, around £715m in the first quarter of 2021, is well above pre-Covid-19 levels. The group is developing 8,500 beds with a GDV of £625m, of which all 3,192 beds for delivery in the current year have been forward sold as well as 60 per cent of next year’s output, too. The profits earned from developing properties for institutional investors – BTR has a targeted profit margin of 15 per cent and PBSA 20 per cent – combined with an asset light business model – the investor funds the development, thus de-risking the investment case – means that the board can continue to recycle excess cash flow back to shareholders. Indeed, analysts at Progressive Equity expect a near 10 per cent hike in the 2022 dividend to 8.5p a share, covered two times by forecast EPS of 17.4p. On this basis, the shares are still only rated on a forward cash-adjusted PE ratio of 11.6, and offer a prospective dividend yield of 3.6 per cent. I raise my target price to 275p. Buy
27/5/2021
07:47
kadvfn1: From investor chronicle Shares in Watkin Jones (WJG:236p), a developer specialising in purpose-built student accommodation (PBSA) and build-to-rent (BTR) housing, have continued to recover strongly this year and earlier this month achieved the top end of my 240p to 250p target range (‘Watkin Jones recovering strongly’, 19 January 2021). First half results to 31 March 2021 were in line with analyst expectations which point to high-single digit growth in annual pre-tax profit, earnings per share (EPS) and dividend to £50m, 15.8p and 7.8p, respectively.
26/5/2021
17:11
clausentum: ST says: "The profits earned from developing properties for institutional investors – BTR has a targeted profit margin of 15 per cent and PBSA 20 per cent – combined with an asset light business model – the investor funds the development, thus de-risking the investment case – means that the board can continue to recycle excess cash flow back to shareholders. Indeed, analysts at Progressive Equity expect a near 10 per cent hike in the 2022 dividend to 8.5p a share, covered two times by forecast EPS of 17.4p. On this basis, the shares are still only rated on a forward cash-adjusted PE ratio of 11.6, and offer a prospective dividend yield of 3.6 per cent. I raise my target price to 275p. Buy."
18/5/2021
10:46
investor0109: Robust half year results for WJG and future looking bright. COVID turmoil well-navigated by board, with WJG low-risk model coming into its own past 12 mos. 'Increasing investor confidence' in sector and healthy future pipeline puts stock in WJG around 260-280p fair current value in my view, with 280-320p within coming 12 mos. all being well.
27/4/2021
15:31
alter ego: Mnuttall69, is the IC investor forum on the IC magazine web site? I cannot find the article - do you have a link?
27/4/2021
12:56
mnuttall69: Very strong update from Simon Thompson in the last hour on IC Investor Forum. Remains significantly undervalued and strong momentum to follow.
20/1/2021
11:00
energeticbacker: Investor's Champion comments that they like the lower risk forward funding model followed by Watkin Jones and there appears renewed appetite on the part of institutional investors to fund the sort of developments they construct. New research on Investor's Champion.
19/1/2021
09:26
investor0109: Progressive Equity Research published this morning- confirms why confident on WJG. Full research found on Progressive's website (and on link kindly provided by 'rat attack', though an extract from summary here: 'Watkin Jones in brief: low-risk, capital-light in growth markets The Group, admitted to AIM in 2016, in our view offers a unique low-risk, capital-light development and asset management model for private and student rental. It develops BTR and PBSA schemes, largely forward-funded by institutional investors, which acquire sites from WJ with the benefit of planning and then pay for the works monthly as development progresses, thus reducing capital tie-up for WJ. The Group also provides an accommodation management service through its Fresh Property Group (FPG) business, which manages both WJ and third party developed assets, and operates a more traditional housebuilding business focused on the North West. We believe the Group should benefit from continuing growth opportunities in new student accommodation, has ‘early mover advantage’ in BTR and this is all tied together by FPG in what we have defined as a ‘virtuous circle’. For more details, see 9 June 2020 initiation, Build-to-rent ‘comes of age’. Themes: opportunities knock ? Opportunities in land market – aided by planning changes. We see WJ in a similar advantageous position as some of the most successful specialist residential developers, such as Berkeley Group, which have preserved cash and now see significant opportunities from land owners in financially-challenged sectors such as retail and leisure. We believe WJ could benefit from recent changes to planning rules, allowing for vacant office and retail properties to be fast-tracked for residential use. ? Institutional investors return. Institutional investors have underpinned the Group’s capital-light growth model, by acquiring developments on a forward sale basis, in which they pay for the land and the development works as they progress. The Group has indicated returning demand for both BTR and PBSA after a hiatus during Covid. ? Build-to-rent. As we argued in our initiation note, we expect long-term growth in BTR, fuelled by demand from renters, either economically or for ‘life-style217;, and from investors, attracted by income prospects, while other sources of yield are diminishing. ? Student demand remains high despite Covid challenges. Despite worries that Brexit and Covid may deter university entries, particularly from overseas students, UCAS has registered a new record in the number of applications, from both home and abroad. Whilst remote teaching by universities and uncertainty during the pandemic could reduce the number of students choosing to study away from home in the current year, in our view it remains the preference of the majority to study at their university of choice and so we expect lettings to recover to normal levels post-Covid.'
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