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Share Name Share Symbol Market Type Share ISIN Share Description
Watkin Jones Plc LSE:WJG London Ordinary Share GB00BD6RF223 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -3.50 -1.5% 230.00 229.50 232.00 233.00 230.00 230.50 314,911 16:35:02
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate 354.1 25.3 8.3 27.9 588

Watkin Jones Share Discussion Threads

Showing 2201 to 2225 of 2375 messages
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DateSubjectAuthorDiscuss
20/1/2021
11:00
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.
energeticbacker
20/1/2021
09:57
Article from Investors Champion Despite the challenging conditions, full year results from the leading developer of student accommodation were encouraging. With a significant opportunity in Build to Rent accommodation and institutions willing to provide funding, Watkin Jones looks well-placed to benefit from a supportive market. Watkin Jones (LON:WJG), the UK's leading developer and manager of residential for rent with a focus on the build to rent ('BtR') and purpose built student accommodation ('PBSA') sectors , announced decent results for the year ending 30 September 2020. While revenue fell 5.5% to £354.1m, primarily as a result of forward sales of developments being deferred due to COVID-19 uncertainty, that looks a pretty good result in the circumstances. Adjusted operating profit was only 7.1% lower at £51.7m with the impact of disruption on operations minimised and additional construction costs substantially mitigated, and planned deliveries for the year all completed. Exceptional costs of £20.5m, including £14.8m in relation to remediating cladding on a number of past developments and £5.7m of additional costs in relation to COVID-19, saw statutory profit fall 47% to £25.3m. There seems some inconsistency in their communication of the impact of the pandemic, with additional costs relating to this simply being treated as ‘exceptional’. With all Government financial assistance of £0.8m repaid at the start of 2021, management is able to propose a full-year final dividend of 7.35 pence. The operating cash inflow was £38.3m and free cash inflow £32m, boosting period end net cash to £94.8m of net cash, up from £76.8m at 30 September 2019. With £65.0m undrawn on their revolving credit facility they have plenty of fire power. Management confirmed a good start to the 2021 financial year, with new forward sales and developments progressing well. Watkin Jones reports across 4 business lines: BtR, PBSA, Accommodation Management business (Fresh) and Residential. BtR made a significant contribution to performance, with revenue up 21% to £94.0m and gross profit £14.9m, representing a margin of 15.8% In BtR development 928 apartments across five sites have been forward sold for delivery over the period to the 2022 financial year (all date reference here are to September financial year ends). A further three sites (722 apartments) are currently in negotiation for sale for delivery over the period 2022 to 2023. They have a total secured BtR development pipeline of 4,466 apartments across 13 sites, for delivery between 2021 and 2025, suggesting decent visibility.
rat attack
19/1/2021
17:26
Presentation 4 February, sign up here if interested hxxps://register.gotowebinar.com/register/842238413915849227
rat attack
19/1/2021
13:23
toptomcat- many thanks, his closing statement here: 'Analysts at Progressive Equity Research are predicting current year EPS of 15.8p, rising to 17.4p in 2021/22 and pencil in respective dividends per share of 8p and 8.7p. On this basis, the shares are rated on a modest price/earnings ratio of 12.8 falling to 11.6 and offer an attractive prospective dividend yield of 4 and 4.3 per cent, respectively. Mr Simpson also notes that financial distress in the leisure, retail and office sectors will enable Watkin Jones to make opportunistic purchases of new sites at favourable prices, another bull point. From a technical perspective, the shares have broken out of the 183p upper ceiling of the post stock market crash trading range as I predicted back in November. I have no reason to change my strong buy recommendation, nor my 240p to 250p target price. Strong buy.'
investor0109
19/1/2021
12:53
ST reiterates Strong Buy recommendation and 240p-250p price target
toptomcat
19/1/2021
11:59
I expect a comment from Questor, an ideal investment for DT readers.
clausentum
19/1/2021
10:10
Key is outlook which is clearly very positive. Nice div being paid and further recovery is expected. No real student occupancy hit to talk of and long way to go to reclaim its past high c.285p. Should trade through 200p and get a few tips now I expect.
its the oxman
19/1/2021
09:26
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.'
investor0109
19/1/2021
09:22
hxxps://www.progressive-research.com/research/leaner-lighter-strategy-as-investment-revives/
rat attack
19/1/2021
08:38
Just an observation. free stock charts from uk.advfn.com
skinny
19/1/2021
08:17
Excellent results given COVID-too long to post in full form, though can be found here: https://otp.tools.investis.com/clients/uk/watkin_jones/rns/regulatory-story.aspx?cid=1374&newsid=1445472 My view that WJG fair value 230-250p with 270-300p possible should they continue to deliver 2021.
investor0109
19/1/2021
08:15
Dividend restored, great growth opportunities. What more can we want. Nice reading below on future plans!The Group secured four significant new development sites during the year, three of which are subject to planning. These sites are in Birmingham (550 apartments), Bath (343 apartments), Glasgow (779 apartments) and Lewisham, London (322 apartments). Subsequent to the year end a further site was secured subject to planning in Belfast (778 apartments).We also obtained planning permission for 538 BtR apartments at sites in Brighton and Hove (216 apartments) and Lewisham, London (322 apartments) for delivery in FY23.The appraised future revenue value to the Group of the above secured development pipeline is c.GBP900.0 million, of which c.GBP90.0 million is currently forward soldThe Group secured a further six PBSA development sites in the year, four of which are subject to planning. These comprised two sites in Edinburgh (644 beds) and sites in Bath (335 beds), Bristol (387 beds), Guildford (375 beds) and Manchester (419 beds).After our year end we entered into forward sales agreements for three new development sites, for which the clients concerned acquired the land directly. These were in Bristol (291 beds), York (368 beds) and Leicester (250 beds), all for delivery in FY22 and with a total forward sold development value of GBP65.2 million.The Group obtained planning for 1,217 beds, comprising the additional 100 beds for the Wembley site, 984 beds for sites in Edinburgh and 133 beds in Exeter.The appraised future revenue value to the Group of the above secured development pipeline is c.GBP600.0 million, of which c.GBP215.0 million is currently forward sold
bg97
19/1/2021
08:00
Yes it makes for reassuring reading.
skinny
19/1/2021
07:47
These results are slightly ahead of broker expectations and Simon Thompson when he rated strong buy back in November
toptomcat
19/1/2021
07:20
So what do we think? Excellent news in the dividend, cash position and liquidity I think, albeit possibly in line with our expectations. It’ll be interesting to compare that forward order book and pipeline to historical years is my only thought and work I haven’t done yet. I’m not expecting fireworks today but think the analyst call will be key.
2theduke
19/1/2021
07:01
Full Year Results. Financial Highlights -- Solid financial performance, showing the resilience of the business during a challenging period for the UK economy. -- Revenue down 5.5% for the year, primarily as a result of forward sales of developments being deferred due to COVID-19 uncertainty. -- Robust gross margin for the year of 21.4% (FY19: 21.4%). -- Impact of COVID-19 disruption on operational delivery minimised and additional construction cost substantially mitigated, with FY20 planned deliveries all completed. -- All Government financial assistance received to support furloughed staff, totalling GBP0.8 million, repaid at the start of FY21. -- Full-year final dividend of 7.35 pence per share proposed, in line with policy of 2.0x cover by adjusted earnings, reflecting strength of financial performance and cash position. -- Strong liquidity position: - GBP134.5 million gross cash at 30 September 2020 (30 September 2019: GBP115.6 million). - GBP94.8 million net cash (after deducting loans, but excluding IFRS 16 operating lease liabilities), up from GBP76.8 million at 30 September 2019. - GBP100.0 million revolving credit facility with HSBC renewed to May 2025, of which GBP65.0 million was undrawn at 30 September 2020. -- Exceptional costs of GBP20.5 million, including GBP14.8 million in relation to remediating cladding on a number of past developments and GBP5.7 million of additional costs in relation to COVID-19. Richard Simpson, Chief Executive Officer of Watkin Jones, said: " We delivered a robust financial performance for FY20, building on our strong first half despite the subsequent and ongoing disruption caused by COVID-19. Our operations have performed well and we have taken the opportunity to secure sites to significantly increase our development pipeline, positioning us to deliver our growth strategy as the UK's leading developer and manager of residential for rent. "COVID-19 undoubtedly caused delays to investment activity in the period, however I am pleased to report that the resumption in forward sales that we have seen, coupled with the increase in the number of student beds for delivery in FY21 and the scheduled completion of four BtR developments, should see Watkin Jones return to growth in the coming year, assuming there is no further significant disruption to our activities. We are pleased with our progress in growing our BtR and PBSA development pipelines and remain very confident in the long term prospects for these markets. "We have had a good start to FY21 with new forward sales and our developments progressing well. The current escalation of the pandemic and latest lockdown brings with it further operational challenges, not least of which to Fresh who continue to provide support to students in residence and those unable to return to their accommodation in January. However, we have limited direct exposure to the level of student occupancy and with our COVID-secure operations working effectively we are able to continue delivering our developments on site. In light of our strong performance and cash position, we have resumed our previous dividend policy and the Board is therefore proposing a full-year dividend of 7.35 pence per share. "Overall, I am confident about our business and its prospects, which are supported by strong sector dynamics and investor demand. Throughout the pandemic, we have been able to adapt to the changing circumstances and this, together with our strong pipeline of future developments and increasing focus on our ESG agenda, will allow the Group to continue to deliver for its stakeholders. "I would like to take this opportunity to thank all the people across the Watkin Jones Group for their outstanding contribution in the most challenging of times. I want to thank them all for their hard work and their willingness to innovate, overcome problems and adapt to new ways of working which has set the foundations for our future growth." Business Highlights Further good progress with delivering our strategy. Build to rent development - good progress with developments for delivery in FY21 and strong growth in pipeline -- Exciting progress with BtR strategy, delivering 159--unit scheme in Bournemouth and making good progress on site with developments at Reading, Wembley, Sutton and Stratford, which are all on track for completion in FY21. -- Secured four significant new sites in Birmingham, Bath, Glasgow and Lewisham, London and, subsequent to the year end, a site in Belfast. -- 928 apartments across five sites forward sold for delivery over the period to FY22. Further three sites (722 apartments) currently in negotiation for sale for delivery over the period FY22 to FY23. -- Planning obtained for 538 BtR apartments on schemes in Brighton and Hove and Lewisham, London. -- Total secured development pipeline of 4,466 apartments across 13 sites, for delivery between FY21 and FY25.
skinny
18/1/2021
18:29
Visibility of a dividend of 10p ( now or next year) a share and growing at a yield of 4% suggests a price of upwards of £2.50 p/share. A lot depends on the forward outlook and the analyst interview posted on the website post 12 noon tomorrow will be interesting and useful to see.
goodpick
16/1/2021
18:41
Manchester:Developer Watkin Jones Group has lodged an application with Manchester City Council to redevelop the site of the USDAW trade union building on Wilmslow Road into a 425-bedroom student housing development.Personally find it quite exciting seeing the growth of this company over the next few years if all these planning applications go through. Roll on results this week... maybe even a dividend announcement....
bg97
16/1/2021
10:21
From the November update: "-- Intention to pay a full year dividend for 2020 in line with our policy of 2.0x cover, reflecting our strong cash position, subject to there being no material deterioration in market conditions". IMO if they follow through with this there should be a higher share price A significant dividend and capital light model make this company ideal for risk averse income investors.
clausentum
14/1/2021
17:15
Bg97- I too expect strong results on Tue, though have hunch that share price may give some ground initially- unrealistic expectations will surely see some off. However, believe they'll return at higher share price following tipster write-up, as has been the case so often before.
investor0109
14/1/2021
15:42
14-Jan-2111:43:36185.80 96,840 Buy*179.93kA nice 179k buy, must be confident in the results next week!
bg97
12/1/2021
18:10
Final Results next Tuesday!
clausentum
11/1/2021
14:39
a_game- quite agree. Market irrational and high quality stocks knocked down without good cause. Heard stampedes out, leaving bargains out in the open for those who, as you say, able to look beyond short-term. My view- why get burnt by 'hot' investments, whilst quality quietly endures.
investor0109
08/1/2021
18:29
I get that, but it's bizarre when you think not even long term, but just a little ahead in the future. Students aren't going to disappear for good because of this pandemic. If anything, 2021 admissions will be the highest yet after those who postponed starting in 2020. Going forward, student numbers will only grow in time. Student accommodation sector is one of my favourites at the moment. Unduly beaten up imo and long term growth prospects are fantastic
a_game
08/1/2021
07:48
Simply because lockdown/scare factor has prevented/reduced students taking up accommodation. Have been in here since it came to market. A well managed company with a good light capital model and an ever growing BTR division
2vdm
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