Share Name Share Symbol Market Type Share ISIN Share Description
Watkin Jones LSE:WJG London Ordinary Share GB00BD6RF223 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  -8.00p -4.21% 182.00p 915,090 16:29:27
Bid Price Offer Price High Price Low Price Open Price
181.00p 182.00p 189.80p 180.40p 185.00p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate 301.9 35.8 14.0 13.0 464.59

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Date Time Title Posts
08/3/201815:02::: WATKIN JONES - buildings for students1,378
30/3/201609:05Watkins Jones-

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Watkin Jones Daily Update: Watkin Jones is listed in the Real Estate sector of the London Stock Exchange with ticker WJG. The last closing price for Watkin Jones was 190p.
Watkin Jones has a 4 week average price of 180.40p and a 12 week average price of 175p.
The 1 year high share price is 251.25p while the 1 year low share price is currently 141p.
There are currently 255,268,875 shares in issue and the average daily traded volume is 403,042 shares. The market capitalisation of Watkin Jones is £464,589,352.50.
glaws2: A very brief AGM report below; there were 4 private investors - the meeting ran to 75 mins with the majority of the time on shareholder questions. Senior management (below board level) from WJG also attended. 1. Very confident of the business going forward; BTR will be the growth engine – see big opportunities here with a “wall of money” waiting to come in. 2. BTR specification being honed; got the impression that the Leeds development was very much a proof of concept. 3. Questioned on the lack of forward sales on BTR and thus the carrying of the development risk they were emphatic that this is a short term event and once they are satisfied that they have got the right BTR model will move to forward selling in the same way that they do on the student side. Thought it would be 12-18 months to get to this position. 4. CEO resignation – due to difficulties in personal life. Stressed that it was definitively not the case of getting out due to impending problems – quite the reverse in fact in terms of strength of the business. City reaction was surprise, disappointment but acceptance given the business was strong. Indeed some institutions have increased holdings in the light of recent share price weakness. 5. Future role for Mark Watkins-Jones – would like him to become a NED (and he has indicated he is willing); but have held off on the appointment as they want the CEO to have an input into that decision. If he were to be appointed an additional NED would also be added as counter balance. If you have any further questions message me.
penpont: Update from S Thompson in yesterdays IC: Watkin Jones built on solid foundations Shares in Watkin Jones (WJG:207.5p), a construction company specialising in purpose-built student and private rented sector (PRS) accommodation, have been on a tear since I first recommended buying at 103p when the company floated on Aim ('A profitable education', 3 Apr 2016). I last advised running profits at 223p ahead of this month’s full-year results (‘Trading plays’, 9 Oct 2017), and the price subsequently hit the 250p target I highlighted. The results certainly didn’t disappoint, but the share price has since pulled back on news that chief executive Mark Watkin Jones, who has so successfully led the company, is stepping down for personal reasons. The caution is overdone. In the 12 months to the end of September 2017, Watkin Jones’ underlying pre-tax profits and EPS both rose by 13 per cent to a record £43.3m and 14p, respectively, on revenues up from £267m to £302m, reflecting the completion of 10 student accommodation developments. Cash generation was mightily impressive, driving net funds up by more than a quarter to £41m. The pipeline is impressive, too, as all 10 student accommodation developments scheduled for delivered this year have been forward sold, as have 85 per cent of the targeted beds for the 2019 financial year. Furthermore, the company’s activity in the build-to-rent market is gathering pace. Watkin Jones now has five development sites targeting 1,500 units, having completed its first scheme of 322 units in Leeds. Reassuringly, the forward pipeline de-risks forecasts which point to EPS of 15.2p this year, and 16p in 2019, so underpinning expectations of a further 10 per cent hike in the payout per share to 7.3p and 8p, respectively. Also, as more developments complete, net funds are forecast to swell to £74m by September 2018, a sum worth 25p a share. This implies the shares are attractively rated on 12 times forward cash-adjusted earnings and offer a prospective dividend yield of 3.5 per cent. Buy.
rivaldo: Tightfist, there was this: Http:// "Moreover, the government will spend £2.7bn to increase the Housing Infrastructure Fund, £400m for estate regeneration, £8bn to support private housebuilding and the purpose-built private rented sector" I wonder if the share price fall was due to some playing safety-first prior to the Budget - presumably given this afternoon's price action some of those are now coming back into the WJG water.
jonwig: The AIM rules about whether a company should issue a statement after a sharp move in its share price are unclear. However, if a company is in possession of information which would, if disclosed, lead to a sharp movement, it must clarify. Rule 11: An AIM company must issue notification without delay of any new developments which are not public knowledge which, if made public, would be likely to lead to a significant movement in the price of its AIM securities. By way of example, this may include matters concerning a change in: — its financial condition; — its sphere of activity; — the performance of its business; or — its expectation of its performance. Since the company issued a clear in-line statement on 31/10, absence of a statement can only mean that nothing has changed. In fact, the fall is about 15% from the last statement, which is probably not really significant. I see there are very few AT trades today, suggesting not so much manipulation as serious selling (a few of 10,000 say). A few large holders slicing some profits? The PER is 14x at 190p. No change in broker views since 31 Oct. EDIT: anyone who thinks of ringing the company should leave the stockmarket alone and get an instant access cash account.
its the oxman: Little bit of profit taking is a necessary evil. Trading statement pointed to good progress. The next set of results will reiterate all the good news and probably see a higher share price.
douglas fir: Best AIM shares 2017: Watkin Jones (AIM:WJG) offers plenty of visibility 03/11/2017 · Watkin Jones PLC (WJG) Comments Email Print Share Watkin Jones PLC (AIM:WJG) failed to generate much initial excitement when it arrived on AIM in March 2016. The UK developer, with a focus on the student accommodation sector, has certainly attracted plenty of investor interest since those early AIM days. With plenty of forward visibility and a growing management business, it looks in great shape, as our Blog here highlights.. Watkin Jones was established in 1791 by carpenter, Huw Jones, and is a ninth-generation family business, making it one of AIM’s older businesses! The Group has experienced significant growth since 1999, when it entered the student accommodation market, since when it has delivered over 34,500 student beds to date, across 107 sites, making it a key player and leader in UK Purpose Built Student Accommodation. In addition, Watkin Jones has been responsible for over 50 residential developments, ranging from starter homes to executive housing and apartments. More recently it added the Fresh Property Group, a specialist accommodation management company, to its portfolio of activities. Fresh manages over 16,000 student beds on behalf of its institutional clients and is growing strongly on the back of the Group’s development activities. Watkin Jones is also now expanding its operations into the build to rent sector. - AIM arrival On arrival on AIM the Group raised gross proceeds of £85.4m at 100p per share with selling shareholders also pocketing £45.9m. Despite this material sell-down it was reassuring to note that the Watkin Jones family and related Trusts retain a combined 48.5% stake in the Company. The market capitalisation on AIM admission was £255m. - Well done the Chairman for taking advantage of initial dis-interest With the market initially far from excited about this new AIM arrival, Grenville Turner, Non-Executive Chairman, was able to snap up 90,900 shares at the end of June 2016 at a mere 106.4p per share. A well-timed purchase indeed with the share price now 238p and market cap at just over £600m. - Family sell-down The announcement in May 2017 that 50.25m shares, representing 19.7% of the company, had been sold by G&J Watkin Jones 1992 Settlement Trust, was a little concerning. The shares were apparently placed to ‘meet demand from new and existing shareholders and to improve the liquidity of the Group’. Woodford Asset Management took the lion’s share of the placing and now holds 12% of the issued share capital. The Watkin Jones family does still retain a reassuringly significant 29% interest. - Planning consent, forward sales and completions Over the 19 months since listing the Group has announced planning consents and forward sales on numerous sites. It endeavours to forward sale developments, thereby increasing the certainty of future earnings as the development moves from a secured site to being forward sold. We like this de-risked business model. - Developments going to plan In the financial year ending September 2017 Watkin Jones delivered, ahead of the 2017/18 academic year, ten student accommodation developments across the UK with a total of 3,314 beds. All ten student accommodation developments (3,415 beds) scheduled for delivery in FY18, ahead of the 2018/2019 academic year, have been forward sold and are on track. Looking to FY19, the Group has already forward sold five student accommodation developments (2,599 beds) for delivery ahead of the 2019/20 academic year. In addition to these forward sold developments, Watkin Jones has a further eight secured development sites (2,959 beds) targeted for delivery during FY19 to FY21. - Move into Private Rented Sector The Group is making good progress with its drive into the Private Rented Sector (‘PRS’) having completed its first PRS scheme in Leeds of 322 units in 2017. A trading update in October 2017 confirmed it had ownership of three development sites and is in separate negotiations on several other opportunities, from which it is targeting to develop approximately 1,500 units during FY18 to FY22, subject to securing the necessary planning consents. We are big fans of PRS and you may have read our regular commentaries on Sigma Capital Group (AIM:SGM) a PRS specialist. - Accommodation management Fresh Property Group, the Group’s accommodation management subsidiary which trades under the brand names of Fresh Student Living and Five Nine Living, has 16,082 student beds across 53 schemes under management for the 2017/18 academic year. This represents a significant increase on the 12,337 student beds under management at the start of the 2016/17 academic year across 44 schemes. Five Nine Living provides similar letting and operational management services to Fresh Student Living but the Build to Rent sector. Fresh receives a fee for its management services, with all the direct operating costs of a property remaining the responsibility of the property owner. Fresh is engaged under management contracts which are typically for between three and seven years, although some are for longer. For the six months ended 31 March 2017, Fresh contributed revenues of £3.0 million and a gross profit of £1.9 million. For the full year this business will contributing gross profit of over £4m which is set to grow meaningfully as by 2020, Fresh is contracted to manage around 20,000 beds. We like the long term recurring revenue potential from the accommodation management business which is another differentiator for this excellent business. - Results Since listing results have been excellent. For the 6 months ending March 2017 adjusted operating profit was up 26% to £21.1m and adjusted Earnings per share up 28.8% to 6.7p. While revenues were down 8.4% on the prior half year to £133.7m this was due to the timing of forward development sales and £11.7m of non-repeating inventory sales of completed residential apartments in the first half of the previous year. Revenues are expected to be stronger in the second half of the current financial year with forecast revenue for the full year of £282m and forecast earnings per share for the full year of 13.43p. The interim dividend was lifted 10% to 2.2p with the forecast for the full year of 6.6p equating to a yield of 2.8% at the current share price. The Balance Sheet is in good shape and the Group had £11.7m of net cash at 31 March 2017. The future looks bright for this excellent business
jonwig: Yes - it will do no harm to the share price, of course. But notice, in para 3, the transparency re SA: sites forward sold into 2018 and 2019. However, in para 4 they have three sites for BtR with more to come and no mention of forward selling. In August (post #1033) I mentioned this and was met with a polite "Yes we hear you, but ..." (my one-time boss's favourite remark). Once they do announce forward sales of these units, I'll let it be, but it's worth bearing in mind that for the present they seem to be incurring balance sheet risk. Results 15 January, and AGM will be about a month after that. I'll try to go there again if it's Manchester.
adamb1978: Jonwig Understand your concern about sticking to their knitting - never great when companies veer off uncontrollably in directions which they have no experience in. However I would say that this move into BTR buy WJG is operationally identical so there should be no risk there for them - the risk is just exposure to the capital costs. WJG do have significant experience in delivering these schemes though so I would hope that they are able to assess the costs etc and the scope for nasty surprises be more limited I would also say that I think there is zero value being attributed in the share price for BTR. So anything which comes from this is upside in my view and given the cash balances, its not a move which can sink the company. Personally I'm fine with it and view it as part of the equity story which will drive the share price higher. Adam
jonwig: See Annex 1 - I imagine one of their funds was near to their internal limit. The WJG share price edged up pushing them over. Just my thought!
rivaldo: FYI here's the text of yesterday's tip by Simon Thompson: "Watkin Jones buying opportunity CareTech is not the only company on my active buy list that has conducted a major fundraising. The same is true of Watkin Jones(WJG:145.5p), a construction company specialising in purpose-built student accommodation (PBSA). It's a company I know well, having advised buying the shares around the 103p mark at the time it joined Aim last year ('A profitable education', 3 April 2016). I last rated the shares a buy at 134.5p a couple of months ago ('In the ascent', 23 January 2017) and my upgraded target of 155p was surpassed earlier this month when the price hit an all-time high of 162p. However, last week's placing of 49.25m shares at 140p by a family trust in which chief executive Mark Watkin Jones is a beneficiary, and the sale of 1m shares by finance director Philip Byrom, has led to a sharp pullback in the share price. It looks overdone, though, as Mr Watkin Jones still has an interest in over 29 per cent of the share capital, and Mr Byrom only sold less than a quarter of his holding, while liquidity in the shares has improved as new investors have come on board, including fund manager Woodford Investment Management, which snapped up 10.2 per cent of the shares in issue. Indeed, I feel that when the dust settles investors will focus once again on the sound fundamentals of the business, which has driven the share price higher since listing. Namely, the company has 21 developments with 6,800 beds slated for delivery during 2017 and 2018 and the pipeline beyond 2018 is robust - future earnings have been de-risked through forward sales of schemes to institutional investors, including all 10 projects due to be delivered this year and the profits and hefty cash generation realised from these schemes supports a highly progressive dividend policy. In my view, it now looks a rock solid bet that Watkin Jones will grow EPS by around 10 per cent to 13.7p in the 12 months to 30 September 2017. So, with profits rolling in, and net funds of £32.2m on the company's balance sheet worth 12.6p a share, a 50 per cent-plus hike in the dividend per share to north of 6p looks on the cards. This implies the shares are trading on around 10.5 times likely earnings and offer a prospective dividend yield in excess of 4 per cent. In my book, that represents value and offers ample upside to my new price target of 165p to 170p, so I continue to rate the shares a buy."
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