Report

Onwards and Upwards

“Success breeds success” is a crucial, yet under-appreciated, concept when it comes to
investing. You see, great companies devote substantial amounts of time/resource
nurturing and maintaining high-performance cultures. Management obviously plays an
enormous part – walking the talk, motivating employees, recruiting the right people and
challenging the status quo.
A philosophy embraced by Watkin Jones plc, who under the tutelage of CEO Mark Watkin
Jones since 2003, has been transformed from regional Welsh housebuilder to become
one of the UK’s leading developers of purpose built student accommodation (PBSA) and
Build-to-Rent (BTR) properties.
Underlyings
Barratt Developments plc

Countryside Properties PLC

Crest Nicholson Holdings plc

Springfield Properties

Springfield Properties is engaged in developing a mix of private and affordable housing in Scotland. Co. operates through two divisions: Private Housing and Affordable. The Private Housing division develops smaller to medium sized developments in Scotland, as well as a small number of larger sites. The Affordable division's operations focus on the development of land into stand-alone sites which consist entirely of affordable homes.

Telford Homes PLC

Telford Homes is a developer of residential-led, mixed use sites in London. Co.'s customers include individual investors from the U.K. and overseas, owner-occupiers and housing associations. Co. is working with institutional investors in the build to rent sector. Co. has only one reportable segment being housebuilding in the U.K.

Watkin Jones

Watkin Jones is a holding company. Through its subsidiaries, Co. is engaged in the property development and the management of properties for multiple residential occupation. Co. operates in the following segments: student accommodation, which is engaged in the development of purpose built student accommodation; build to rent, which is engaged in the development of build to rent accommodation; residential, which is engaged in the development of residential property; and accommodation management, which is engaged in the management of student accommodation and build to rent property.

Provider
Equity Development
Equity Development

​Equity Development enables companies to become better understood and supported by investors. Since our launch in 1996 we have consistently focused on helping our clients improve their communication and relationships with both existing and potential shareholders. Our clients have come from a wide variety of sectors and domiciles, are both private and quoted and range in size from micro-cap to $multi-billions. We offer free access to company research notes written by experienced analysts. These notes include detailed forecasts, financial models and a fair value. We host regular Private Investor Forums at which investors have the opportunity to hear company directors present, and to ask questions. These are free to attend. We broadcast live Webinars with company management that include active Q&A. We also make the recordings available online. We arrange face to face meetings between private investors and company management. We are active users of Twitter, commenting daily on company news, share price moves, Directors’ Dealings, Equity Development Research Notes & Events.

Analysts
Paul Hill

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