Cairn Homes - Interim Results
Completions were 94 units in H1 and they expect to achieve at least 375 in the full year (WH forecast 400). A key to this story is executing on a plan to build 1200 units pa. These results are an important step towards this. Another key element to this story is the long and well bought land bank. With 10 years of land, they have at least 5 years of excess land. HPI in Dublin in the 12 months to June was 11.1%. With approximately €4.25bn on GDV 10% HPI would add €425m to GP (some of this will go into material and labour costs, and tax), compared to a NAV of €716m. We remain Buyers and the PT is under review as we factor in the positive impact of higher house prices.Cairn Homes is predominantly involved in the development of residential property for sale. Co. constructs competitively priced new homes with an emphasis on design and innovation in attractive locations. Co. has a land bank of 12,100 units located within the Greater Dublin Area. Co.'s land bank composition consists of Parkside, Churchfields, Marianella, Six Hanover Quay, Glenheron, Shackleton Park, Naas Town Centre and Clonburris. Co. builds 2 and 3 bedroom apartments, penthouses, detached and semi-detached family homes, and 4 and 5 bedroom houses.
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