Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
For the purposes of the Takeover Code, Edison Investment Research is deemed to be connected with BCA Marketplace. Under Rule 20.1 Edison must not include any profit forecast, quantified financial benefits statement, asset valuation or estimate of other figures key to the offer, except to the extent that such forecasts, statements, valuations or estimates have been published prior to the offer period (as defined in the Takeover Code) by an offeror or the offeree company (as appropriate) in accord...
FY19 results were in line with February guidance and the year ended with lower net debt than we had anticipated. The migration to a dominant Build to Rent (BTR)-led pipeline is well underway. The first developments of this type were handed over in the year and, together with the announced strategic partnerships, other live projects indicate good momentum in this sub-sector. As before, FY20 will reflect other project and open-market effects before earnings start to rebuild from FY21, consistent w...
Buying the best rarely comes cheap - albeit occasionally, the market offers up quality stocks at compelling prices. Enter Watkin Jones, a UK developer & manager of large, multi-occupancy accommodation - mostly student bedrooms (PBSA) and/or apartments for young professionals (BTR) – trading on a modest 13.2x FY19 PER and paying an inflation busting 3.8% yield. This morning the company uncorked another virtuoso set of results, with FY18 turnover (£363.1m up +20.3% vs LY), PBT (£50.1m, +15.7%)...
Watkin Jones, a tier 1 developer/manager of purpose built student accommodation (PBSA) and build to rent (BTR) properties, this morning announced it had finished 10 PBSA (10 LY) developments covering 3,415 beds (3,314 LY) during FY18. Delivering record results which were “slightly ahead of expectations†(New ED Adj PBT £48m vs £46m before, & up +15% on LY £41.8m). First & foremost the fundamentals remains “strongâ€. This is characterised by strong occupier demand for quality, yet affo...
A 10 October update put down some clear markers for open-market sales to attain £50m+ group PBT in FY19 and for build-to-rent (BTR) sector expectations during H219. Some market risk remains evident at higher open-market price points and, with increasingly risk-averse UK equity market sentiment, Telford’s trading update was not well received. However, short-term market conditions are not distracting management from the development of an attractive pipeline of future project opportunities.
Watkin Jones provides the end-to-end development and management of large scale, multi occupancy accommodation, focusing on purpose built student accommodation (PBSA) and residential build to rent (BTR). As further evidence of the health of the £4bn pa UK Purpose Built Student Accommodation (PBSA) market, Watkin Jones said yesterday morning that it had forward sold 4 schemes for £180m - covering 2,163 beds across Glasgow, Coventry & London (2x) – to a joint venture (JV) between KKR & Round Hi...
Watkin Jones provides the end-to-end development and management of large scale, multi occupancy accommodation, focusing on purpose built student accommodation (PBSA) and residential build to rent (BTR). The UK’s 67m population is growing at a healthy 1% pa clip, albeit there was a slight dip in the birth rate at the turn of the Millennium. Leading this year to a 3% fall in the number of 18 year olds, and a 1.9% decline in British students accepting places at University (UCAS). Offset partially...
Telford Homes’ latest update is consistent with management comments accompanying FY18 results and the company is on track to deliver further progress in FY19. The share price has not kept step with business performance, perhaps influenced by wider cyclical sentiment. Project portfolio newsflow is likely to remain positive, and this should serve to re-connect internal progress and investor returns in our view.
One of the benefits of a public listing is that it provides a vital source of capital for businesses like Telford Homes. Indeed, since Jan’12 it has raised £70m in 2 tranches (£50m Oct’15 & £20m Jun’13) to develop thousands of desperately needed, high quality, affordable properties within inner London. In return, shareholders have seen PBT climb from £3.0m in FY12 to £46.0m today, and been rewarded with a 475% appreciation in the stock from 79p to 460p. Which, when added to 75p of div...
“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...
A director at Telford Homes sold 125,000 shares at 409p and the significance rating of the trade was 65/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showi...
Back in 2012, I stupidly sold shares in Telford Homes - a specialist builder of affordable homes in ‘non-prime’ London boroughs. Happy enough at the time to pocket a >100% gain, only then to watch the price triple over the next 3 years! I should have concentrated on the Capital’s excellent fundamentals. Namely a chronic lack of affordable housing, augmented by robust demand from UK/overseas buy-to-let (BTL) investors, and more recently ‘Build to Rent’ (B2R) institutions – all desper...
Telford Homes is a residential developer operating across London and this week’s trading update is a timely reminder that house building can’t always fall into neat six months tranches. Is also serves to remind us that demand for affordable housing in the London market remains strong and, combined with build to rent, provides excellent visibility through its strong forward order book, supported by a robust balance sheet. The group entered the current financial year with a very strong forwar...
Telford Homes has published another positive set of full year results with record revenues and profits. The company has a large development pipeline, it enjoys excellent visibility through its forward order book and the balance sheet is robust. We expect continued growth over the next three years. Record results with a very strong H2 PBT came in ahead of original market expectations at £34.1m, up 6% YOY following a very strong performance in H2. This translated to EPS of 36.8p and the total DP...
Telford Homes is a residential developer operating across London and has just published a positive full year trading update (FY to 31 March 2017). The company continues to trade well and will report record revenues and profits when it announces results in late May, with PBT ahead of market expectations. Over the past six months the company has announced a further two major build to rent sales, at The Forge, E6 (to M&G) and New Garden Quarter, E15 (Folio London, a subsidiary of its JV partner),...
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
​Telford Homes specialises in planning, designing and building developments on brownfield sites in London. The company is a hands-on developer with in-house construction expertise. It builds apartments and houses in the main, but also builds commercial property, schools, churches etc. It has a strong balance sheet, a large development pipeline and impressive forward sales position, as well as good levels of demand for its product and geography from a diverse group of buyersH1 results were in l...
​Telford Homes specialises in planning, designing and building developments on brownfield sites in London. The company is a hands on developer with in-house construction expertise. It builds apartments and houses in the main, but the nature of mixed-use inner city development means it also builds commercial property, schools, churches etc.We think the company is in as strong a position as it has ever been in the 15 years since flotation. The company has a strong balance sheet, with an expanded...
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