reports
- Roger Leboff
Trading update on progress across all divisions
BEG’s trading update confirmed a strong first half as all areas of the business benefit from recent acquisitions: this leaves the group well on track to meet our full year forecasts. Reported first half revenue was c £52m (H120: £37.5m), and adjusted PBT c £8m (H120: £5.0m). The divisional overview confirmed that business recovery and financial advisory benefited from the performance and successful integration of prior year acquisitions. Deal completions drove corporate finance forward and i...
- Roger Leboff
Investment focus switching back to the portfolio
By repurchasing the stake held by its largest investor Raven has removed a perceived drag on its equity and source of uncertainty. That should enable attention to steer back towards the positive dynamics of its predominantly Moscow-based warehouse and logistics portfolio. Raven has completed the £51.1m repurchase of a substantial share overhang held by its previously largest shareholder (IAM / Invesco Funds). It bought back and cancelled 9.85m ordinary shares and acquired 100m ordinary and 32....
- Roger Leboff
Attractive outlook for warehouse provider
A strong FY20 portfolio performance underpins a compelling core investment case. Other initiatives could, by the second half of this year, help refocus attention on the appeal of a well-let warehouse and logistics portfolio, ideally placed to capitalise on emerging trends for Russian businesses and consumers. Raven operates mainly in Roubles but reports in Sterling, which makes its results sensitive to Russia’s economy and exchange rate, the latter vulnerable to specific macro trends such as o...
- Roger Leboff
Successfully navigating choppy seas
Interims to end June 2020 reveal operational resilience in a challenging period: 99% collection of rent due during the period plus increases in average and period end occupancy rates. That strong, steady performance by the portfolio during Russia’s lockdown confirms growing demand for exactly the kind of logistics space RAV offers. Strip out unrealised forex related adjustments taken through the P&L and the picture revealed is a 4.7% fall in underlying pre-tax profit. That shows far more sta...
- Paul Hill
‘The Mozart’ of the property world
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%)...
INL INLAND HOMES
WJG WATKIN JONES
MCS.L MCCARTHY & STONE PLC
CSP.L COUNTRYSIDE PROPERTIES PLC
RDW.L REDROW PLC
BDEV.L BARRATT DEVELOPMENTS PLC
BVS.L BOVIS HOMES GROUP PLC
TW..L TAYLOR WIMPEY PLC
PSN.L PERSIMMON PLC
CRST.L CREST NICHOLSON HOLDINGS PLC
GLE.L MJ GLEESON PLC
SPR SPRINGFIELD PROPERTIES
BWY.L BELLWAY P.L.C.
BOOT.L HENRY BOOT PLC
- Paul Hill
Watkin Jones plc
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...
INL INLAND HOMES
WJG WATKIN JONES
MCS.L MCCARTHY & STONE PLC
RDW.L REDROW PLC
BDEV.L BARRATT DEVELOPMENTS PLC
TW..L TAYLOR WIMPEY PLC
PSN.L PERSIMMON PLC
CRST.L CREST NICHOLSON HOLDINGS PLC
GLE.L MJ GLEESON PLC
SPR SPRINGFIELD PROPERTIES
BWY.L BELLWAY P.L.C.
BOOT.L HENRY BOOT PLC
- Paul Hill
£180m forward sale of 4 student sites
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...
INL INLAND HOMES
WJG WATKIN JONES
MCS.L MCCARTHY & STONE PLC
CSP.L COUNTRYSIDE PROPERTIES PLC
RDW.L REDROW PLC
BDEV.L BARRATT DEVELOPMENTS PLC
BVS.L BOVIS HOMES GROUP PLC
TW..L TAYLOR WIMPEY PLC
PSN.L PERSIMMON PLC
CRST.L CREST NICHOLSON HOLDINGS PLC
GLE.L MJ GLEESON PLC
SPR SPRINGFIELD PROPERTIES
BWY.L BELLWAY P.L.C.
BOOT.L HENRY BOOT PLC
- Paul Hill
Two new sites boost forward visibility
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...
INL INLAND HOMES
WJG WATKIN JONES
MCS.L MCCARTHY & STONE PLC
CSP.L COUNTRYSIDE PROPERTIES PLC
RDW.L REDROW PLC
BDEV.L BARRATT DEVELOPMENTS PLC
BVS.L BOVIS HOMES GROUP PLC
PSN.L PERSIMMON PLC
CRST.L CREST NICHOLSON HOLDINGS PLC
GLE.L MJ GLEESON PLC
SPR SPRINGFIELD PROPERTIES
BWY.L BELLWAY P.L.C.
BOOT.L HENRY BOOT PLC
BKG.L THE BERKELEY GROUP HOLDINGS PLC
- Paul Hill
Blow-out 2nd half with more to come
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...
WJG WATKIN JONES
MCS.L MCCARTHY & STONE PLC
RDW.L REDROW PLC
BDEV.L BARRATT DEVELOPMENTS PLC
BVS.L BOVIS HOMES GROUP PLC
PSN.L PERSIMMON PLC
CRST.L CREST NICHOLSON HOLDINGS PLC
GLE.L MJ GLEESON PLC
SPR SPRINGFIELD PROPERTIES
BWY.L BELLWAY P.L.C.
BOOT.L HENRY BOOT PLC
BKG.L THE BERKELEY GROUP HOLDINGS PLC
- Paul Hill
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...
- Paul Hill
Record results with PBT over 30% up on last year
Founded in 2000, Telford Homes specialises in planning, designing and building developments on brownfield sites in inner London where demand for new homes far exceeds supply. Here it constructs high quality apartments and flats, sprinkled with a few houses and the odd commercial property (eg school), reflecting the mixed-use nature of its sites. Today the firm released another positive trading update, saying that results for the y/e March 2018, would not only be at “record†levels, but also...
- Paul Hill
On track for another record year
Watkin Jones (WJG) 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). According to 4 respected economists (Jorda, Knoll, Kuvshinov, Schularick, and Taylor), UK housing has delivered annualised real returns (net inflation) of 5.6% between 1870-2015 and 6.8% since 1980 – split roughly 60:40 capital:rental – vs 2.8% and 4.7% pa respectively for bonds. Bette...
- Roger Leboff
The benefits of experience
The Group provides property owners with ways to capitalise upon the full commercial potential of retail assets. It markets, sells and administers free space in venues including shopping malls, garden and city centres, retail parks and travel hubs (over 750 venues with a weekly footfall of 70m). FY17 results confirmed the anticipated recovery vs FY16, attributed to a strategic focus on core UK and German operations. Appropriately for a business which capitalises upon footfall rather than underly...
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