reports
- James Tetley
Attractive growth outlook and 30% discount to peers
Springfield is emerging strongly from a challenging year for the housebuilding sector, with debt substantially reduced, private reservations and affordable order book improving and an increasingly confident medium-term outlook. FY24 results are in line with expectations and ahead of the original targets for the year. The dividend has been reinstated (1.0p final) earlier than forecast, in a sign of confidence. Management’s principal objective at the beginning of the year was to reduce bank debt ...
- James Tetley
Strong delivery against cash generation targets
Springfield’s year-end trading update confirms a positive conclusion to FY24 with profit and cash generation both ahead of forecast despite the challenging market backdrop. The key focus for the year was debt reduction and Springfield has once again proven its ability to reduce debt rapidly in response to changing market conditions. Bank debt reduced by over £20m during the year to c.£40m, well below management’s original £55m target. Current trading is steady, and Springfield is well positioned...
- James Tetley
Barratt collaboration to accelerate Durieshill Village
Springfield has entered into a strategic collaboration with Barratt for the development of the group’s Durieshill site. Springfield and Barratt will work together to develop this new, sustainable 3,000 home village within commuting distance of Edinburgh and Glasgow. Barratt has made a cash payment of £10m to Springfield and will, in consideration for half the land at Durieshill, provide and fund the infrastructure development for the entire site over the next five years. The cash payment of £10...
Hybridan Small Cap Feast - 30 May 24
30th May 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 22nd May: Raspberry Pi announces an intention to float onto the Premium listing segment of the Main Market. Raspberry Pi is a designer and developer of high...
Springfield Properties: 1 director
A director at Springfield Properties maiden bought 30,000 shares at 84p and the significance rating of the trade was 69/100. 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 yea...
Hybridan Small Cap Feast - 20 Feb 24
20th February 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obj...
- James Tetley
Interim Results - Looking to the future with confidence
Springfield has reported encouraging H1 results, reiterating full year expectations and confidence in longer term growth prospects. The strategy to maximise cash generation is bearing fruit, costs are being carefully controlled and there are signs of market recovery, both in terms of Affordable contract successes and, more recently, a pick-up in Private Housing activity since mid-January. It is too early to extrapolate but the average weekly reservation rate in Private Housing since mid-January ...
Hybridan Small Cap Feast - 19 Feb 24`
19th February 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obj...
Hybridan Small Cap Feast - 06 Feb 24
6th February 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje...
- James Tetley
Increasing confidence, debt reduction on track
Springfield’s half year trading update (six months to Nov ’23) confirms an in-line performance for H1 and reiterates full year expectations. After a challenging period for the sector, it is a reassuring update, pointing to subdued but stable conditions in Private housing, increasing activity within Affordable housing and clear progress with the Board’s debt reduction strategy. Recent indicators suggest that the market may be stabilising (notably mortgage approvals ticking up in October as inter...
Hybridan Small Cap Feast - 06 Nov 23
6th November 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje...
Hybridan Small Cap Feast - 16 Oct 23
16th October 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje...
- James Tetley
Land sale – delivering on cash generation strategy
Springfield has announced the sale of c.9.5 acres of land for £5.2m in cash (£0.5m to be received in the coming days, £4.7m on completion). This is a profitable land sale, which is in keeping with the Group’s focus on debt reduction in an uncertain housing market. This again illustrates the value within the Group’s large landbank and discussions are ongoing with other housebuilders and affordable housing providers about a number of sites. Springfield has one of the largest landbanks in Scotland...
- James Tetley
Results in-line; Prioritising cash generation in FY24
Springfield’s results to May ’23 are in line with expectations, confirming a record year of completions despite a challenging market backdrop. Decisive action has been taken to reduce costs (£4m annualised savings) and the main focus for FY24 is cash generation, which should result in a meaningful reduction in net debt by the year end. Whilst the broader market outlook remains uncertain in the near term, we are encouraged by recent developments in Affordable housing (increase in Scottish Governm...
- Sacha Morris
Hybridan Small Cap Feast: 19/07/2023
Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Substrate Artificial Intelligence, an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health, intends to join the Access Segment of the AQSE Growth Market. Expected Admission 21 July 2023. Blackpoint Biotech plc, a medical cannabinoids company established to fulfil gaps in the medical...
- James Tetley
An undervalued, high quality growth story
Springfield Properties is one of Scotland’s leading housebuilders. It has an enviable track record of growth and profitability and a reputation for building high quality homes in attractive locations. Whilst market headwinds have increased, in our view the 50% decline in Springfield’s share price over the past year is significantly overdone. The business has navigated previous cyclical downturns impressively and has emerged strongly from them. We initiate coverage with confidence in the Group’s...
Hybridan Small Cap Feast - 21 Feb 23
21 February 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objec...
- 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
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