Telford Homes (TEF)

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Telford Homes TEF Logo

A residential developer operating across London engaged in planning, designing and building developments on brownfield sites.

18-Apr-2018 – 423.5p – £319.8m – PER 7.58

Trading Update For The 12 Months To End March 2018 – Expects to report record levels of Revenue and PBT (up by more than 30% and slightly ahead of market expectations – Assisted by an improvement in the gross and operating margins of approximately 3%).  Strong opportunity for further growth in the coming years.

Looks great value and quite tempting even if it’s just to have some exposure to a sector I am avoiding due to “uncertainty”. I have been expecting “blood on the streets” for some time in the housing and automobile sectors, perhaps wrongly! Will remain Neutral here for now.

30-May-2018 – 458.5p – £346.2m – PER 8.22

Final Results For The 12 Months To End March 2018 – Record Revenue of £316.2m (2017: £291.9m), PBT exceeded original market expectations, up by 35% to £46.0m (2017: £34.1m) and well placed to exceed £50m PBT in 2019, a 100% increase over 4 years. Dividend is up 8%.

Still looks good value here. I have been avoiding this sector and perhaps it’s time to take a position now. If I don’t it will go on the Watchlist, 450p.

12-Jul-2018 – 396p – £299.7m – PER 7.04

AGM Statement – In-line and “well placed to achieve our stated goal of exceeding £50 million of total pre-tax profit for the year to 31 March 2019, weighted towards the second half as in previous years”.

This was on my Watchlist at 450p although I didn’t buy in as I am still not sure of the sector. Still unsure of the sector (mainly due to the ongoing Brexit fiasco) I am going to go Neutral here for now.

10-Oct-2018 – 394p – £298.3m – PER 6.97

Trading Update For The 6 Months To End September 2018 – Takes a long time to get to it, but – PBT in H1 2019 will be lower than H2 2019 but expected to be above the £8.7m (achieved in the 6 months to September 2017).

Got to be worth waiting for actual numbers here – I remain Neutral.

28-Feb-2019 – 350p – £265m – PER 6.5

Tradig Update For The 12 Months To End March 2019 – PBT expected to be circa £40m (they kind of expected £50m) with NAV at 330p with 2020 PBT to be significantly below this year.

I remain wary of this whole sector at present and will be staying away here for the time being.

29-May-2019 – 303p – £230m – PER 11.5

Results For The 12 Months To End March 2019 – Revenue up 12% (to £354.3m), PBT in-line at £40.1m (£46m last time) due to lower margin build to rent, Total Dividend same as last year (17p), pipeline of 4,900 homes (4,000 last time), FY 2020 PBT expectations unchanged.

Still remain wary of this sector but will keep an eye out for Broker updates here – Could be tempted to finally dip a toe in here.

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