Updates

Telford Homes - 350p cash bid from CBRE

August 2019

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

London housebuilder Telford’s results have been overshadowed by a recommended offer from CBRE, the world’s largest real estate company. The 350p cash offer values the business at £267.4m and in addition shareholders will also be entitled to retain the 8.5p dividend that had been announced with the results. The bid represents an 11% premium to the previous day’s close and at 1.05x book value at the end of March, it looks a low ball offer and I’m surprised to see it get the backing of management. They cite that London has seen slowing sales and construction delays as reasons for backing the offer but of course Telford has in the previous year accelerated its shift towards the build-to-rent sector (BTR) with sc ...

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Telford Homes (March 2019)

Telford Homes - Eps forecast for current year is 55.7p (May 2018)

Telford Homes (January 2018)

Telford Homes (May 2017)

Telford Homes - Reservations remain strong (November 2016)

Telford Homes - Well on track for £50m pretax profit/eps 53p by 2019 (July 2016)

Telford Homes - Second PRS deal signed (May 2016)

Telford Homes - Signs first PRS deal (March 2016)

Telford Homes - Forward sales up from £550m in March to £685m (November 2015)

Telford Homes - Budget improves planning scope (August 2015)

Telford Homes - Planning delay to impact FY17 (June 2015)

Telford Homes - Volumes and selling prices still rising (May 2015)

Telford Homes - High confidence in the year ahead (January 2015)

Telford Homes - £120m cumulative profit to come over four years (October 2014)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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