Telford-homes

Telford Homes

LN: TEF

£266.2m market cap

350p last close

Listed on AIM in 2001, Telford Homes is a London-focused residential property developer. Its portfolio includes open market sales (in multi-occupancy, including mixed-use, developments), the build-to-rent subsector (alongside investment partners) and affordable homes delivered to housing associations.

Investment summary

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 accordance with the requirements of the Code.

Consequently we have removed our estimates until the Offer Period ends.

Y/E Mar
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2018A 316.2 53.8 46.0 49.4 7.1 N/A
2019A 354.3 43.1 40.1 44.5 7.9 7.4
2020E N/A N/A N/A N/A N/A N/A
2021E N/A N/A N/A N/A N/A N/A
Last updated on 25/07/2019
Industry outlook

Citing a chronic housing shortage, the Mayor of London’s office has a clear agenda to raise new home building rates to c 65,000 pa over the next 10 years vs a recent average of less than a third of that level. Medium- and long-term population and household growth expectations further underpin this demand. The tenure mix is expected to continue to move towards a higher proportion of private rental homes.

Last updated on 25/07/2019
Sector
Industrials
Share price graph
Balance sheet
Forecast net debt (£m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 13.6 24.1 (12.1)
Relative* 12.4 23.5 (9.6)
52-week high/low 430.0p/267.0p
*% relative to local index
Key management
Andrew Wiseman Chairman
Jonathan Di Stefano CEO
Katie Rogers CFO