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Member Info for steph

Member Since: Wed, 6th Aug 2008

Number of Share Chat Posts (all time): 3,002
Number of Share Chat Posts (last 30 days): 75

Last Posted: Today 14:54

Post Distribution over the last 30 days

24 Jun '15

Bovis Homes as valued by the Graham Formula Technique

Current Price1118p Mkt Cap: £ 1,540m Implied Valuation* 2596.17p

(132.2% undervalued)

Still when add in my regen, management and business model criteria TEF still ahead.

24 Jun '15

Telford Homes as valued by the Graham Formula Technique

Current Price 438.25p Mkt Cap: £ 262.9m Implied Valuation* 983.82p

(124.5% undervalued)
24 Jun '15

Interesting he picks out Bovis as well from the pack of builders.

However he notes that BOVIS can't do what TEF can do in terms of clustering around regeneration hot spots. BOVIS is "only" 75% in the right general region. TEF is 100% at the coal face of the regen uplift effect.
24 Jun '15

I agree. It has been good to have a wider debate but I am concluding on review that TEF is still best for me for all the reasons we have discussed.

Pity about the Barclays broker "hold" reiteration but we have had a BARC hold recommendation hanging over us for some time (can't seem to nail down the exact date thy made their first foray into TEF) and that did not stop us surging up to 4.90. Barc is at compete odds with Jim Slater as well as Fool and IC.
24 Jun '15

I agree, TEF has a more specialized site discovery and execution strategy. Many will never have gone to open market tender but are developed in “partnership” with open book accounting. This business model helped TEF survive the great recession but does limit windfall through overage and the like in a good market. Still TEF’s margins are in line with the sector but with a more sustainable and better protected business model. Not easy for a new entrant to steal TEF's working relationships.

London in the patches TEF operate is also a more sustainable economic base than elsewhere. A broader economy. Also multiple potential markets to sell to rather than just UK owner occupiers and a few UK buy to letters elsewhere. Bad news in one part of the world can be good news for certain types of London property.

For me TEF may be a slightly slower burn from here but will reach greater heights with lower risk in the medium and long run than the other builders. Inland and Bovis are interesting options but the lack of a London regeneration focus does not tick all my boxes. Only TEF does.

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