The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
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Fantastic opportunity to buy now at these levels, especially considering management buys
Very unhappy with the management on this one. They have to go for this debacle. Out of their depth. Fortunately I have only a very small holding but the principle does not sit right. I will add to my other house builder stocks but no more here.
I know many will have seen the RNS today cancelling the second interim dividend of 41p that would have been paid on 29th May to holders on the register on 27/12/19. This cancelling of a dividend which has already passed the exDiv date seems to be a fashion with builders at the moment ... and is much to be discouraged.
But leaving that aside ... there's a real question here. When GFRD and VTY did their thing, the old VTY shareholders kept the final dividend all to themselves by fudging the exDiv date to before the merger was complete and pushed the GFRD holders out in the cold, even though the new VTY shares ranked pari passu with the old ones ie were identical.
Now when VTY do get around to issuing a dividend again ... seems to me they will have to do it for all of us, regardless of the GFRD/VTY thing. In that sense, this could be an advantage to a GFRD investor. But only if the board can't come up with some crazy scheme of issuing a dividend or capital return to people on the register at a time in the past.
Does anyone know if and how they could do that ... ?
This was on my Watchlist and had not checked for a few days? Have I missed something or is this just a drastic fall?
Hedge fund vultures killing the markets I would say
Being absolutely hammered. I am trying to work out if the fall is greater than the average for the construction sector and I think it might be which is slightly perplexing given the budget etc but what do I know.
GLALTH we are certainly going to need it
or not as the case may be!
Hope the world boycotts Chinese manufacturing after this mess. They have been very dirty and unhygienic and now we all pay the price. As they say life is not fair sometimes! Anyway onwards and upwards.
Down a lot again today.
Us who came in from GFRD miss out on the dividend again as well so a double whammy.
Who would have thought the Chinese eating anything that moves would have damaged our share price this much...
Thany you for explaining much appreciated.
Dave,
I normally make any comments on the BWY share chat rather than here, so I'm a stranger to these parts.... but I came on here to read the trading update and happened to notice your comment and I thought that I'd respond...
My reading of the Bovis update is that it suggests an actual - rather than a mythical, i.e. "adjusted" - EPS of around 98p and so a return on equity of about the same as last year, about 12.5%...
I could, of course, be wrong - but even if I'm a bit out on this, it's hardly impressive against the likes of Bellway, on 21% ROE last year, yet sells at a similar PBV of around 1.6.
Over the long term, Bellway have beaten Bovis's ROE by an average of over 4% a year - which is a huge difference as the compounding effect over a couple of decades has gradually accelerated Bellway's value into the sunset relative to Bovis (or Battersea Dogs Home, the moniker it is affectionately known by in our circle - we're certainly not fans...)
Same old, same old, then..?
So, to my mind, Bovis would have to take about a 40% price drop relative to Bellway to be in the frame for me and I don't suppose that's likely to happen any time soon seeing as even though Bovis has been consistently seriously under-performing Bellway since the '90s, i.e. for over 20 years, yet the market still doesn't seem to have noticed!
So, the upshot is that I'm not imagining buying any Bovis shares any time soon as IMO there's far better value to be found elsewhere in the sector....
But, if I'm anywhere near correct in my assessment of the update, I would say that the market has responded rather kindly, rather than unkindly, towards Bovis today....?
Strictly
Very positive RNS and SP drops record profits don't understand logic.
Thanks Mike
They went exDividend *before* the recent shenanigans. You will *not* get the dividend in May if you buy now.
Mike
Have the shares gone ex divi or would I get paid the dividend in May if I bought now?
Vistry wins first major contract worth £66 million re developement of Elephant & Castle in south east London, 120 new homes .
I would suggest the 7% drop was also because VTY/GFRD screwed GFRD holders by announcing ex-divi early (and therefore GFRD holders missing next VTY divi) that it was a shed load of GFRD holders selling their VTY shares.
Could it be because somebody dumped eighteen million pounds worth just after the close of play? Possibly a disgruntled South African cricket fan?
Why has the SP dropped 7%
Have Bovis shareholders got bonus shares with the merger completion?
Just wanted to make history and be first on VTY chat and hope the SP climbs soon.