Member Info for Muktass

Costain seems to be in a similar position to where Galliford Try was 3 years ago, no debt, no pension deficit and a large cash balance. The market cap back then for GFRD was less than the net cash balance. Share buybacks and dividends have resulted in a 3 fold increase in the share price since then.

Having been a holder of both shares for the last 10 years I can attest that there are a couple of key differences which makes comparison difficult. One is that Vistry has undergone two large acquisitions during the period (Galliford Try and Countrywide) and secondly a large chunk of Vistry's business is affordable housing which has different capital requirements and crucially better growth prospects in the current market.

I have looked into this and your SIPP or ISA needs to be a 'qualifying intermediary'. The list a long one but doesn't include any of the popular ones a UK investor might use e.g. Interactive Investor or Hargreaves Lansdown.
https://www.revenue.ie/en/companies-and-charities/documents/dwt/list-authorised-withholding-agents-qualifying-intermediaries.pdf

I don't get any certificate with the dividend but it looks like there is 20%+ deduction for withholding tax

Just had a message from Interactive investor that BXP is no longer eligible to be held in an ISA. Apparently it is not traded on an HMRC recognised stock exchange!

With £154m average cash balance and a market cap of £178m gives an enterprise value of £24m and earnings of circa £20m means an EV/EBITDA ratio of just 1. Cheap as chips at these prices.

Agree that results are good, much better control of costs and working capital than was the case in previous years. Company should be debt free by end of next year. Acquisitions are looking unlikely and so it is slightly disappointing that no mention was made of capital returns to shareholders. Hopefully there will be more on this at the AGM.

Successful applicants should be informed between 22nd April and 8th July.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1036438/cfd4-allocation-budget-notice.pdf

Stocking results. ‘ Irish Dividend Withholding Tax (25%) must be deducted from dividends paid by the Company, unless a shareholder is entitled to an exemption and has submitted a properly completed exemption form to the Company’s Registrar.’

I haven’t submitted a form and wouldn’t know how to !!

I would also add that the average wholesale electricity price for Sept 2021 was £227 per mwh and so if prices remain as high as that then Simec would be able to make money without the need for CFDs.

I assumed 50% efficiency so a 2mw turbine would average 1mw output over a 24 hour period. There is data for the output of Meygen but not enough to work out the efficiency of the turbines. So I am saying that Simec might win enough CFD's to add 7 or 8 AR2000 turbines in year 1 and as the cost goes down (hopefully) then that could reach 13 new turbines a year if they reach their stated target of £90 per mwh.

This funding is the form of contract for difference which just means a guaranteed price for electricity produced. I have done a back of the envelope calculation, say Simec bid £150 per mwh in year one and win half of the pot e.g. £10m. For a turbine running at 50% efficiency, e.g 2mw turbine averages 1mw over a 24 hr period, then that equates to 15mwh of new capacity in year one and obviously £10m in revenue. In year 2 if the price bid drops towards long term stated goal of £90 mwh then new capacity awarded goes up to 26mw at £90 per mwh.

Although I can't see any direct correlation, today's announcement of an acquisition by Brickability might have sparked interest.

According to construction news, nmcn was due to report losses of £43m for 2020 but GFRD expects the acquisition to be immediately earnings enhancing. Only time will tell I think.

An enterprise value to ebitda ratio of just 1.8 means that the share price could double and they would still be cheap. Yes, let's hope for some follow through.

It looks like FY21 EPS of 130p and full year dividend of 65p which gives a yield of 5% and a P/E of just under 10. I like the diversified nature of Vistry compared to other housebuilders. The partnership business looks to be going great guns and it won't be affected by any government changes to 'help to buy' or any clampdown on large housebuilders as they hoard land effectively operate an oligopoly. It also specifically addresses the housing shortage better than expensive new build. This is a core hold for me.

AGM today and no trading statement :-(

I make that an enterprise value to ebitda ratio of 3.5. Dirt cheap in my view.

No nasties as far as I can tell which is a relief as the results took five months to appear. It is difficult to predict where revenues, gross margin and ebitda might end up for 2021 but reduction in operating costs and improved cashflow gives me hope.

A current year PE ratio of about 7 for a growth company is indeed ridiculously cheap, should be at least double this.