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If they are hoping to increase PBT from 46m to 50m,they are having a successful 18/19 campaign aren't they.They are just saying that they have some work still to do and that macro events aren't helping.If the other homebuilders were as honest,they would all tell the same story.

Hi Cov…..How would you have worded the update differently?.

After achieving £46m PBT in 17/18 and guiding £50m+ for 18/19,the market has given TEF a kicking yesterday and today because JDS cautioned in the trading update that Brexit was making live difficult.The "difficulty" stems from a macro event beyond his control,it is not a self inflicted "difficulty" arising from a dodgy decision taken by the BOD.Give the guy a break and congratulate the BOD on getting the company to where it is after only 15 years.It matters not if the PBT falls under the guided figure for the period,what matters is where the business will be in another 15 years time.Those who cant cope with short term SP gyrations might be better off out of securities.We all know the current market cap of TEF is ridiculous,but that is how the stock market works from time to time.The criticism on here of the wording of the trading update is misplaced and it is much better to tell it how it is rather than pretend otherwise.You can be pretty sure that the BOD will be leaving no stone unturned in their efforts to achieve guided profits.We are very,very lucky to have these people managing our investment.

https://www.theguardian.com/business/2018/oct/11/brexit-uncertainty-taking-toll-property-market-rics-research

http://www.lse.co.uk/share-regulatory-news.asp?shareprice=CSP&ArticleCode=i3bhtcr8&ArticleHeadline=Full_Year_Trading_Statement

https://www.dailymail.co.uk/money/buytolet/article-6239313/Buy-let-mortgage-rates-cut-tax-changes-lead-drop-demand-landlords.html

Daily gyrations in the SP are just there to indicate the level at which the stock can be bought or sold it is not an indicator of what the business is really worth.Even if the company were to miss the guided £50m PBT,it is worth ( EV )in the region of 577p to 583p per share right now,the price at which a takeover would be fair to both parties.So a seasoned investor would focus on EV and not the SP to let them know if their involvement has been wise or not.This board is not dominated by SP discussion but many of the others are,commenting on an almost hourly basis on SP movement.

The trading update just confirmed what those who follow the company closely already knew.Homebuilder updates are usually upbeat because to be otherwise would be to undermine confidence and thus make life even more difficult on the sales front.It is the market that sets the SP( the company sets the value) and todays message from TEF,albeit realistic,was less "everythings just fine"than others recently published.Even though the present SP seems inviting,it may well be that,over the next few weeks,the market concludes that in the short term,investors might fare better elsewhere and the SP visits even lower levels,perhaps closer to 300p.

Here we have a well led business,operating in a sustainable industry,valued by the market this morning at under £260m,when PBT for the current financia yearl is expected to be plus or minus £50m.That is just plain daft isn't it?.

https://www.brrmedia.co.uk/broadcasts/5bbcb32c269b0c1ded1895c8/telford-homes-trading-update

JDS applying a little pressure on the brakes as far as our short term hopes and expectations are concerned.

Almost every business leader is calling for clarity over Brexit and until that happens,nobody,corporate or individual,wants to commit to any sort of investment.The whole situation is ridiculous and one can only assume that those who voted to leave did not really understand exactly what the implications of their decision would be and that we are offered the opportunity to rethink the whole thing.Opinion polls indicate that the result of a second vote would be in favour of remaining and perhaps the peoples will today is more important than their thoughts 2 years ago.Until then,any investment is a pure gamble.

https://www.bbc.co.uk/news/business-45757437

TEF trading update

TEF offering complimentary furnishings on reservations made at Bow this weekend.

Cov...never mind the SP,feel the quality of the business.

https://www.dailymail.co.uk/property/article-6234901/Find-need-earning-live-one-bedroom-home-near-tube-London.html

https://www.telegraph.co.uk/business/2018/10/02/builders-lose-confidence-growth-slows/

https://www.msn.com/en-gb/money/homeandproperty/average-house-price-inches-up-in-september-but-experts-warn-chaotic-brexit-will-hit-sterile-property-market-for-six/ar-BBNPzkc?ocid=spartandhp

https://www.theguardian.com/money/2018/oct/01/wait-buy-brexit-house-prices-property