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Is this a time " to be greedy when others are fearful" or should we just watch and see what happens?.TEF are going to have to work harder to achieve sales this year,but with so many forward sales booked,the SP is way off reality.

http://www.telegraph.co.uk/business/2018/02/03/persimmon-shareholders-tell-boss-give-chunk-bonus-step/

I would be amazed if TEF got involved in M&A either as preditor or prey,their ambitions are being progressed just fine.The comings and goings at Board level are as expected as the founders reach an age when they would like to take life a little easier and they have certainly bought in a heavy hitter replacement with Jerry.One problem with acquisitions can be the discovery of skeletons in the cupboard and previous creative accountancy.It will probably be in our best long term interests here that the company continues independently,they have made a great job of things that way since 2003.Sain,you have long harboured notions of TEF being swallowed up but that appears a real long shot at the moment.

The current level of share buy backs,special dividends and reduced dividend cover would seem to indicate that homebuilders do not have M&A activity at the forefront of their future plans.It is also probable that they can achieve a better return by increasing output organically,rather than buying another outfit.

Yes indeed,looks like the three original founders have their eyes on semi-retirement, but doubtless all l three will keep a very close eye on proceedings,they still have a large holding between them.

https://www.theguardian.com/money/2018/feb/01/uk-house-prices-rise-fastest-rate-10-months

Based on current guidance,TEF has an EV in the region of 525p to 531p per share for February.

http://www.independent.co.uk/news/business/news/mortgage-approvals-latest-updates-uk-bank-of-england-consumer-credit-growth-housing-market-a8184721.html

If the notion that we should "be greedy when others are fearful and fearful when other are greedy"has any merit,the initial sales returns from NGQ should give investors the encouragement they might need to get further involved with TEF at the current SP.

Cybs...thanks for that,fantastic news....a stunning result in such a short time.

https://www.homesandproperty.co.uk/property-news/buying/new-homes/call-the-midwife-location-poplar-will-see-drastic-change-with-billions-of-pounds-of-investment-and-a117096.html

http://www.telegraph.co.uk/business/2018/01/25/countryside-properties-ups-house-building-sells-less/

www.lse.co.uk/share-regulatory-news.asp?shareprice=CSP&ArticleCode=uzgg1x67&ArticleHeadline=Q1_2018_Trading_Statement

https://twitter.com/stockwool

http://www.telegraph.co.uk/business/2018/01/24/crest-nicholson-boss-steps-housebuilder-reports-growing-profits/

http://www.lse.co.uk/share-regulatory-news.asp?shareprice=CRST&ArticleCode=b4gbjfaj&ArticleHeadline=Final_Results

http://www.telegraph.co.uk/business/2018/01/22/cala-homes-forecasts-record-profits-hits-government-plans-review/

https://www.ft.com/content/5abfee38-f634-11e7-a4c9-bbdefa4f210b

file:///C:/Users/kevin/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/New%20Garden%20Quarter%20Master%20Price%20List%2018-01-2018.pdf

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