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Prices & Quotes - UK Markets - Countryside Properties (CSP)

Risk Warning The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back less than you invested. Past performance is not a guide to future performance.

Share Price:
Down 483.20p
Change Today:
-3.20p
Market Cap:
2,536.80m
Sector:
Household Goods & Home Construction

Jefferies cuts Crest Nicholson to 'hold' in upbeat sector note

By Sean Farrell

Date: Friday 26 Jun 2020

LONDON (ShareCast) - (Sharecast News) - Jefferies cut its rating on Crest Nicholson shares to 'hold' because of the company's higher-risk profile but the broker was upbeat on the wider sector's prospects.
In a sector note, Jefferies said Crest Nicholson's margins would be squeezed by lower volumes and selling prices leading to earnings reductions. Jefferies downgaded the shares from 'buy' and reduced its price target to 226p from 331p.

Jefferies analyst Glynis Johnson left other recommendations in the sector unchanged and stuck to her top picks rated 'buy': Berkeley, Persimmon, Countryside and Redrow. She said share prices were building in a worse trading environment than was likely but that this would take time to be borne out.

"In a context where we believe investors will continue to shy away from stocks with perceived higher-risk profiles, we believe Crest's share price will continue to be a laggard relative to its peers, until firm evidence of margin improvement and cash conversion," Johnson said.

Johnson said share prices implied a fall of 10% or more for house prices which was overdone given factors underpinning valuations including government support.

"We believe with banks' willingness to lend on Help to Buy, strong buy vs rent economics, the greater priority of homes post lock-down, and decades of under-supply will continue to provide a resilient demand profile," she wrote in a note to clients.

Demand will be strongest from first-time buyers and for cheaper homes, favouring Persimmon, and for affordable homes, perhaps boosted by the next budget, favouring Countryside, she said.

Persimmon and Berkeley's ability to pay dividends is undervalued but Redrow and Bellway provide a better value opportunity in the sector as worries about stretched balance sheets recede, Johnson said.

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CSP Market Data

Currency UK Pounds
Price 483.20p
Change Today -3.20p
52 Week High 544.50p
52 Week Low 283.40p
Volume 41,715
Shares Issued 525.00m
Market Cap 2,536.80m

Performance Indicators

Compare performance with the sector and the market.

Key
Vs Market
Vs Sector
Value
market
  1. full market star
  2. full market star
  3. empty market
  4. empty market
  5. empty market
sector
  1. half sector star
  2. empty sector
  3. empty sector
  4. empty sector
  5. empty sector
Price Trend
market
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  4. half market star
  5. empty market
sector
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  5. empty sector
Income
market
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  5. empty market
sector
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  5. empty sector
Growth
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  5. empty market
sector
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Price Chg 6m
market
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sector
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P/E
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sector
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PEG
market
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  5. empty market
sector
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  5. empty sector
Dividend Yield
Not Available
EPS Growth
market
  1. empty market
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  5. empty market
sector
  1. half sector star
  2. empty sector
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Operating Margin
market
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  3. empty market
  4. empty market
  5. empty market
sector
  1. half sector star
  2. empty sector
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  5. empty sector

What The Brokers Say

Strong Buy 3
Buy 1
Neutral 2
Sell 0
Strong Sell 1
Total 7
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

CSP Dividends

  Latest Previous
  Final Interim
Ex-Div 19-Dec-19 23-May-19
Paid 07-Feb-20 05-Jul-19
Amount 10.30p 6.00p

Trades for 15-Jun-2021

Time Volume / Share Price
10:31 440 @ 483.20p
10:31 571 @ 483.20p
10:27 616 @ 483.00p
10:22 517 @ 483.40p
10:22 319 @ 483.40p

CSP Key Personnel

CEO Iain McPherson