Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on CAIRN HOMES PLC. We currently have 4 research reports from 1 professional analysts.
|23Mar17 07:00||RNS||TR-1: Notification of Major Holdings|
|13Mar17 07:00||RNS||TR-1: Notification of Major Holdings|
|09Mar17 07:00||RNS||Preliminary Results|
|06Mar17 07:00||RNS||TR-1: Standard Form of Notification|
|22Feb17 07:00||RNS||Announcement of Joint Venture with NAMA|
|21Feb17 13:29||RNS||Notice of Full Year Results|
|09Feb17 07:00||RNS||TR-1: Notification of Major Holdings|
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Research reports on
CAIRN HOMES PLC
CAIRN HOMES PLC
Timing is Everything
02 Nov 16
Cairn Homes’ timing since its IPO in 2015 has been exemplary. It has deployed the c. €670.0m funds raised in building one of the largest land banks in the Greater Dublin Area at prices consistent with strong prospective margins. Having completed its capital deployment phase, it now embarks on a significant build programme. This coincides with the launch of the Irish Government’s Help to Buy scheme. Like the UK counterpart, we expect this to be of significant benefit to new home builders. As such, this launch reinforces our confidence in Cairn’s medium term prospects and prompts a 10.3% increase in our target price.
24 Aug 16
Cairn Homes’ interim results provide the company with a platform from which to outline its leading position within a well-supported and recovering Irish housing market. Continued development of the land resource and the nascent build programme will be a focus as will comment on the Government’s ambitious Housing Action Plan. Since the final results, the share price has marked time but has showed recent signs of recovery; momentum which the interims should reinforce.
Falling into Place
25 May 16
Cairn Homes is nearing the end of the initial stage of its development; acquiring a land holding sufficient for its long term aspirations. With this in place, it now turns to the build programme. We have moderated our near term expectations for this roll out to reflect management’s evolving strategy and the new Government’s housing initiatives. Cairn’s capabilities are maturing at a pace consistent with the recovery in the underlying Irish housing market which now looks to have significant Government support. While we have reduced our target price to reflect new short term forecasts, we remain buyers of the shares.
Clarity + Confidence = Upside
23 Feb 16
After a hectic 2015, Cairn Homes’ debut results as a listed company should provide investors with a positive update on its progress. Critically, this is likely to reveal more detail on its expected site openings and, therefore, the development towards optimal operating scale. Greater visibility on this basis and further evidence of a supportive Irish housing market should reinforce the investment case.
24 Mar 17
We note the share transaction yesterday, and think the stock will benefit from the increased liquidity. We continue to believe there is good valuation upside to the shares. However, we are terminating coverage of Watkins Jones from this morning and withdrawing our forecasts from the market.
Outperformance in the bag
24 Mar 17
IG Design has had a very good second half trading and has issued a year-end update indicating that numbers will exceed market estimates. We have lifted our FY17 and FY18 numbers by 8-10% at the pre-tax and EPS levels, following an 11% uplift to earnings with the interims. Particularly notable is the comment on strong cash flow, with the group reaching its target of average leverage less than 2.5x EBITDA two years ahead of plan. With the earnings and cash flow momentum, strong balance sheet and progressive dividend, there is good potential for further share price upside.
Panmure Morning Note 20-03-2017
20 Mar 17
Today’s strong H1FY17 trading statement is encouraging on multiple levels; (1) H1FY17’s revenue growth of c.+23% to £32m indicates revenue growth running well above our forecast assumption of +15% for FY17 (August 2017); (2) the revenue growth continues to be broad-based across the two main brand groups (Focusrite and Novation) and all of TUNE’s global regions (USA, Europe, and RoW); (3) H1FY17’s constant currency revenue growth of c.+12% is a sequential acceleration from the c.+9.5% of H2FY16 and c.+5.5% of H1FY16; and (4) H1FY17’s net cash of £9.4m is well ahead of our forecast of £7.7m by August 2017, reflecting strong revenue/profit conversion combined with much improved w/c control. In short, we think there is excellent scope for our FY17 forecasts to be raised at the time of the H1FY17 results on May 3. We maintain our BUY.
20 Mar 17
Focusrite has positioned itself in a way that makes its shares a particularly attractive investment: leadership in a niche product area protected from general consumer swings; an international market structure that makes it relatively currency agnostic; a habit of profit over delivery; a strong and further strengthening balance sheet; and an undemanding valuation. This first half trading statement confirms every one of those points.