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.
|11Jan17 07:00||RNS||Directorate Change|
|30Dec16 09:46||RNS||TR-1: Notification of Major Holdings|
|14Dec16 07:00||RNS||Board of Directors Change|
|29Nov16 03:52||RNS||Notification of Major Holdings in Cairn Homes|
|17Nov16 07:00||RNS||Cairn Homes Trading Update|
|08Nov16 05:11||RNS||Total Voting Rights|
|25Oct16 09:20||RNS||Holding(s) in Company|
Frequency of research reports
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.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
23% profit growth in FY16 and a positive outlook in FY17 and FY18
18 Jan 17
FY16 results show a strong performance with 9.3% increase in revenue to £267.0m leading to a 23% increase in profitability as adj PBT increased to £40.2m (FY15 £32.8m). The 220bp improvement in gross margin underpinned the increase in profitability as legacy low margin projects continued to fall out of the mix. The 20.2% gross margin was ahead of the 19.5% forecast and in line with Group’s target of generating a through the cycle 20% margin. The forward sale announcements of five developments since the year end provide an increasing level of visibility on both FY17 and FY18, we estimate c. 70% of FY17 gross profit is currently derived from forward sold projects. The announcement on Duncan Road Stratford means the forward sold pipeline is already building into FY19. Current valuation does not reflect the forecast certainty with the shares trading on 9.0x FY17 earnings and yielding a prospective 5.1%.
N+1 Singer - Morning Song 19-01-2017
19 Jan 17
Actual Experience (ACT LN) 2017 – a milestone year for revenue | Bagir Group (BAGR LN) Independent NED appointment to strengthen Board composition | Bioquell (BQE LN) Reassuring pre-close statement | Carador Income Fund (CIFU LN) Q4 dividend increased to 2.75c, 0.5c higher than forecast | FreeAgent (FREE LN) Contract with Royal Bank of Scotland | Halfords Group (HFD LN) Excellent Q3 update, special divi and confidence in FX mitigations | N Brown Group (BWNG LN) Robust peak trading with reversal of drag from older titles | NCC Group (NCC LN) Interims confirm underlying business sound | St Ives (SIV LN) Downgrade | Summit Therapeutics (SUMM LN) Dr David Roblin appointed Chief Operating Officer and R&D President | Wilmington Group (WIL LN) Acquisition – Further scaling of Healthcare
N+1 Singer - Small-cap quantitative research - Momentum screen refresh + 10 focus stocks
12 Jan 17
We have refreshed our momentum style screen for the first time since inception on 26 July 2016. As before, the screen selects the 25 stocks exhibiting the most extreme momentum characteristics, according to our measurement method. From these we have selected 10 to focus on. Since inception the screen has underperformed both the main small-cap and micro-cap indices against a background of generally rising momentum. We have noted a subset of the basket, where decelerating momentum at the time of measurement appears correlated with significant share price falls since selection. We shall monitor this factor with the new screen, albeit there are only two such stocks showing this pattern, namely Lamprell (not rated) and Gear4music (not rated).
N+1 Singer - Morning Song 16-01-2017
16 Jan 17
As the birthplace of Stephenson, Armstrong and Swan, the North East of England has a proud history of industrial and technological innovation. Despite local economic challenges, the region’s industrial heritage lives on through continuing success in high end engineering and technology. The recent takeovers of private equity backed SMD (subsea robotics) and Nomad Digital (wi-fi on the railways) are testament to this. The North East has also emerged as a leader in genetics and genomics with an enviable life sciences and healthcare infrastructure. Against this backdrop, we expect the region to continue to throw up attractive IPO candidates to build on the six new listings in the past three years. We expect 2017 to be far kinder to the existing portfolio of North East plcs than 2016 (a year to forget) with recent management changes one important theme for the new year. Our top picks are Hargreaves Services, Quantum Pharma and Zytronic (all N+1 Singer Corporate clients) and we are Buyers of Northgate and Grainger.
Hoping for the best, prepared for the worst
16 Jan 17
Taylor Wimpey’s (TW) trading update on 11 January emphasised the great strengths management has achieved in recent years and some of its fears: the land bank, the net cash, forward sales and the highly robust balance sheet, along with great operational capability, are all driving high margins and ROCE, but the near-death experience of 2007-10 taught the company that house building is cyclical so the structure is built around ensuring it can deliver earnings and manage the balance sheet across the cycle.