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.
|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|
|26Jan17 15:56||RNS||TR-1: Notification of Major Holdings|
|23Jan17 07:00||RNS||TR-1: Notification of Major Holdings|
|11Jan17 07:00||RNS||Directorate Change|
|30Dec16 09:46||RNS||TR-1: Notification of Major Holdings|
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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.
Root & branch review – early margin positive
23 Feb 17
Unilever (ULVR LN, HOLD, T/P 3800p) announced yesterday that it will publish the findings of a root and branch review in April 2017. This is stated as being a result of the recent approach made to them by KraftHeinz (KHC US, N/RO), an offer which quickly lapsed.
A compelling global brand roll-out story
22 Feb 17
We believe that SuperGroup remains one of the most undervalued global brand roll-out stories within the UK retail sector. The stock trades at c20% discount to its UK peers on a 1YF EV/EBITDA basis despite best-in-class revenue growth and profit margins. SuperGroup operates a leading multi-channel proposition, has strong sales momentum across each channel and forecast risk remains on the upside. We initiate coverage on the shares with a buy recommendation and price target of 1898p, implying upside of 27.8% over the prevailing market price.
Despite offer lapse, Unilever remains under pressure
20 Feb 17
Unilever (ULVR LN, HOLD, T/P 3800p) announced yesterday that it is no longer subject to a £40 per share offer from KraftHeinz, which valued Unilever at 14x EV/EBITDA and a 24x P/E ratio. The announcement was made jointly with Kraft Heinz. While the offer lapse will probably prompt Unilever’s shares to open lower – they rose 13.3% on Friday – longer term changes may be more positive.