missmolly
12 Mar 2017
Takeover bit by Galliford Try - comments? Just seen the news of Bovis rejection of Redrow & Galliford's proposed takeover of BOVComments anyone?Mol
lotcangorong
22 Feb 2017
Re: Accounts Now now boys it doesn't matter if you can spell as long as you can do the sums
LoadsaDosh2
22 Feb 2017
Re: Accounts That comment shows your complete stupidy 
dazedandconfused
22 Feb 2017
Re: Accounts Apart from their share price falling into the sea, i'm not sure what piers have to do with Bovis... 
LoadsaDosh2
21 Feb 2017
Re: Accounts Bovis quoted the NAV per share in the results so why are you trying to work it out? It's about 750p I think compared to PSN's 721p at last results but BVS is almost a third the price of PSN!
Akis1999
21 Feb 2017
Re: Accounts OK some more digging:in 2015 they paid off a loan and bought back some shares, to explain the missing cashin 2016 I have no idea the missing cash is around 15 ml.So I have these figures:2015 NAV 957,759,000.002016 NAV 1,015,927,000.00P/NAV = 1P/E = 9.29 (based on real profit of 109,365,000.00 for 2016)div cover 1.97 based on real profit (again) of 109,365,000.00It all looks good, on its own, I have not compared to piersWhat do you think?
Akis1999
21 Feb 2017
Accounts I am looking at the accounts and I have these figures plucked out , would you agree:1) Bottom line profit 109.365 ml vs 128.173 ml2) Div payout 55.412 ml vs 49.2403) Cash 38.552 ml vs 31.990 ml4) Debt 614.399 ml vs 557.760 ml5) Outstanding shares 134,322,449 vs 134,428,802I have some questions.If the divi was 55.412 ml and they have 38.552 ml in cash, that is around 94 ml, where is the difference to the 109.365 ml very very bottom line ? Same question applies to 2015.What can we gleam from the debt figures?
dazedandconfused
20 Feb 2017
latest statement stable door...bolt?? acknowledging that customer standards had been falling "for some time" is a bit revealing. Once you get a bad name in the marketplace (Barratt timber frame on TV anyone?) it takes a long time, or a deep discount, to get the buyers back. Impressed that they are still raising the divi, and actually there could be a good buying opportunity at the moment after today's fall. But as ex-divi date is a month away, i think just monitor their price before jumping back in. And a quick check round their Kent sites to see how busy they are, after all the artisans went home to Poland!
pearlsasinger
30 Jan 2017
Holding up...... SP holding up well in spite of very negative article in Saturday's Guardian.
Hydrogen Economy
23 Jan 2017
Telegraph/Times storoes re BVS/BKG Merger Also posted on BKG BB.Much more in this for BVS than BKG but hard to see it happening.Several stories about Schroder trying to persuade Berkley Group to merge with Bovis, although none seem to give it much chance of going anywhere. No idea why Tony P would consider a merger with a company having ~25% BKG's market cap and some serious problems. I guess a buy-out to cherry-pick some of the land bank might work for them- the value of the plots would I'm sure higher in BKGs hands, but unclear if even this would interest BKG. Maybe with Central London flat, this could help BKG increase volume elsewhere but I guess there would be better fit with others like RDW or PSN as mentioned below.From the leaderless BVS side, I'm such a deal has plenty of attraction, Schroder said to hold 8.1% of BVS so understandable why they would suggest it.H2[link] City attempt to lay the foundations of a £5bn merger of Bovis Homes and Berkeley Group is on shaky ground, with Berkeley understood to have rejected the idea.Schroders, Bovis’ biggest shareholder, wrote to Berkeley proposing an all-share merger following a difficult trading period for Bovis which claimed the scalp of its chief executive David Ritchie.Bovis had issued a surprise profit warning at the end of 2016, saying that pre-tax profits were likely to be flat this year at between £160m and £170m, below analyst predictions of £180m, due to a slowdown in the rate of building and sales in December.The string of events prompted Schroders to target a merger with Berkeley, which mostly builds homes in London and the South East. Bovis’ activity is also concentrated on that area.But Berkeley sources said the company had dismissed the call, instead choosing to concentrate on growing through partnerships with the likes of the National Grid, with whom it signed a £700m joint venture to develop new homes on disused land owned by the power provider in 2014, rather than mergers.Other housebuilders, such as rivals Redrow or Persimmon, could still be in the frame to buy Bovis, which has struggled in recent months with slowing sales of its homes amid wider market uncertainty.Berkeley itself has not been immune to a slump in the market: last month it amended its five-year dividend plan to return some cash through share buybacks instead. It also said in December that the number of reservations for its homes had fallen by a fifth since the referendum, signalling the impact of the slowing London property market on the company.It hit out at Government policy which it said was increasing demand rather than supply, saying while it had helped in some areas, it was having “a negative effect on the capital”.Schroders declined to comment on the terms of its proposals.[link]
PMP1
19 Jan 2017
Re: Dividend Cover According to Sharescope the dividend cover for this share is 2.4
reader61
18 Jan 2017
Re: Dividend Cover Many thanks HE, much appreciated and very informative. I took the plunge with a reasonable amount of BVS, as you point out, I'm hoping the new broom when appointed will tighten up cost controls, completions and thereby hopefully EPS too. Kind regards
Hydrogen Economy
18 Jan 2017
Re: Dividend Cover ReaderDividend cover is normally quoted as earnings after tax/ dividends paid (EPS/DPS will give same value). This is over 2 for BVS which is generally considered a relatively safe level. Below 1.5x would be a concern Many investors prefer to check whether dividend is covered by cash flow, as profit and EPS numbers are often subject to many adjustments, one-offs etc and don't always present the true picture. It is harder to manipulate the cash flow numbers.That is the historic cover- in terms of whether dividend is safe the question is will earnings & cash flow continue to exceed dividends. The forecast data can be found in the two links below which I understand compile data from multiple broker analyst forecasts. Digital Look give adjusted EPS for historic data 4-traders use unadjusted.The BVS numbers suggest dividend will continue to be covered by earnings at ~2. Broker forecasts are of course a more or less sophisticated guess and the further out the forecast the less confidence can be put in the numbers.BVS has just lost the CEO who resigned following an unexpected warning about 2016 earnings being below expectations due to late completions. That should not be a major direct impact on the numbers but is an indication BVS have not been as tightly managed as some other builders. BVS has lower valuation because it has under-performed. If a new COE turns it around quickly, the shares may do well medium term, but that will take time and there is always some risk that the new boss will identify other historic issues and write-down some asset values on arrival to make his performance look better in the future. If I was looking to invest in just one housebuilder - I think I'd go for PSN or TW which payer hgher dividends- although mainly as predefined capital return payments. The big unknown is of course the housing market, the underlying economy, interest rates etc. Some have been warning the market is due for imminent collapse for several years- but the demand and house prices has continued to increase, the risks of a housing slowdown should be understood, the builders have become prone to big SP moves on newsflow- among the worst hit after the Brexit vote. Good luck whatever your decision.H2[link]
reader61
18 Jan 2017
Dividend Cover How do I ascertain this from the fundamentals tab please? How safe is BVS dividend for those experienced on this blog?Regards
dazedandconfused
12 Jan 2017
Re: Trading update ...and this has just been published in Kent press: Housebuilder Bovis Homes offered customers up to £3,000 to move into incomplete homes before Christmas shortly before it issued a surprise profit warning to investors.The company, based in New Ash Green, near Dartford, offered the incentives to buyers in a bid to move them into homes before its end-of-year cut off on December 23.Five days later, it made an unscheduled warning to shareholders that it had “deferred” 180 completions until the early part of this year.This week a group of unhappy customers on Facebook, dubbed the Bovis Homes Victims Group, has swelled to more than 700 members.A number of families were forced to delay moving-in plans at its Orchard Fields site in Maidstone, after the developer was forced to delay completions at the 11th hour.
