Eadwig
12 Feb 2017
Re: Dividend Yield Maru118,The reason for paying a special dividend is that there is no implied promise of it being paid again. (I think you can be reasonably sure it will be paid this year, something similar to last year)Thus as the housing cycle progresses, TW can reduce or cancel the special dividend and not be accused of cutting the dividend. The latter always has negative connotations and impacts badly on the share price.They should significantly up the basic dividend though, the split between the basic and the special is way too much, far more than any of the other majors employing the same tactics.I note the Spanish economy is picking up very, very rapidly since Brexit (admittedly from a very low base). Is this likely to be reflected in TW's figures? I've never quite sussed who they are selling to in Spain, ex-pats or into the general housing market?
Maru118
11 Feb 2017
Dividend Yield Can anyone clarify what the yield is likely to be? Broker has it down as 0.7% but company refs has it down as >8%. This is due to the special dividend paid. Is this going to be paid again? What yield are we looking at here in all probability? CheersMaru
JohnyCash
05 Feb 2017
Re: question "How many millions will they have to pay in compensation to recent house buyers for the miss selling lease scandal"---------- ---------- ---------- ---------- ---------- ---------£0.00m
vx1
02 Feb 2017
question How many millions will they have to pay in compensation to recent house buyers for the miss selling lease scandal. sell sell sell while you can.
millwallfan
17 Jan 2017
Very quiet Bullish trading statement and related 10% rise over past couple of weeks and the board is remarkably quiet. Is everyone waiting for more news or still recovering from the Xmas sherry ? Lol
JohnyCash
11 Jan 2017
Re: TW. Outlook Statement Very Bullish...... ShareCast summary >>(ShareCast News) - Housebuilder Taylor Wimpey updated the market on its trading ahead of its full year results for the 2016 calendar year, which it said will be announced on 28 February.The FTSE 100 firm said that during the year, total home completions increased by 4% to 13,881, including Taylor Wimpey's share of joint venture completions.It delivered 2,663 affordable homes, up from 2,509, equating to 19% of total completions, which was in line with 2015.The company's net private reservation rate was 0.72 homes per outlet per week, down marginally from 0.73, while its cancellation rates remained low at 13%, up from 12%.Taylor Wimpey said the mix impact of better quality locations continued to have a positive impact with average selling prices on private completions increasing by 13% to £286k, while its overall average selling price increased by 11% to £255k.The firm ended 2016 with a year end order book valued at £1.68bn, down from £1.78bn excluding joint ventures, with a small fall in the average selling price largely due to a number of high value Central London completions in December 2016.Taylor Wimpey's board said that order book represented 7,567 homes, up from 7,484 homes at the end of December 2015, and the company was entering 2017 with 285 outlets - 12 fewer than it began 2016 with."Against the backdrop of a stable housing market in 2016, we continued to see good demand and solid trading into the second half of the year, despite wider macroeconomic uncertainty," the company's board said in a statement."Customers continue to benefit from a wide range of mortgage products and low interest rates with customer confidence remaining robust."We have continued to make good progress towards each of our enhanced medium term targets during 2016."As at the end of December, Taylor Wimpey's short term landbank stood at around 76,000 plots - precisely in line with 2015 - having successfully converted more than 9,000 plots from the strategic pipeline into the short term landbank."Looking ahead, we remain mindful of the wider macroeconomic uncertainty created by the outcome of the EU referendum," the board said."In line with our disciplined strategy and with the benefit of a long landbank and underpin of strategic pipeline, we will continue to be selective in further land investment."In Spain, the board said the market continued to be positive, and it completed 304 homes in 2016 - up from 251 - at an average selling price of €358k - improving from €315k.The total order book as at 31 December stood at 293 homes, compared to 270 homes at the end of 2015."We expect to report a significantly improved operating profit for the Spanish business in 2016," the board said, without offering any further indication.The board said it expected to report an improved operating profit margin of 20.8%, compared to 20.3%, and a return on net operating assets of over 30%, up from 27.1%.Taylor Wimpey ended the year in a strong position with net cash of £365m, compared to £223.3m a year earlier, which it said was due to the strength in underlying trading, and after the payment of £355.9m of dividends to shareholders in 2016, up from £308.4m."We remain confident in our ability to pay significant dividends through the cycle, and are focused on our medium term target for dividends which is to pay a total of £1.3 billion of dividends in cash to shareholders over the period 2016-2018."The company said it started the current year in an excellent financial and operational position with significant embedded value in its short term landbank and strategic pipelineIt expected to demonstrate further progress throughout 2017 against all of of its medium term targets, delivering increased returns for our shareholders and focusing on areas of the operational business where it can add value, including driving further improvements in its customer service processes and pr
oldjoe1
11 Jan 2017
TW. Outlook Statement Very Bullish...... Outlook statement very pleasing......Taylor Wimpey sees FY profitability to top of consensus11 January 2017 | 7:21 AM Back to articlesTaylor Wimpey expects to deliver FY profitability at the upper end of market consensus, which was for EBITA between £706.4m and £755.0m."Looking ahead, we remain confident that our disciplined strategy will enable us to continue to deliver value over the long term," it said."We are pleased to report good progress in 2016, with an increase in housing completions and robust trading despite wider macroeconomic uncertainty," the company said in a statement. "In a market characterised by solid fundamentals, we ended the year with a strong forward order book and made good progress against our enhanced medium OUTLOOK"We start the year in an excellent financial and operational position with significant embedded value in our short term landbank and strategic pipeline."We expect to demonstrate further progress throughout 2017 against all of our medium term targets, delivering increased returns for our shareholders and focusing on areas of the operational business where we can add value, including driving further improvements in our customer service processes and product quality."
oldjoe1
11 Jan 2017
Re: TW. Top End Of Forecasts........ BRIEF – Taylor Wimpey expects full – year profit at top end of expectations11-01-2017 07:18Jan 11 (Reuters) – Taylor Wimpey PlcExpect to deliver full year profitability at upper end of market consensusRemain confident that our disciplined strategy will enable us to continue to deliver value over long termIn 2016 total home completions increased by 4% to 13,881Cancellation rates remained low at 13% (2015: 12%).We ended 2016 with a year end order book valued at £1,682 million as at 31 december 2016A small fall in average selling price largely due to a number of high value central london completions in december 2016.We expect to demonstrate further progress throughout 2017 against all of our medium term targets, delivering increased returns for our shareholdersAgainst backdrop of a stable housing market in 2016, we continued to see good demand and solid trading into second half of yearFurther company coverage: TW.L(Costas Pitas) (([email protected]; +44207 542 7717
© Thomson Reuters Limited. Click for restrictions
oldjoe1
11 Jan 2017
TW. Top End Of Forecasts........ TW. Taylor Wimpey Update this morning.."We expect to deliver full year profitability at the upper end of market consensus"[link]
oldjoe1
10 Jan 2017
TW. Chart breakout. TW. Taylor Wimpey 6 month high and breakout......[link]
Eadwig
10 Jan 2017
Re: info emptywallet, " That's the point, "special" dividends are usually not maintained"In this sector they've been used to distribute very high profits, without setting future expectations too high in case of a slow down or downturn in the sector, which always comes sooner or later. The failure to then pay a special dividend would be seen as a dividend cut and the markets react very badly to that.There has been some very sensible managing of expectations in this sector during this housing cycle, not to mention, so far, a smooth transition from growth stocks to steady divi payers. A process which is usually unbelievably painful shareholders.There's also a large section of the investing community , including professionals, who just don't feel comfortable in the sector, which is extraordinary to me. There is a cycle in UK housing, yes. Once you've accepted that simple fact, why would you then not be involved in the most profitable sector on the markets? I find it strange, I heard a professional just the other day talking about some oil exploration company with exciting prospects and then when asked to comment on PSNs results he got all cautious and admitted he steered clear of the sector. A fund manager!
Eadwig
10 Jan 2017
Re: Trading Statements Eadwig" I made a decision to no longer get involved with Bovis some time ago, unless there is a serious board level overhaul. "I just found out the Bovis CEO had resigned a few hours before I posted this. Never a comfortable situation for a PLC, but might be just what the doctor ordered if a ne CEO comes in and then we see further 'resignations' in the upper echelons.Does this make them a takeover target? I don't think anyone will have the cahones in this environment - plus, the share price rose on his resignation, apparently, so his leaving not seen as a weakness.
The Man With No Nickname
10 Jan 2017
Re: Trading Statements My guess is we'll have a strong trading update tomorrow, which should see a further strong rise, making up for the post Brexit discount this share has seen. There's a lot of strong sentiment in the market these days, on the back of which any strong update will have a multiplier effect. TW is lagging behind PSN for example in making back that rise, so given PSN's strong performance post-last week's trading update, we should see a similar outcome for TW. The only drag I can see is some sort of failure to manage an aspect of the core business a la Bovis, but from what I can see, that is unlikely with TW.
emptywallet
10 Jan 2017
Re: info That's the point, "special" dividends are usually not maintained otherwise the company would just boost regular interim / final dividends.
Eadwig
09 Jan 2017
Re: Trading Statements No surprise Bovis messed up, although particularly badly this time.They've had the worst execution of the larger housebuilders that I follow all through this last cycle and their shares have often been knocked back 10% on reporting highly profitable results/trading statements ... relative to any other sector, but never achieving analysts expectations for this sector.Those falls I have bought on in the past and sooner or later the price came back and a quick profit could be taken (no doubt I posted some live on that board). But I made a decision to no longer get involved with Bovis some time ago, unless there is a serious board level overhaul. If asked by other investors about the housing sector and who to back, I've simply said there are many good companies with developments across the UK, London-centric companies have the highest risk reward factor if that is suitable for you, but avoid Bovis.I would much rather be stuck with a BKG, PSN, TW or BDEV if an ongoing trade were to run into, say, an unexpected rate hike from the Bank of England.There will be a point where there is a rate hike with more signalled in the pipeline, and the sector will take a big hit at that point, and every actual rise that eventually follows. Personally, I think everyone is underestimating where inflation may go, with most commentators suggesting a peak of 3%. I think 5% is more realistic, and despite Carney's last 'guidance' that the next move will be down, I think most people would accept that is off the table now. If inflation really accelerates he wont have any choice, even if Brexit negotiations are underway and the economy depressed as a result, the rates will have to rise. That might be sooner rather than later if Mrs May continues to exacerbate the weakness of the pound, I can't understand why she's doing it, unless it is through sheer incompetence. So far we've been very lucky that the oil price has remained relatively subdued or inflation would now be rising even faster than it is.My take on where we are, for what its worth.
