LSE:CSP

Stock Analysis Report

Executive Summary

Countryside Properties PLC operates as a home builder and urban regeneration partner in the United Kingdom.


Snowflake Analysis

Flawless balance sheet and good value.


Similar Companies

Share Price & News

How has Countryside Properties's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: CSP's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

7.1%

CSP

10.3%

GB Consumer Durables

10.0%

GB Market


1 Year Return

-10.1%

CSP

-27.2%

GB Consumer Durables

-23.0%

GB Market

Return vs Industry: CSP exceeded the UK Consumer Durables industry which returned -27.2% over the past year.

Return vs Market: CSP exceeded the UK Market which returned -23% over the past year.


Shareholder returns

CSPIndustryMarket
7 Day7.1%10.3%10.0%
30 Day-38.7%-39.7%-17.6%
90 Day-36.7%-39.6%-27.3%
1 Year-6.2%-10.1%-22.7%-27.2%-18.9%-23.0%
3 Year32.3%19.6%-7.6%-22.5%-12.9%-24.2%
5 Yearn/a25.1%-5.1%1.6%-21.8%

Price Volatility Vs. Market

How volatile is Countryside Properties's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Countryside Properties undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: CSP (£2.88) is trading below our estimate of fair value (£15.65)

Significantly Below Fair Value: CSP is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: CSP is poor value based on its PE Ratio (7.6x) compared to the Consumer Durables industry average (7.5x).

PE vs Market: CSP is good value based on its PE Ratio (7.6x) compared to the UK market (12.4x).


Price to Earnings Growth Ratio

PEG Ratio: CSP is good value based on its PEG Ratio (0.8x)


Price to Book Ratio

PB vs Industry: CSP is overvalued based on its PB Ratio (1.4x) compared to the GB Consumer Durables industry average (0.9x).


Next Steps

Future Growth

How is Countryside Properties forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?

9.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CSP's forecast earnings growth (9.3% per year) is above the savings rate (0.5%).

Earnings vs Market: CSP's earnings (9.3% per year) are forecast to grow slower than the UK market (15.5% per year).

High Growth Earnings: CSP's earnings are forecast to grow, but not significantly.

Revenue vs Market: CSP's revenue (11.9% per year) is forecast to grow faster than the UK market (2.3% per year).

High Growth Revenue: CSP's revenue (11.9% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: CSP's Return on Equity is forecast to be low in 3 years time (18.5%).


Next Steps

Past Performance

How has Countryside Properties performed over the past 5 years?

39.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: CSP has high quality earnings.

Growing Profit Margin: CSP's current net profit margins (13.6%) are lower than last year (14.5%).


Past Earnings Growth Analysis

Earnings Trend: CSP has become profitable over the past 5 years, growing earnings by 39.7% per year.

Accelerating Growth: CSP's earnings growth over the past year (13.4%) is below its 5-year average (39.7% per year).

Earnings vs Industry: CSP earnings growth over the past year (13.4%) exceeded the Consumer Durables industry -9%.


Return on Equity

High ROE: CSP's Return on Equity (18.7%) is considered low.


Next Steps

Financial Health

How is Countryside Properties's financial position?


Financial Position Analysis

Short Term Liabilities: CSP's short term assets (£1.1B) exceed its short term liabilities (£349.1M).

Long Term Liabilities: CSP's short term assets (£1.1B) exceed its long term liabilities (£143.7M).


Debt to Equity History and Analysis

Debt Level: CSP's debt to equity ratio (0.2%) is considered satisfactory.

Reducing Debt: CSP had negative shareholder equity 5 years ago, but is now positive and has therefore improved.

Debt Coverage: CSP's debt is well covered by operating cash flow (2509.1%).

Interest Coverage: CSP's interest payments on its debt are well covered by EBIT (52.2x coverage).


Balance Sheet

Inventory Level: CSP has a high level of physical assets or inventory.

Debt Coverage by Assets: CSP's debt is covered by short term assets (assets are 510x debt).


Next Steps

Dividend

What is Countryside Properties's current dividend yield, its reliability and sustainability?

5.66%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: CSP's dividend (5.66%) is higher than the bottom 25% of dividend payers in the UK market (2.69%).

High Dividend: CSP's dividend (5.66%) is low compared to the top 25% of dividend payers in the UK market (7.48%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, CSP has been paying a dividend for less than 10 years.

Growing Dividend: CSP's dividend payments have increased, but the company has only paid a dividend for 3 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (43.3%), CSP's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: CSP's dividends in 3 years are forecast to be well covered by earnings (39% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

2.8yrs

Average management tenure


CEO

Iain McPherson

0.17

Tenure

Mr. Iain McPherson serves as Director of Countryside Properties PLC since January 01, 2020. He serves as Group Chief Executive in January 2020 and served as Chief Executive of Partnerships South at Country ...


Leadership Team

NamePositionTenureCompensationOwnership
Michael Scott
Group CFO & Director1.42yrsUK£915.00k0.0092% £118.8k
Iain McPherson
Group Chief Executive & Director0.17yrno data0.14% £1.7m
Victoria Prior
Investor Relations & Strategy Directorno datano datano data
Gary Whitaker
General Counsel & Company Secretary4.33yrsno data0.065% £838.0k
Nick Worrall
Group Chief People Officer5.5yrsno data0.065% £833.0k
Ian Kelley
Chief Executive of Partnerships North2.83yrsno data0.16% £2.1m
Phillip Lyons
Chief Executive of Housebuilding2.83yrsno datano data
Mike Woolliscroft
Chief Executive of Partnerships South0.17yrno datano data

2.8yrs

Average Tenure

Experienced Management: CSP's management team is considered experienced (2.8 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Michael Scott
Group CFO & Director1.42yrsUK£915.00k0.0092% £118.8k
Iain McPherson
Group Chief Executive & Director0.17yrno data0.14% £1.7m
David Howell
Independent Non-Executive Chairman4.25yrsUK£175.00k0.011% £142.7k
William Townsend
Non-Executive Director1yrUK£29.00k0.0022% £28.8k
Amanda Burton
Independent Non-Executive Director4.25yrsUK£55.00k0.0024% £31.0k
Sally Morgan
Independent Non-Executive Director4.25yrsUK£50.00k0.0021% £27.3k
Douglas Hurt
Senior Independent Non-Executive Director2.17yrsUK£60.00k0.0026% £33.4k

2.2yrs

Average Tenure

60yo

Average Age

Experienced Board: CSP's board of directors are not considered experienced ( 2.2 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: CSP insiders have sold more shares than they have bought in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Countryside Properties PLC's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Countryside Properties PLC
  • Ticker: CSP
  • Exchange: LSE
  • Founded: 1958
  • Industry: Homebuilding
  • Sector: Consumer Durables
  • Market Cap: UK£1.285b
  • Shares outstanding: 446.04m
  • Website: https://www.countrysideproperties.com

Number of Employees


Location

  • Countryside Properties PLC
  • Countryside House
  • The Drive
  • Brentwood
  • Essex
  • CM13 3AT
  • United Kingdom

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CSPLSE (London Stock Exchange)YesOrdinary SharesGBGBPFeb 2016
CSPLBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBGBPFeb 2016
6CODB (Deutsche Boerse AG)YesOrdinary SharesDEEURFeb 2016
6COBRSE (Berne Stock Exchange)YesOrdinary SharesCHCHFFeb 2016
CUSP.YOTCPK (Pink Sheets LLC)UNSPONSRED ADSUSUSDOct 2018

Biography

Countryside Properties PLC operates as a home builder and urban regeneration partner in the United Kingdom. It operates in two segments, Partnerships and Housebuilding. The Partnerships segment specializes in medium to large-scale housing regeneration schemes delivering private and affordable homes in partnership with public sector landowners and operates primarily in and around London, the Midlands, the North West of England, and Yorkshire. The Housebuilding segment develops large-scale sites, providing private, and private rented sector and affordable housing primarily around London and the South East of England. This segment operates under the Countryside and Millgate brands. The company also offers estate management services. It has a total land bank of 49,000 plots. The company was formerly known as Hackplimco (No. 121) plc and changed its name to Countryside Properties PLC in January 2016. Countryside Properties PLC was founded in 1958 and is headquartered in Brentwood, the United Kingdom. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/03/30 23:39
End of Day Share Price2020/03/30 00:00
Earnings2019/09/30
Annual Earnings2019/09/30


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.