LSE:CSP

Stock Analysis Report

Executive Summary

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

Snowflake

Fundamentals

Flawless balance sheet with acceptable track record.


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 has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

3.2%

CSP

2.7%

GB Consumer Durables

-0.5%

GB Market


1 Year Return

16.0%

CSP

10.7%

GB Consumer Durables

3.7%

GB Market

Return vs Industry: CSP exceeded the UK Consumer Durables industry which returned 10.7% over the past year.

Return vs Market: CSP exceeded the UK Market which returned 3.7% over the past year.


Shareholder returns

CSPIndustryMarket
7 Day3.2%2.7%-0.5%
30 Day1.9%0.8%1.4%
90 Day26.3%13.6%3.1%
1 Year21.1%16.0%18.6%10.7%9.2%3.7%
3 Year67.2%52.3%61.4%34.8%23.5%7.8%
5 Yearn/a115.5%61.4%34.4%3.8%

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?

29.4%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: CSP (£3.6) is trading below our estimate of fair value (£5.09)

Significantly Below Fair Value: CSP is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: CSP is poor value based on its PE Ratio (11x) compared to the Consumer Durables industry average (10.3x).

PE vs Market: CSP is good value based on its PE Ratio (11x) compared to the UK market (16.9x).


Price to Earnings Growth Ratio

PEG Ratio: CSP is poor value based on its PEG Ratio (1.2x)


Price to Book Ratio

PB vs Industry: CSP is overvalued based on its PB Ratio (2x) compared to the GB Consumer Durables industry average (1.4x).


Next Steps

Future Growth

How is Countryside Properties forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

9.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CSP's forecast earnings growth (9.1% per year) is above the savings rate (1.2%).

Earnings vs Market: CSP's earnings (9.1% per year) are forecast to grow slower than the UK market (12.7% per year).

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

Revenue vs Market: CSP's revenue (10% per year) is forecast to grow faster than the UK market (3.9% per year).

High Growth Revenue: CSP's revenue (10% 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 (17.8%).


Next Steps

Past Performance

How has Countryside Properties performed over the past 5 years?

46.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: CSP has high quality earnings.

Growing Profit Margin: CSP's current net profit margins (12.9%) are lower than last year (14.8%).


Past Earnings Growth Analysis

Earnings Trend: CSP's earnings have grown significantly by 46% per year over the past 5 years.

Accelerating Growth: CSP's earnings growth over the past year (9.9%) is below its 5-year average (46% per year).

Earnings vs Industry: CSP earnings growth over the past year (9.9%) exceeded the Consumer Durables industry 5%.


Return on Equity

High ROE: CSP's Return on Equity (18%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Countryside Properties's financial position?


Financial Position Analysis

Short Term Liabilities: CSP's short term assets (£1.0B) exceeds its short term liabilities (£333.7M)

Long Term Liabilities: CSP's short term assets (1.0B) exceeds its long term liabilities (146.0M)


Debt to Equity History and Analysis

Debt Level: CSP's debt to equity ratio (6.5%) 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 (155.7%).

Interest Coverage: CSP's interest payments on its debt are well covered by EBIT (33.2x 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 19.4x debt).


Next Steps

Dividend

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

3.00%

Current Dividend Yield


Dividend Yield vs Market

company3.0%marketbottom25%1.9%markettop25%5.3%industryaverage6.2%forecastin3Years5.0%

Current dividend yield vs market & industry

Notable Dividend: CSP's dividend (3%) is higher than the bottom 25% of dividend payers in the UK market (1.94%).

High Dividend: CSP's dividend (3%) is low compared to the top 25% of dividend payers in the UK market (5.33%).


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 (38.6%), 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 (35.8% payout ratio).


Next Steps

Management

What is the CEO of Countryside Properties's salary, the management and board of directors tenure and is there insider trading?

2.5yrs

Average management tenure


CEO

Ian Sutcliffe (59yo)

4.8yrs

Tenure

UK£2,265,000

Compensation

Mr. Ian Calvert Sutcliffe has been Group Chief Executive Officer of Countryside Properties PLC and Countryside Properties (Holdings) Limited since January 2015. Mr. Sutcliffe has been a Director of Country ...


CEO Compensation Analysis

Compensation vs Market: Ian's total compensation ($USD2.91M) is above average for companies of similar size in the UK market ($USD1.82M).

Compensation vs Earnings: Ian's compensation has increased by more than 20% in the past year.


Management Age and Tenure

2.5yrs

Average Tenure

Experienced Management: CSP's management team is considered experienced (2.5 years average tenure).


Board Age and Tenure

3.9yrs

Average Tenure

59.5yo

Average Age

Experienced Board: CSP's board of directors are considered experienced (3.9 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

SellUK£25,25817 Jun 19
Nick Worrall
EntityIndividual
Role
Head of Human Resources
Group Human Resources Director
Shares8,713
Max PriceUK£2.90
SellUK£11,82101 Apr 19
Iain McPherson
EntityIndividual
Role
Senior Key Executive
Chief Executive of Partnerships South
Shares3,673
Max PriceUK£3.22

Ownership Breakdown

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


Management Team

  • Ian Sutcliffe (59yo)

    Group Chief Executive & Executive Director

    • Tenure: 4.8yrs
    • Compensation: UK£2.27m
  • Gary Whitaker

    General Counsel & Company Secretary

    • Tenure: 4yrs
  • Victoria Prior

    Investor Relations & Strategy Director

    • Tenure: 0yrs
  • Nick Worrall

    Group Human Resources Director

    • Tenure: 5.2yrs
  • Iain McPherson

    Chief Executive of Partnerships South

    • Tenure: 1yrs
  • Ian Kelley

    Chief Executive of Partnerships North

    • Tenure: 2.5yrs
  • Phillip Lyons

    Chief Executive of Housebuilding

    • Tenure: 2.5yrs
  • Mike Scott

    Group CFO & Director

    • Tenure: 1.1yrs

Board Members

  • David Howell (69yo)

    Independent Non-Executive Chairman

    • Tenure: 3.9yrs
    • Compensation: UK£175.00k
  • William Townsend (57yo)

    Non-Executive Director

    • Tenure: 0.7yrs
  • Amanda Burton (60yo)

    Independent Non-Executive Director

    • Tenure: 3.9yrs
    • Compensation: UK£50.00k
  • Sally Morgan (59yo)

    Independent Non-Executive Director

    • Tenure: 3.9yrs
    • Compensation: UK£45.00k
  • Ian Sutcliffe (59yo)

    Group Chief Executive & Executive Director

    • Tenure: 4.8yrs
    • Compensation: UK£2.27m
  • Douglas Hurt (63yo)

    Senior Independent Non-Executive Director

    • Tenure: 1.8yrs
    • Compensation: UK£41.00k
  • Mike Scott

    Group CFO & Director

    • Tenure: 1.1yrs

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£1.607b
  • Shares outstanding: 446.84m
  • 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
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 through two divisions, Housebuilding and Partnerships. The Housebuilding division dev ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/11/11 21:43
End of Day Share Price2019/11/11 00:00
Earnings2019/03/31
Annual Earnings2018/09/30


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.