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Vistry

November 2021

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Housebuilder Vistry has pleasantly upgraded full year guidance again to c. £345m from £330m for 2021, sending the shares back over £12. Vistry’s first half revenue growth was 4% but EBIT margin lift off was more impressive, going from 3.2% in H1 ’20 to 13.9%, for adjusted pretax profit to £166.3m.In House Building it completed 3,126 homes (FY20: 1,235) at an EBIT margin of 17.4% (2.5%). Partnerships completed 895 mixed tenure homes (489) which alongside a 5.1% increase in EBIT margin to 9.1% led to a near trebling in profit to £35.5m.Net cash was £31.6m (H1 ’20: net debt: £357m) but is set to climb to £225m cash at the year end.Numis forecasts eps of 126p ...

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Dunelm

Vistry - Shares double since main write-up (June 2024)

Vistry (December 2023)

Vistry - Increased focus on social / affordable housing and pre-sales could double profit to £800m medium term (November 2023)

Vistry (September 2023)

Vistry (August 2023)

Vistry - Countryside synergies upgraded by £10m (May 2023)

Vistry (March 2023)

Vistry - Transformative acquisition increases fast-growing social housing to over 50% sales (December 2022)

Vistry (April 2022)

Vistry (January 2022)

Vistry (October 2021)

Vistry - Gain since last Novembers write-up: 127% (July 2021)

Vistry (April 2021)

Vistry (March 2021)

Vistry - Net debt falls from £357m to just £40m (January 2021)

Vistry (September 2020)

Vistry - Partnerships division transforms growth prospects (July 2020)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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Vistry

November 2021

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