Updates

Vistry

October 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.

The patch of outperformance for housebuilder Vistry has continued with half-year trading confirming improved. Completions were 3,126 in H1 ’21 (1,235 in H1 ’20) and remain on track to hit c.6,500 in FY’21 (4,652 in FY’20). Moreover, Vistry continues to expect gross margins to increase from 17.6% to c.22%. Pricing is good, with price rises in May more than offsetting rising cost pressures (mostly materials to date but some signs of labour increasing too).Meanwhile, the Partnerships division reported a higher operating margin in H1 than the 8.7% reported in H2 ’20.HSBC forecasts net cash to reach £120m at the year-end from the current £32m. The broker’s price target is 1500p. ...

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UP Global Sourcing - Gain to date: 76%

DX Group

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 (November 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

October 2021

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