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#	AUTHOR DATE SUBJECT
36	member 10/23/23 12:52PM Re: Vistry ASP 35
Any thoughts on the Vistry results today? view available tags
35	member 10/10/23 9:57PM Vistry ASP 34
Hi fiverocks/others,I have some difficulties in tying the ASP on the partnership units to the disclosed rev contribution. E.g. Mixed Tenure revenue / mixed tenure wholly owned units + 50% of the JV completions (as... login to read the rest view available tags
33	member 10/10/23 2:29PM Re: Re: Re: Re: Re: Re: Re: Re: Re: Vistry 32
I'm new to the Vistry idea, but have begun reading the annual, etc. It seems like it's almost acting like an E&C with less bid risk? Related to this, how do they bill on partnership... login to read the rest view available tags
30	member 10/06/23 1:57PM Re: Re: Re: Re: Re: Re: Re: Vistry 29
One quick thing. I recently spoke to Vistry. They are seeing more discounting on bulk sales and sales rates continue to slow. It's a slog out there right now. view available tags
27	member 10/05/23 2:31PM Re: Re: Re: Re: Vistry 26
Fiverocks, thanks for the response. I was referring to housing PMIs. See below from RBC. UK construction PMIs came in at 45.0 in September, down from 50.8 in August. Moreimportantly for the housebuilders, the housing sub-index... login to read the rest view available tags
25	member 10/05/23 11:50AM Re: Re: Vistry 24
Super helpful fiverocks. I think for us the concern is the 20k in JUST the partnerships business. Partnerships are constrained by land and housing associations and how fast they move and whether Vistry can negotiate at... login to read the rest view available tags
23	member 10/04/23 9:58AM Vistry 15
Hi Fiverocks and others who know Vistry well. Greg announced that homebuilding would be folded into partnerships a couple weeks ago. This caused a big pop in the share price given a) higher ROCE, b)... login to read the rest 1 view available tags
21	member 8/02/23 9:58AM Re: Re: Re: Re: Re: Re: Re: Cataclysmic Housing Crash 20
Any good sellside pieces out there on this? In the US, the 30-year fixed has gone from ~3% to ~7%. Just using a generic online calculator on a $400k home, PITI goes from $1883/mo to $2663/mo... login to read the rest view available tags
19	member 8/02/23 5:48AM Re: Re: Re: Re: Re: Cataclysmic Housing Crash 18
Hi LDMR, a couple of clarifications on your points here and earlier in the thread: - interest is not deductible for residential borrowers in the UK; the last vestiges of that were ended by then-chancellor Gordon... login to read the rest 4 view available tags
17	member 8/01/23 9:47PM Re: Re: Re: Cataclysmic Housing Crash 16
So what is happening to the people who took out a mortgage over the past few years? Isn't their monthly cash outlay going up 50-100%+? I don't know many households that can handle a 50%+ increase... login to read the rest view available tags
12	member 8/01/23 12:19PM Cataclysmic Housing Crash
Hi om, You addressed this some in your writeup, but I am hoping you (or others) could address it in a bit more detail. The recent run-up in home prices, combined with the spike in mortgage rates,... login to read the rest 3 view available tags
9	member 8/01/23 1:24AM On Management, Irish Builders, and Vistry
Fiverocks, Weighing Machine, Bud Spencer, and HTC: Thank you for your insightful comments. I believe Fiverocks has a more thorough understanding of management’s history than I do. I did my due diligence and came away with the... login to read the rest 1 view available tags
8	member 7/31/23 9:43PM Vistry 5
What's the quick Vistry pitch? view available tags
4	member 7/31/23 11:24AM Re: skeptical on management 3
Completely agree with @fiverocks, however, isn't it priced in? You're getting a sizeable discount with PSN when it comes to the market value of their land and lots, vs. Berkeley and Vistry no? view available tags
2	member 7/28/23 12:13AM Land bank
I simply take it at book value. I recommend taking a look at slides 9,10 of the year end 2022 results presentation. Usually land costs make up about 12% of revenues for a business that... login to read the rest view available tags
1	member 7/25/23 9:18PM Land bank
Thanks for the interesting idea. How do you view the current value of the land bank vs its book value? view available tags

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			2020	2021
Price:	3.81	EPS	0.79	1
Shares Out. (in M):	123	P/E	5	4
Market Cap (in $M):	467	P/FCF	2	2
Net Debt (in $M):	3,416	EBIT	0	0
TEV (in $M):	4,737	TEV/EBIT	0	0

Description

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