McCarthy & Stone

McCarthy & Stone (MCS)

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Headline

13 Dec 2017
McCarthy & Stone PLC - Holding(s) in Companyfrom Interactive Investor
13 Dec 2017
McCarthy & Stone PLC - Holding(s) in Companyfrom Interactive Investor
13 Dec 2017
RNS press release - Holding(s) in Company from Proactive Investors
13 Dec 2017
RNS press release - Holding(s) in Company from Proactive Investors
12 Dec 2017
McCarthy & Stone PLC - Holding(s) in Companyfrom Interactive Investor
12 Dec 2017
RNS press release - Holding(s) in Company from Proactive Investors
20 Nov 2017
McCarthy & Stone PLC - Director/PDMR Shareholdingfrom Interactive Investor
20 Nov 2017
McCarthy & Stone PLC - Director/PDMR Shareholdingfrom Interactive Investor
20 Nov 2017
McCarthy & Stone PLC - Director/PDMR Shareholdingfrom Interactive Investor
20 Nov 2017
RNS press release - Director/PDMR Shareholding from Proactive Investors
20 Nov 2017
RNS press release - Director/PDMR Shareholding from Proactive Investors
20 Nov 2017
RNS press release - Director/PDMR Shareholding from Proactive Investors
15 Nov 2017
McCarthy & Stone PLC - Director/PDMR Shareholdingfrom Interactive Investor
15 Nov 2017
RNS press release - Director/PDMR Shareholding from Proactive Investors
14 Nov 2017
McCarthy & Stone PLC - Final Resultsfrom Interactive Investor
14 Nov 2017
RNS press release - Final Results from Proactive Investors
14 Nov 2017
News - McCarthy & Stone throws away the Zimmer frame after upbeat results from Proactive Investors
9 Nov 2017
McCarthy & Stone PLC - Directorate Changefrom Interactive Investor
9 Nov 2017
RNS press release - Directorate Change from Proactive Investors
3 Nov 2017
McCarthy & Stone PLC - Holding(s) in Companyfrom Interactive Investor
3 Nov 2017
RNS press release - Holding(s) in Company from Proactive Investors
3 Nov 2017
RNS press release - Holding(s) in Company from Proactive Investors
26 Oct 2017
RNS press release - Holding(s) in Company from Proactive Investors
25 Oct 2017
RNS press release - Notice of Full Year Results from Proactive Investors
24 Oct 2017
RNS press release - Holding(s) in Company from Proactive Investors
20 Oct 2017
RNS press release - Holding(s) in Company from Proactive Investors
19 Oct 2017
RNS press release - Holding(s) in Company from Proactive Investors
18 Oct 2017
RNS press release - Holding(s) in Company from Proactive Investors
16 Oct 2017
RNS press release - Holding(s) in Company from Proactive Investors
27 Sep 2017
RNS press release - Appointment of Non-Executive Director from Proactive Investors
15 Sep 2017
RNS press release - Holding(s) in Company from Proactive Investors
7 Sep 2017
RNS press release - Holding(s) in Company from Proactive Investors
6 Sep 2017
RNS press release - Trading Update from Proactive Investors
6 Sep 2017
News - McCarthy & Stone says full-year revenue at record levels as selling prices for its retirement homes hit all-time high from Proactive Investors
5 Sep 2017
RNS press release - Holding(s) in Company from Proactive Investors
1 Sep 2017
RNS press release - Total Voting Rights from Proactive Investors
29 Aug 2017
RNS press release - Holding(s) in Company from Proactive Investors
25 Aug 2017
RNS press release - Holding(s) in Company from Proactive Investors
15 Aug 2017
RNS press release - Holding(s) in Company from Proactive Investors
15 Aug 2017
RNS press release - Holding(s) in Company from Proactive Investors
9 Aug 2017
RNS press release - Holding(s) in Company from Proactive Investors
2 Aug 2017
RNS press release - Block listing Interim Review from Proactive Investors
21 Jul 2017
RNS press release - Holding(s) in Company from Proactive Investors
20 Jul 2017
RNS press release - Holding(s) in Company from Proactive Investors
19 Jul 2017
RNS press release - Holding(s) in Company from Proactive Investors
18 Jul 2017
RNS press release - Holding(s) in Company from Proactive Investors
17 Jul 2017
RNS press release - Holding(s) in Company from Proactive Investors
14 Jul 2017
RNS press release - Holding(s) in Company from Proactive Investors
14 Jul 2017
RNS press release - Director/PDMR Shareholding from Proactive Investors
13 Jul 2017
RNS press release - Holding(s) in Company from Proactive Investors
12 Jul 2017
RNS press release - Holding(s) in Company from Proactive Investors
5 Jul 2017
RNS press release - Trading Update from Proactive Investors
5 Jul 2017
News - McCarthy & Stone says underlying trading conditions remain stable but UK general election uncertainty saw some slowing of sales momentum from Proactive Investors
4 Jul 2017
RNS press release - Holding(s) in Company from Proactive Investors
3 Jul 2017
RNS press release - Total Voting Rights from Proactive Investors
22 Jun 2017
RNS press release - Holding(s) in Company from Proactive Investors
21 Jun 2017
RNS press release - Holding(s) in Company from Proactive Investors
14 Jun 2017
RNS press release - Holding(s) in Company from Proactive Investors
14 Jun 2017
RNS press release - Director/PDMR Shareholding from Proactive Investors
9 Jun 2017
RNS press release - Holding(s) in Company from Proactive Investors

McCarthy & Stone Charted

McCarthy & Stone Discussion on Interactive Investor

Re: 2106/17 Results by old_punter

  Thu, 16 Nov 2017 17:31:00 GMT
GM,

Agree your conclusions but not "manipulation" IMHO, I think Aviva were selling and M&G upping its stake to 13% with the latter's buying pushing up the price until they stopped after which the price fell back.

Substantial ii buying or selling in a stock with limited marketability like this will often produce a significant movement in the price in one direction or the other. Today's 6p rise may be ii buying following positive broker comment on the prospects but I am guessing.
By old_punter

Re: 2106/17 Results by NoQuestionMarks

  Wed, 15 Nov 2017 22:49:00 GMT
Happy to hold what I have for the foreseeable, as long as in profit
If markets continue to meander along we could see more buying opportunities under 150p, I would certainly be interested.
If the wobble becomes a correction though, all bets are off and it's a race for the fire exits!

All in all pretty much as expected, we just have to be patient.
By NoQuestionMarks

Re: 2106/17 Results by Genemachine

  Wed, 15 Nov 2017 12:26:00 GMT
There was manipulation of the share price in the 3 weeks before the results,partly due to the antics of Aviva and Prudential Funds and no doubt others.Excellent long term play and good dividend.
By Genemachine

2106/17 Results by old_punter

  Wed, 15 Nov 2017 10:34:00 GMT
Disappointing, even if a decent improvement in H2, but in the share price beforehand thank you insiders. New ventures like offering bungalows and selling for rent make sense and this year and next with much higher sales releases there should be markedly higher sales and profits. So at 155p and a historic p/e of 11 this looks undervalued as most brokers continue to say. In May 2016, the IC said the shares were "too cheap" at 220p with eps of 24.5p forecast for 2016/17, but only 14p in the event.

It looks as if margins are not going to be as high as previously expected but the undersupply of purpose built retirement accommodation remains. With a 70% plus share of a growth market, MCS is strongly placed but performance has been behind expectations given a slower secondary housing market. This may continue but if we are looking at a single figure p/e ratio in the current year and another 20% dividend increase, yield currently 3.5% nearly three times covered, the shares may have bottomed.
By old_punter

14m shares traded today by old_punter

  Wed, 18 Oct 2017 17:13:00 GMT
Unusually large volume today and up 5p to 160p. More buyers than sellers I suppose...

Hmmmm
By old_punter

Re: Is this the drag on SP? by old_punter

  Thu, 12 Oct 2017 18:35:00 GMT
NQM,

Agree with your general thoughts on the sector and the opportunity for retirement builders. I was under the impression the MCS leases were more like 99 years but if now 999 my guess is this probably makes little difference but I could be wrong.

Obviously the results are known for the year ended August and the drifting share price reflects what those in the know think, while most potential buyers will prefer to wait and see the announcement. The statement about the future will be important but they might take our advice to under promise this time. What sometimes seems to happen here is the shares go up on the announcement because the news has been discounted, but who knows. I could be tempted to buy ahead of the results if the price drifts much more as I continue to like the medium term case for the stock.

By old_punter

Re: Is this the drag on SP? by NoQuestionMarks

  Tue, 10 Oct 2017 11:25:00 GMT
Agreed old_punter, underpromise and over deliver should be plastered on the wall of the boardroom.
Could I pick your brain please?
From the website I read that 999 year leaseholds are being introduced. I would like this to be the norm with all our properties. Do you know if this is the case?
With an ageing population and reducing capacity in the care sector something has to give. At the moment I think most pensioners think it is their duty to leave an inheritance of cash and property to their children and grandchildren. I think this leads to pensioners staying in unsuitable accomodation and at times living in a kind of self imposed poverty.
As a society we need to spin it on its head over time; it is not wrong to spend your hard earned cash on your retirement. An inheritance isn't a right, it is a gift.
I hope it is only a matter of time before 'Retirement Living' loses its stigma and becomes the norm. I think we are not far away, but still looking at years rather than months.
nqm

https://www.ons.gov.uk/peoplepopulationandcommunity/populationandmigration/populationestimates/articles/overviewoftheukpopulation/july2017
By NoQuestionMarks

Re: Is this the drag on SP? by old_punter

  Mon, 09 Oct 2017 17:08:00 GMT
Good couple of posts IMO from nqm and BB.

The results are announced 14th November for the year ended August so the numbers are known and I suspect are not expected to excite in line with the trading statement hence the disappointing price performance in advance of the figures and statement.

But at !49p I agree MCS looks very good value given their leadership position in a growth market, and I think this is a case where the market has overreacted to somewhat slower progress in profits and eps than anticipated. So I shall look to add but MCS needs to underpromise and over deliver from here. 2017/18 ought to be much stronger and investors could get excited again at some point, and I see possible 50% upside in the price over the next year and hopefully little downside. But WDIK and DYOR.
By old_punter

Re: Is this the drag on SP? by NoQuestionMarks

  Fri, 06 Oct 2017 15:42:00 GMT
Good summary there BB,
Been in and out of MCS since the slump after the eu referendum.
150p may not be the bottom but was too tempting for me, so I am now back in.
I am intrigued by the arrangement for rented accomodation with places for people, that could add substantially to the business, looking forward to hearing more on that front.
I also notice that MCS are now introducing 999 year leaseholds and increasing parking ratio's. In my experience short leaseholds and low parking ratios are significant factors in retirement living choice.
I like the way the business is a complete one stop shop for those looking to downsize, or rightsize as MCS prefer to call it. Government funded care for the elderly is going to become a thing of the past in my opinion, Retirement living and Retirement Living plus are options for a huge number of home owning over 60's looking for a bit of security, companionship and care whilst still maintaining their independence and privacy.
I think we are going to have to wait a while but I am confident we are sitting on a winner.
nqm
By NoQuestionMarks

Is this the drag on SP? by blouson blouse

  Mon, 02 Oct 2017 16:04:00 GMT
MCS growth compared with other house builders in the latest results round was pedestrian. However H2 was substantially better than H1. I am a holder and bought in because of the long term macro picture- older population moving into retirement homes and shortage of good supply.Also because I thought that whilst not as exciting as other house builders, the downside in a property downturn would be less severe.

Other house builders are getting a large minority of their customers funded by the Governments Help to Buy scheme- which obviously doesn't apply to MCS' customers as they are not first time buyers. So MCS is having to buy their customers homes to facilitate the move leaving them with stock of second hand homes and the cost of shifting them. If markets rise that could see extra profit, but if they fall this could hammer margins.

Also, there is a reform of leasehold coming up over the next 9-12 months, to stamp out abusive practices by freeholders. There may be some concern that MCS is caught in the cross fire of stopping unscrupulous freeholders- as there are also lots of horror stories about unscrupulous retirement home builders and what happens after owners death and difficulty in re-selling and big capital losses etc.

Both are legitimate concerns and could take some time to play out. Additionally MCS' dividend yield is low compared to almost all house builders . In short- there seem many reasons for those wanting exposure to British housebuilding to choose other opportunities over MCS. Until MCS gives the market a reason to buy I suspect it will tread water.

By blouson blouse

MCS is different by old_punter

  Wed, 27 Sep 2017 16:01:00 GMT
The analysis below seems to be of April 2016 so rather out of date. I think perhaps simplistically that MCS operates in a market segment with better growth characteristics than a plain vanilla house builder ergo deserves a higher valuation for the higher growth rate.

At 153p I rate them as a buy, the next two years should see eps get to perhaps 20p on the back of strong volume growth. We shall see, WDIK.
By old_punter

Re: Hope im not wasting my time !! by Blanketstacker

  Wed, 20 Sep 2017 19:24:00 GMT
LINK

Jolly interesting discussion above. They ultimately suggest MCS is worth 125p. Seems a wee bit low to me. The company has an eighth of its market cap in cash though, which should provide some comfort.
By Blanketstacker

Re: Hope im not wasting my time !! by jgrjgr

  Wed, 20 Sep 2017 17:31:00 GMT
probably ARE wasting time with this!!
In the right market but mment seem totally clueless! Other housebuilders flying but this lot are as stodgy as a suet pudding!!
By jgrjgr

Hope im not wasting my time !! by Ripley94

  Thu, 14 Sep 2017 11:27:00 GMT
Had my eye on this for a wile..
In today @ 148p
Someone drew my attention to Growth funds this morning , Marlborough uk micro cap is up 160% since September 2012 ( 5 years )
Not sure if picking your own could beat that.
By Ripley94

Trading Update 5 July by old_punter

  Thu, 22 Jun 2017 21:19:00 GMT
Market is waiting for the above, how positive will it be? At the interim stage much expectation of a very strong H2. But buyers of MCS apartments have to sell their houses and so a slowing housing market and uncertainties following the fouled up election may be dampening sales. This if so is probably already in the price at 168p IMHO. The medium term case seems a strong one.

Cannot understand what GS are up to, can anybody explain? It seemed to me they had sold out not long ago but today I see they have an 8% plus interest via CFDs etc. They were involved in the buy out so I suspect know better than we simple punters what is going on.

Looks a modest valuation to me for a growth business even if the growth is taking a bit longer to happen so willing to hold for the pay off.

GLA



By old_punter