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Springfield Props. (SPR)

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Wednesday 01 December, 2021

Springfield Props.

Progressive publishes new research

RNS Number : 1750U
Springfield Properties PLC
01 December 2021
 

Earnings - enhancing deal lifts Highlands growth

Scotland's only quoted housebuilder, Springfield Properties, has acquired Highlands developer, Tulloch Homes, for an enterprise value of £56.4m - a premium of only 6% over pro-forma NAV. The group states that it will be earnings enhancing in the current financial year, and significantly so in FY2023E. We have upgraded our estimates accordingly. Tulloch strengthens Springfield's presence in the economically vibrant region around Inverness. The consideration is to be part-funded by a £22m placing, with a £13m deferred element effectively funded by Tulloch's strong cashflow.

 

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About Progressive:

 

Progressive is an equity research and investor engagement company.  FCA authorised and regulated, the firm has a 15-strong team of highly experienced analysts.  We provide Institutional grade research and connect companies with investors across every sector of the market.

 

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Broad coverage

 

Analyst calibre

 

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Oil & Gas

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Financials

Property

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techMARK

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StarMine

 

 

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Emily Ritchie

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[email protected]

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