I don't think their name "Telford" indicates where they operate - East London according to Shares.

The current sp 1.50 is more-or-less the price prior to the Olympic Bid, which probably gave the sp a boost, withouit looking to far to the cost involved.

It's been all downhill for the last 12-months - Oooo deary.
The yield isn't good, despite the fall.

Close position on T+2 @ 404p and 403.15

did not want to pay for the stock and then tomorrow go down by 6.50p

#

From 'thisismoney.co.uk':
High-rise profits are on the cards for housebuilder with £1.5bn land bank
Telford Homes is a London property developer with a difference. Rather than focusing on sites in Central London and the City, it focuses on Inner London areas just outside the prime locations, where costs are lower and demand is immense.
The shares are 391p and should increase materially over the next few years.
Telford builds 600 to 700 homes a year, usually flats, but chief executive Jon Di-Stefano hopes to double that by 2020, taking advantage of a chronic shortage of affordable homes.
Such is Di-Stefano’s confidence that the company raised £50million in October via a 360p-a-share equity placing to help fund future growth.
Di-Stefano, an auditor by training, joined as finance director in 2002 and was promoted to the top in 2011. Over the years, his team has developed relationships across the capital, helping them to penetrate complex planning laws and gain permission to build. The group’s land bank is valued at £1.5billion, most of which has planning consent, and the rest is expected to obtain consent soon.
To mitigate the risks associated with holding large swathes of land, Telford forward sells properties whenever it can, and has done so with homes worth £700million.
Last month, the group revealed a more than doubling of pre-tax profits to £21million for the six months to the end of September and a 27 per cent increase in the interim dividend to 6.5p. Brokers expect full-year profits to rise by 27 per cent to £30.9million with a total dividend of 13.6p.
Midas verdict: Telford’s shares rose to more than 480p last May, after the Conservatives’ General Election victory, but they have fallen back since on concerns about the London property market. The recent placing acted as a further drag and the stock is now excellent value. Older people may be leaving London but younger generations are flooding in and Telford aims to provide the kind of housing that they need. The shares also offer a decent yield. Buy."

That explains why it's bucking the trend today. Got some catching up to do.

Telford Homes Plc
('Telford Homes' or the 'Group')

Private Rented Sector sale for £66.75 million

Telford Homes Plc (AIM: TEF), the residential property developer focused on non-prime London, is pleased to announce that it has exchanged contracts for the sale of The Pavilions, Caledonian Road, N1, to a subsidiary of L&Q, one of the UK's leading housing associations and one of London's largest residential developers.

The transaction is for the sale of all 156 homes within The Pavilions development, 96 of which will form part of L&Q's substantial and growing Private Rented Sector ('PRS') portfolio. Under the terms of the planning permission the remaining 60 homes have been sold to L&Q for affordable housing. The contracted price for the entire development is £66.75 million with regular payments to be made by L&Q throughout the construction period. As a result the development will not require any equity or debt to be invested by Telford Homes. Construction is already underway and is expected to be complete by the middle of 2018.

The contract with L&Q marks the Group's first significant development sale in the PRS sector. There is increasing institutional demand for high quality, well located developments to be 'built for rent' and the Group has been very encouraged by the overall response to the marketing of The Pavilions. Telford Homes is already exploring a second development for sale in the sector and the Board expects that similar de-risked PRS sales to blue chip organisations will form an important part of the Group's balanced sales mix going forward.

Jon Di-Stefano, Chief Executive of Telford Homes, commented: "We are delighted to have concluded our first PRS deal with a well-established PRS provider, who are already a valued partner to the Group. The strong level of interest shown in The Pavilions by PRS investors confirms the potential of the PRS market anticipated at the time of our equity placing in November 2015. Telford Homes continues to benefit from an imbalance between demand and supply of homes in non-prime London and this transaction marks the start of a new aspect to the Group's sales mix achieving de-risked forward sales with exceptional capital returns

this has been a disappointing performer, but i shall definitely persevere as i think there is much of merit underlying

Nothing wrong with the company just the share price , patience i suppose .

Not big buys but directors topping up ..
------------------------

Director/PDMR Shareholding

The Company announces that it has been informed today that the following directors of the Company today purchased ordinary shares of 10 pence in the Company ("Ordinary Shares"):

David Holland, Non-Executive Director, purchased 10,000 Ordinary Shares at the price of 325.0 pence per share. Following this purchase, David Holland is beneficially interested in 571,444 Ordinary Shares representing approximately 0.77% of the current issued share capital and total voting rights of the Company.

David Campbell, Group Sales and Marketing Director, purchased 2,000 Ordinary Shares at the price of 323.74 pence per share. Following this purchase, David Campbell is beneficially interested in 41,796 Ordinary Shares representing approximately 0.06% of the current issued share capital and total voting rights of the Company.

Still following after getting stopped out but looks like it's more likely to test below £3 before any support. Also think with London focus Brexit worries aren't helping. Some director confidence however.

More director buying .
--------------

TELFORD HOMES PLC
(the "Company")


Director/PDMR Shareholding

The Company announces that it has been informed today that James Furlong, Land Director, has today purchased 20,000 ordinary shares of 10 pence in the Company ("Ordinary Shares") at the price of 332.5 pence per share. Following this purchase, James Furlong is beneficially interested in 1,334,342 Ordinary Shares representing approximately 1.79% of the current issued share capital and total voting rights of the Company.

http://www.moneyam.com/action/news/showArticle?id=5228446

Not holding at the moment.......

Will London’s Sky-High Real Estate Prices Send Telford Homes Plc Soaring?
By Motley Fool | Mon, 4th April 2016 - 08:40

Shares in London home builder Telford Homes (LSE:TEF) have risen 337% over the past five years on the back of the buoyant (some would say overheating) capital property market. Yet the shares look cheap at 9 times forward earnings with a whopping 3.9% yielding dividend on offer. Have City analysts missed a stellar small cap, or is there disaster on the way for Telford?

Focusing on non-prime London locations where prices are more reasonable, and thus more sustainable in the long term, has been a solid play for Telford. Through organic growth and acquisitions the company has built up a £1.5bn development pipeline with forward sales of £700m. Charging up to 20% of the price of a home in deposits and other fees means that the company has freed up significant cash flow years before developments are even completed.

A laser focus on costs has also brought gross margins up to 27.6%, above internal long-term goals and ahead of larger competitors. However, there are some clouds on the horizon. Net debt at the last reporting period was £50.4m, representing a gearing ratio of 37.3%. This is significantly more debt than larger homebuilders have piled on, having learned the lesson during the lean years that high leverage and low demand is a bad combination.

If London housing prices go south, gearing of 37% would be a scary sight for management and shareholders alike. I may be overly cautious, but high debt levels and relying on housing prices continuing to defy gravity makes me wary of Telford's ability to continue performing as well as it has. While the company has built up a strong portfolio and relatively lean operations, housing prices will come down eventually and Telford is far too tied to them to make me consider investing in the homebuilder at this point in the cycle.

An old post back end of January 2016

TEF gets a mention in this LSE article

Some thoughts on Builders

There seems to be general agreement that there is currently a shortfall of about 1 million homes in the UK. With some estimates being quite a bit higher. Whilst politicians like to talk a lot about the situation it seems very unlikely that it is going to be solved any time soon. The two solutions being a massive change in the supply side, essentially only achieved by a move to virtually unregulated building, or some form of nationalised building plan. Or a change in the demand side caused most likely by an economic disaster removing the need for housing as people either do not/ cannot afford to move out of their parents home, or of such a nature that mass emigration occurs freeing up the current housing stock.

Given neither of the two options are very likely it seems that housebuilders are likely to be in a reasonably strong market for the next 3 - 5 years and probably beyond.

Now this has been in part reflected in the share price rises that builders have undergone over the last three years, but this does not mean that there is not more to be gained if you pick the right builder.

The reality is that prices usually move incrementally from where they are. By this I mean that if a share is priced at X today it is likely to move + or - from X tomorrow. Few people wake up and fundamentally reappraise a price each day. We have seen this with oil prices in the last year. Realistically nothing that is moving the oil price at $30 was not known at $80. But it has taken months to get where it is not because new news has occurred, but because human nature and the fact that we largely start from yesterdays number means that it had to trail though $60, $50, $40 to get to $30.

Using info from Sharepad I have created the following chart, which covers most of my favourite metrics. Particularly those I use when looking at an asset backed business.



Before making any investment I get the accounts of the company and check the information / ratios myself, but I am happy to use the information prepared by Shared or indeed other sources as it helps me screen for the companies I want to look deeper at. I work for a living so have not devoted time to analysing each company separately. Instead when I do a table like this I look for companies which might have significant additional value. And this can be found by looking for those companies whose ratios do not fit into the generality of their peers.

At this point it is only wise to put a huge note of caution. Most usually when a company has significantly different ratios from its peers it does so because it’s in a highly anomalous situation. Its either the best and everyone knows it, so it is expensive or its a dog and best avoided. Different and good are not one and the same.

Going through each individually;

Barratt; To my mind its pretty middle of the pack. On the presumption that housebuilding as a sector still has legs it should go with the sector. But there is little to commend it relative to its peers.

Bellway; To my mind Bellway is interesting. Its PE*PEG is only 5.9 and the lower this ratio the better. Its ROCE is over 20 and that is a nice (20) number to beat. Price to NTAV is sensible to its peers and the Yield* Dividend Cover is better than most. (For this ratio higher is better). Full disclosure one of my children has picked Bellway for their portfolio.

Berkley; This looks interesting. EPV is more than 10% over Mkt Cap. PE*PEG is only 3.4. ROCE is 31.8. The niggles are the price to NTAV is relatively high. I don’t buy buy much over 3 on this metric. Though a number of my long term buy and holds have grown to be above this. Yield*Div Cover is also a smudge low relative to its peers. That said I intend to do further work on Berkeley as it does look interesting.

Bovis; Given what else is available in the list it does not look particularly special. Probably better value elsewhere.

Crest Nicholson; Again its not a bad company, just not that exciting on a relative comparison to what else is available.

Galliford Try; Relatively speaking GFRD looks distinctly uninspiring. A poor PE*PEG comparative. A poor ROCE comparative and expensive on Price to NTAV. Which is one reason why you should not rely on a basic comparator but do further work on anything you may actually put your money into. I have been an on / off investor in GFRD over the last 15 years and it has historically proven to be a good investment. It is as much an engineering business as a builder and the management team are well regarded by their engineering clients. So not an investment for me today, in the terms of this exercise. But not a company I would condemn anyone for investing in.

Inland; For the purposes of this comparison its clear to see that Inland hits the jackpot. I have therefore done some further work which is covered below.

McCarthy; From the chart above McCarthy is not one to look at further. However I would point out that McCarthy has only recently come to market. IPO in November 2015 if I recall correctly. It has been in public hands before and I was a very happy investor before it was taken private. It sells into the sheltered housing market and its actual results over the next year or so can be expected to significantly change its comparative results. But without them to review not one for today.

Persimmon; Persimmon is a little bit strange. Its EPV is less than its Market cap. Its Price to NTAV is too high, but it has a great Yield*Dividend Cover. A few years ago Persimmon made a commitment to radically reforming its capital structure and to pay out its excess capital as dividends to shareholders. This it has been doing and I have been a shareholder throughout. The comparison above is why I will not be adding to my PSN position but the strong dividend is why I will not be currently selling.

Taylor Wimpey; Like PSN Taylor Wimpey has an EPV lower than Market Cap. None of its other ratios are very exciting. Though the interest cover suggests that there is some possible capital restructuring options that could be taken by management. Not a company I would avoid, but not one I feel the need to look further at.

Telford; There are a lot of people who like Telford Homes a lot. They are very London focussed and if London property continues to boom they should do well. That said I am personally not that excited by the ratios.

Some further thoughts on Inland.

Inland Homes was set up by Stephen Wicks. He had previously set up and run Country & Metropolitan plc which listed in 1999 at a Market Cap of circa £7million and was sold in 2005 for £72 million.

He then set up Inland Homes with a core team from Country & Metropolitan. They were however not intended to be a builder. When initially listed the thesis was very much that the real earnings of C&M had come from getting planning permission for land and not from building. Inland was therefore not going to be a builder but a land developer. Once planning consent had been won on a site it would then be sold to a builder for the development.

IMHO this met with only limited success. It turned out that the larger builders did not need Inland as much as Inland needed the larger builders. They had their own teams to find and consent land and their need for additional sites was set either by internal replenishment targets or for a number of years severally curtailed by the financial crisis.

This encouraged - forced Inland to extend its range of operations and to begin building in its own right.

Inland remains a minnow in this arena. As a consequence there is a real risk that revenue will be volatile. The larger players are bringing on hundreds of developments, Inland has a couple of dozen and a couple of key revenue generators within that. One major problem on a key site and the numbers will be impacted,

The company is small so there is a limited base of professional investors. (Only Henderson Global Investors has a holding over 3%). This means that there is limited trading in the shares and they can be very volatile on limited news. The spread can also widen and close as the broker sees fit, rather than to reflect any underlying factor.

That said business is currently going well and Inland has proven themselves capable of finding, consenting, developing and selling sites.

Compared to its peers Inland is lowly rated against the real results that it is delivering. The problem for Inland is getting the attention of the larger investors who could help it become rated more closely to its peers. Its market cap is currently just too small for many funds and there is no specific catalyst that would cause it to rerate any time soon. However given the delivery is currently real and management have in the past delivered shareholder value there does seem to be a limited downside with decent upside potential. I also note that management have significant positions in the business and they are not getting any younger so have an interest in delivering a catalyst event. I also do believe that over time the rating should close in part as Inland continues to validate the building and sales side of the operation.

I have therefore initiated a position in Inland with a DCF valuation £215m - £255m. With a possible break to the upside.

http://www.lsesharetalk.com/investmentreports/some-thoughts-on-builders.php

i think there's an awful lot right about this company, even though sp has performed poorly of late

i have a holding in my sipp and intend to hang on to it

I hold too ,shame they can't limp back over £4 ,good divi though .

SOMEONE HAS BEEN ( READING )MY POST DESPITE SAYING >>>>> I am Squelch

More lies from you know who

Telford Homes - TEF
London calling - By Motley Fool | Thu, 7th April 2016 - 09:20

The big housebuilders are often in the news, but we don't hear so much about Telford Homes (LSE:TEF), which specialises in non-prime locations in London. Fears of overheating of prices in the capital have led to a 32% share price fall since last May's peak, to 333p, but we're still looking at a quadrupling over the past five years.

But what interests me here is the company's strongly rising dividend, which has been growing well ahead of inflation -- and there are further inflation-busting increases forecast for this year and the next two. In terms of yield, we'd be seeing 4.1% for this year, rising to 4.8% by March 2018, with cover by earnings comfortably in excess of 2.5 times.

The risk is that if the feared London slowdown should happen, Telford's relatively high debt, of £50.4m at 30 September, could start to hurt. But with a significant portion of its forward sales already secured by deposits, the dividend income might still be safe. I'm cautious on this one.

House builders are not at the moment on the menu and for some time now.........

MARKET REPORT
FTSE dips as house builders fall, miners rise

London equities were sideways with a slight negative bias to midday, falling house builders providing blue-chip ballast.
Berkeley (BDEV) shed 2.67% to 3040.p, and was followed by Taylor Wimpey (TW.), lower 1.85% to 182.75p. Also down were Persimmon (PSN) and Barratt Developments (BDEV). Commercial property was guided by Hammerson (HMSO), off 0.47% to 587.25p, but was off the overall pace.

Except this one which is the only house builder up on my list .

TEF sees FY pretax profit slightly ahead of views

StockMarketWire.com

Telford Homes anticipates its FY 2016 pretax profit will be slightly ahead of current market expectations.

"The Group was already over 90 per cent forward sold at the start of the financial year but has improved on original forecasts due primarily to initial profit recognition on the PRS sale announced in February 2016," the company said.

HIGHLIGHTS:

� Market remains strong for typical Telford Homes product from UK investors, overseas investors and owner-occupiers

� Successful launch of The Liberty Building, E14 selling 68 of the 105 open market apartments in the last four weeks with a combined sales value of over �40 million

� More than 50% of the cumulative revenue expected in the next three financial years up to 31 March 2019 has already been secured through forward sales

� First Private Rented Sector ("PRS") development contracted with L&Q for �66.75 million

� Terms agreed on a second PRS transaction with significant potential for more over the next few years

� Development pipeline as at 31 March 2016 of over �1.5 billion of future revenue

� Many opportunities continue to be appraised and negotiated to further strengthen the development pipeline, utilising the �50 million placing funds raised in October 2015

� Longer term growth expectations have increased during the year with profit before tax now forecast to exceed �50 million in the year to 31 March 2019.

13 Apr Peel Hunt 475.00 Buy

22 Apr Canaccord... 400.00 Hold