Oh dear, two large companies combine and, like an intergalactic "event" only negative matter remains....a case of 1 + 1 = 0.2

Let me say - sp a year ago was 10x today's - so this business has earned its place in the 90% club....and maybe more to come, as they will need to go overseas for cash, if the UK is dry.

I doubt there is a UK Builder with enough dosh to bail-out this dullard. They all thought they could expand until the UK burst with immigrants - yet they consistently went for pricier properties and projects where ( even now), there is some doubt whether there are enough jobs to support new-build developments.

EDIT ( Nov 2015 ) - Seven years on and we're at 183p - so anyone that bought at the all-time Low has done very well - but the Market was fearful and that meant few were Buying. 2009/2010 averaged about 40p - that was a good time if you had the LT cash.
With the rise and yield-multiplier effect, this is looking like Buying it was "probably" inspired.... but it has not regained that earlier Value - which will surely take a lot longer.

16 Jan: Deutsche reiterates: Buy - TP up from 151p to 155p.

24 Jan: Deutsche reiterates: Buy - TP maintained: 155p.

Help to Buy news seems to have affected all housebuilders and RMV:

http://www.bbc.co.uk/news/business-25876927

31 Jan: Jefferies reiterates: Buy - TP down from 141p to 135p.

4 Feb: Barclays: Overweight - TP up from 146.80p to 156.50p

Well underperforming at the moment

BDEV has gone over 400p and TW. still at 118p
a couple month back BDEV was 320 when TW. was 118p

TP looks low:

Feb 10: Citigroup reiterates: Neutral - TP unchanged: 119p.

Shore Capital on housebuilders, TW in particular:

see here

P Morgan Cazenove Overweight 128.80 128.80 120.00 140.00 Reiterates

Feb 21:

Deutsche Buy - TP held: 155p Reiteration

Jefferies: Buy - TP held: 135p Reiteration

Final results: Wednesday, 26 Feb.

Feb 24: Goldman Sachs: Strong buy - TP held: 166p - Reiteration

Results for the year ended 31 December 2013

Delivering quality returns through the cycle

Highlights

Significant improvement against all of our key financial objectives:

· Group operating profit* margin increased 240 basis points to 13.6% (2012: 11.2%**)

· Group return on net operating assets*** increased 350 basis points to 16.8% (2012: 13.3%**)

· Tangible net asset value per share† increased 13.2% to 69.6p (2012: 61.5p)

· Cash return to shareholders:
o Initial c.£250 million: £50 million in 2014 and £200 million in 2015

o Strategy expected to lead to further significant annual payments from 2016

· Final maintenance dividend proposed 0.47p (2012: 0.43p), giving total for year of 0.69p (2012: 0.62p)

Strong UK operational performance

· 39.1% increase in operating profit* to £312.8 million (2012: £224.8 million**)

· Completed 11,696 homes at an average selling price of £191k (2012: 10,886 homes at £181k)

· 31.4% increase in total order book value to £1,246 million at 31 December 2013 (2012: £948 million)

· Reaching the optimal landbank size for our business with c.9.2k plots converted from the strategic land pipeline

· Invested £227.0 million in local communities (2012: £180.8 million)

· 33% fall in the accident rate on site

.

After results:

Feb 26: Jefferies reiterates Buy - TP up from 135p to 140p

March 3: Citigroup reiterates: Neutral - TP up from 119p to 131p

Credit Suisse Neutral 124.50 124.50 110.00 - Downgrades

Jefferies International Buy 124.50 124.50 140.00 151.00 Retains

Divi dates:

normal divi: 0.47p xd 9 April - payday 21 May

special divi: 1.54p xd 4 June - payday 3 July

March 10: Numis Securities: Hold - TP: 130p - DownGrade

Mar 12: Goldman Sachs: Strong buy - TP held: 166p. Reiteration

UK housing scheme extension boosts housebuilders by $1.55 bln
17 March 2014 15:20
By Brenda Goh
LONDON, March 17 (Reuters) – Shares in Britain's five largest housebuilders jumped on Monday, gaining over 930 million pounds ($1.55 billion) in value, after the government unexpectedly said it would extend a popular mortgage scheme aimed at boosting construction of new homes.

Some industry executives said they were concerned that leaving the "Help to Buy" scheme in place until the end of the decade could create an unhealthy dependency on government aid.

Finance minister George Osborne said on Sunday the government would extend a programme of providing equity loans to buyers of newly built homes costing up to 600,000 pounds by four years until 2020. [ID:nL6N0MD09R] Coming in the run-up to the government's annual budget on Wednesday, the announcement illustrates how the debate over Britain's housing shortage has crept to the top of the political agenda, with elections just over a year away.

James Pargeter, head of residential at Deloitte Real Estate, said he was surprised by the length of the extension, saying many in the industry had thought that it might be halted early or tapered off.

"I guess things get a bit skewed when there's an election," he said.

Housebuilding stocks rose strongly on Monday, led by Persimmon and Barratt Developments whose shares climbed 7 percent and 5.4 percent respectively, adding to gains of 40 percent over the past year for the sector. [ID:nL6N0ME1KE]

Shares in the two together with Taylor Wimpey , Berkeley Group Holdings and Bellway added about 930 million pounds in value on Monday, based on Reuters' calculations.