Springfield Properties PLC Progressive publishes new research

TIDMSPR

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 GBP56.4m - 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 GBP22m placing, with a GBP13m deferred element effectively funded by Tulloch's strong 
 cashflow.

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