Countrywide plc (lon:cwd)
Countrywide – So Much Money Spent And So Little Value!

Countrywide plc Financials

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Commentary History
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Countrywide plc Share Price
Grade:The Black Grade - Shares That I Think Could Collapse To Nothing Or Suffer A Massive Share Issue.
Title: Countrywide – So Much Money Spent And So Little Value!
Company: CWD - Countrywide plc
Share Price Then: 7.2p
Author: Ian Smith
Date: Thu 18 Apr 2019
Comments: Countrywide Estate Agents recently, August 2018, raised around £130 million in a share issue yet today its market capitalization is at £117 million. Post the share issue the prices settled at around 12p for a while and today was at 7.21p

The February trading update had 2018 everything a bit down 5%-10% across various business sectors Sales and Lettings Income for the full year was £329 million, B2B Income in was £213 million and Financial Services income was £84 million.

Down on last year is never good but these numbers are not a total meltdown.

The preliminary results in March showed a loss of £218 million but this included £245 million of principally non-cash exceptional charges for goodwill, intangible and other asset impairments.

I have looked at internet competitors and although listing on internet sites is probably mandatory from now on comments seem to be that once a decision to buy or sell has been made the quality of the people involved matters greatly.

This shouldn’t be surprising as most people buy/sell very few houses in their lifetime and a business model based on a hard sell to get a listing fee regardless of whether or not the property sells is probably not going to offer this.

So although I think that the share price is low the company has stated a medium term no dividend policy which may be having an impact on the share price and I can’t see a short term motivator for a share price rise.
Read Count: 215/7053

Buy/No Buy In A Nutshell
NegativesToo much debt and they have already done a share issue to fix that, did a 50 for 1 share consolidation to bring the shares out the penny arena
PositivesMaybe Purple Bricks or another on line only business might see the business as a quick way to establish an office presence in many towns under another name.
Initial Review Price109p
Last Review Price109p
Last Review Date15-Jul-2020
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