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Galliford Try PLC Add to portfolio

LON250:GFRD, Sep 22, 11:32 UTC

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Friday, September 20


News

Galliford Try (LON:GFRD) Stock Passes Above 200-Day Moving Average of $627.48 – Riverton Roll

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Galliford Try shares last traded at $672.50, with a volume of 688,986 shares traded. Canaccord Genuity reiterated a “hold” rating and set a GBX 710 ($9.28) price target on shares of Galliford Try in a research report on Wednesday, September 11th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company has a current ratio of 1.21, a quick ratio of 0.80 and a debt-to-equity ratio of 159.63.

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Thursday, September 12


News

Galliford Try Construction set to gain £150m cash reserve

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Galliford Try’s Construction business would be fully recapitalised if the break-up of the group goes ahead. The standalone contractor would enjoy an average daily net cash balance of around £150m if Bovis Homes’ offer to buy Linden Homes and Partnership housing is approved. Bill Hocking, chief executive of construction and investments, said the remaining business would employ around 3,400 staff generating revenue of around £1.4bn. The slimmed-down construction operation will now focus on building projects and water and highways work on the infrastructure side where it maintains a strong position.

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Wednesday, September 11


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Galliford Try set to get back less than half its claim over Aberdeen road job

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Galliford Try has been told by its advisers it should expect to claw back around £100m – less than half the amount it believed it was entitled to recover – over its problem Aberdeen road job. Reporting its annual results today the contractor said the latest hit to its profit of £51m, up from £45m last year, included a further £26m write down on the Aberdeen Western Peripheral Route (AWPR) which it worked on with Balfour Beatty and, before it went bust last year, Carillion. The Abderdeen road job has bedevilled the firms involved, with Carillion citing problems on the 58 km-long stretch for contributing to its demise, while the costs of completing it and the Queensferry Crossing saw Galliford Try launch a rights issue last March to raise £157m. Galliford Try has responded to its troubles by taking a scalpel to the business, shedding 350 jobs and re-opening talks with rival housebuilder Bovis over the sale of its Linden Homes and partnerships and regeneration businesses, a move it claimed would strengthen its remaining construction operations.

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UPDATE 2-Galliford says cash boost from Bovis is key to housing deal

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Sept 11 (Reuters) - Galliford Try aims to focus on a smaller, more profitable construction business, which will be easier with the cash boost from a proposed sale of its housing businesses to Bovis Homes, its CEO said on Wednesday. It restarted talks to sell its housing businesses to Bovis on Tuesday after a previous proposed offer was improved to 1.08 billion pounds ($1.33 billion) including a cash component. Under the new proposal, Galliford shareholders would get 0.57406 Bovis shares for each Galliford share they own, implying a value of 675 million pounds, and 300 million pounds in cash. "The change is that we now have, yes a better value proposition, but critically also what Bovis is doing to raise cash and put 300 million pounds (in the business), plus taking on the ... debt," Chief Executive Graham Prothero told Reuters.

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Tuesday, September 10


News

Galliford Try (LON:GFRD) Given Add Rating at Peel Hunt – Riverton Roll

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Canaccord Genuity reiterated a hold rating and issued a GBX 860 ($11.24) target price on shares of Galliford Try in a research report on Tuesday, May 21st. Finally, Numis Securities cut Galliford Try to a hold rating and set a GBX 650 ($8.49) price objective on the stock. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Galliford Try has a fifty-two week low of GBX 499.60 ($6.53) and a fifty-two week high of GBX 1,117 ($14.60).

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Galliford Try eyes £1.1bn sale of resi arms to Bovis Homes

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Galliford Try saw its share price shoot up by 20% after revealing it has rekindled talks with Bovis Homes over a possible £1.1bn sale of its housing and regeneration arms. Bovis, which is headed by former Galliford Try boss Greg Fitzgerald, has already seen one takeover bid rebuffed by Galliford Try in May. But the housebuilder has now offered to pay £300m in cash, as well as £675m in new shares and take on an £100m debt placement, in exchange for the contractor’s Linden Homes and Partnerships & Regeneration businesses. In a statement Bovis Homes and Galliford Try said they “have agreed high-level terms upon which the potential transaction would be implemented,” but said a final deal was still contingent on factors including due diligence tests. “Bovis will re-emerge as a different animal, and in a lean market it can muddy the performance issues. For Galliford it is manna from heaven: it solves all financial issues and provides more cash than market value.”.

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What to Watch: Bovis and Galliford Try talks, athleisure boost JD Sports, and Germany stimulus

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Here are the top business, market, and economic stories you should be watching today in the UK, Europe, and abroad:. Galliford Try’s (GFRD.L) shares soared to a six-month high on Tuesday after it resumed talks with rival Bovis Homes (BVS.L) over a potential merger with its housing arms. Shares in Galliford Try were up 12.8% at around 10am in London, making it the biggest riser among UK stocks. But Bovis was one of the biggest fallers, as its shares slumped almost 4% on the news of further talks. The rest of Galliford would remain separate as a listed construction firm. But the companies stressed talks were at an early stage, after previous talks over a full merger collapsed two years ago and Galliford dismissed a £950m bid in May.

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Peel Hunt Reiterates “Add” Rating for Galliford Try (LON:GFRD) – Mayfield Recorder

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Canaccord Genuity reissued a hold rating and set a GBX 860 ($11.24) target price on shares of Galliford Try in a report on Tuesday, May 21st. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company has a quick ratio of 0.80, a current ratio of 1.21 and a debt-to-equity ratio of 159.63. Galliford Try has a 52 week low of GBX 499.60 ($6.53) and a 52 week high of GBX 1,117 ($14.60).

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Galliford Try (LON:GFRD) Receives Buy Rating from Liberum Capital – TechNewsObserver

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Galliford Try (LON:GFRD)‘s stock had its “buy” rating reissued by analysts at Liberum Capital in a research note issued to investors on Tuesday, ThisIsMoney.Co.Uk reports. Canaccord Genuity reiterated a “hold” rating and issued a GBX 860 ($11.24) price objective on shares of Galliford Try in a report on Tuesday, May 21st. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Galliford Try has a 52 week low of GBX 499.60 ($6.53) and a 52 week high of GBX 1,117 ($14.60).

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Bovis makes £1.1bn bid for Galliford Try's housebuilding arm

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Bovis Homes has revived talks to buy Galliford Try’s housing businesses after improving its potential bid to almost £1.1bn and adding cash to the proposed deal. The companies have agreed basic terms of a transaction that would more than double Bovis’s housebuilding operation and expand its affordable homes operation. Bovis expects to pay Galliford £675m in shares based on its closing share price on Monday plus £300m in cash. Combining it with Bovis Homes’ newly launched partnerships housing division would enable us to become the partner of choice for delivering more affordable homes at a time when these are needed the most.”.

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