Daniel Gladis of Vltava Fund presented his in-depth investment thesis on Crest Nicholson (UK: CRST) at European Investing Summit 2018.

Thesis summary:

Crest Nicholson is an established UK house builder with 50+ years of business history. It operates in an industry where long-term positives (housing shortage) is fighting medium-term headwinds (house prices and affordability, questions regarding government support) and short-term uncertainties (Brexit).

The business itself is rather simple and understandable, generating high returns on capital and high free cash flow.

With the dividend yield a lot higher than PE it seems to be priced for a recession. The company is debt-free and the balance sheet structure provides reasonable long-term downward protection.

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About the instructor:

Daniel Gladis, based in the Czech Republic, has amassed a market-beating track record since starting VLTAVA Fund in 2004. VLTAVA Fund is a value-oriented, research-driven investment fund focused on investing in good companies run by quality management. Previously, Daniel was Director and Chairman of the Board of Directors of ABN AMRO Asset Management (Czech) from 1999–2004. He was also Director and founder of Atlantik finanční trhy, a.s., a member of the Prague Stock Exchange. Daniel is a graduate of VUT Brno and has authored the best-selling books Naučte se investovat (Learn to Invest) and Akciové investice (Stock Investments).