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Equity Bottom-Up

Countryside Partnerships / Equity Bottom-Up

<ul>
  <li>
<a href="https://smartkarma.com/entities/countryside-partnerships-plc">Countryside Partnerships</a> was acquired by Vistry Group in a £1.25 billion cash and shares deal in November 2022, creating one of the UK's largest housebuilders.</li>
  <li>The company's core strength is its partnerships model, focusing on large-scale urban regeneration projects with local authorities and housing associations, which provides greater revenue visibility and resilience compared to speculative housebuilding.</li>
  <li>Prior to its acquisition, the company exhibited strong revenue growth but suffered from significant earnings volatility, including net losses in 2020 and 2022, indicating underlying operational challenges.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Countryside Partnerships was acquired by Vistry Group in a £1.25 billion cash and shares deal in November 2022, creating one of the UK's largest housebuilders.
  The company's core strength is its partnerships model, focusing on large-scale urban regeneration projects with local authorities and housing associations, which provides greater revenue visibility and resilience compared to speculative housebuilding.
  Prior to its acquisition, the company exhibited strong revenue growth but suffered from significant earnings volatility, including net losses in 2020 and 2022, indicating underlying operational challenges.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Countryside Partnerships (CSP LN) - Aug 2026

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>FTSE-250 constituent <a href="https://www.smartkarma.com/entities/vistry-group-plc" target="_blank" data-smartkarma-citation="entities:21858:1" rel="noopener">Vistry Group (VTY LN)</a> has agreed to buy rival <a href="https://www.smartkarma.com/entities/countryside-partnerships-plc" target="_blank" data-smartkarma-citation="entities:35428:1" rel="noopener">Countryside Partnerships (CSP LN)</a> in a recommended cash&amp;stock deal that values embattled Countryside at c.£1.25 billion (lower than previous offers).</li>
<li>Consideration is 1 CSP LN=0.255 VTY LN+60p, 9.1% premium, 7.0x EV/Fwd EBITDA and 1.3x P/Fwd BV, which seems cheap. The sector is pricing in many potential bad news.</li>
<li>Gross spread is +2.1%. It has only been negative during three days since the deal announcement. I would wait for the spread to become negative before taking a position. </li>
</ul>


FTSE-250 constituent Vistry Group (VTY LN) has agreed to buy rival Countryside Partnerships (CSP LN) in a recommended cash&amp;stock deal that values embattled Countryside at c.£1.25 billion (lower than previous offers).
Consideration is 1 CSP LN=0.255 VTY LN+60p, 9.1% premium, 7.0x EV/Fwd EBITDA and 1.3x P/Fwd BV, which seems cheap. The sector is pricing in many potential bad news.
Gross spread is +2.1%. It has only been negative during three days since the deal announcement. I would wait for the spread to become negative before taking a position. 


Vistry/Countryside Partnerships:  Agreed Offer

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The STOXX Europe 600 Index is a benchmark index with a fixed number of 600 components representing large, mid and small capitalization companies across 17 countries of the European region.</li>
<li>The EURO STOXX Index is a subset of the STOXX Europe 600 Index and is also the parent index for the widely-tracked EURO STOXX 50 Index.</li>
<li>Below is a look at the Potential Adds and Deletes for the STOXX Europe 600 Index and the EURO STOXX Index in the upcoming index review in March 2022.</li>
</ul>


The STOXX Europe 600 Index is a benchmark index with a fixed number of 600 components representing large, mid and small capitalization companies across 17 countries of the European region.
The EURO STOXX Index is a subset of the STOXX Europe 600 Index and is also the parent index for the widely-tracked EURO STOXX 50 Index.
Below is a look at the Potential Adds and Deletes for the STOXX Europe 600 Index and the EURO STOXX Index in the upcoming index review in March 2022.


STOXX Europe Indices: Quiddity Leaderboard for March 2022 Rebalance (And Jan 2022 BHP Replacement)

United Kingdom

Countryside Partnerships is a UK housebuilding and urban regeneration company that develops large-scale sites, providing private, affordable, and private rental homes through partnerships with local authorities and housing associations. The company focuses on placemaking and regeneration in London, the South East, Yorkshire, the West Midlands, and the North West of England. Countryside Partnerships was founded in 1958 and is headquartered in Brentwood, Essex, UK. In November 2022, Vistry Group acquired Countryside Partnerships.

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Countryside Partnerships (CSP LN)

Primer: Countryside Partnerships (CSP LN) - Aug 2026

Countryside Partnerships was acquired by Vistry Group in a £1.25 billion cash and shares deal in November 2022, creating one of the UK's...

αSK Primers

Vistry/Countryside Partnerships: Agreed Offer

Vistry agreed to acquire the entire share capital of Countryside in a stock swap transaction via scheme of arrangement, at a lower price than that...

Jesus Rodriguez Aguilar

STOXX Europe Indices: Quiddity Leaderboard for March 2022 Rebalance (And Jan 2022 BHP Replacement)

A look at the Potential Adds and Deletes for the STOXX Europe 600 Index and the EURO STOXX Index in the upcoming index review in March 2022.

Janaghan Jeyakumar, CFA

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52-week Range

Market Cap (USDm)

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