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There was a brief trading 7 Jan 21, but nothing in the previous two years until March.
Disregard previous comment!
There are no recorded trading updates showingin recent years, just the publication of results second week of March.
Yes year end results 15 March 22, but trading update likely to be first or second week of Jan.
Looking for advice you you invest at today’s price for a long term hold
Year end results are 15 March 2022 so a long wait ahead.
This quarter must have seen significant volatility in the trading markets. If TCAP haven’t been raking it in during the period there’s no hope. Shame we have to wait two months even for a hint of how it’’s gone. Meanwhile, it’s good to see a rising tide lifting all (most) boats, including this leaky old tub…
Thank you for the responses guys, some well informed comments there.
I have a much better appreciation now as to why the sp has declined so much. But like Cane Toad, struggle to believe they can really be in a worse position now than the depths of the financial crisis.
Some positive movement today which is welcome change. A definite hold for me.
no, we had double bottom and now is the time to go up, FTSE 100 is up over 100 points
There was a lot of funny things that have happened at tullets over the years
Thing is you may have the brokers contact book but trader at say BP can trade with TP ICAP, BGC, tradition, oil brokerage etc etc.
He's not wedded to bloomin TP ICAP as they have a fixed line. If "his guy" isn't giving good prices or has moved on he finds someone else. Plenty of fish in the sea.
Always been the broking houses issue which is why they spend so much time suing each other for tapping up. Of course much harder to tap up a computer where you hold the IP! That's where the real value is.. as Spencer realised with NEX.
Spot on ! Broker comp has always been the issue as you know. With Tradition and BGC as aggressive competitors promising better deals for the senior bods, it is a balancing act for management. Cut broker comp and you risk losing the best; dont address broker comp and you have issues with profitability. The problem is that cost - cutting in essence means taking out broker headcount, but there is only so much you can do before it starts to hit revenues. Successive management teams have not been able to get to grips with this. CEO before this one thought he could do so by taking huge costs out of the merged group, but he overpaid for ICAP, which came with a big cost base, and then botched the integration. Present CEO thought Liquidnet was the answer to improving revenues and adding to the offering, -hybrid broking etc. However (1) they overpaid for it (2)Expected quantum of synergies look lower than anticipated (3) COvid has hit them as trading patterns have changed etc....
Actually broker brings his client list even if he’s still head they still using his client list the commission is still coming in. They been electronic for quite a long time but also still do a lot of voice. I should know I use to work there. Tullets was more voice but did electronic icap was more electronic. One of the fundamental changes years back is the commissions they made had to be fixed based on what was agreed with the client they couldn’t fudge them.
If the buy / sell volumes can be believed here then there is a lot of selling today. Strange considering we are showing a small rise in the share price.
Your issue is cost base.
Broker A brings in £5m gets £2.5m in total comp. Great all round for everyone including shareholders.
Broker A is so successful they decide to make him head of equities say. Broker A wants £4m in total comp for this fixed as he's now "head". But no longer brings in revenue. New people recruited to keep desk going. I.e.risky.
If revenue falls on a per broker basis, you have all these ludicrously overpaid middle managers sitting there. See decline in operating margin % which doesn't affect them... They still get the crazy salary. It effectively comes out of shareholders pockets. See recent decline in margin...
To try and stop the voice revenue decline on a per broker basis to keep their great packages sorry improve shareholder returns, they have finally moved into electronic which has the benefit of not having to pay 55% of revenue in broker comp. However the last few integrations this lot have done have been a disaster and the last update is already saying lower side of expectations for liquidnet.
If you think they can rebase the operating costs then this is a bargain. If you are skeptical that management will take the salary cuts then the operating margin means the price is fair. More reliable income at the exchanges with growth potential as well.
My two cents on why this where it is. Worked in broking for 10 years.
Can someone please explain to me what's going on here?! Is this company on the brink of collapse or its is the biggest bargain of the FTFSE?!
Looking at the long term price chart, the price now is around the levels it was at the depth of the financial crisis in 2008. Are things REALLY that bad here now?
Reading the last piece of news on here:
Nicolas Breteau, the company's chief executive, said: "TP Icap capitalised on improved operating conditions during the third quarter compared with the same period last year, due to increased volatility and higher secondary trading volumes. This resulted in revenue growth across all our divisions, with particular strength in energy and commodities.
"These favourable trends continued through October 2021 and we continue to anticipate full-year revenue for the group, excluding Liquidnet, to be broadly in line with 2020 on a constant currency basis."
That doesn't SOUND to me to be worthy of a price as bad as 2008 when everyone was panicking that the finance world was going to ****. So what's going on, are TCAPS prospects worse now than they were at the depth of the financial crisis, or is this actually a huge value buying opportunity?!