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OXIG received a takeover bid from SXS just over a year ago and now some are saying the bid could be revived. It seems very tenuous speculation now that Tyson is to join OXIG unless there's something under wraps for now..
I was with Stadium(SDM) before TTG bagged it. A big price drop before TTG made their offer spoilt my profits. Who would go after TTG now?
I agree. But the plans for this year are already set and Richard Tyson will be around until a replacement is found (or 12 months). Oxford Instruments is bigger that TT (x3) but I would have thought Richard could have moved on to an even bigger stage, Spectris for example. I expect he will be as disappointed as many shareholder that his good work has not resulted in a better share price performance. Time for TT to be taken over IMHO.
Our loss, Oxford's gain.
Nd
Well "AllAtSea". . . . TT is sailing well today (Pun intended!)
Took the opportunity of current upheavals to dump some UK retail at a small loss and increase my stake here by 25% . It ought to be a bargain but time will tell.
Analysts Presentation.
I've known the current management since they came in and I have not seen them so confident. (Quote from CEO "Best shape ever, more to come") CFO confident that leverage will be down progressively during the year because of some margin improvement and much higher cash conversion. They have made some prudent non-cash impairment costs totalled £23.1 million (2021: £nil) being an impairment in respect of the IoT Technology Products business including £5.4 million of assets associated with the Virolens project. This was taken from the Power and Connectivity Division so profits would have been better. (Always best to fix the roof while the sun shines!) No big acquisitions in their sights, CEO made it clear that they wanted to concentrate on getting the gearing down this year.
I read the analysts as being happy with the responses to their questions.
This share must be 10% undervalued, perhaps more. Much bigger volume on the "buy" side so far this morning.
Nice and steady.
Excellent RNS and results.
Ahead of expectation.
Two out of the three divisions performing well and a statement that the third division picked up in the second half of last year and is continuing to improve. The analysts will have to up their forecast for this year and next which will put the prospective p/e down to single figures based on the closing price last night (198p). Cash conversion has been hard in this inflationary environment and the need to support growth. Borrowings are up but the ratios just about acceptable to this investor. Will comment again if the 9.00 presentation has anything worth commenting on. DYOR
Good figures.
Got this one tucked away for the long term.
Yes, an encouraging prelim. statement. Particularly please to see that their borrowing is within their target range. Let's see if borrowings are actually down at the year end as they said at the last AGM. Although Spectris is not in the precisely the same business they are a similar genre. Their year end results, out today, were excellent and the SP up 7% this morning, if TTG do the same on their results (8th March) I will be happy.
Given 20% organic growth this year and continued momentum, analysts look well behind for 2023, they are only forecasting 5% growth
Appears positive trading update
https://www.britishbulls.com/m/SignalPage.aspx?lang=en&Ticker=ttg.L
https://www.britishbulls.com/m/SignalPage.aspx?lang=en&Ticker=ttg.L
Just in case people missed the broker's view :-
"HSBC raises TT Electronics price target to 240 (230) pence - 'buy'
The market can have my stock at the previous price !
For me outsourcing the liabilities of their final salary pension scheme does two things.
First it reduces the risk to me as a shareholder so, same investment but less risk and
secondly if there is anyone out there that wants to take them over their risks associated
with buying the company are reduced. (I have no reason to think that any wants to buy
TTG.)
https://www.britishbulls.com/m/SignalPage.aspx?lang=en&Ticker=ttg.L
TT will not be required to make any future contributions into the Scheme regarding defined benefit liabilities and the buy-in delivers greater security to the Scheme's members. The Scheme's circa £400 million of liabilities are now matched by the insurance policy, and TT no longer bears any investment, longevity, interest rate or inflation risk in respect of the Scheme.
There will be an immediate benefit to the Group's current year cash flow of £6 million and an equivalent annual improvement to free cash flow in future years.
The pension benefits that Scheme members will receive in the future are almost entirely unaffected by this transaction.
Mark Hoad, TT Chief Financial Officer commented:
"This transaction is an excellent outcome for our defined benefit pension scheme members, TT and our shareholders. We have worked hand in hand with the Scheme's Trustee over the last few years to reach this position. Those efforts, combined with excellent stewardship by the Scheme's Trustee Directors, has meant that the Scheme can now be fully de-risked for the benefit of members and the Group.
TT Electronics plc ("TT", "the Group"), a global provider of engineered electronics for performance critical applications, is pleased to announce that it has completed a buy-in of all its UK defined benefit pension liabilities giving an immediate £6 million cash flow benefit.
The Trustee of the TT Electronics Pension Scheme (the "Scheme") has purchased a bulk annuity insurance policy from Legal and General Assurance Society Limited ("L&G"), covering all liabilities required to pay all future defined benefit pensions for the Scheme's circa 5,000 members and any eligible dependants.
The purchase of this insurance policy is the successful culmination of extensive work over the last few years by TT and the Scheme Trustees. The insurance policy has been purchased using existing assets held within the Scheme, without the need for TT to make any additional contributions.
TT will not be required to make any future contributions into the Scheme regarding defined benefit liabilities and the buy-in delivers greater security to the Scheme's members. The Scheme's circa £400 million of liabilities are now matched by the insurance policy, and TT no longer bears any investment, longevity, interest rate or inflation risk in respect of the Scheme.
target 250p
https://www.britishbulls.com/m/SignalPage.aspx?lang=en&Ticker=ttg.L
If they paid it out as a dividend, it would be worth more than 3p a share....
Positive RNS this morning.
SP definitely heading in the right direction over the next few months.
https://www.britishbulls.com/m/SignalPage.aspx?lang=en&Ticker=ttg.L
TT Electronics PLC - Woking, England-headquartered manufacturer of electronic components - Says its revenue growth has "accelerated" in the four months to October, as it expected. Records strong volume growth augmented by pricing and material pass-through costs. Says its order book remains "well above historic levels" across the business and provides excellent visibility for 2023. Expects to report full-year adjusted pretax in line with expectations. "Momentum across the group continues to be strong reflecting our successful positioning in structural growth markets. The team is executing well against the ongoing challenging backdrop, and we continue to expect to deliver margin improvement in the second half. While mindful of the wider macroeconomic backdrop, the continued growth in order book extends our visibility of revenues for 2023," CEO Richard Tyson comments.