Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Adastra - can see now why the tipster is called the naked trader. Clearly lost his shirt (and everything else) investing in TPG ! Target 10p in his dreams ...
Hi Adastra, I like the idea of a finals bonanza! You would think there was a good reason to miss the May publication of the accounts and it was not just inefficiency! We've both done a little top-up at 5.33 and a little profit is on the cards - I just have a feeling that change is about to happen - buy now folks while stock lasts!
........and that Naked Trader gave reasoned arguments for investment on two purchases at 5.35 and 5.95p with a current target of 10p. He currently holds 250k so interesting diversity of opinion. My gut feeling is for an 'all will be revealed' finals bonanza on the 14th as deals are signed and value surfaces.
Also worth noting Pimply Wall Street values TPG at fair value 3p, massive 80 percent below current sp. Regards TPG as overvalued with mediocre balance sheet.
Also worth noting that the now divested Hunt Thermal TPG heavy engineering business was haemorraging £1.6m on £6.9m turnover in 2019. That should translate to a whopping bottom-line boost in the current year.
Truro, TPG Maritime's Operating Profit is very much "real money"! As you say, matched by net costs elsewhere in the Group. As a separate company TPG Maritime Ltd reports its accounts separately to Companies House, as well as contributing to overall Group accounts. TPG Maritime contributed about 35% of Group revenue last year.
To me, the current profits and order book of Maritime would suggest a reasonable price of about £50m on any sale, which is more than the current market cap of the whole Group. A sale at that price would raise 6.4p per share. I would value the remainder of the Group at 3.5p per share, giving an overall value of 9.9p. All personal opinion of course and the markets clearly don't agree with me! :)
Hi Adastra, Just done the same at 5.33 - got to be a bargain.
Hi Lutra, I've read the explanation for "Operating Profit" in the accounts and unfortunately that's as clear as mud to me. But just because it's complicated I'm guessing it ain't real money?
There's obviously some part of TPG that makes a profit because Dukinfield was loss making and we occasionally got close to break even. I also noted in the '19 accounts that there seemed to be some focus on admin rationalisation which was about time n my book. Lets hope Adastra's info re the 10th is right.
The most recent annual accounts for TPG Maritime Ltd cover the year to 31 December 2019. These show an operating profit of £5.258m and an order book of £37.943m.
Hi Dinoken, nobody is saying Marine will be sold but the January RNS said "possible disposal" That wouldn't be announced if the BoD had rejected the idea.
Hi Flotogo, excuse my ignorance but I'm not good at balance sheets. where did the figure of 7 Mill profit come from? Just curious really.
Who says it will be sold ? It could be partially sold into JV which would be best of both worlds - cash and some profits. Sadly, suspect cash would be wasted on board salaries.
Whilst the group never makes a profit the marine section itself made 7 million last year which is a tidy sum. Need some of the other recent acquisitions to start also turning a buck. Removal of the loss making business will help and no acquisitions so far will have certainly closed the gap. It's a pity they are selling on the profit making part as we might just get there one day
Hi flotogo, yes Marine engineering does have a strong R & D side which may do well in future. TPG has been extremely good at raising revenue, the cynics amongst us might say that making acquisitions automatically raises revenue. but, problematically, in spite of this we just don't make any profits.
However If you look at the Sapienza and lift acquisitions one might see a totally different picture. We acquired them two years sago for a total of 18 Mill EU. Since then they have signed contracts for 31 Mill EU. In addition in August '20 a significant Framework agreement was signed. I reckon that, although we don't know the margins, the profits would go a heck of a long way to repay the purchase costs. This consultancy side was further reinforced by the Osprey acquisition.
As I've said, if Marine was sold with R & D add-ons then the cash generated would put the consultancy side in an extremely strong position and you would think that even TPG could make a profit!
Thordon, can't quite see why your waiting. One way or the other we are in a better financial position now that the loss making Dukinfield has been sold. We might actually be making a profit!! Onwards and upwards folks.
The various trade press articles keep us informed to a degree around progress with the train. Carbon capture plus northstar were the two newer areas that could perhaps kick in and we are long overdue an update. Wonder when the new Pr agency will start to earn their cash as recent pr has been non existant
oldtramp we have a minor side to hydrogen , not even mention in the railway report may just be consultant side.
Who knows as get pieces of the puzzle.
Obviously the results are very important having got rid of loss making engineering side of the company would like to think we can now hold our own.
However more interested in an update on Hydrogen trains contract and carbon capture projects
GLA OT
Hi TT
I'd rather not have won that game!
Looking back to last year's results we had a Audit update RNS, so I'll be expecting one of those soon.
SEC Newgate, the new Investor & PR agency need to up their game considerably.
If you want a steadily increasing SP you not only have to attract new investors but also retain the one's you already have!
The 2 or 3 yr share charts say it all really.
How long will the larger II's put up with this underperformance is anyone's guess.
I will obviously eat humble pie next week when the results come out showing a healthy profit & TPG Marine sold for a stonking price, quickly followed by a generous offer for the whole company by a large international player!!
Sorry too much B/H sun!
Cheers R
Hi Radius - well you called it right! You got your disappointment in before mine! I'm some 10% down and thought that the Results would help to defray that a bit.
Communication is key and as you have said it's a bit of an inconvenience for the BoD to actually communicate. This failure will be remembered as and when I divest from here. However if we restructure then that could change.
Hi TT
Yes I did read that, just thought I'd get my disappointment in first!
Good luck to all lth
Cheers R
Hi Radius, if you read the January update you'll see it's not late - Well not yet anyway! They've got a whole week!
Hi Radius don’t think we need luck on the results guessing they will be on par with the last financial update
However an update on company activity along certain new aspects of the company would be much appreciated ? Well for me anyway have a great weekend all.
Shouldn't have to rely on luck OT, but guessing is all we can do at present.
Communicating with the actual owners of the Company has always come across as a inconvenience to this BoD.
Apologies for the negativity, but a bit of common courtesy from the Company Staff we pay handsomely wouldn't go amiss.
If the results are going to be late, for whatever reason, they will have known weeks ago, why not inform us of the cause or cause's, covid will no doubt be the latest fig-leaf to hide behind.
HI Truro guess we will find out soon as it is very hard to get any info from normal research areas
best of luck to all invested in TPG
Fully expecting covid to delay the results and also hit the number again. Probably no different to many other companies out there
Hi OT, I'm not to certain what we have to offer directly to a UK ship build program apart from atmosphere control. From what I understand Marine Engineering was not involved in any other big bucks projects?
Well at last we see Marine being key to TP Group not just a quick fix rise in SP in selling.