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Shore Capital retained its "buy" recommendation for Travis Perkins (TPK), which the broker said has continued to perform well despite the weak economic environment. The builders' merchant operates nearly 2,000 branches and Shore Capital notes that the group's acquisition of plumbing supplies company BSS has generated greater than expected synergies. Shore also noted that the number of house purchases since 2008 have been far below the long term average and believes that a resurgence, resulting from an upturn in the economy, could significantly increase sales volumes. The shares declined by 14p to 1,041p.
Travis Perkins Sell 02-Apr-12 £194,832.96 Paul N Hampden Smith 17,696 @ 1,101.00p
Buy rating excellent for tpk. They deserve it tbh!
http://www.igindex.co.uk/content/files/ukratings_16mar2012_igipm.pdf
Now at £11.12p per share. Im ecstatic really. I invested £16000 at £3.90 a share and im still holding currently worth £46500 ish. I am holding a little longer I know whats going to be coming this year...branch refurbs...more acquisitions and great profiting by tpk. Be end of the year I expect £12 a share and by december 2013 im hoping for £14 a share. There are openings of new wickes too coming up. Like I said constantly expanding you'd be a fool not to invest here imo. If it gets to £20 again....well ill buy myself an audi rs4 or an m3 and pay my house off lol
If i remember rightly travis only got to about £22.00 in the good days before the rights issue some years back. My average on these is just over £5.00 . If they get back to £20.00 that will secure my pension, as for now im happy with the rise..just need the divi to be upped a bit .
This company is seriously undervalued...the company should be up around £20 a share. Strong buy!!! This company is going north!!!
Upgrades on all IT dept restructure of department. This will ensure better service to customers and to staff. Faster computer systems to give an overall better service.
I know this company very well, they are growing all the time, buying out small companies and expanding all the time. The business structure is fantastic and Geoff Cooper the CEO knows what he is doing when it comes to running a business. Their shares are worth much more than they are now! They were at £21 a shares just before the recession, and thats the only thing that made these shares go down. I have been a share holder for a long time Over 5 years now. I am in with £16000 at £4 and currently holding out because they are worth much more (or at least should be) I think the price will creep up slowly again. Regards Mike
Credit Suisse raises target from 990p to 1,140p, outperform rating maintained.
Not bad....divi picking up nicley
Travis Perkins plc Re: Toolstation Travis Perkins has been informed by the Office of Fair Trading that it intends to review Travis Perkins' recent acquisition of the remaining 70% of Toolstation. While Travis Perkins will cooperate fully with any review, the Company sees absolutely no basis for this notification and will be seeking clarification from the OFT at the earliest opportunity.
Geoff Cooper, Chief Executive of Travis Perkins said: 'Toolstation offers great value and better reliability to customers who want to order and get materials in the way that suits them best - online, via their computer or mobile phone, or by a 'phone call to our call centre, or at our trade counters. With next day delivery, reserve and collection through our trade counters and full stocks at our branches, we help keep tradesmen working and productive. If it's in our catalogue, we've got it, and can get it to you - fast. Toolstation is a great addition to our consumer division and will add to our growth in market share and returns. Following this acquisition of the outstanding equity, we will look to further exploit Toolstation as part of our service to the trade and to DIY customers"
Travis Perkins acquires remaining 70% of Toolstation Limited Travis Perkins plc ("Travis Perkins"), the UK's largest builders' merchant and home improvement retailer, announces that it has acquired the remaining 70% of the issued share capital of Toolstation Limited ("Toolstation") it does not already own from Mark Goddard-Watts and his family trusts. Toolstation is a fast growing multi-channel business selling lightside building material products. The business has a strong internet and catalogue based operation and a rapidly expanding branch network operating throughout Great Britain. This network has expanded from 12 outlets in operation at the date Travis Perkins acquired its first interest in Toolstation in 2008, to 103 outlets now. In April 2008, Travis Perkins acquired a 30% equity interest in the company together with an option to buy the remaining shares. Toolstation currently has gross assets of £34m and generated EBITDA of £5m in the financial year to 31 December 2011. The aggregate consideration is £42 million (made up of £24m paid now and £18m previously paid for the initial 30% shareholding and option) plus a further payment dependent upon future performance and expansion of the business over the period to December 2013. Both the immediate consideration and any further consideration related to performance and expansion is payable in cash from existing resources. The current management team at Toolstation all remain in place following this acquisition of the outstanding equity. Toolstation is expected to generate excellent returns for the Group. New branches move into profit after an average of less than 9 months and even the oldest branches in the network, at up to 10 years old, have yet to reach sales maturity. This growth profile, together with multi-channel sales growing at several times current market growth rates, should ensure Toolstation becomes a significant profit contributor within the Group. Its acquisition is an expansion of the Group's consumer division, currently comprising Wickes, the home improvement retailer and Tile Giant, a ceramic tile merchant chain.
http://www.investegate.co.uk/Article.aspx?id=201201031245439005U
To look at the way the economy has been going it might come as something of a surprise that builders' merchant and DIY retailer Travis Perkins has managed to book a 5.9% rise in like-for-like turnover for the nine months to the end of September. The valuation of just 9.3 times full-year forecast earnings is undemanding. And it is true that Travis Perkins has been doing remarkably well; it could continue to gain market share, but it will have to work hard to maintain momentum given the pressures on its market. We would also note that it is not as if there is the compensation of a chunky yield, which stands at a prospective 2.5% for this year, rising to 3% next year. Avoid, says the Independent.
Geoff Cooper, Chief Executive, commented: "We continue to take market share against a tough market backdrop, confirming the sustainable strength of our organic growth strategy. Our positive merchanting and BSS performance is balancing the effect of a challenging consumer environment for our retail business''. Our outlook for 2012 remains unchanged from that outlined in July.
CONT In Wickes, delivered turnover for the 39 week trading period to 1 October was up 1.2% with like-for-like delivered sales down by 0.5%. Core product like-for-like sales, representing some 80% of turnover, increased by 2.7%. Kitchen and bathroom ("K&B") delivered sales were down 12.4%, reflecting continued weakening consumer confidence for major purchases. For the last thirteen weeks total (core plus K&B) like-for-like delivered sales were down 2%. The 13 Ex-Focus stores acquired earlier in the year are now all trading as Wickes stores with the final 2 sites having opened on 1 October. Total turnover for BSS for the first nine months of 2011 was up by 3.1%; like-for-like turnover per trading day was up 2.3 %. Like-for-like turnover per trading day for the three months to 30 September increased by 2.6%. Gross margins achieved in the third quarter are in line with the performance of the first six months, slightly ahead of last year in BSS and the retail division and slightly lower in merchanting. Our synergy programme arising from the acquisition of BSS remains on course to deliver the £15m of benefits for 2011 as we previously outlined, with the overall target remaining £25m by the end of next year. We have also made good progress on our BSS systems integration in the period. With our continuing focus on cash generation, net debt has reduced in the three months to 30 September, benefiting from the £27m sale of Buck and Hickman. We are on track for our net debt target of £600m at the year end. There has been no material change to the financial condition of the business.
Interim Management Statement - Trading in line with expectations Travis Perkins, the leading UK builders' merchant and DIY retailer, today issues this Interim Management Statement. Figures below are for the third quarter to the end of September 2011. Including BSS in 2010 on a proforma basis, Group turnover for the nine months to the end of September, which included 1 less trading day in our merchanting and BSS divisions than for the comparable period in 2010, was up 5.9%. Overall turnover without this proforma adjustment was ahead by 53.4%. The non-BSS revenue gains continue to be driven by relatively high product inflation and our own market outperformance. Whilst the market continues to be in slight decline, our organic development strategy has yielded further gains in like-for-like market share in both our merchanting and retail divisions. In addition, we added a further 32 branches before taking account of the sale of 29 Buck and Hickman branches in the third quarter of this year, bringing the total number trading to 1,841. For the first nine months of 2011 total turnover in our merchanting division was up 11.4%, representing an increase in like-for-like turnover per trading day of 9.6%. Like-for-like turnover per trading day for the third quarter increased by 7.7%. General merchanting total turnover was up 10.0% for the nine months, with like-for-like turnover per trading day up 9.2%, whilst our specialist merchanting business saw total turnover increase 13.8 % with like-for-like turnover per trading day up by 10.3%.
http://www.investegate.co.uk/Article.aspx?id=201110120700170021Q
Goldman Sachs downgrades Travis Perkins from neutral to sell - target price from 1117p to 780p
Adjusted pre-tax profits at Travis Perkins (TPK) were up 25% for the six months ended 30th June, on last years equivalent period, at 140 million pounds. The builders merchant also announced that its synergy programme with recent acquisition BSS Group is on track to save 15 million pounds in 2011. However, the group does not plan to pursue much organic growth in the short term, as a result of difficult market conditions, and expects market activity to decline in the second half of the year. The shares lowered 44p to 883.5p.
Evolution Securities initiated coverage of Travis Perkins (TPK), the builders' merchant, with a "buy" recommendation and 1,250p target price. The broker notes that the group has concentrated on building up scale in its home market, which has enabled it to generate superior margins. However, Evolution believes the UK market is unlikely to show significant volume growth and the firm will need to rely on pricing and branch openings to drive its top line. Shares in Travis, which supplies more than 100,000 product lines to trade professionals and self-builders, gained 27p to 1,048p.