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Started: Agingcourt, 18 Jun 2024 17:22
Last post: Agingcourt, 18 Jun 2024 17:22
Yikes, bad day for share. Bad news must be coming. Little confidence in company for some time.
Started: Agingcourt, 30 May 2024 18:05
Last post: Alas_Smith, 30 May 2024 19:17
We do not know for certain that all the bargains have been recorded and published. Sometimes, particularly if there is a large buy order to satisfy, the MM will mark the shares down to trigger selling and thus able to deliver. I do not worry about movements such as this. After all, it is a lightly traded security, there is no new news to my knowledge. Perhaps that only thing to consider is that we start a new month next week and there are changes in the constituents of indices.
Shares bought 355 thousand, shares sold 190 thousand.....price down 5%........does that make sense? Not to me!!
Started: fatprofits, 20 May 2024 14:24
Last post: fatprofits, 20 May 2024 14:24
Looks interesting...
Last post: wildtiger, 17 May 2024 05:25
They bought more, very bullish on this. 200p is almost certain
Started: DOGSINBRAZIL, 14 May 2024 09:27
Last post: DOGSINBRAZIL, 14 May 2024 09:27
I in at 1.54
Started: Mr.Picky, 13 May 2024 10:00
Last post: Mr.Picky, 13 May 2024 10:00
" HSBC cuts TT Electronics price target to 270 (280) pence - 'buy' "
I think there would be a few sellers if TT went up 100p let alone 110p !
Last post: AllAtSea, 10 May 2024 15:00
I have bought more at just over 160.
Was always going to happen short term. The main message is full year forecast remains unchanged .
The gap needed to fill before this can go higher, next stop will be 200p
Year outlook unchanged - drops 8%. Am I missing something? I continue to hold here
Made it my biggest position in the portfolio. Very confident it will be over £2 in the short term
Last post: AllAtSea, 10 May 2024 09:14
Couldn't resist..
If they go bit lower I could be tempted to scoop up more.
Bought in below 140, cashing out today. Good luck guys.
Started: Hogbog, 23 Apr 2024 19:46
Last post: Hogbog, 23 Apr 2024 19:46
Yahoo have today calculated true value at about 190 per share and quote the analyst target of 247. I’d be impressed to hit 190 and retiring if we hit 247. They both know more than me so here’s hoping!
Started: Hogbog, 25 Mar 2024 22:29
Last post: Hogbog, 18 Apr 2024 20:03
All at Sea: sorry missed your question “ what did Virolens have to do with stadium?” . Answer: Everything. As the person running the project was the ex stadium CEO, and the person running manufacturing on Virolens was the ex Stadium COo/ops director!
A nice analysis Mr Picky. I’d be delighted with the outcome you describe too. Managed to sell one of my kids investments today at a good profit when it reached over 170, but need to be ahead of 200 and ideally 220/230 to consider parting with my own chunky TT investment. Remaining optimistic and in the short term the divi is good. I think Peter is a short term turnaround and financial engineering guy rather than an improver and builder. So my outlook on his is fix and flog ( 3 to 4 years) rather than build, grow, hold ( 10 years).
All at Sea: what you say you took as profits does not make Stadium a good business, but perhaps simply a master of disguise. I stand by my ‘woeful’ ( chuckle) description.
The divestment of Stadium is working well by the looks of it.
I tuned into the Capital Market Event on Tuesday to hear the new CEO say they were on the brink of a bright new world ! His thesis is that because they now have close collaboration with customers on long term projects in highly regulated markets they enjoyed significant barriers to entry. Having completed project Albert (selling off Stadium and a site in China) they can improve margins overall because the remaining business has higher margins. Peter France repeated the old mantra that they were in markets growing at above average rates and disassociated himself from all the others who were going to get margins up. (Old lags like me will remember Geraint Anderson and Richard Tyson saying that for the last fifteen years.) But actually we have seen significant write-offs and restructuring costs over those years, Albert cost shareholders £32.5m. It is not surprising that the analysts were sceptical in the Q & A session.
So now its "Project Dynamo" which is going to deliver, wait for it, 12% margins by 2026. By loosing the three operating divisions (P&C, GMS and S&SC) and operating as one "TT" in three regions North America, Europe, and Asia they will unlock "Efficiency", "Growth" and "Innovation"....just like that! Leading to ROIC in "mid to high Teens" and have cash conversion of 85%+. In fairness if they do get those margins to 12% without Cap Ex. exceeding depreciation and only modest working capital increases they will raise ROIC. Actually 10% margins in '24 is quite realistic (not over the first half) because Albert raises overall margins and, hopefully, there is no repeat of the very costly ventilation and air-con break down this year. They did produce a slide showing how they would get to 12% but I wasn't convinced. Yes, a full year without Albert will add a bit and even less pass-through helps but all the rest is expected to come from Efficiency (both factory and SG&A) plus growth. Well, if there are barriers to others entering your market, you raise your prices but they didn't add anything for that.
Mr France never underestimate the difficulty of changing the way people think about the business. He agreed that if one was starting with a clean sheet of paper TT wouldn't have as many plants around the UK and US but as he put it we will work with what we have. When asked how they would be able to acquire bolt on business in a couple of years time he said he would by something lowly rated like TT ! Yes, TT is cheap because it is too small and has been accident prone for nearly two decades. Get the margins up to 10%, nudging 11%, sometime in 2025 and then put the business up for sale. You should get around 220p a share (at today's market multiples) and everybody will be happy but lets see you get there first. Oh, I nearly forgot to add that they plan to reach Net Zero in 2030. five years earlier than previously declared.
Last post: wildtiger, 26 Mar 2024 20:58
Back in today with double of my original position
Last post: AllAtSea, 21 Mar 2024 09:22
Bought a few more.
Oh, do tell. Pretty please..
Good guys, found better opportunity elsewhere.
Started: Goose01, 7 Mar 2024 07:55
Last post: Mr.Picky, 7 Mar 2024 15:26
I tunned in to the webcast and got a bit of extra flavour. 2023 was an inflection year with strong cash conversion (92%) which has reduced gearing to 1.7x and, when the proceeds of the sale to Circo Group come in, it falls to 1.5x with further progress to the bottom end of the target range of 1 - 2x by the end of the 2024. The write down on this sale of £32.5m was taken in 2023 resulting in negative statutory accounts again. The loss on the HVAC breakdown was C£3.0m compared with £2.0m previously estimated and, hopefully, will not be repeated this year. Looking forward they are confident of making a 10% margin this year, all be it on near flat sales, so we should see some eps growth by the end of the year. Mark Hoad did much of the talking. Peter France, as he said himself had not given this type of plc presentation for some years and confined himself to good sounding generalities, in my view. He will reveal more at the open market day (April 9th) and has ideas for changing the management structure. The company is in good shape and I came away with the impression that they will get the business in a strong, low leveraged position by the end of this year. Do they then want someone to buy the whole business? I suspect so and we will see an honourable end for this little company with the shareholders making a decent return.
Yes, looks good all round. I will come back after the presentation if there is anything worth saying.
Look really strong across the board, really bullish future guidance, above pre Covid levels, nice divi increase. This should bounce well this morning after sliding on no news for months
Started: Furrbabies, 6 Mar 2024 12:36
Last post: Furrbabies, 6 Mar 2024 12:36
The disposals look sensible although the share price continues to disappoint. Maybe the results tomorrow will prompt a rally - see that cityconfidential have suggested a buy ahead of the results
Last post: AllAtSea, 5 Mar 2024 09:48
What was so bad about the Stadium deal?
"[Stadium] pumped around £2m into its Hartlepool site over the last two years to create what officials describe as a European manufacturing centre of excellence." 16 Feb 2018
https://www.thenorthernecho.co.uk/business/15996227.tt-electronics-makes-move-hartlepool-based-stadium-group/
As a Stadium holder the takeover made me money, but the SP did take a tactical dive just before the deal so I could have made quite a bit more. TT Electronics has not made me any money!
TTG received a positive write up on Stockopedia this morning and a Green rating and the SP had a nice tick up today. Maybe the market has woken up to TTG.
Certainly was excellent news. The Hartlepool and DG sites are the leftovers of the disastrous Stadium purchase which left TT with these poorly invested factories. Cardiff had big issues too. A good move for cash and means the remaining business is all Swiss-watch like and well invested and profitable/highly profitable.
This morning looked like more good news to me. Presumably that money will go towards improving net debt without sacrificing any material profits.
Market doesn’t agree. Hopefully that’ll change.
My advice is to hang on. It's always tempting to sell when it's like this, but I can't see any logic to sell based on what we know.
British stocks tend to be massively undervalued right now and ripe for takeover, especially those with technological assets.
Of course if you are like a certain ex-president you might need the money in a hurry, but otherwise..
Last post: Mr.Picky, 29 Jan 2024 10:44
Well done Wildtiger looks like you have saved yourself nearly 50p on the downside. I'm still holding TTG and looking for growth in PTP when the results for 2023 are published on 7th March but am a bit concerned that the new CEO (Peter France) will want to throw in all the provisions possible so that growth in 2024 looks good. (I have been around long enough to see several incoming CEOs do this in small quoted stocks.) That said, I expect even further PTP gains in 2024 although this early on in the year much could go wrong. My estimate of fair value for TT is 205p but I expect it to continue to trade below fair value; I just hope the discount will reduce. I think you will make money Wildtiger but I have a vested interest !
Sold this at 195p last year. The UK Army will need many more tanks for the pre-war phrase and TTG plays an important role in that
Started: AllAtSea, 22 Nov 2023 09:53
Last post: AllAtSea, 13 Dec 2023 08:42
Since my previous post I have bought a couple of slices and reduced my average very nicely.
I am not entirely pessimistic about this stock but I have sold roughly half my holding in the last few weeks. I have also taken what profits I can from other stocks and hold a lot more cash than usual. Unfortunately I can't see anywhere to invest it with things as they are.
I agree with your comments MP, tone definitely deteriorated since last update as is shown by the revenue decline in H2 to date. I sold up this morning for 14% loss. Not that cheap and quite risky given debt IMO
The tone is very different from the upbeat statement when the half year figures were announced (3rd August). The machinery breakdown at Sensors and Specialist Components was mentioned but the actual words were:- "Organic revenue was 11 per cent higher even with some output shifting from the first half into the second half, due to a machinery breakdown in June" I was not expecting the breakdown to be "impacting profit in Q3 by circa £2m" and would have thought an announcement should have been made earlier, given we are in late November now, last year's trading update was a week earlier. (AllAtSea, I didn't see the £3m hit you mentioned.)
The shares appear cheap even with profits at the lower end of expectations but the company is just too small to be reliable. One machine breakdown costing £2m is a big hit for for a company only making circa £44m a year, volatile profits can't be put on the same rating as reliable profits so the shares will remain "cheap". Glad to see that they are "on track to deliver much improved cash generation over last year" That was my previous concern now I have to worry about machine reliability!
"We are mindful of the wider macroeconomic backdrop, but see continued positive momentum in the business, with a robust order book providing good visibility of revenues for 2024.
Peter France, TT Chief Executive Officer commented:
"Having joined in October, I have now visited the majority of our sites, spent time with colleagues and met a number of our customers and other stakeholders. I have been greatly impressed by the quality of our people, the strength of our culture and the depth of our customer relationships.
I am excited about the potential for TT and can already see opportunities to unlock further value across the business, driving growth, efficiencies and performance through capitalising on our positions in the structural growth markets in which we operate. I look forward to sharing more detailed thoughts shortly after our FY23 results, as we plan the next phase of our disciplined growth strategy.
The business continues to show good year over year improvement and I look forward with confidence."
https://www.londonstockexchange.com/news-article/TTG/trading-update/16219439
"Though reassuring of strong organic revenue growth in the year so far to October, TT said a machinery breakdown at one of its sensors and specialist components facilities hit third-quarter profits by £3 million.
“As a result of the machinery breakdown [...] we now expect to report group adjusted profit before tax towards the lower end of current market expectations,” the company added in a statement."
https://www.proactiveinvestors.co.uk/companies/news/1033934/tt-electronics-slumps-on-machinery-breakdown-profit-hit-1033934.html
Started: AllAtSea, 3 Aug 2023 18:44
Last post: Mr.Picky, 14 Nov 2023 12:10
We are due a trading update on TTG. This time last year they gave an update on the progress for the period to end October 2022. With only a couple of months to go to the end of 2023 they should have a fairly clear idea about the full year's profits and other metrics, particularly cash flow. Silence would IMHO be ominous.
This article would be more helpful .
https://ascoworld.com/news/financial-results-2022
Extracts
"ASCO has reported a 52 percent increase in turnover in a strong year for the Aberdeen-headquartered business, which saw it win new clients, grow its range of services and sectoral support, and expand into new geographies.
Accounts lodged for the year ending 31 December 2022 show that the company, a leading global provider of logistics and materials management services, saw group sales rise to £637.9 million, up from £419.4 million the previous year."
I'll bring this when departing from his last employer:
"It has been an honour to lead Asco during the past five years. I am grateful to all of my colleagues who have worked tirelessly through challenging times such as the pandemic to deliver positive growth.”
..
"Asco employs about 1,500 people in operations spanning more than 60 locations around the world. The firm is owned by a consortium of investors, trading as Zander Topco. Its last published accounts show turnover for the 2021 calendar year came in at £419 million, up £72m, or nearly 21%, from about £347m in the previous 12 months."
..to the party .
https://www.pressandjournal.co.uk/fp/business/5987020/exclusive-aberdeen-firm-asco-announces-change-at-the-top/
Sounds hopeful.
Started: Alas_Smith, 15 Jun 2023 22:04
Last post: Mr.Picky, 3 Aug 2023 10:54
I streamed the analysts meeting at 9.30 this morning. It was Richard Tyson's last presentation; I thought he looked tired. He was presenting oh-so positive results to which he had given the lead and would not be around when further progress is made in the second half. Was It tiredness or regret? Anyway the growth story is intact and my only concern (negative cash flow) has reached an inflection point and turned positive. I have upped my eps earnings for the year but the company said nothing about its forecast relative to the market. The shares would probably have gone up if they had felt able to say they would be at the upper end of market expectations.
Hopefully, Mr.Picky, you will be rewarded following the release of new information today.
Reads well to me, but the market has a habit of wanting more from time to time. My holding is deep underwater with plenty of opportunity for me to have averaged down which I have resisted. Perhaps this news will reverse the southbound trend, which, if it does, I might be induced to increase my holding to align it with my original invested percentage, (2%) within my portfolio.
Thanks Alas, I did see the appointment of Peter France but I don't know how good he is. I never followed Rotork so I don't know if he did a good job there or not. He is 55 now and been out of Rotork for six years and, again, I don't know how to read that. Does anyone know Mr France's track record?
Mr.Picky, news yesterday of appointment.
I see two reasons why the shares have been languishing. First, no news yet on the appointment of a new CEO so we don't know who will be leading the company. Institutions like to have a view on who is at the helm. Secondly, their half year figures (to end June) are due out on August 3. At the AGM they confirmed the guidance of £41.5m - £46.0m ptp this year, any hint that they may not make it or that there borrowing have gone up will crash the share price. An upward revision to the years profit would send the shares northwards. The shares, at under 160p, are cheap in my view but why take the risk of buying now when you could be nimble on the morning of their interim announcement. (Unless you want make a biggish investment, in which case you need to build up before Aug 3 which is what I have done.)
Started: nextdeal, 13 Apr 2023 19:12
Last post: Yanar, 30 Apr 2023 10:21
There’s talk of the business being taken over in house too. Hope that doesn’t screw up our share save plan!
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.
Nice and steady.
Excellent RNS and results.
Started: Mr.Picky, 8 Mar 2023 08:10
Last post: Mr.Picky, 8 Mar 2023 10:17
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.
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
Started: Sheephatch, 23 Feb 2023 11:08
Last post: Sheephatch, 23 Feb 2023 11:08
Good figures.
Got this one tucked away for the long term.
Last post: Mr.Picky, 23 Feb 2023 10:31
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