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Pin to quick picksTP ICAP Share News (TCAP)

Share Price Information for TP ICAP (TCAP)

London Stock Exchange
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Share Price: 223.65
Bid: 224.00
Ask: 224.40
Change: 4.75 (2.17%)
Spread: 0.40 (0.18%)
Open: 220.80
High: 225.00
Low: 220.10
Yest. Close: 218.90
TCAP Live PriceLast checked at -

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Canaccord downgrades TP Icap, says purchase of Liquidnet would be earnings dilutive

Wed, 30th Sep 2020 10:14

(Sharecast News) - Analysts at Cannacord Genuity downgraded their recommendation and target price for shares of broker dealer TP Icap after the firm disclosed that it was in "advanced discussions" to acquire non-listed Liquidnet Holdings.
According to the Canadian broker, the proposed purchase for $600-700m - including an upfront payment of $550m - valued the takeover target at 12 times' its trailing earnings before interest, taxes, depreciation and amortisation to June 2020.

Furthermore, given the absence of forecasts for Liquidnet, Canaccord plugged in its own assumptions and reached the conclusion that TP Icap's claim that the transaction would be neutral for earnings per share in year two was off.

For that to be true, they estimated that Liquidnet would need to nearly double its EBITDA.

Instead, Canaccord judged that the purchase would be 12% earnings dilutive, leading it to lower its earnings per share estimates for TP Icap for 2021 and 2022 to 33.9p and 34.4p, respectively.

Hence, analysts Justin Bates and Portia Patel downgraded their recommendation for the company's shares from 'buy' to 'hold' and slashed their target price from 401.0p to 275.0p.

More News

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UK dividends calendar - next 7 days

12 May 21 16:05

TP ICAP sees revenue fall in first quarter but affirms 2021 guidance

TP ICAP sees revenue fall in first quarter but affirms 2021 guidance

12 May 21 09:59

TP Icap revenues drop against tough comparatives

(Sharecast News) - Interdealer broker TP Icap posted a decline in first-quarter revenues on Wednesday against a tough comparative period underpinned by market volatility.

12 May 21 08:30

UK dividends calendar - next 7 days

UK dividends calendar - next 7 days

11 May 21 16:12

UK shareholder meetings calendar - next 7 days

UK shareholder meetings calendar - next 7 days

5 May 21 15:54

UK dividends calendar - next 7 days

UK dividends calendar - next 7 days

1 Apr 21 16:13

TRADING UPDATES: Arden Partners to return to annual profitability

TRADING UPDATES: Arden Partners to return to annual profitability

24 Mar 21 16:44

Shore Capital downgrades TP Icap to 'hold'

(Sharecast News) - Shore Capital has downgraded TP Icap Group to 'hold' after cutting its full-year forecasts for the broker.

22 Mar 21 14:10

Shore Capital downgrades TP Icap to 'hold'

(Sharecast News) - Shore Capital has downgraded TP Icap Group to 'hold' after cutting its full-year forecasts for the broker.

22 Mar 21 14:10

LONDON MARKET MIDDAY: FTSE 100 bounds ahead and Nasdaq to bounce back

LONDON MARKET MIDDAY: FTSE 100 bounds ahead and Nasdaq to bounce back

9 Mar 21 12:03

TP ICAP posts "robust" performance despite fall in trading volumes

TP ICAP posts "robust" performance despite fall in trading volumes

9 Mar 21 10:15

TP Icap FY operating profits slip in 2020

(Sharecast News) - Broker TP Icap said on Tuesday that revenues and operating profits had slipped in 2020 amid the ongoing Covid-19 pandemic.

9 Mar 21 09:02

UK earnings, trading statements calendar - next 7 days

UK earnings, trading statements calendar - next 7 days

2 Mar 21 16:01

TP ICAP To Change Name As It Completes Corporate Reorganisation

TP ICAP To Change Name As It Completes Corporate Reorganisation

26 Feb 21 09:31

IN BRIEF: TP ICAP Gets Court Sanction For Corporate Reorganisation

IN BRIEF: TP ICAP Gets Court Sanction For Corporate Reorganisation

24 Feb 21 19:03

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