Topps Tiles Company Research (TPT)

Topps Tiles’ (TPT’s) diversification into larger addressable markets with more trading brands means it is well-placed to service more products to more customers in more sectors, and with greater efficiency given the associated investment in operations. There has been good progress with the Mission 365 growth initiatives, albeit these were somewhat masked by a tough trading environment in FY24. Our multiple valuation methods confirm similar upside to the current share price, to at least 111p/share, even at the conservative end of management’s financial goals.