As midsummer’s day looms (where has this year gone?), there is greater optimism, in general, than may have been anticipated a few months ago. A post-pandemic, ‘vaccine-driven’ recovery demonstrated by increased consumer spending as lockdown measures are lifted has been one of the catalysts. The FTSE 100 has been range-bound in the last month 6,900-7,100. We have seen a combination of broadly positive company results across a range of sectors, further examples of M&A activity and a sequence of ne
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The UK market showed a continued recovery in the first quarter albeit the indices are still well short of their all-time peaks, unlike many of their international peers. The FTSE 100 has risen by 1,186 points (21.4%) since the end of October and the FTSE 250 by 4,304 points (25.0%). The comparable performance since the start of the year is less spectacular- the FTSE 100 has risen by 253 points (3.9%) and the FTSE 250 has risen by 1,070 points (5.0%). The factors behind the sustained rally are fa
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PensionBee, the online pensions provider, with a mission to make pensions simple, so that everyone can look forward to a happy retirement, considering an IPO on the High Growth Segment of the Main Market of the London Stock Exchange. PensionBee is a leading online pensions provider in the UK, with approximately 130,000 Active Customers and £1.5 billion of assets under administration , in each case as at 28 February 2020. Cornerstone FS to join AIM, an SME focused, cloud-based provider of inter
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In the last fortnight, we have surrendered some of the notable progress made over the last three months. That said, the optimism displayed by markets, driven by progress with vaccines and their rollout, persists. The recent direction of markets has been set by volatility in US markets, driven by specific retail market developments. Domestically, we have seen a broadly upbeat procession of results and trading updates/outlooks have, generally, been at least in line. The share price reactions have
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We think Titon’s results will be taken well by investors and note that current trading has picked up sharply in the UK. Furthermore, Titon’s joint venture is showing some signs of recovery. We again highlight the strong valuation case for Titon. It now has net cash of £5.6m (FY2020A) versus a market cap of £12m and trades at a P/BV multiple of 0.76x and a P/TBV of 0.80x (both FY2020A). House Stock.
Companies: Titon Holdings Plc
We see Titon as a deep value investment proposition. The shares trade at a significant discount to tangible book value and circa half of its market cap is accounted for by net cash of £4.5m (FY2020F). We re-instate our forecasts which show underlying EPS recovering from a Covid inspired loss of 1.4p in FY2020F to a profit of 9.2p in FY2022F. House Stock.
Titon published its 2020 interim results yesterday (14 May) which reflected challenging trading conditions in certain markets. There were five key reasons for the 22% year-onyear decline in revenues, each of which we think is reversible in the medium term. We continue to be impressed by the group’s positive cashflow (2020 H1 net cashflow =£0.5m) and strength of balance sheet (2020 H1 net cash = £3.7m). We think Titon is a deep value investment proposition with low trailing asset multiples - P/BV
There has been much comment on the fact that equity markets in the US and Europe have been shrinking for some years now, certainly in terms of the number of quoted companies, if not in total market capitalisation (MCap). This paper has been written with the assistance of the Quoted Companies Alliance (QCA) and focuses on the evidence for such in the London market and, in particular, that for smaller and midcap companies. It assesses that evidence and considers explanations. Finally, we ask why i
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Caribbean Investment Holdings. Incorporated in Belize . CIHL primarily operates financial services businesses through its subsidiaries The Belize Bank Limited and Belize Bank International Limited, both located in Belize and international corporate services through Belize Corporate Services Limited. CIHL shares are also traded on the Bermuda Stock Exchange. Lord Ashcroft holds 75%. No capital raise. Due 28 April. £36m . 2019 net profit US$ 10.7m
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Initiation of our coverage was 16 March 2016 at 101.5p. In February 2018, the price was 215p and it stayed north of £2 for another year. In fiscal 2019, though, Titon weathered a perfect storm most notably in its largest profit earner, South Korea. Titon’s PBT dropped by a fifth and, now, early in fiscal 2020, a profit warning. Titon is a veteran with branded products and core financial strength. It is battening down the hatches and cutting costs (including Hardman & Co). It will prevail.
Titon is experiencing challenging trading conditions in some of its key markets. Following yesterday’s trading statement, we reduce our FY2020-FY2022 EPS forecasts by, on average, 38%. Current trading pressures are primarily cyclical, although we acknowledge there is now an increased level of competition in UK trickle vents. Titon shares now trade at a significant discount to tangible book value, despite net cash of c£4m (equal to c40% of current market cap) and with retained earnings expected t
We recently published a paper, Share ownership: For the many, not the few, based on a statistical survey of share ownership, produced jointly with Argus Vickers, the share analysis service. The Office for National Statistics (ONS) has now issued its equivalent survey. This paper compares its results with ours. Although there are, inevitably, differences in the detail, the two surveys reach the same conclusions.
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‘Tis rare that a company reports on the same day as a general election. Okay, Titon’s gestation was the longer ‒ but the conclusions are the same. “It’s over and yet it has only just begun”. For Boris Johnson, this means actually ‘getting Brexit done’ and running the country. For Titon, it has just reported its full year in which it coped manfully with a number of travails; and now has to do the same in the next one and ‘win the peace’. Boris’s skill-set to deal with in-coming remains the subjec
Titon published its 12-month results to September 2019 on Thursday 12 December, which were circa 3.5% below our expectations at both the revenue and EPS line. Critically, management has announced a strategic change in the South Korea segment (31% of FY2019A group revenues) to address the market’s demand for more sophisticated ventilation products. Consequently, we have downgraded our EPS forecasts by 30% in FY2020 and by 24% in FY2021. FY2019A cash flows exceeded our forecast, with net cash risi
The trade-off in the risk/reward for gold and gold mining equities is improving, as central banks push the current iteration of the post-World War II Bretton Woods financial order towards its limits.
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Research Tree provides access to ongoing research coverage, media content and regulatory news on Titon Holdings Plc.
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Ince has reported resilient results for FY21 considering the COVID pandemic with revenue growth YoY driven by International offices. With the cost base and financial position now stabilised, good earnings growth from FY22 onwards should be achievable. We reinstate forecasts to reflect a robust platform for progress at the Group and set our new target price at 100p which we think appropriately reflects the Group's near-term trough earnings and medium term earnings power based on current assumptio
Companies: Ince Group plc
Volex has issued a positive AGM trading update highlighting that it expects to deliver underlying operating profits for FY22E slightly ahead of current market expectations. It notes that the levels of customer demand it experienced in H2 FY21 has continued in Q1 FY22E. Cash generation remains robust and management continue to advance acquisition opportunities, which we expect to deliver future accretion. We have upgraded our adjusted operating profit estimates by c.5% and see Volex as well place
Companies: Volex plc
Simec Atlantis (SAE) have confirmed that their largest shareholder, SIMEC UK Energy Holdings Limited are no longer in receivership.
Companies: SIMEC Atlantis Energy Ltd.
Directa announced a significant contract win yesterday, its second major contract with OMV Petrom for waste treatment services using Grafysorber. The four year contract has a total value of €3.2m (c.€0.8m per annum from August 2021). This provides underpinning for current forecasts and builds on recent contract momentum. Meanwhile, there has been further success at the Olympics for cyclists wearing jerseys printed with Directa’s graphene (the Planar Thermal Circuit). The medal haul so far is fiv
Companies: Directa Plus Plc
Companies: Judges Scientific plc
Judges Scientific is a group focused on acquiring and developing companies in the scientific instrument sector. The first half looks to have demonstrated a significant rebound, albeit against a weak comparator of H1 2020 with management ‘confident' of hitting full year market expectations. The Group exited H1 (30 June) with a strengthened organic order book of 16.1 weeks of sales, +15% on the year end position (14.0 wks), and +49% vs H1 2020. The total order book stood at 17.6 weeks. H1 organic
Companies: Volution Group plc
Plant Health Care has released a trading update for the first half with a trajectory of demand which suggests a good second half to come, traditionally the seasonally stronger part of the year. The Board expects FY trading to be in line with management expectations so we believe our forecasts are well underpinned with considerable upgrade potential given the current market trends. Buy
Companies: Plant Health Care PLC
Epwin seems to exist under the radar screen. The stock trades at some of the lowest valuation multiples in the sector (FY22F PER = 11.2x, DY = 4.4%) and, for the second time in 3 months, we have significantly upgraded our earnings forecasts due to continued strength in RMI (Repair/ Maintenance/ Improvement) demand and robust margin development. House Stock.
Companies: Epwin Group PLC
Companies: Safestyle UK Plc
Flat but unsurprising results from Centrica in the first half of the year, as favourable weather conditions and commodity prices were offset by the COVID-19 impact, British Gas engineer strikes and sharp trading conditions.
On the positive side, the sale process of Spirit Energy has made progress, and a CMD will be held on 16 November 2021. However, nothing new on the dividend side.
Neutral view confirmed due to so many uncertainties surrounding the stock.
Companies: Centrica plc
Mpac has announced that Mpac Lambert has signed a contract with FREYR Battery to supply casting and unit cell assembly equipment for the battery cell production line at FREYR’s Customer Qualification Plant in Mo i Rana, Norway.
Companies: Mpac Group PLC
At its recent capital markets day, Checkit outlined the opportunity to supply its intelligent operations management software to the deskless worker market, a currently underserved market for productivity software. The product development roadmap features supporting iOS devices, increasing integration with other systems and enhancing the platform’s data analytics capabilities. Management is focused on driving adoption of its end-to-end solution in Europe and increasingly in the US.
Companies: Checkit plc
Drax’s interims see the first contribution from Pinnacle Renewables as well as continued strong revenues from system support. The period has seen the company completely cease commercial coal operations, sell its gas-fired projects and move biomass carbon capture and storage (BECCS) plans forward with planning now submitted for CCS at the Drax site. The company has also commenced the planning process for expansion of capacity at Cruachan. Overall, we see Drax as making strong progress to develop
Companies: Drax Group plc
Although renewable energy has been gaining increasing traction over the past decade as the costs of renewable energy generation and perhaps more importantly, energy storage have fallen, 2020 was a seminal year for transitional energy investors driven by governments seeking to “build back better” after COVID-19. The US has committed US$2.25trn largely focused on the energy transition while the EU has committed US$0.54trn with companies around the world including China committing to net zero targe
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