A positive trading update from TP Group confirms that the group traded in line with market forecasts for FY19E, with significant year-on-year growth in revenue and Adj EBITDA, and an order book at an all-time high. The acquisition of Sapienza has provided the group with significantly enhanced space capabilities, as well as an expanded geographic presence. Trading on an ex-cash FY20E Adj P/E of c10.5x, we see considerable value in the shares. Buy.


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Cenkos: TP Group Plc -- A year of significant growth
- Published:
27 Jan 2020 -
Author:
Peter Renton -
Pages:
5 -
A positive trading update from TP Group confirms that the group traded in line with market forecasts for FY19E, with significant year-on-year growth in revenue and Adj EBITDA, and an order book at an all-time high. The acquisition of Sapienza has provided the group with significantly enhanced space capabilities, as well as an expanded geographic presence. Trading on an ex-cash FY20E Adj P/E of c10.5x, we see considerable value in the shares. Buy.