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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Topps Tiles Plc | TPT | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -0.20 | -0.46% | 43.10 | 16:15:22 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 43.70 | 43.00 | 43.70 | 43.10 | 43.30 |
| Industry Sector |
|---|
| GENERAL RETAILERS |
| Top Posts |
|---|
Posted at 25/5/2023 17:55 by makinbuks Caught up with the results presentation today, surprised no one asked a question about the hostile investor |
Posted at 12/1/2023 14:45 by casholaa Hopefully, next Wednesday, investors will re-iterate Brexit to the Europeans at the AGM. |
Posted at 21/12/2022 10:35 by wad collector XD Tomorrow 2.6p which of course is 5% of current share price ; worth having!From Bearbull on IC last week; When activist shareholders go to war with a target company there is usually entertainment to be had (though probably not for the directors of the target) and often money to be made for investors. However, it may be a first when the activist says to the target, 'buy more of our products or else the chairman gets it in the neck'. In a nutshell – and with just a little caricature – that is what’s happening at tiles retailer Topps Tiles (TPT). It faces a call to sack its chairman, appoint two of the activist’s nominees to the board and, in effect, to buy lots and lots more stuff from a Polish bathroom-equipment maker that the activist just happens to own. The activist is MS Galleon, a Vienna-based investor that seems to focus on Polish companies, and which has built a stake in Topps fractionally short of the 30 per cent threshold that would trigger a mandatory bid. Galleon began building its stake in Topps in 2020. During 2021 – by which time its holding had risen to 20 per cent – Galleon suggested that the proportion of inventory Topps sourced from Cersanit, the Polish bathrooms specialist, should be about the same as its stake in Topps. That was an interesting – and even challenging – symmetry since, at that time, Topps sourced just 0.5 per cent of its stock from Cersanit, which in the 2020-21 financial year would have had a retail value of about £1mn. Even to raise that proportion to 20 per cent would be the equivalent of buying about £46mnn-worth of goods – great for the Polish end of the deal, not necessarily so good for the UK end. Indeed, Topps’ bosses point out that the company’s internal rules forbid it from sourcing more than 10 per cent of inventories from one supplier – a sensible precaution. It adds that the activist’s proposals present a clear conflict of interest. On the one hand, the activist wants its Polish subsidiary to be a major supplier to Topps; on the other, if the activist gets its own people on Topps’ board, it would not be possible for them to act in the best interests of all shareholders. Maybe it’s not that simple. It is permissible for a company’s directors to have conflicting interests so long as that is made clear and so long as it does not influence the company’s decision-making. Yet achieving that in practice is harder than in theory, especially in this case where the activist’s equity stake is so influential and its demands so obviously self-interested. All that said, however, Galleon, the activist, has a point. All has not been well at Topps for some years and the decline – if decline it is – coincides quite neatly with the tenure of Topps’ chairman, Darren Shapland. Since he took the chair in February 2015, Topps' shares have lost 60 per cent of their value and have dropped 63 per cent relative to the FTSE All-Share index. True, much has happened in the intervening years that has been bad for retailers, particularly those with a limited online presence, such as Topps; and Shapland has never held an executive position at Topps. Even so, more influence might have been expected from a chairman whose CV in retailing was as impressive as Shapland’s. It peaked when he was finance director at J Sainsbury (SBRY) in the 2000s and subsequently included a short spell as chief executive of Lord Phil Harris’s Carpetland where he had earlier been the finance director. Galleon seems keen to contrast Topps’ performance and share rating with Victorian Plumbing (VIC). Topps appears to come off second best. However, the comparison isn’t necessarily fair. Both companies make a living selling tiles and related stuff, but Victorian Plumbing is exclusively an online retailer while Topps is mostly the bricks-and-mortar variety. Consequently, it is to be expected that Topps’ measures of profitability and efficiency would be inferior since the online retailer, assuming it has built up a critical mass of sales, can happily run on lower overheads. No matter. When shares in Topps were most recently in the Bearbull Income Portfolio (they were sold at 49p in mid-2020 as Covid bit and the dividend was axed) there was no shortage of value in relation to their price. I suspect it is much the same today, except the dividend has been restored; at the current 51p share price it yields 7.1 per cent, although that implies Topps is over-distributing. Even so, ahead of the fun and games at January’s annual meeting, Topps' shares may well be worth a punt, especially as the 2.6p final dividend is in the price until 22 December. |
Posted at 18/8/2022 12:22 by makinbuks Thats nice, although I would rather see investors come in attracted by the cash on the balance sheet, the resilient business model and the free cash flow generation driving DPS returns to shareholders. |
Posted at 31/3/2022 13:40 by wad collector Sphere, it is interesting to view the market from a distance sometimes and good to see some conclusions, albeit acknowledging the uncertainties.Cleverer investors than me have seen opportunities from the Ukraine effect though suspect most of us have just sat on hands and watched the markets fall. I have a long timescale (I hope!) so don't worry too much about this year's prices , but I suspect Topps is not going to bounce back fast unless it finds some new angle to a competitive sector. At least the product demand is still there , though inflationary pressures and falling incomes must at some point affect the DIY and the newbuild volumes. However I see the Nationwide house price index is up again today, so , surprisingly , the demand is not falling yet. |
Posted at 31/7/2020 11:45 by johnsoho Tipped as a Buy in this weeks ‘investors Chronicle’. |
Posted at 03/4/2019 12:06 by sphere25 Matthew Williams - very poor.I wonder if Matthew Williams will actually consider telling investors in future updates how TPT are performing against market expectations....you know.....the bit we want to know! It's becoming a very bad habit now. |
Posted at 02/4/2019 14:11 by connorcampbell !YOUTUBEVIDEO:Na3DHbWill there be any cracks in Topps Tiles following Wednesday’s half year results? The company last updated investors in January 9th when it posted a grubby set of first quarter figures. For the 13 week period ending December 29th, like-for-like sales tumbled 1.4%, a real sharp turnaround from the 3.4% increase seen the same time the year previous, and a drop-off from Q4 2018’s 1.2% rise. As a reference point, like-for-like sales rose 0.6% at 2018’s halfway point, meaning Topps Tiles needs to have had a rather special second quarter to avoid another comparative decline. Further Brexit uncertainty in the housing sector, however, may make that tough to achieve. Read what Spreadex analysts have to say, or watch a 60 second earnings preview video, here: |
Posted at 02/4/2019 14:10 by connorcampbell Will there be any cracks in Topps Tiles following Wednesday’s half year results?The company last updated investors in January 9th when it posted a grubby set of first quarter figures. For the 13 week period ending December 29th, like-for-like sales tumbled 1.4%, a real sharp turnaround from the 3.4% increase seen the same time the year previous, and a drop-off from Q4 2018’s 1.2% rise. As a reference point, like-for-like sales rose 0.6% at 2018’s halfway point, meaning Topps Tiles needs to have had a rather special second quarter to avoid another comparative decline. Further Brexit uncertainty in the housing sector, however, may make that tough to achieve. Read what Spreadex analysts have to say, or watch a 60 second earnings preview video, here: hxxps://spreadex.com |
Posted at 21/5/2018 14:33 by speedsgh Topps Tiles will be pleased with the results of their sale & leaseback disposals in Allsop's auction last week. Orpington unit (20yr lease) will give an investor an initial return of c5.25% after purchase costs (SDLT etc)...Allsop auction results (15/5/18) - Topps Tiles trade counter unit in Orpington, Kent (lot 19) subject to a new 20yr lease with no break options. > Rent £100,000 p.a. > Guide price £1.5m-1.7m > Result £1.78m > Gross initial yield 5.62% Topps Tiles trade counter unit in Stroud, Glos (lot 26) subject to a new 10yr lease with no break option. > Rent £45,000 p.a. > Guide price £550k-600k > Result £682k > Gross initial yield 6.60% |
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