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TUNE Focusrite Plc

324.00
-13.50 (-4.00%)
12 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Focusrite Plc LSE:TUNE London Ordinary Share GB00BSBMW716 ORD 0.1P
  Price Change % Change Share Price Shares Traded Last Trade
  -13.50 -4.00% 324.00 85,301 16:35:27
Bid Price Offer Price High Price Low Price Open Price
315.00 325.00 337.50 320.00 337.50
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Musical Instrument Stores 178.47M 17.8M 0.3038 10.53 187.48M
Last Trade Time Trade Type Trade Size Trade Price Currency
16:39:46 O 8,035 324.00 GBX

Focusrite (TUNE) Latest News

Focusrite (TUNE) Discussions and Chat

Focusrite Forums and Chat

Date Time Title Posts
12/4/202415:44Focusrite PLC575
04/5/201717:18Tune9

Add a New Thread

Focusrite (TUNE) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2024-04-12 15:39:52324.008,03526,033.40O
2024-04-12 15:39:46324.008,03526,033.40O
2024-04-12 15:35:27324.003,30010,692.00UT
2024-04-12 15:26:01321.002,5008,025.00O
2024-04-12 15:25:45325.00516.25O

Focusrite (TUNE) Top Chat Posts

Top Posts
Posted at 12/4/2024 09:20 by Focusrite Daily Update
Focusrite Plc is listed in the Musical Instrument Stores sector of the London Stock Exchange with ticker TUNE. The last closing price for Focusrite was 337.50p.
Focusrite currently has 58,587,466 shares in issue. The market capitalisation of Focusrite is £187,479,891.
Focusrite has a price to earnings ratio (PE ratio) of 10.53.
This morning TUNE shares opened at 337.50p
Posted at 12/4/2024 15:44 by darrin1471
There was an auction on L2 at 13:50. A 75,000 sell order appeared at 340p and a 74,000 buy order at 310p. Both were labeled LSE.
Average daily volume is 35k this week so TUNE may be being controlled within that range.
Posted at 23/3/2024 18:58 by rp19
Agree, nice to see some buying. Naysayers would say seems a bit of an orchestrated effort to prop up the share price after a significant fall and not huge amounts bought. Let's see where we are after the further update at the end of April.
Posted at 20/3/2024 12:58 by tudes100
Unusual to see Keith Ashworth Lord selling given Buffettology fund principles. 12 mths ago TUNE was a top 10 holding, awful run since and no doubt he's having a decent number of fund redemptions given Buffettology's mediocre performance in recent yrs. I like Focusrite brands but I can't buy with the current management team who seem unable to manage one forecast to the next. Still puzzled about why the channel stock issues flagged in the March update weren't mentioned in the January update given they seem to have happened at the end of the last FY.
Posted at 20/3/2024 07:44 by darrin1471
Nortrust Nominees reduce from 9.97% to 4.95%
Around 3m shares.
Only just over 5m traded in TUNE since January 1st.
Posted at 19/3/2024 08:49 by 74tom
Yesterday's update wasn't pretty, but do shares really deserve to be trading below mid 2017 levels when they reported revenues of £66m, adjusted EBITDA of £13m and operating profit of £9.5m?

Since then they've spent £97m on 6 acquisitions, most of which have performed well when you look at the revenue segmentation which TUNE discloses in their financial reports.

There were some huge bids in yesterday's closing auction & I suspect there will be US buyers interested at these levels. It's too cheap down here IMO.
Posted at 18/3/2024 07:29 by darrin1471
Trading for the year ending 31 August 2024 ("FY24") based on trading for the six months ended 29 February 2024 ("HY24").

The challenging market conditions highlighted in January's AGM statement have continued throughout February and into March. Consequently, revenues for FY24 are now anticipated to be not less than £155 million. FY24 EBITDA is expected to be in the range of £27 million to £30 million with a heavier weighting towards H2 than in FY23. Revenues for HY24 are anticipated to be not less than £75 million (HY23: revenues of £86.2 million).

HY24 performance has been impacted by similar factors across the Group's geographic regions. The Content Creation market globally continues to struggle due to a number of macroeconomic issues. Content Creation revenue in Asia have shown particular continued weakness with now 18 months of continuous decline, the largest negative impacts being in China and Japan, and no improvement is now assumed for the remainder of the year.

By product brand, Focusrite brand sales have been impacted by the load-in of stock for the transition of the Scarlett range from Generation 3 to Generation 4 at the end of FY23. Industry wide overstocking and general retail weakness is resulting in some softness and volatility in demand which in turn is affecting distributor and reseller reorders. Additionally, the launch of some higher-end Scarlett Generation 4 products, originally planned to begin shipping in April, has now been delayed due to engineering resource constraints until later into 2024 and consequently the related revenues are likely to move into the next financial year. Despite these factors, underlying registrations for Focusrite products reflect solid underlying end user demand, in-line with the prior year and significantly ahead of pre-COVID FY19 levels, albeit registrations this year include a greater proportion of the lower priced Generation 3 products than we had anticipated, reflecting cost-of-living pressures. Overall performance continues to be ahead of competitors in what is currently a very challenging market, indicating that Focusrite products continue to maintain or improve market share.

Sequential has seen sales decrease globally, particularly at the higher price points, impacted by cost-of-living issues coupled with necessary sales price increases resulting from component price rises. This is consistent with industry data for the high-end synth market. The ADAM brand has shown encouraging growth, reflecting increased market awareness, and the benefit and scale from Group-led activities, whilst Novation is trading in line with the market.

The Audio Reproduction division remains robust with strong overall performance in HY24 and with healthy pipeline projections for the full year, building on the strength of the recent acquisitions of Linea Research and the OutBoard and Timax brands.

Group gross margins remain strong and stable, and the Group continues to actively leverage synergies to optimise costs, following last year's investments, although this will not offset the impact of the sales reduction. This is expected to continue to yield benefits in the latter half of FY24 and beyond.

As of 29 February 2024, the Group had net debt of approximately £26.0 million (31 August 2023: net debt £1.3 million), with the increase mainly attributable to the impact of working capital phasing across debtors and stock, and with one-off impacts of approximately £5 million due to investment in future technologies and recent acquisitions. This position is expected to largely unwind in the second half of FY24 as our working capital improves and to be close to net cash by the year end. Our £50 million committed credit facilities provide ample liquidity for ongoing operations.

Notwithstanding the cautious outlook for the current financial year, the Group remains well-positioned for future growth, when market conditions in the Content Creation market improve, with a clear focus on increasing market share, and delivering new products as well as making targeted acquisitions. The Group looks forward to providing a more detailed trading review when it announces its half year results in late April 2024.
Posted at 28/11/2023 09:04 by rp19
Some positives and some negatives but on the whole I thought the update was ok. On a PE of less than 12 at the current share price which I think makes it cheap. They say expectations for the year are unchanged but the major bugbear is that they are not saying what these are (they'd improved a bit on communicating this more recently, but disappointingly not this time).
Posted at 12/11/2023 13:12 by pireric
As a holder, I consider Focusrite deeply underpriced at 11x P/E, to the extent that if they only hit their forecasts from here (which are not ambitious) and the share price stays at these levels, then I suspect this will not be a public company on a 2 year view at the stock may have been acquired.

The product positioning and customer affinity, as well as the overall ethos of the company is very strong in my opinion. And very rare to find on the UK small cap markets. Good amount of US dollar exposure here as well.

I think that even today this should be more like a 15x earnings stock (>570p). In the very short term, investors are able to take advantage of what seems to be an institutional overhang on the shares at the moment judging by the bid ask spread activity.

Results later this month I expect to show good demand for the latest Scarlett launches. Meanwhile the first half of the year base comparators are quite soft which I think bodes well.

Big fan of this stock at these levels as it has fallen off the radar. It'll take a chunky earnings forecast miss to drive the stock materially lower than these current levels in my view, which I don't consider likely.

Eric
Posted at 07/11/2023 09:10 by 74tom
Here is some comedy from the Abrdn UK smaller companies annual report (25th Aug)

"The five worst contributors to relative performance during the year were as follows:

- Focusrite -130bp (shares -57%) the shares have struggled this year, partly as a normalisation of Covid spending has impacted demand for the company's products. It navigated supply chain issues early in the year and continued to invest in new product solutions to drive demand."

This fund held ~973k shares at 30/06/2023

A year earlier, on 30/06/22, the same fund held ~1379k shares

So they sold just over 400k TUNE shares during the year

Do they ever wonder whether it's their own behaviour which is responsible for continued awful fund performance?

I note their commentary;

"Performance

I am disappointed to be reporting to shareholders that in the year just ended, the Company has extended its period of underperformance against its benchmark on both a net asset value ("NAV") and share price basis. We are very aware that the effect of this underperformance, over one, three and five years, is that anyone who made their initial investment in the Company in the last five years will most likely have seen a reduction in the value of their investment."

Absolute charlatans.
Posted at 07/11/2023 08:54 by 74tom
I see we have the reason for the continued overhang here; good old Abrdn asset management. Their last TR-1 was on 29/09/2022, reporting a decrease from 10.59% to 9.97%. Quite incredibly, in the period since then they have sold 2,739,146 shares, equivalent to 4.62% of the company.

I note that they appear to have bought most of their holding during 2020, issuing a TR-1 on 23/12/2020 reporting an increase from 5.59% to 10.46%...

So they very likely bought from £10-18 and have been selling at £4-8. A very effective way to destroy capital & also put a small companies share price under sustained pressure.

It is utterly pathetic behaviour. Funds like Abrn should be subject to very strict regulations regarding small cap holdings IMO. If they buy a position they can't sell it for at least 5 years and when they do they can only dispose of 10% in a 12 month period. Dumping half of their holding here in a bear market is shocking.

They've repeated the trick with multiple small & mid caps on LSE in the last 12 months;

Watches of Switzerland - dumped an 8% stake at the end of August forcing shares to multi year lows

Dumped a 10% stake in XP Power in early October forcing shares down 75%, since up nearly 100%

Dumped a 6% stake in Inspecs at the end of 2022, forcing shares to huge all time lows, from which they bounced 200%

Dumped 3% of Yougov as per a mid October RNS, just after multi year lows were reached, it's up 50% since

There will be many other examples I'm sure, however what it tells me is the TUNE is very likely trading at 50-100% less than it should be. A PE of 11x is surely incredibly cheap...
Focusrite share price data is direct from the London Stock Exchange

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