Share Name Share Symbol Market Type Share ISIN Share Description
Titon Hldgs LSE:TON London Ordinary Share GB0008941402 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 88.50p 85.00p 92.00p 88.50p 88.50p 88.50p 15,253 07:41:48
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Construction & Materials 22.3 1.9 12.6 7.0 9.54

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Date Time Title Posts
06/9/201621:39Titon : a TITAN?714
01/2/201312:17*** Titon ***1
16/1/201323:45Titon Holdings70
12/4/200510:27Titon Holdings-

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Titon Hldgs (TON) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
24/10/2016 12:24:5586.502,3001,989.50O
24/10/2016 12:18:0086.502,7602,387.40O
24/10/2016 12:12:5486.509,1007,871.50O
24/10/2016 08:45:5591.001,093994.63O
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Titon Hldgs Daily Update: Titon Hldgs is listed in the Construction & Materials sector of the London Stock Exchange with ticker TON. The last closing price for Titon Hldgs was 88.50p.
Titon Hldgs has a 4 week average price of 89.75p and a 12 week average price of 88.96p.
The 1 year high share price is 110.50p while the 1 year low share price is currently 81p.
There are currently 10,775,600 shares in issue and the average daily traded volume is 6,294 shares. The market capitalisation of Titon Hldgs is £9,536,406.
profdoc: Ah, that was based on something written by me - but I did not write that. I had no idea that it was sent out unsolicited. I'm sorry if it annoys - I know I get annoyed by unsolicited stuff. For those who are interested, here is the full text of that Newsletter (posted 4th May 2016). Glen Titon (LSE:TON) has been a very good share for me. In September 2013 I purchased at 37.9p. I sold all my holdings last week for 106p. Together with dividends (6.5p), that makes Titon almost a 3-bagger (a 197% increase, to be more precise). I’ve chosen to sell this particular share because I’m concerned that its performance over the next housing cycle will not be as great as recent operating results suggest. As I pointed out in the 22nd and 23rd Feb 2016 Newsletters, the company seems to lack pricing power. It strategic position in terms of Porter’s Five Forces, and in terms of not possessing an extraordinary resource that allows it to out-compete rivals, concerns me greatly. It has three strategic business units: Hardware in UK/Europe For its simple window vents, handles and other metal/plastic components it faces intense rivalry, giving customers considerable power. Entry to the industry is reasonably easy. The low profits/losses in this area through the recession indicate the low level of pricing power. While the few years ahead might be good for sales as the housing market recovers, the next downturn could bring price-cutting to gain volume, yet again. Korean hardware It currently has few rivals in Korea due to first-mover advantage. Consequently it has been making very good profits here (around £1m after tax). However, its simple window vents are not that difficult to copy or substitute. I expect one day it will find it has to compete more on price because I do not observe any extraordinary resource, allowing it to charge significantly above cost on a sustainable basis. Mechanical ventilation and heat recovery Whole house mechanical ventilation with heat recovery is a more sophisticated technology than window vents and sales have been rising significantly. But it is not really cutting-edge, with barriers to entry caused by special knowledge held only within this company. Indeed, I was wandering around the House Builders and Renovators show in Birmingham a couple of weeks ago and found lots of competitors in MVHR. Another reason for selling I’m a bit miffed that the directors did not respond to my strategic analysis. When I toured the factory with them last month the CEO acknowledged receipt of the analysis, but made it plain he did not wish to comment on it. The Chairman said he had heard of it, but had not read it. Why the CEO chose not to discuss it further with boardroom colleagues, or with me, I do not know. Could it have something to do with the expensive “research̶1; on the company’s prospects they commissioned to promote the firm to investors? They are clearly not in the mood to hear less than bullish analysis. It could be a mistake to sell so early I could be wrong. Perhaps this company does have a way of sustaining high rates of return on capital employed through the cycle. But given the lack of evidence to support this view I cannot be sure enough of the share rising much from here. I’d rather use the money released for new Deep Value Shares. I could be wrong in a different sense: it may not do well in the next downturn, but it could produce good returns before then as “a rising tide lifts all boats” - meaning that a rise in UK housing transactions over the next two years might raise the share price significantly as profits boom. I will therefore look foolish to many because I sold too early. I’ll have to take this on the chin. I wish the company well, but the risks are now too high for me.
rainmaker: I think this is first time I can remember that the Titon Holdings(TON)share price is making noticeably sustained increases between sets of results which IMHO is a good sign for holders. regards
rainmaker: No problem Mick, I'm glad you found it helpful.In all my considerable investing experience, I don't ever remember such a Company where deals in the same industry were being transacted at such a substantial premium rating to a quoted Company's share price and IMHO there is no rational explanation for it other than Titon being substantially undervalued. There's are plenty of other valuation models I could use eg return on equity, return on capital employed etc, etc and they would all show the same thing. As regard the share price catching up, famed Fund Manager Peter Lynch said exactly the same thing that eventually the share price will catch up. best wishes
rainmaker: Titon(TON), currently 83/86p Valuation implied by recent corporate activity in Titon's industry and the current rating of other listed Competitors- 99p-x11.4 Polypipe EBITDA paid for Nuaire on 5 August 2015 114p-x10.54 EBIT Volution paid for Ventilair on 7 July 2015 158p-x1.13 gross assets Volution paid for Ventilair on 7 July 2015 209p-x1.14 annual sales Volution paid for Ventilair on 7 July 2015 288p-x2.07 gross assets Polypipe paid for Nuaire on 5 August 2015 418p-x2.28 annual sales Polypipe paid for Nuaire on 5 august 2015 491p-x2.68 annual sales is quoted Volution(FAN) current rating So an average price of 253p nearly 3 times Titon's current share price DYOR regards
rainmaker: At the current offer price of 86p,the historic dividend yield is 3.20%, interim dividend of 2.5p + final dividend of 1.5p. Some food for thought. If you believe in the long term business and expect earnings to grow to levels last since at the cyclical peak in 2006 then if we apply a 3% yield to the dividend payments of 7.10p in 2002-2006, we get a 233p share price. However don't expect large and sudden hikes in the dividend as the Company have a more progressive and sustainable dividend policy but nevertheless the Company increased the interim dividend in May by 25%. Looking back over the years at Titon Holdings(TON)annual dividend payments, I believe it tells a story, in two parts. One is the performance of the market leading UK "commodity type" business manufacturing window and door frame fittings and generic ventilation systems(note MVHR is made exclusively in South Korea)and the nose-dive in Customer demand from 2008(and partial recovery in recent years) and the businesses lack of pricing power. Secondly the success of the lower cost base South Korean joint venture, established in the same year where they manufacture the energy efficient, enviromentally friendly, Mechanical Ventilation With Heat Recovery(MVHR) which IMHO has a terrific future. 2014 2.50p 2013 2.00p 2012 1.50p 2011 2.00p 2010 1.25p 2009 2.00p 2008 2.00p 2007 6.90p 2006 7.10p 2005 7.10p 2004 7.10p 2003 7.10p 2002 7.10p 2001 7.00p 2000 6.80p 1999 5.50p 1998 5.50p I have no doubt that the UK manufacturing business where they are market leaders will go overseas even if Titon don't do it themselves. DYOR, AIMHO regards
rainmaker: SOABS et al-I've come to the firm conclusion that Titon can't possibly retain their independence. They've made excellent progress and have a great deal going for them- cheaper foreign manufacturing facilities and exposure to the growth sectors of the ventilation market through MVHR but if the share price doesn't respond acccordingly then something has got to give.£300mln market cap rival, Volution, trade at roughly three times annual turnover so have a rating of five times Titon Holdings. IMHO a MBO is also a distinct possibility but in a year time I don't expect them to be a separate listed Company, period. I believe the current CEO and the founder own approximately a third of the shares which makes a takeover difficult but not impossible. I have no intention of selling at current levels and will just sit back and await developments. AIMHO, DYOR regards
rainmaker: Thanks Sladdjo, that's very useful and neatly highlights the severe undervaluation of Titon.We should be at +100p. Indeed on the basis of that takeover Titon should be trading at roughly twice their current share price!Ridiculous, IMHO there's no other word for it. regards
rainmaker: You're welcome, SHAL. I can't believe that like previous years,Titon will become moribund and do absolutely nothing for the next six months until the next set of results. If I were coming to this share for the first time, I would have no hesitation in buying plenty at current levels as we're still trading at net working capital but the share price should, with the Company making and expected to continue to make a return over and above its cost of capital, be at a premium to tangible net asset value of 100p.I have no doubt the Company's strong performance will continue(the normally very reserved, non committal and conservative CEO said recently that he is optimistic that profits at South Korean, the Company biggest profit generator, will increase this year)and even though I'm sitting on substantial profits here, as always,I refuse to average up even though I believe we'll reach at least 120p before the year end. Even a modest buyback by the Company would not only make absolute economic sense but send a clear and unequivocal message to the Market and have a dramatic effort on the share price. Last July, the Company bought back 50,000 shares for cancellation. DYOR, AIMHO regards
rainmaker: Hi Guys,outstanding set of results from Titon Holdings but even after todays rise, at the current offer price of 78p, we're only trading on a paltry 7.27 times historic earnings(earnings per share for the last six months were 4.59p, added to earnings of 6.13p in the previous six months). We've had similiarly impressive results before and the share price has reacted strongly on the news then returned to sleep and even dropped on no news.Given Titon's derisory rating,strong trading performance and another large hike in the dividend,I believe this time the share price will continue rise and we will reach 100p relatively quickly.Coincidentally, for anyone following the chart, today we've broken out of a wedge formation with a count to that level. I really can't believe the share price will remain at these levels or thereabouts until the next set of results, it would be unthinkable. For those not currently holding, I believe Titon offers a tremendous opportunity. The UK has returned to profit but we've only really scratched the surface of the recovery here, as trading activity has yet to return to levels prior to 2008. Added to this,I also believe there is a good chance that the UK manufacturing side will relocate overseas with huge cost savings. AIMHO,DYOR regards
rainmaker: Hi Pat, I hope you're well and not also suffering from flu, although I think I'm over the worst.I worked out many months ago that the Titon share price was going substantially north of 100p simply because the Company would generating a return on its tangible net assets of 83p a share beyond its cost of capital. I don't have any doubts that this Company will multi bag, probably to 250p/300p. regards
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