Share Name Share Symbol Market Type Share ISIN Share Description
TP Group LSE:TPG London Ordinary Share GB0030591514 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 7.875p 7.75p 8.00p 7.875p 7.875p 7.875p 146,192.00 07:57:27
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Engineering 21.7 -3.9 -0.9 - 33.27

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Date Time Title Posts
26/3/201710:25TP Group plc2,003.00
07/2/201718:56TP Group (formly Corac)10.00

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TP Daily Update: TP Group is listed in the Industrial Engineering sector of the London Stock Exchange with ticker TPG. The last closing price for TP was 7.88p.
TP Group has a 4 week average price of - and a 12 week average price of -.
The 1 year high share price is - while the 1 year low share price is currently -.
There are currently 422,464,726 shares in issue and the average daily traded volume is 0 shares. The market capitalisation of TP Group is £33,269,097.17.
pavey ark: The more observant of you will notice that I usually say things like "this could support a share price of..." The trick when INVESTING in small shares like this is to concentrate on the financial performance of the company, its assets and its potential and largely ignore the share price. If you do your own research and keep up to speed you will have the confidence to buy when the market throws silly prices at you. Plucking figures for the share price from thin air or hoping/wishing for a certain price without working out what the company must do to justify this fantasy goal is rather pointless. In an earlier post today I pointed out the recent positives that the "other three units" have enjoyed plus the impact of the Mod contract on the submarine unit. My theme for some time has been the magnifying effect of reducing losses in D&T and increasing potential of Engineering and MS. After today's news AND going over the recent presentation reports AND reading the Edison update AND pouring over the House brokers update(three or four times very carefully)I am very confident that TPG is on the cusp of a major increase in revenue. I am also confident that this will result in a major increase in earning. Where all of this will lead the share price I'm not quite sure but 9p/10p at the end of the year looks quite reasonable.
bullster: I thought i would put together a graph comparing volume, and share price reaction to it, so what have i observed in this two year period. #1) The turnaround of TPG's share price began with the 25 January 2016 RNS (Trading update and Notice of Results) when the term "breakeven" was mentioned:- The Board is pleased to report that the Group continued to make good progress in the final quarter of 2015. Results are expected to show that Group has achieved a key target for the year by being adjusted EBITDA breakeven, and the Group closed the year with a cash balance of £7.0m, which is ahead of expectations. #2) On occasions when daily volume hit seven million, the share price jumped twenty five percent. #3) Although the jumps in share price have been sold into, the momentum has carried on in it's upwards trajectory. #4) The latest jump in share price has seen many sells but market makers have limited their usual effect, i am putting this down to the impending contract announcements and that TPG is now rubbing shoulders with big hitting companies that circulate the preferred list of MOD/government contracts. It must be noted, once companies get into this clique, business between themselves also begins to flourish, which opens up new horizons for TPG's other units.
pavey ark: Septblues, I don't follow your argument (observation) here. I have shown that I am anticipating a EBITDA of £3.5m next year and year end cash balance of £10m. IF the share price is 9.86p and 421m shares in issue we get a Market Cap of £41.5m Taking the £10m cash out we get an EV of £31.5m EV/EBITDA = 31.5/3.5 = 9 The starting point of my 50% compounding,as I clearly stated in a previous post, was to take the AVERAGE price for a WHOLE YEAR and apply it to the mid point of that twelve month period i.e. January 2016. The actual price at the start of the year was considerably less than this average but I certainly though it was wrong to take such a low figure and base serious projections on just one low figure. I notice that this one off low tactic was employed by our resident nutter when he tried to point out what a great investor he was and how well his chosen company had done (at that particular point in time). Investors in TPG , or indeed any company,are only interested in the price THEY paid and the prospects the company has for improving that share price. I'm quite sure that there are any number of investors who were nowhere near this company when funds were raised at 10p and higher.(I'm certainly one) I repeatedly pointed out the value to be had here especially during the long period when the share price was ridiculously low and anyone buying during that period is sitting on a very nice profit.(again,me). Given the defence contract, order book, contacts and cash together with the prospects of rapidly rising profits I still consider this to be a very good buy.
the prophet: methinks dear old Pavey must be suffering from water on the brain up in the Lakes or altitude sickness from running up them fells! I bet he didn't laugh louder than I did on reading 'deal of the decade'. Wow, that is some statement, even from delusional PA!!! OK, lets just examine the facts and the reader can decide if this indeed was the 'deal of the decade' and also how the 'deal' has fared under TPG's stewardship. First thing to say the two businesses have had more name changes that any business should have to bear! Wish I was their re-branding guy, would have made a fortune! We've had Wellman Defence, Atmosphere Control Int, now TPG Maritime, but it's all the same stuff, a niche business of sticking air purification systems into subs. Ok, the acquisitions were announced on 15th march 2012. The day before TPG's share price was10.5p and the number of shares in issue was 247m. The share price had already been falling for several years under Cartmell's tenure.So that was a market cap of £26m Fast forward to today,some 4.5 years on, a share price of 5p and 422m shares in issue for a market cap of £21m. Hmmm, share price halved, bunch more shares issued. Don't look like the 'deal of the decade' for shareholders. Perhaps it's just that the market has not recognised the intrinsic value of these gems? Well, have a look at the financial record before and after TPG's control. Before: TPG Maritime t/o £10.4m with an EBITDA of £2.4m for year to end Dec 2011 TPG Engineering t/o £9.4m with an EBITDA of £0.6m for year to end Dec 2011. After: Needless to say in the subsequent 4 years the performance has not hit the heights of the year before TPG's purchase and the record has been patchy, to say the least. The forecasts for this year do offer a glimmer of hope, as TPG Maritime is down to make £3.7m EBITDA, but, unfortunately, TPG Engineering is expected to weigh in with a £0.8m loss. That gives a combined EBITDA for these two businesses of £2.9m, which is £0.1m less than the year before TPG took control! It hardly looks the 'deal of the decade', although PA is surely having one of his laughs with that one. Shareholders have not seen the benefit of this 'deal of the decade', all they've seen since the acquisition is a share price that's halved and almost double the amount of shares in issue. Same old same old. So who has benefited from this deal?......You've guessed it, good old Phil. Not only did he trouser a 'very nice thank you very much' £250K bonus in 2012, for the 'deal of the decade', the deal has been able to keep him and his 'supportive' bod in gravy ever since. You wouldn't have been able to do that on the failed DGC business, so good job Phil spotted the 'lifeboat' and ploughed investors and institutions money into it. It's worked a treat.....'deal of the decade', perhaps it is after all!
pavey ark: I'm afraid I "surfaced "too soon and to make matters worse I read the latest nonsense from the strange one but I did say that I would correct the more obvious mis information so it serves me right. Most of you will have noticed by now that Edison are a useful source when it comes to analysing current (hard ) data. Like this from April 2016 "We continue to adopt a very conservative approach in our sum-of-the-parts estimation of fair value. We still consider the loss-making energy businesses to be worth zero, choosing only to attribute a value to TPG Maritime and TPG Managed Solutions. If, as we expect, TPG Design & Technology and TPG Engineering move into sustained profitability, the value has upside potential. Nevertheless, our peer-based sum-of-the-parts currently returns a value of 8.7p. When it comes to forecasting future results they hardly shine and are often 20%,30% or more out and never in TPGs favour in spite of the strange one claiming that their figure come straight from the company.( they do say they are very conservative though) They had had a stab at 2017 and have producedan EBITDA figure of £1.9m which by any standard is miserly and almost bizarre given that the D&T losses have been falling at a considerable rate and the company has spent almost a million in 2015 to reduce these losses further, they have INCREASED their guesstimate of loss to £1.1m from £1m. The recent write-up by Sharewatch states a loss of £0.5m in 2017 and the guy was in conversation with Cartmell. Never the less this very low figure of £1.9m is the EBITDA figure given and as we know a much better indicator of cash flow.TPG is cash rich, pays no interest or tax but if you throw in the D&A figure it falls to £0.8m The £1.9m even though it is almost certainly too low is a pretty good measure of cash flow. This cash flow will continue to swell the already large cash pile. This is a low comparatively low risk cash rich business which is capable of producing excellent returns over the foreseeable future. Based on my very reasonable and detailed explanation of the share price from mid 2015 to mid 2016 I suggested that a buyer of these shares in that period would have been very unlucky not to have an entry price of c.3.6p and if we take the start of this year as the starting point with this 3.6p price I am confident we will see a compound growth rate of at least 50% for three years. I note that I did not take February lows as my starting point.
the prophet: PA The Edison Research note is dated 13th September so is up to date and the forecasts are also more or less in line with Cenkos. Seeing as how Edison is paid for by TPG and Cenkos is the house broker, then it would be unusual if they were not in line. Re MoD contracts, if they are still in negotiation, I assume that the margins could be higher than the current sole source provider 8.95%,or they could be lower. I can't see it being too much better and there may be pressure to reduce, it's tax-payers money you know! Just another point on the SCSW article,not a big deal as a lot of time has passedf now. It seems a co-incidence I had mentioned cartmell's previous company, Vega, then SCSW entitle their article 'Restyled in the mould of vega'. (I don't think they meant to use the 'mould word!) Anyway, they could be correct. I checked out Vega, as I vaguely remember Phils' big success not being all it's cracked up to be. Turns out that the shares were around 200p when PC was made chief exec in May 2001 and the shares were sold for 280p some 6 years later. Not a disaster but hardly something to crow about either. Vega did a 'TPG', ie PC comes in, decent share price, share price falls away to a fraction of it's value and then stages a recovery. Only in TPG's case there is no chance of getting back to former glories, but I totally accept that a reasonable appreciation from these levels is all that current holders are looking for, nothing wrong in that. In my experience bad management can go a long way in undoing any good a company may achieve and strive for.With TPG the structure looks unwieldy, the overheads are high and the prospects mixed and margin constrained. We will just have to see how it pans out and agree to differ, I for one have no problems at all with that.
pavey ark: Good to see some investors actually appreciating the situation we have here, albeit as a result of placing their faith in a third party ie a share tip. The recent results gave me every indication that the share price will be over 10p next year and should only a matter of by how much. TPG Maritime look like having an EBITDA of £3.5m / £4m this year TPG Engineering could stem losses in H2 and have a yearly loss of £0.5m TPG MS this is on the up and I expect £0.4m/£0.5m TPG D&T had an absolutely outrageous loss of £0.75m in H1 and this has to improve or even more drastic measures taken !! and so to next year:- TPG Maritime £4.5m (not a big ask) TPG engineering £1.25m ( spend £3m/£4m on a quality bolt on ,absorb their central costs and put them in line for the contracts gained by TPG MS) TPG MS £0.75m (or even higher) TPG D&T the losses must be reduced/stopped soon but I'll still take a £0.5m loss next year Central costs £1.35m (up to cover some of the new engineering costs) Cash held at year end £8m Cash used on new engineering unit £4m Net cash generated c. £2m Net cash at end of next year £6m + I make this an EBITDA of c. £4.65m Using the industry standard X 9.5 = 44 Add in cash = £50m market cap or 11.80p EDIT: "The Board is confident that this momentum and strategic focus will enable the Group to deliver on its objectives and greatly enhance shareholder value." I'm pretty certain that this is the first time that this particular wording has been used and it is quite a strong statement.
larry laffer: What 'downward pressure on the share price' Larry Laffer? the downward pressure that is exerted by long term holders relieved to get out at break even prices, which is a realistic possibility with TPG. Don't dismiss so readily the fact that a number of people will have invested, heavily for them, at prices far in excess of todays share price They will probably bale out at the point they break even, not all will re-ssess their investment at that time. That will create a downward pressure at whatever share price it occurs. Nothing to do with the rise in share pricc in the last few months/years you mention. In respect of hxxp:// a good article, but unless you have other information it may, or may not be, relevant in TPG's case. I hope you are right, I fear you will be wrong. Your best friend in these matters is you, not the board or some obscure web site offering investment advice. Don't get fooled too easily. view evry action with a dollop of cynicism and you will be less likely to get caught out. As I said before Time will tell. If you lack confidence in your investment then sell up, its usually safer to do so. I will assess this share regularly and flog mine when I decide its the right time. I am still willing to hang in there at this moment in time to see what develops.
bullster: There was a one million trade, the other day. The share price has remained stable though. 04/08/2016 11:48:23 TPG 4.50 O 1,700,000 = £76,500 04/08/2016 11:17:27 TPG 4.65 O 857 04/08/2016 10:24:42 TPG 4.65 O 18,053 03/08/2016 12:10:51 TPG 4.65 O 30,794 03/08/2016 08:57:06 TPG 4.83 O 10,362 03/08/2016 08:11:13 TPG 4.65 O 3,226 02/08/2016 16:28:26 TPG 4.65 O 100,000 02/08/2016 16:16:47 TPG 4.87 O 20,000 02/08/2016 15:54:55 TPG 4.75 OK 1,000,000 = £47,500 02/08/2016 15:03:00 TPG 4.75 O 25,000
the prophet: I believe there are a number of fundamental flaws in the Edison sum of the parts report: The details of the Edison SOP valuation is given in their April 2015 initiation note. They give EBITDA's of Aerospace and Defence (A&D) companies. The sort of companies Edison use include the likes of Rolls-Royce, QintetiQ, BAE systems etc. The market caps range from £113m to £18bn, most of the companies featured are large companies and I question whether a comparison with TPG at market cap £11m is in any way valid. They also look at the valuation of a number of specialist engineers, which may well be closer to the mark. The smallest, Hayward Tyler, has a market cap of £72m, but, again, most of the companies featured have market caps in the £250m-£3.5bn rang, so I again question whether a comparison is valid, I think not.It is perhaps noteworthy that the two smallest specialist engineers, Avingtrans and Hayward Tyler with market caps of £100m and £72m respectively come in with EBITDA of 5.5 and 6.5. Therefore I would suggest that Edison's 10.3 EBITDA is a very full valuation indeed, I would suggest half that would be nearer to the mark, given the examples above and that, imo, is being generous.I just can't see anyone coming in and paying 10.3 EBITDA for ACI. Moving on to the next part of the Edison calculation, Edison value E&P as zero, probably fair enough, although I doubt if you will find anyone to take them off your hands, so possibly a minus zero. Edison then deduct £3.9m from their valuation for 'three times central costs', although the 2014 and 2013 annual report gives central costs in each year as £2m, and that excludes exceptional costs which don't seem particularly exceptional, be it opening the Slough centre, or closing it, or the very hefty £900K it cost in advisers and fees for buying the Wellman companies. Anyway, perhaps they are assuming the costs will be £1.3m this year, then applying what looks like a fairly arbitrary '3 times' to that figure. The trouble with the Edison methodology is it grossly overstates the value of ACI for the reasons given above. Nobody is going to come along and pay £30m for ACI. But, if we worked on the basis that miracles can happen, then that £30m will not be fully reflected in the TPG share price as what will be left will be a bunch of central costs, a loss making/break even E&P process combined with an investor deep distrust of the current management due to their track record of shareholder value destruction. Or, put it another way, the market won't trust them to use the cash wisely. Edison's bottom line on the SOTP valuation gives an 'implied fair value of 7.3p', which is a market cap of £30m. That looks hopelessly over optimistic,imo and for the reasons stated above, but one would think there should at least be some upside from the current £11m market cap.
TP share price data is direct from the London Stock Exchange
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