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Share Name Share Symbol Market Type Share ISIN Share Description
Tclarke Plc LSE:CTO London Ordinary Share GB0002015021 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  -4.00p -2.95% 131.50p 112,291 16:35:16
Bid Price Offer Price High Price Low Price Open Price
130.00p 133.00p 135.00p 131.00p 135.00p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Construction & Materials 326.80 7.80 14.99 8.8 56.5

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Tclarke (CTO) Discussions and Chat

Tclarke (CTO) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2019-05-23 15:08:51132.002,0582,716.56AT
2019-05-23 15:08:51132.001,6172,134.44AT
2019-05-23 14:15:14132.002,0002,640.00O
2019-05-23 12:04:29132.003,3834,465.56AT
2019-05-23 11:47:33130.7822,18729,016.16O
View all Tclarke trades in real-time

Tclarke (CTO) Top Chat Posts

DateSubject
23/5/2019
09:20
Tclarke Daily Update: Tclarke Plc is listed in the Construction & Materials sector of the London Stock Exchange with ticker CTO. The last closing price for Tclarke was 135.50p.
Tclarke Plc has a 4 week average price of 123p and a 12 week average price of 100p.
The 1 year high share price is 137p while the 1 year low share price is currently 78p.
There are currently 42,953,211 shares in issue and the average daily traded volume is 107,885 shares. The market capitalisation of Tclarke Plc is £56,483,472.47.
07/5/2019
11:13
cc2014: I've been quite surprised how well the share price has held up over the last few weeks given the rise since November. Not because I want it to go down or not because I don't believe the share price is still undervalued but more because those who trade on the wiggly lines tend to make these things happen. I've been looking through the trades and it's clear we have both a buyer and a seller fighting it out. The sellers trades probably look like this: 26/4 25k at 125 30/4 50k at 125.5 2/5 50k at 127.5 3/5 50k at 127.5 7/5 62.5k at 127.5 There may be more depending on how deep you want to look at the trades. Set against this there seems to be a large buyer paying around 130p. I guess they want in before the AGM on Friday but who's to say. It's all interesting as I sit watching from the sidelines. The seller will run out eventually. Hard to say how many they have left.
01/4/2019
17:02
tuscan4: Thanks CC2014, Comparisons with early 2000's can be misleading. CTO was a pure electrical contractor in those days, throwing off surplus cash which went to augment its nationwide collection of small electrical contractors, all bought ad-hoc, with little strategic focus. With minimal pension fund commitments and little need for working capital they were very generous with the dividend. Hence the share price spike. Everything changed with the 2008 recession. Legacy contracts maintained profits for a few years,then margins were decimated. CTO changed its business model to survive, the fruits of which are now emerging. Margins are rebuilding but will not go back to earlier levels. The pension fund deficit will, I believe, fall away over the next few years. CTo is moving up the value chain and is building a moat to differentiate itself from the competition. CTO directors are rewarding themselves, possibly excessively , for the change in the company's market position. Shareholders received the bulk of the fruits of the earlier prosperity. Now the Directors are in pole position. To me this is a very vulnerable company to a private equity offer.
28/2/2019
14:59
cc2014: Squarepegs. I think there just a lack of enforcement around not declaring movements in share portfolios. So, the large parties know they can get away with it as long as they don't do it all the time. Some of it I think is just general incompetence. There are provisions if an seller wants to shift a large position, that they declare it to the LSE and that then becomes protected until such time as the order completes. I'm afraid I don't know much more than that. So,back to the share price which we can see has pulled back more than I think most of us would have expected. I first theorised this was Miton but today I have bumped into the share chart for VRS. VRS is one of the mostly highly ramped stocks on AIM and like a large number of others it's share price is now moving back to reality. There have been very many of these in the last 6 months and every time it happens you see forced sellers on other stocks or people selling out their profitable trades to buy for example more VRS. Whatever is going on it's all a bit frustrating but at the end of day the closing price on 31st Jan was 96p, so closing around 103p a month later is good enough for me. If it went up 7p every month I'd be a very happy bunny.
31/1/2019
13:54
rivaldo: Here's the main thrust of Singer's note FYI: "Strategy delivering with record order book TClarke continues to deliver on its strategy, with strong momentum in earnings and the order book, whilst maintaining a healthy balance sheet (the Group carries no debt). Both revenue and operating profit are expected to be in line with expectations after the upgrades in November (EPS estimates increased 12%/15% in FY18/19). The order book hit another record high at £411m in December 2018. This is a 22% increase year on year and a 2% increase on the figure reported in November. The Technologies sector, a key growth area for the Group, has been the main driver of this increase. Our FY19 revenue forecast is now 88% covered by the order book. The outlook statement is confident and we believe that positive earnings momentum will continue to drive the share price. We also see the rating as undemanding, with the shares trading on a substantial discount to peers." "Shares attractively valued On an FY19 P/E rating of 6.6x, TClarke trades at a substantial discount to peers (8.2x). We believe that earnings momentum and revenue visibility should support a higher share price. Whilst Brexit is likely to dictate near term sentiment, we see re-rating potential as uncertainty clears. We believe a sector P/E rating is justified – this would imply a share price of 134p. We believe the shares could exceed this level as continued growth is delivered."
31/1/2019
11:13
cc2014: Good morning all. I'm pleased to see the hard work of the directors is now beginning to be reflected in the share price. I found the update interesting. Headline " TCLARKE REPORTS SUSTAINED GROWTH IN ORDER BOOK AND PROFITABILITY AND IS DEBT FREE" And is debt free gets it's own sentence and is in bold at the top. Clearly the directors wish to point out the strength of the balance sheet. And rightly so. The construction sector has been hit with warning after warning over cash and many investors won't touch it any longer because of this. Carillion goes bust, IRV on it's last legs even after cash injection a year ago, Laing O'Rourke filing accounts late as they can't get them signed off until they have reached agreement with their banks, Galliford rights issue a year ago, Kier rights issue a few weeks ago. Any number of smaller competitors going bust. So, how many listed construction companies out there can claim to be debt free and have £12m in the bank? only two I think, CTO and NMNC (and go look at their share price over the last 3 years and see what it did for them). Rightly they should shout loud about this, to investors, clients and suppliers. It makes me sleep easy at night. And then this from the CEO: The Board continues to look forward with optimism and we remain focussed on delivering an improving financial performance as we move through the year." I grinned from ear to ear when I read this. What I believe it says is "things are going pretty well, we're almost sure we're going to upgrade the numbers later in the year but it would not be prudent to do so only one month into the year no matter how confident we are" I can't get my head round N+1. Where does that dividend forecast come from? Profits up 18.6% in the year, yet dividends only up 5.7%. What are they on? Did they not notice the interim was up 10% and by implication surely the final will be up at least 10%. And as for 3.9p in 2019. That makes no sense either. If £8.6m=14.7p EPS, then 16.3p=£9.5m. They forecast profits up 11% but dividends up only 5.4%. They are forecasting a company with £12m in the bank and no debt is going to only pay out 24% as dividends and as the profits get bigger they will pay out less and less and dividends on a proportional basis! If that's true, the dividend bill will be £1.6m, the corporation tax bill will be £1.6m and all other things be equal with working capital CTO will end 2019 with £18m in their bank account. Not that I would object to £18m in the bank account but I think it more likely N+! don't have a scooby and that's part of the reason the share price is so low. Anyways all good from where I'm sitting. I particularly like the progress on intelligent buildings with Eton. Got to be good for margins. Hurrah
28/11/2018
13:54
rivaldo: I too thought CTO's presentation was extremely encouraging and impressive. Great to see the share price finally responding to the terrific trading update. Still lots to go for imho. Apparently Miton needed cash for another investment, and took the opportunity to top-slice given that Regent Gas were in the market for shares. Incidentally, CTO had no prior connection or contact with Regent Gas, who apparently are friendly stakeholders looking for a home for the excess cash they're throwing off (they've also taken a large stake in INSE). The cash pile is large - which is great - but is necessary. For example, CTO are going to make a large downpayment at some point soon (can't remember what for, but I seem to remember this would be £9m). So the cash pile can be volatile. With 14.7p EPS now forecast for the year about to end, and 16.3p EPS for 2019, a minimum share price of say 110p-120p should be quickly achievable in decent markets. If the perception of CTO continues to improve - and/or there's finally a lack of sellers - then perhaps a P/E of 8 or 9 and a share price of 130p-150p is achievable.
28/11/2018
09:21
cc2014: A few thoughts. N+1 the house broker suggest CTO should have a rating similar to their peer group. Now, I'm not entirely sure agree with this as CTO are more specialist, have more stable profits and considerably less debt and in my mind should be at a premium to the peer group. However, let's run with it. The peer group have a average P/E of 8.8 for 2019. That however, includes Interserve, so I'm going to strip them out (because 75% of their business isn't construction, they have loans totalling £800m+ and under any normal measure would be breaching their banking covenants). Therefore the sector average based on the top 7 excluding Interserve is a P/E of 10.47. Make of it what you will but with a forecast P/E for 2019 of 5.3, N+1 are suggesting the share price should be 50-100% higher. So, why isn't it? Some have suggested the Carillion affect. I reject this as this is in BBY, GRFD, KIE share price as well and we are only comparing on the basis of the peer groups P/E's It is my view that the share price is depressed due to MIFID II, which has meant some funds have been selling down their holdings in small caps on a significant scale. The scale has been dependent on their investment mandate and as a generalisation the shares have been soaked up by private investors. If you look across the spectrum of small caps, for some this process ended 9-12 months ago, for some it's still going on. In relation to CTO I perceive it is complete apart from Miton. Miton were selling down their holding aggressively until about 4 weeks ago. Since them we can't say anything apart from it's either stopped or it's slowed down to a treacle. I don't really care as I'm here for the long term. Miton have no more than 3.5m shares left or £3.2m. Even if Miton continue to sell they will get soaked up over time. Of course if this were VRS or TERN they would get soaked up in a day by PI's, but there again those sort of buyers aren't investors and would do nothing for the share price in the long term. The share price is now bashing it's head at 90 resistance on the chart. I guess it is inevitable it was going to stop there for a while until such time as those inclined to sell on the basis of a wiggly line have all done so. What's more interesting is what happens once the chart resistance high point is breached. In our case once the sellers at 90 have got exhausted, there is no chart point or other psychology to stop the price rising and in this case stocks tend to accelerate away at speed once the 90 psychological barrier is breached. Or put another way having waiting for all the sellers to sell at 90 why would you sell at 92 or 94 or 96. Psychologically even the most eager person ready to sell is going to be thinking about 100. You can read about this sort of trading psychology, in a book by the greatest trader of all time, Jesse Livermore. http://www.r-5.org/files/books/trading/speculation/Edwin_LeFevre-Reminiscences_of_a_Stock_Operator-EN.pdf
23/11/2018
09:59
cc2014: This made me smile. See #2770 copied below. T Clarke using Do The Maths strapline Which of course come from: The Martian - Lets Do The Math The Martian - CTO takes off like Mark Watney CC201425 Sep '18 - 08:47 - 2770 of 2816 Edit 0 4 0 Post #2769 highlighted to me just how inefficient the stock market has become. In any normal environment the recent success at Kier and Galliford would have had a positive impact on the share prices of the rest of the sector. Clearly that isn’t the case here. Miton selling out is clearly holding the share price back. It motivated me enough to write my thoughts up. Link below: Let's Do The Math - CTO background, financial metrics and financial modelling
24/4/2018
13:58
cc2014: Good afternoon Tuscan. I will be going to the AGM and look forward to chatting to the Board about a few things although none of it I will be raising in the open meeting as that's not my style. I share your concerns over the Directors pay as their reward is linked to profitability and not share price. One should follow the other but it hasn't with CTO. I do think they are making good long term strategic decisions and have ambition but I remain frustrated this doesn't flow to the share price. I examined the pension fund deficit calculation in some detail and if you look at the assumptions, it is the usual CTO cautious stance. I would suggest based on others I've looked at, when we come to the three yearly revaluation the deficit will drop. Interestingly they had £6m in cash in the pension fund at the end of the year which would represent about 15% of the assets. Probably a good move given the market peaked at the end of the year and asset values are now significantly lower. Yes those arrows on the risks did my head in. At first reading they looked the wrong way round to me. It could have been clearer. I see we have managed to get through nearly 6 hours today without someone selling any shares. Yesterday we had a whole raft of sellers again with some very strange price action on L2 at the end of the day where despite all those sells the offer went up in the last 10 minutes on the basis of one 10k buy. We are XD this week for 2.9p I too look forward to a significant re-rating in the share price. Something beginning with a 1 would be a good start.
11/4/2018
09:53
cc2014: Good morning. The bid concept is something I have mixed feelings about. At the current share price the P/E and cashflow is going to make CTO look very cheap to anyone who wants to acquire a building services company in the UK. NG Bailey, CTO's main competitor and the biggest in the UK certainly have the clout. Their accounts show that at the end of Feb 17 they have cash and liquid investments of £84m. NG Bailey are privately owned and have been around for decades. Interestingly the type of work they do is sufficiently differentiated from CTO that it would make a good fit. NG Bailey of course do the commercial office blocks and infrastructure but not on the same scale as CTO. NG Bailey do far more term maintenance, facilities maintenance and some of the really big stuff like Hinkley point nuclear power station. I'm pretty sure NG Bailey will pick up HS2 which CTO wouldn't be interested in. I don't think any takeover is on the cards though. What's more interesting is showing where CTO could go given time. At the moment CTO are focused on technical innovation (better margins) and spreading geographically in markets they have a great reputation in. A good strategy and one I support. Lots of opportunities related to diversification though at the right time which I don't think is now. Best to continue to do what you do well rather than overstretching. Actually I would cry if there were a takeover bid at 110p. 150p I could cope with I guess but I'd much rather the share price moved to 100p by the end of the month so that the P/E only looked "stupidly low" rather than "bizarrely low". That doesn't seem too likely though. lol. Finally I do agree there is someone out there collecting stock. They were collecting in the run up to results at 78p and now I think they are prepared to pay about 83p. I say this as the trade flow suggest more sells than buys yet the share price is stable. Whoever it is, I consider them professional. They are extremely patient and are clearly trying to get the stock as cheap as possible rather than embarking on a smash and grab raid by pushing the price up. This strategy will work for them as long as a second buyer doesn't come along.
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