Share Name Share Symbol Market Type Share ISIN Share Description
Clarke T. LSE:CTO London Ordinary Share GB0002015021 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.10p -0.11% 87.80p 87.40p 88.20p 88.00p 87.40p 87.40p 86,456 16:35:14
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Construction & Materials 311.2 7.1 13.4 6.5 36.73

T Clarke Share Discussion Threads

Showing 3276 to 3299 of 3300 messages
Chat Pages: 132  131  130  129  128  127  126  125  124  123  122  121  Older
DateSubjectAuthorDiscuss
26/5/2018
16:30
On many metrics for sure CTO is undervalued, but some look beyond the next year or two to the risks of the latter part of Brexit transition (if it ever happens). The fear is that home, i.e. UK investment will fall off a cliff, and CTO with it. I retain a small holding but have more in Renew (RNWH) which concentrates more on infrastructure non-discretionary spending. It's IHT exempt too AIUI. Why CTO is on the main market bears me.
dozey3
24/5/2018
14:23
There is a detailed report on T.Clarke's recent AGM which can be found in our members area here: hTTps://www.sharesoc.org/members-area/ To access the report, you'll need to be a full member of ShareSoc, which is a not-for-profit organisation that supports individual shareholders and campaigns for shareholder rights. If you're not already a member you can join here: hTTps://www.sharesoc.org/membership/ Once you've joined, you'll receive an invitation to register for our "members network" private social network, from where you'll be able to access the report (and reports on 100s of other meetings). If you're already a member and have any difficulty accessing the report, please do not hesitate to contact us here: hTTps://www.sharesoc.org/contact-us/
sharesoc
24/5/2018
10:35
Inching up again today, with a nice 8k buy at 88.6p just now. As regards N+1 Singer, it's good to be conservative at this early stage of the year - always better to underpromise and overdeliver. Once the interims are out, or there's an earnings-enhancing event such as an acquisition, will be the time to upgrade on profits and cash etc.
rivaldo
23/5/2018
11:55
I totally agree with you CC2014 regarding the lacklustre N+1 analysis. For CTO to be so positive this early in the financial year, to me suggests that at the very least the £7m pre tax should have been edged up even modestly. As for their dividend projections these are so conservatively based. My view would be a 1p interim this year followed by a 3p final, partly to rebalance the payout, and still covered c 3.5 times. On the cash front there appears to be a further Eton payout which is probably at the full £1m level but even so with no acquisitions and not much further Capex £13m seems slightly low. If the cash is north of say £14m a dividend costing £1.7m is a far cry from the dividend generosity of this company in earlier times. With much higher gilt yields on the way,and with generous pension funding, by the end of 2018/mid 2019, the pension deficit could halve. A little more patience is required but the long wait is nearly over. Chartwise, a decisive move above 90p would suggest a catapult up to the 125p area.
tuscan4
23/5/2018
10:11
tbh Rivaldo I find the N+1 note a fairly lazy piece of work. I get the EPS to 13.5 based on 41,829,577 (as annual report) plus share options exercised of 180,000 = 42,009,577 and a corporation tax rate of 19%. Maybe it's me or maybe N+1 haven't realised the corp tax rate changed about a year ago. And therefore the P/E becomes 5.9 In addition I cannot figure where they get their £13m net cash from. We ended 2017 with £11.7m net cash (page 1 of annual report). Add £7m profit less 19% corp tax (£1.3m) less dividends £1.5m should give us net cash of £15.9m, £2.9m more than N+1 come up with. N+1 may or may not be right about the cash but there's no explanation for their number. Further the current dividend is 3.5p and rose by 0.3p in 2017. To suggest it's only going up by 0.2p (5.7%) this year and 0.2p the year after when the profit is going up by 7.7% this year and CTO don't need the cash seems unlikely, really unlikely. I think part of the reason CTO's share price is so low is that N+1 aren't doing a very good job. Not enough attention to detail.
cc2014
23/5/2018
09:34
For the record, here's N+1 Singer's take on the AGM statement - for the record, they go for 13.2p EPS this year and 14.1p EPS next year (with 3.7p and 3.9p dividends respectively): "Positive order book momentum provides a share price catalyst N+1 Singer view T Clarke’s AGM statement confirms positive order book momentum and reiterates full year expectations. The order book has risen from £337m at the last year end to £368m at the end of April, which is impressive, given T Clarke’s disciplined approach to tendering. With current year revenue forecasts now fully covered, we expect today’s update to be very well received. In our view the shares are overdue a re-rating, currently trading at very modest multiples of earnings (6.1x P/E with a 4.6% dividend yield). Positive AGM update For the full year, revenue and adjusted PBT are expected to be in line with our forecasts (£300m and £7.0m respectively) and net cash is expected to continue its trend of year on year improvement (we are forecasting £13m at Dec ‘18). The statement also highlights strong growth in the order book, which at 30th April stood at £368 million,increasing from £337 million at the end of December. Encouragingly, T Clarke is seeing no shortage of opportunities but as ever, management is applying a strict policy of only bidding for projects that meet its own internal risk analysis criteria. In this context, the significant growth in the order book is particularly impressive. Management announced a 3% operating margin target at the time of the prelims in March (current year forecast 2.7%) and we would expect the growth in the order book to be consistent with this ambition. The order book growth is broadly based but Newcastle and the North West both have some capacity to fill. Since the last announcement on 27th March, T Clarke has won several important projects, including electrical infrastructure resilience works for BAE Systems and fit out work for Cancer Research at the International Quarter, Stratford. It has also won electrical infrastructure work at Battersea Power Station. Separately, Tony Giddings has resigned as a non executive director. As a result, Mike Robson will become Senior Independent Non-Executive Director and Peter Maskell will chair the Rem. Comm. Impact on earnings & valuation We make no changes to our forecasts, noting the positive outlook commentary. As well as providing excellent visibility for the current year, which is now fully covered, the order book also includes £145m of revenue secured for FY19 and a further £40m beyond that year. We believe the Group is well on track to achieving its margin targets, particularly since the underperformance of Central and South West (loss making last year) has been addressed."
rivaldo
22/5/2018
16:08
50k sell order at 90p proves our seller is still active, never breached this level previously when we've tested. The wait goes on.
ivancampo
22/5/2018
09:12
Great to see you here GHF - good timing methinks as CTO appears to be about to (finally!) re-rate. I never have specific price targets michaeljames, but it's pretty clear that there's lots of upside from the current derisory rating.
rivaldo
22/5/2018
08:41
Depends how long you want to stay in the trade, how fast the economy picks up and whether we get a bubble 175p? 250p ? 300p? higher?
cc2014
22/5/2018
08:10
Price targets for CTO?
michaeljames1
21/5/2018
17:38
Declaring a position here after Norbert Colon kindly discussed the investment case with me over the weekend. Took quite a few this morning & Norbert’s write-up provides excellent balance. Many thanks. Kind regards GHF EDIT - Best to ignore trade data. My broker picked up stock at prices that may be shown as a sell...also delayed trades.
glasshalfull
21/5/2018
14:13
Agreed! Looks like we're nearly there. Buy buy buy!
ivancampo
21/5/2018
13:52
lol Rivaldo. I don't want to get overenthusiastic as this stock has disappointed me some so many times in the past but I do like the look of the trades this morning. We can see some more lumpy sells before 11 o'clock, a 25k and 2x20k's but they have been absorbed by the market and we now seem to be moving up. We've also got a 20k buy at 85.3 and and 25k buy at 85.99 and someone has just ripped the 15k on the book off. This heartens me as these kind of trade sizes are large enough that even if our seller hasn't finished or reappears at 90p, they are large enough to wear him down. L2 now looks like this. Looks like it's getting there to me. I suspect the market is responding either to the N+1 note or the answers to directors questions at the AGM
cc2014
21/5/2018
13:33
Hello - 46,000 shares bought in the last few minutes, and suddenly things are happening.
rivaldo
21/5/2018
12:39
Norbert Colon, and CC2014, many thanks for your notes from the AGM. Norbert's notes in particular are terrific and well worth linking through to.
rivaldo
21/5/2018
11:47
I don't agree with the content of your post 2589 above, CC2014. I'm fairly sure that one culprit implicated in the case of the fraud, has, or at least had, plenty of assets to enable a repayment of £1.5m out of the identified misappropriation of £2.9m, not £2.4m, which was the stated "share" of the person being pursued initially. When you look in detail at the situation, everything fits, even down to the change in policy adopted by the Directors Remuneration Committee, immediately after the "resignation", and immediate disappearance, of someone I believe was at least part of the problem: " Introduction of recovery and withholding provisions – in line with best practice, the revised policy will enable the Committee to recover and/or withhold remuneration in certain exceptional negative circumstances such as a material misstatement, error and gross misconduct."
muckshifter
21/5/2018
11:30
My notes of the AGM:https://www.stockopedia.com/content/tclarke-cto-overlooked-intelligent-building-provider-365804/
norbert colon
21/5/2018
09:34
So, how did Friday go? Well for me nothing has changed except for after spending a couple of hours talking to the directors and senior managers I am even more confident after T. Clarke’s future. The RNS itself on Friday which I think is worth repeating was really helpful: We are pleased to report that we continue to expect revenues and profits for 2018 to be in line with current market expectations. To put those in context for the year ending 31 December 2018, these are forecast to be revenues of £300 million, underlying profit before tax of £7.0 million and underlying EPS of 13.2p. We also expect to maintain our trend of underlying positive movement in net cash year-on-year. Our forward order book has been replenished and as at 30th April 2018 stood at £368 million, increasing from £337 million as at 31st December 2017. Encouragingly, we are seeing no lack of opportunities, but we maintain a strict policy only to bid for projects that meet our internal risk analysis and where we are comfortable with the covenant and market reputation of the contractual counterparty. I conclude: 1. Directors usual underperform and overdeliver will ensure targets are met for this year and I’m prepared to bet right now the actual profit will come in just over £7m, as they always beat things by a bit. 2. Margins are indeed improving as promised 3. The order book is starting to recover after the slow-down last year. The commercial property sector has been really depressed this last year so it’s great news that the growth is coming from diversification, especially intelligent buildings 4. The directors will absolutely not contract with any party where there is a risk of non-payment. Great. I don’t want my investment put at risk. There were a few other points from the questions at the AGM, around the balance of cash, dividend yield and returns to shareholders. 5. The directors wish to continue to strengthen the balance sheet this year and no special dividends or buybacks will be made. The directors did say they have clients who financial assess them and if contractors don’t meet the criteria they don’t go on the tender list. I entirely support this. 6. Mention was made of acquisition. Should future acquisitions take place they would likely be the same size as Eton and the directors would want to fund from cash resources rather than debt. The directors of course pointed out that nothing should be read into this. As we all know construction companies have a habit of screwing up because they either overextend themselves financially (CLLN, AMEY), don’t have a large enough buffer when things go wrong (IRV) or don’t control the tender process and margins (CLNN, AMEY and IRV). I perceive this holds the valuation down in this sector as it’s difficult for investors to sort the wheat from the chaff so to speak. CTO are a bit different. They have all of these covered off and put enough information into the public domain you can test this. It is good to see for a change a company investing in its future (Eton, off-site prefab, additional offices) , building up it’s balance sheet rather than directors raping and pillaging the company to keep shareholders happy in the short term with little thought to the future. I shall continue to let this play out over the next 3-5 years.
cc2014
21/5/2018
09:00
Me, I am in this company because of current trading and prospects, and a good balance sheet and general reputation. The fraud is a past issue and barely material to the prospects (though obviously a further recovery would be good), and the past margin problems do seem to be also historical. Obviously if someone has lost money in the past in a company (any company) they are going to be wary of it. That can be a drag on recovery, but can also create mispricing and a good opportunity. I feel that is the case here.
edmundshaw
21/5/2018
08:50
um. Not that I want to teach anyone how to commit fraud and I'm not saying this was how it was done. You put an invoice in from a false company with BACS details of your own bank account. Approve it yourself. The accounts then balance as there's an invoice to match the cash going out the bank account. The company is quiet as there is no new news. £1m has been recovered as the last RNS. The individual concerned is subject to police investigation, the progress on which is down to the police and not something CTO can influence. I expect the directors are as few up with how slowly the investigation is going as you are Igoe.
cc2014
21/5/2018
08:36
I don't get that, how can you make 1.4 million disappear with-out showing any type of assets. it must be hidden away, or put someone else name. this individual should have to do several years inside for this kind of fraud. Why has the company suddenly gone quite on the subject ?
igoe104
21/5/2018
08:29
Whilst it's easy to see why you've jumped to that conclusion over who the fraudster was, you have reached the wrong conclusion muckshifter. £1m has been recovered out of the £2.4m stolen so far. The rest is still being pursued. It will not all be recovered as the individual involved doesn't have sufficient assets to cover it all
cc2014
21/5/2018
08:03
5chipper, CTO are currently coming out of a prolonged bad spell, imho, even though they just about managed to remain profitable throughout that period. If you look at Balfour Beatty and look back at their RNSs about three years ago, you would see a year or more of regular severe profit warnings. A very big chunk of those huge losses was created (and identified in the RNSs) by Balfour's electrical and mechanical division in London, which lost huge amounts of money over a few years while tendering against CTO in their main market - London and South East. So during those few years CTO would have had great difficulty winning work, and their margins would have been crushed by Balfour's unrealistic competition. Then they had a problem with a serious fraud within a company they had bought. They identified approx £3m that had been stolen and have so far managed to get £1m back, but if they identified £3m you can be almost certain that the true cost is double that. The good news, hopefully, is that those causes of poor profits are now behind them, and their performance should improve greatly as a result - hope so anyway! Incidentally, the (unnamed) person who is being pursued for £1.5m of company theft, owned about 1.5m shares if I've identified him correctly.
muckshifter
20/5/2018
21:18
Ok, thanks Rivaldo. I meant sentimentally caught up rather that materially caught up though!
5chipper
Chat Pages: 132  131  130  129  128  127  126  125  124  123  122  121  Older
Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P:32 V: D:20180526 19:52:02