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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 Shares Traded Last Trade
  +4.60p +5.26% 92.10p 238,171 16:35:11
Bid Price Offer Price High Price Low Price Open Price
90.20p 94.00p 93.00p 86.20p 87.00p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Construction & Materials 311.20 7.10 13.44 6.9 38.5

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DateSubject
09/12/2018
08:20
T Clarke Daily Update: Clarke T. is listed in the Construction & Materials sector of the London Stock Exchange with ticker CTO. The last closing price for T Clarke was 87.50p.
Clarke T. has a 4 week average price of 81.20p and a 12 week average price of 78p.
The 1 year high share price is 93.60p while the 1 year low share price is currently 68.20p.
There are currently 41,829,577 shares in issue and the average daily traded volume is 156,584 shares. The market capitalisation of Clarke T. is £38,525,040.42.
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
25/9/2018
16:16
lasmo: CC2014 Thanks for your assessment. I don't think the Miton selling is the full picture. I think the share price is being held back for a number of reasons:- 1) Brexit uncertainty 2) Currently, a low margin business 3) The pension deficit I believe that CTO is transforming itself from a "commodity" contractor into a quality engineering & services provider. The strategy the management have put in place will deliver this. This will completely change the way the business is valued. I bought these shares as a long term income provider. I'm not interested in what the share price does in the short term, only to say that my fear is that CTO may become an acquisition target, before the market realises its true valve. Hence Miton selling out should be seen as a positive. They would surely give their support to an undervalued offer should a Buyer appear.
25/9/2018
08:47
cc2014: 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 Comments appreciated.
07/8/2018
09:25
rivaldo: N+1 Singer are very positive, with a 104p share price target which they say could be exceeded..... "Shares attractively valued In our view, TClarke is overdue a re-rating. The shares trade at a substantial discount to peers (33%-35% on a P/E basis), despite maintaining earnings forecasts (9% and 7% EPS growth forecast), strong earnings visibility and an attractive yield at 4.4%. We believe a sector rating is justified - a blended average of peer group multiples implies a share price of 104p. We believe the shares could exceed this level as EPS and order book growth is delivered."
04/5/2018
12:51
cc2014: Hi Squarepegs, As someone kindly pointed out to me about 100 posts ago there's no point watching the trades on this stock as the if you believe in the trade it will turn out OK in the end. Someone is clearly continuing to sell. I have two theories, not that it makes much difference. The first is that it's Danny Robson, an ex-director of CTO who resigned around 2 years ago. At time he resigned he had 1.3m shares or 3% of the company and we know he sold 250k in one block at 90p about 2 years ago. We have no idea whether he has kept the rest, sold them all or is somewhere in-between but my guess is that having left CTO, he will be aiming to sell the lot. He can't go on forever and probably doesn't have that many left by now. The second surrounds MIFID II. This has created a lot of churn in the market and I believe CTO has been affected more than most. Again it doesn't really matter as bit by bit I believe the share are moving to long term holders with a high level of commitment to holding. i.e. they aren't looking for a 10% return but a 100%+ return so once the share price starts rising it won't be held back by a plethora of sellers each time it moves up 5p. it's got to get through 90p first though which will be a barrier. PS - I do find the trades very very frustrating as they never correlate with anything which again suggests to me the seller is driven by a requirement to sell. Today Kier is up 1.9%, MGNS up 1.5%, GFRD down 0.3%, so why on a day like today do you sell CTO? Death, divorce, need for monthly income all possible reasons.
24/4/2018
12:58
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
08:53
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.
09/8/2017
08:35
cc2014: Choices are: a) economy keeps bumbling along at a fairly depressed rate of growth for next five years due to Brexit. Growth still exists though and CTO are able to continue to improve turnover and margins by a small amount = gradual rise in share price b) economy keeps bumbling along at a fairly depressed rate of growth for next five years due to Brexit. Growth still exists though and CTO are able to continue to improve turnover and margins materially and no further one off shocks = decent rise in share price c) deal done with Europe over free trade = pick any construction share you like and get an instant 25% rise in share price plus longer term growth d) no deal with Europe. Probably looks like a) as certainty is better than never ending not knowing. Could result in instant fall in share price following by gradual increase as happened after referendum vote
T Clarke share price data is direct from the London Stock Exchange
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