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CTO Tclarke Plc

-1.00 (-0.63%)
22 May 2024 - Closed
Delayed by 15 minutes
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 Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -1.00 -0.63% 158.50 158.00 158.50 162.00 162.00 162.00 75,294 16:35:16
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Special Trade Contractor,nec 491M 6.5M 0.1230 13.17 85.62M
Tclarke Plc is listed in the Special Trade Contractor sector of the London Stock Exchange with ticker CTO. The last closing price for Tclarke was 159.50p. Over the last year, Tclarke shares have traded in a share price range of 105.00p to 167.50p.

Tclarke currently has 52,850,780 shares in issue. The market capitalisation of Tclarke is £85.62 million. Tclarke has a price to earnings ratio (PE ratio) of 13.17.

Tclarke Share Discussion Threads

Showing 4826 to 4848 of 5125 messages
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Technical buying from support base or tipped somewhere ?

Yes it is very misleading. The term net debt is not really what it is in my view.

What has always been quite useful on the ADVFN balance sheets is the pictorial view.

The LT debt not the current liabilities are in my book what to look out for . As per the dark red block, this is modest and when balanced against the yellow of the cash you can get a quick feel for the levels of a net calculation.

The sector comparison is also quite easy as a visual aid: -

As far as I can tell CTO has a small net cash situation at year end. (about £4m)

One other way of seeing what ADVFN thinks is the net position, is to view the EV. This is under the solvency ratios section and has £71m. If you compare that to the Market cap, they are actually saying there is a net debt of £7m ish.

In terms of long term leases these are neglible. The PD is worth a footnote. This is described in the annual report thus: -

"Defined Benefit Pension Scheme Obligations

The most-recent formal actuarial valuation of the Group's defined benefit
pension scheme at 31st December 2018 showed a deficit of £24.9m, representing
a funding level of 59%. Following the valuation the Group committed to a
deficit reduction plan to eliminate the deficit over a 12 year period, and
throughout 2021 it continued to make additional contributions at the agreed
rate of £1.5m per annum. The Group also continues to provide security to the
pension scheme in the form of a charge over property assets up to a combined
market value of £3.1m. A new formal funding valuation is being carried out as
at 31 December 2021 and the results will be reported in next year's Annual
Report & Financial Statements."


I'm not sure where ADVFN get their £122m debt from, but the consolidated statement of financial position as at 31st December 2021 (included in the final results announced on 9 March 2022) shows net current assets of £9.3m (total current assets of £125.1m less total current liabilities of £115.8m), with total net assets (and therefore total equity) of £26.5m (although that does include £25.3m of intangible assets). These figures are easily accessible on T Clarke's own or the London Stock Exchange's websites.

In comparison to many in the sector, I'd regard CTO as well capitalized, although that by itself is not necessarily a reason to buy.

Good luck,

I wouldn't use the ADVFN financials. I think last reported net debt was around £15m and a quick check on SimplyWallSt has the current debt at 15m too. Stockopedia would be a good place to check.
Can anyone help me ?
This site has CTO net debt at 122m.
This appears not to include debtors, which is account receiveable which should be included in current assets which should be used to arrive at net debt.
I was thinking of buying these but when I looked at market cap 65m and the size of net debt that threw me.

However it looks fine if you include debtors.

Quite a good write-up.

But I can hardly believe the last line "my new target price of 170p.". Surely with the tailwinds and the 2022 EPS estimate of 21.2p and the great growth story this should be 200p or even more??

That’s odd I’ve had two say it worked but two that didn’t. I’ll pm you.

If you have an iPhone try using that.

dr biotech
It didn't work for me I'm afraid Dr. B. I took the route you suggested but the same paywall...
There’s an easy (legit) way round the IC paywall, just PM me..
dr biotech
14:31 – bringing a building into life pays off for this undervalued groupBy Mark Watson-Mitchell 14 March 2022 4 mins. to readTClarke – bringing a building into life pays off for this undervalued groupIt is a fair bet that you may never have heard of TClarke (LON:CTO).This company is over 130 years old and has offices and operating centres across the UK.To developers and construction companies, however, it is a very well-known, respected and important name.The businessFrom St Austell to Falkirk this building services company plies its trade. From its four main regional operating areas and its 19 offices, the company has an excellent national coverage.It spreads five main market sectors – infrastructure; residential; technologies; mechanical and electrical contracting; and finally, facilities management.It is involved in providing building services and solutions, not for the shell of a building or the internal fabric and decoration, but instead for practically everything else.Its areas of expertise are in powering a building, heating it, lighting it and, importantly, making it intelligent.Effectively TClarke 'brings a building to life'.The company within its M&E contracting business has capabilities in sectors, including commercial offices, retail, education, healthcare, financial services and media.Over the last few years, it has been involved in a number of UK Data Centre projects. It is now widening its offer into the European market, where such projects can have overall £30m-£40m values, with some topping £100m.Bringing the building to life with power, services and systemsA building has a shell and a core that keep the weather out and keep it standing. It also has an internal fabric and decoration. Everything else in between – all the things that power it, heat it, light it and make it intelligent – are the group's area of expertise.Power is distributed and controlled.Services – including heating, lighting, ventilation, water, waste and their networks and controls.Data networks are made resilient and secure.Internet services and coverage are delivered throughout the space.Alarm, security and safety systems are integrated and controlled.Building Management Systems are integrated along with all the IP addressable components on the system. Data and control of the building is brought together within advanced graphic user interfaces that make them easy to use.Last week's finalsLast Wednesday the group declared its final results for the year to end December 2021.It reported a 41% increase in its revenues to £327.1m (£231.9m). an adjusted pre-tax profit up 53% at £7.8m (£5.1m), generating a 46% improvement in earnings of 14.99p per share (10.29p) easily covering a 10% increased dividend of 4.85p (4.4p) per share.A split down of last year's £327.1m revenue identifies that M&E contracting represented just over a third of the business at 35.7%, with infrastructure 24.1%, residential and hotels at nearly 17.1%, technologies 15.1%, and facilities management making up the 7.9% balance.At the year end the group's order book stood at a record £534m (£456m).The group's CEO, Mark Lawrence, stated that"The business is in excellent shape having finished 2021 on a high and delivering the first year of our £500m revenue growth plan, winning a wide range of work across our chosen market sectors. This is clearly reflected in the strength of our order book which again has reached a new record high."He goes on to confidently declare that:"Our order book will translate to record revenues; TClarke can offer our clients the widest possible solutions from a single contractor, utilising our resources so that they are assured we have the ability to deliver. That's why we believe TClarke remains the contractor of choice for so many and we remain focused on maintaining our market leading position.We start 2022 in excellent shape and well placed to deliver a strong future performance."The group's growth strategyThe company's growth strategy is focused on maintaining and developing its core markets whilst significantly expanding its data centre business.It is also undertaking more large projects outside of London, such as those being delivered for a major financial institution by its Manchester business. As well it will be expanding both its healthcare offering and its energy efficient smart building solutions.Through successful targeted tendering and operating efficiency it is focused upon its margin sustainability at 3% and better.The EquityThere are some 43.92m shares in issue.Large holders include Regent Gas Holdings (16.9%), Interactive Investor (7.83%), Heritage Capital Management (5.74%), Hargreaves Lansdown Stockbrokers (5.32%), Barclays Bank, Private Banking (4.60%), Walker Crips Investment Management (3.11%), TClarke Employee Share Ownership Trust (2.52%), Cavendish Asset Management (2.01%), Hargreaves Lansdown Asset Management (1.99%), and finally Chelverton Asset Management (1.37%).Brokers ViewAnalyst Kevin Cammack, at the group's brokers Cenkos Securities, estimates that for the current year a £410m turnover is possible, upon which the company could make £11m of adjusted pre-tax profits, worth 21.1p per share in earnings, and a 5.1p per share dividend.For next year his estimates are for £500m turnover, £13.5m profits, 24.6p earnings and a 5.3p per share dividend.Totally understandable why he rates the shares as a 'buy'My ViewOn the face of it this may look to be a boring company – but I would totally disagree with that impression.It is a good solid business, only valued at around £74m, it is ungeared with some £7.3m net cash and that should increase to over £10m by this year-end.Furthermore, it also has unused banking facilities of £25m.In the last year the shares have been up to 186p, I see them going back up there again in 2022.Its shares at 147p, looking for a current year yield of some 3.5%, and trading on only 6.9 times earnings – are a 'no-brainer'.
Was behind a paywall for me :((
Positive write up in the IC. Its quite easy to access the article for free if anyone wants it. Decent article as always by Simon Thomson.
dr biotech
Excellent presentation, they seem a very focused management team with a clear vision.
Investor presentattion:-
Ah really, thanks. I was just assuming it was because people absorbed yesterday's results last night.
It was on the website last night, that's the reason for today's move.
I wonder if this will feature in IC tomorrow, Simon Thompson seems to have T Clarke on his radar and likes to tip it. That generally brings the biggest rise here.
09/03/2022 7:00am

RNS Number : 0892E

TClarke PLC Final Results

Fall on net cash is of course just a consequence of the cash requirements of ongoing contracts. So in a sense it is a good thing!

Anything under 150p seems stonking good value to me. Really consistent and safe growth stock at a value price.

Funny, I was gonna post (roughly0 this: -

"can anyone can find any negatives?" (struggling)

...I see you're all struggling too.

Essentially I had forecasts as bang on track.

Fall in net cash is all I could come up with FWIW. I would have to read the statement more thoroughly to assess the reasons on that, but VAT changes etc. I'd guess.

Couple of small pieces from this morning's Cenkos note:-

We are not fundamentally changing our forward forecasts save for an upgrade to dividends, so after a 25% price correction YTD (All Share -8%) the shares represent outstanding value. TClarke trades on a FY23E EV/EBITDA of 2.5x (4x adjusted for pension deficit), PE of c5x, yield 4.5% with a FCF yield of 16% and an ungeared balance sheet. Buy.


Valuation: Until the recent market and particularly sector sell off, TClarke had been showing solid outperformance. The setback is a buying opportunity; given the group’s momentum an adjusted EV/EBITDA of 4x and PE of 5x with now accelerated dividend is highly attractive.

That seems reasonable 18BT. Off with their heads :-)
The only thing I can think of is that it is spot on the market forecast on all metrics except for the dividend, which it has beaten. So they could mark it down for not out performing the forecasts which the company guided them to...
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