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
  3.00 2.69% 114.50 41,736 16:35:23
Bid Price Offer Price High Price Low Price Open Price
114.00 115.00 115.00 109.50 109.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Construction & Materials 231.90 1.20 2.87 39.9 49
Last Trade Time Trade Type Trade Size Trade Price Currency
15:43:36 O 748 113.40 GBX

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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 111.50p.
Tclarke Plc has a 4 week average price of 99.80p and a 12 week average price of 84p.
The 1 year high share price is 115p while the 1 year low share price is currently 76.60p.
There are currently 42,953,211 shares in issue and the average daily traded volume is 49,341 shares. The market capitalisation of Tclarke Plc is £49,181,426.60.
thorpematt: Whatever way round i look at this, I still cannot make a case for the share price being down around here. I have tried giving it lower ratings for being a contractor (and thus allowing for earnings being lumpy....even though they're not really - due to the mix of work and spread of locations they are very consistent, COVID aside) I have tried allowing for the increase in pension defecit (even though that is mainly to to low yields on gilts....which have recently risen). I have tried to pretend it's a "no growth stock" (even though it clearly hasn't been, and looks like its forecsts show stronger growth going forward). I have tried to pretend there are no barriers to entry and that there is no unique niche or IP that can be readily re-produced (even though neither of those thing are true). And so I came up with a very lowly PER multiple, I applied it to the market cap, and made a deduction for debt (there wasn't any). I came up with a target of £1.75 p per share.
sphere25: See that, price drops first and then it gets bought up (so I bought the dip). Price now up 2% having fallen 5%. I think this is going to do what AMO did. Clearly it is different, but based on the principles of market psychology and the continued belief in the bull case here, I think the market won't get behind it..... ..until it does. Sounds daft right? Not get behind it until it does get behind it? What the hell is he talking about? Wots-a-wotsit? Get the broom out, get Nora Batty's broom out...get it out right now...sweep him out of the market! AMO set an ambitious revenue target (Amino 2025) and the market didn't get behind it (to any extent imo) initially with the price farting about, up abit, down abit, up abit, flat abit, down abit, diagonal abit. It then made a substantial leap higher i.e. a greater belief in the plan. I think the same will happen here - the market won't get behind it until it does. That is when the shares will move alot quicker. Currently there is a gradual bull trend in play since late January, but looking for an acceleration once the market gets behind the forward £500m plan. All imo DYOR
sphere25: Noted CTO has a tendency to drop on updates, but then it gets bought up, and and then it is back to sitting around doing very little, so here we are again with more apprehension. We can all see the issues from the past year with delays and closures galore. There is the pension deficit, though clearly rates are on the rise. What else is bad in there... We know that margins are thin and we know the sector has been fraught with problem contracts. This is the thing though. These are known knowns with CTO. I think it is all in the price here. The slightly surprising thing is how the market is not willing to price in any substantial recovery, let alone the new £500m revenue target. Yes they have mentioned a "slightly slower start", and in a normal year, that would cause more concern. However, these are clearly far from normal times and they have also mentioned a strong second half recovery which should feed through to the following year. The market isn't looking at that though and refuses to price it in. If the market did, the price should at least comfortably sit back at those pre-covid levels in the mid 130's. Perhaps more patience is needed, but the market is very stubborn here so it looks like someone will have to get the extra large mop out to clear out sellers at these levels to give the price a chance of breaking higher. I can see a highly irregular 200k buy order (Regent Gas wanting more? They added last month) on the bid at 101.5 willing to back the future and the £500m plan, but overall there continues to be no substantial interest. All imo DYOR
thorpematt: tiswas, One of the difficulties with that approach is that CTO undertakes works for other construction companies. If we take the example of rivaldo's above, for the hospital in Exeter, CTO is also undertaking another large, complex project in the same city for a different construction company (kier) hTtps:// hTtps:// As an independant specialist CTO has relationships with many such organisations. Often they will be the largest sub-contractor on site by some distance. Although it's its expertise that truly marks it out, its independence is an asset when it comes to it being nominated as contractor of choice. I doubt that other construction companies would see CTO as an preferrd contractor if it were tied to a competitor. Yes, I think we'll need to be patient in seeking returns but it sits very nicely in the portfolio for me.
rivaldo: I bought some of these back today on the dip. Cenkos' forecast today is for 15.4p EPS this year, with a 4p dividend. CTO have £10.2m net cash against a £40m m/cap, and most importantly the order books are still rising and now total £456m - CTO apparently already have secured work underpinning 95% of this year's revenues. That's a very solid place to be going forward. Hopefully Simon Thompson will feature CTO again soon, and I seem to remember SCSW cover CTO too.
sphere25: And now we're up again! Farting about. Agree with that THORPEMATT, would be nice to pick up the quality companies on the cheap, especially those that are putting out really strong statements that have run away quite alot. Suspect there will be big gains to be had this year if the opportunity of cheaper prices came with a correction. It would be healthy to have a correction too so we can have a more sustainable run this year. The worst case could be no correction and excesses bubbling up even more in the US, to then just pop in some catastrophic way. Who knows how levered up folk are there, but we've all seen how quickly markets get out of control in this new era of machines. It's all fine and dandy until it is isn't and then....... BANG! The whole thing goes out of control. I suspect we'd be ok in the UK with a smaller pullback here if we were independent of the influence of the US. We're so connected that shares, which have no connection to the US indices, end up getting clobbered. As primarily a short term trader, I'm trading UK shares off the movements in the S&P alot of the time, particularly when markets get edgy with volatility picking up like this. It's nuts! That's the way the market works though so I guess we play the market we're given, but yes, edgy sentiment over here in the spherical camp. Come on CTO, get out on the investor drive at some point. I'm sure we can get to 120p given enough time on the back of continued bullish statements which the market refuses to price in. All imo DYOR
thorpematt: I think these types of shares have a tendency to trade on lower PERs than other businesses. This is due to the lack of transparency on long term revenues and of course the risk of one particularly bad contract wiping out earnings. Traditionally CTO is about a PER of 9. Presently forward guidance is > 6. Unless you consider the cash pile and then its >5 Judging by the order book there, is a pretty steady stream of work. And hudging by the very small lag in revenues invoicing the lockdown hasn't stemmed it much. So I’d say those transparency of earnings worries is a little misplaced. I think that in this interest rate environment (where Graham's formula dictates higher PERs are apropriate) that CTO's PER needs to be >10. But quite what Mr Market thinks I have no idea! and frankly not much concern.
thorpematt: Happy with today's TS. As far I am concerned its broadly as I suspected. Not quite sure why the market doesn't get it. If we look at the chart here we can see that it hasn't truly recovered since initial lockdown. I find this somewhat strange given that 1.The effect of COVID has not been particularly detrimental, 2. the outlook is as strong as it ever was. I am keen on the strategy to deliver 3% margin as well as the companies specialisms being tied in well with what I consider growth areas for modern buildings. I reckon this is worth at least 50% more than present share price I am aware if the principle that contractors tend to have fluctuating earnings but CTO has been rather consistent in recent years and so applying a heavy discount seems a little inapropriate.
cc2014: I'm not getting this folks mostly on the basis of comparative value. My observation here is what is the opportunity cost of owning CTO? Which is more likely out of the following choice? BP. rising to 420p in 3 years time or CTO doubling to 180p? Or perhaps a large number of REITS if you don't like BP or perhaps Llodys at 27p. Or Aviva. I could go on. Anyways here's my view on the update. 1. I'm kind of with Investors Champion on what is the profit, because what I care about is how much profit a company makes after everything. Construction companies have a habit of producing exceptional costs all for different valid reasons and a spin back through CTO's annual accounts will show they are no different. What strikes me most though is that if the company has made a significant number of people redundant then it has already positioned itself for lower turnover or at best it contrains it's capacity to grow. Also, why was it that in the May trading update CTO was able to tell us this years benefit and the full year benefit of the restructing but was not able to also tell us the cost of the restructing programme? Perhaps just a simple ommission... or perhaps not... Regardless we must appluad them for the speed of response to Covid and £4m of on-going cost savings per annum is a large number. 2. I'm definetly with Tuscan on the order book. CTO turnover last year was £334m so say £167m for a half year. This year first half £106m and around £134m for the second half. They are doing around £22m of work a month and replacing it with £22m of orders, which results in long term a fall in turnover to around the £250m level 3. They can't afford for turnover to fall to £250m because there are too many employees to pay. CTO's high level of employed staff is their strength when there is a shortage of labour but it's going to work the opposite way in difficult times. Other contractors will shed their subcontract labour first but CTO will is faced with a choice of either very low productivity or having to get sufficient work to keep the labour force busy. Inevitably placing pressure on margins 4. Cash. Hmm. No update on that so I assume that cash is no longer net positive 5. Nothing to do with the update but credit risk is a concern. CTO are ruthless at trying to avoid credit risk but margins are so thin... In the end it always comes down to the order book and margins. That's 95% of what you need to know about CTO, the other 5% being the pension scheme and justification for the goodwill.
igoe104: Several of my companies I own, the directors have purchased a decent amount of shares. and the share price improved significantly with those companies. Same old story with these directors. That's why the share price has underperformed for many years. God only knows what the share price would be without Regent Gas share purchasers, I'm in hope they take the company over, ill take £1.25 at the moment.
Tclarke share price data is direct from the London Stock Exchange
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