Share Name Share Symbol Market Type Share ISIN Share Description
Tekmar Group Plc LSE:TGP London Ordinary Share GB00BDFGGK53 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 82.00 31,469 08:00:00
Bid Price Offer Price High Price Low Price Open Price
80.00 84.00 82.00 82.00 82.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil Equipment Services & Distribution 40.94 1.96 3.85 21.3 42
Last Trade Time Trade Type Trade Size Trade Price Currency
15:09:01 O 350 82.40 GBX

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Tekmar Daily Update: Tekmar Group Plc is listed in the Oil Equipment Services & Distribution sector of the London Stock Exchange with ticker TGP. The last closing price for Tekmar was 82p.
Tekmar Group Plc has a 4 week average price of 82p and a 12 week average price of 82p.
The 1 year high share price is 180p while the 1 year low share price is currently 82p.
There are currently 50,687,852 shares in issue and the average daily traded volume is 297,248 shares. The market capitalisation of Tekmar Group Plc is £41,564,038.64.
rambutan2: Schroder adding a few and going over 14%:
geovest: I have sold out most of my holding a few weeks back. Not because I am overly concerned about the company prospects. The Board voted themselves about 1.5 million share options in total during August. Its supposedly mainly LTIP, which is rubbish as it pays out in 2021, 2022,and 2023. Nothing long term about that. It is also nil cost options. Given that the company only forecasts to earn around £11m after tax over the next 3 years, that is a cost to us as shareholders of between 15 and 20% of net profits depending on the share price at date of exercise. You can bet that once a new CEO is recruited, a lot more Nil cost options will be awarded to "attract, retain and incentivise". Nil cost options are gifts, not incentives. The focus of the Board is therefore more aligned to their pockets than shareholders.
thomshrike: After gathering several pieces of info, my view at this point is: - I don't think that anything changed in terms of competitive moat for the critical Teklink product. - I believe the explanations given for the departure of the CEO. He is an entrepreneurial guy and was not happy his current daily routine. I don't expect him to sell his stake. - I don't have any reason to believe that at this moment the business is performing differently from what the market expects. Given the potential LT growth of the business, both organically and through M&A, and also given recent share price weakness, it looks very attractive to me now.
toinifinity: very odd comment - you've paid to have access to whatever tip sheet you subscribe to so you can benefit from first mover advantage. If you're really a shareholder you then want to spread the (good) news, get others on-board and see the share-price go up? Suspicious behavior Stonesfan.
thomshrike: I agree that the trading update is probably a lot more uneventful than many feared and should be supportive of the share price. Being a trading update, there is no mention of margins, but the level of net cash is a hint that there should have been no significant hit beyond what was reported previously. The weakness in the energy market will remain a concern, as well as possible project delays related to covid19 disruption - but a new FY just started, therefore there is some time to catch up.
thomshrike: significant shareholder rotation at the bottom + reputable shareholders increasing their stakes + strong share price rebound = looks good to me.
thomshrike: My take: Berenberg is using 2.0m for the China impact on FY20 numbers. Assuming that anything related to the China virus is temporary, including that the project pipeline will sooner or later be executed, I would just factor in the temporary margin loss resulting from getting costlier supplies from outside of China. This corresponds to an unknown part of those 2.0m and I would factor in some similar losses in FY21 to be conservative. I was in fact more worried with the cost overrun that they had at Subsea Innovation. Berenberg says that is worth 0.5m. Should be a one-off but is not pretty. Anyway, adding both impacts together, I would estimate an equity value impact of less than 10m, probably more on the range of 6-7m. That would translate into a share price drop of 8-12% at most. As such, the massive share price drop, currently -32% to 106p, results in a market cap reduction of 25m, which to me is very very excessive.
jonwig: Trading statement, coronavirus strikes: So it looks like eps will be 6p rather than the forecast 9.67p, which won't do the share price much good. I'd like to think the shortfall can be made up when conditions normalise, and it's not as though the company has made a mis-step. I'm more likely to add, depending on the reaction.
brucey6onus: Finncap Research Note Tekmar supplies and installs subsea protection systems to the global offshore energy market. Their largest end market is in offshore wind, where the company boasts an impressive 74% market share. At a time where decarbonisation is increasingly taking precedence, demand for clean energy, like offshore wind, will continue to grow. We believe that this trend, coupled with Tekmar’s successful diversification strategy, which has seen them broaden both their product offering and geographical reach, should allow them to exceed the 21.5% CAGR revenue growth that they have achieved in the last five years. With its strong competitive position, the group successfully floated in June 2018, where they raised £60m to pay down debt and arm them with the capital for future M&A opportunities. According to the most recent 4C Offshore report (a leading offshore energy market expert), the offshore wind industry is forecast to grow at over 20% CAGR over the next 10 years on the back of global commitments to clean energy. Due to its cost effectiveness, offshore wind is a key clean energy supply form, with a current global total of 25.2 GW. According to the 4C report, the industry is expected to grow by 10x to a cumulative total of 227 GW by 2028. With 16.3 GW of projects currently underway already, a total of 186 GW is expected to enter construction between now and then. This huge uplift in projects should lead to strong demand for Tekmar’s market leading protection systems, as they help keep windfarms on line and producing. Additionally, management have also widened its product offering via selective M&A to allow the group to capture even more customer spend. Ryder Geotechnical, a consulting service acquired in March 2019, brought design and planning expertise. The acquisition of Subsea Innovation added a design, manufacturing and supply capability as well as helping the group to expand and fortify its position in the oil and gas sector by adding to its client base. With £3.3m of net cash on the balance sheet, the company remains on the lookout for appropriate acquisitions – such as supplementary services that allow them to capture yet more customer spend, orbolt on deals that add scale. Tekmar commenced the year with a £7.2m order book (delivery expected in 6 months), £14m of contracts in preferred bidder stage (delivery expected within 12 months) and £195m in the enquiry stage (medium-term delivery). The company sensibly recognise revenue at project completion, but if there is a delay of just a few months, revenue can fall into a subsequent reporting period. Given that one offshore wind project is worth c.£1.6m in revenue to Tekmar, a slip could make a material difference in reported revenues versus forecasted revenues. As such, management have made a logical move into the oil and gas sector to help smooth out revenues. Oil and gas projects are less seasonal as offshore wind projects typically take place in the summer. Offshore oil and gas accounts for 73% of all current offshore capital spend – there are still critical connectors and pipelines to protect here. With oil prices now firmly above $50 a barrel, projects have come back online and tendering activity has returned – so the market is once again looking buoyant. The oil and gas sector represented 20% of group sales at time of IPO and management expect this to rise to 40% by the end of 2020. Tekmar have also started to move into tidal projects too, and we look forward to more positive news on this going forward. Further growth is being propelled via overseas expansion with new contract wins cementing their true expertise in the sector. Recent contract wins include two secured in Taiwan valued at c.£4m and work on the US’s first wind farm, Cape Wind, which will encompass 130 turbines. Tekmar has a leading position in a structurally growing market and this should continue to propel organic growth, as underpinned by recent contract win momentum. The company has also made successful strides to extend its service offering and diversify to new end markets which should both increase and even out revenues going forward. The shares currently trade at 16x March 2020 PE, falling to 13.5x in 2021, with consensus forecasts expecting 109% earnings growth for FY20 and a further 20% in the year to 2021. We also expect that the ambitious management team to continue to make earnings enhancing acquisitions which should continue to act as an additional catalyst to the share price.
saucepan: Quite a lot of nuances in the results to unpick - but perhaps the bottom line is steady as she goes, with an optimistic outlook? I must admit I always dislike it when companies omit eps from their "headline" figures at the top of RNS announcements. TGP is guilty of that! Slater PEG of 0.38 suggests value. I think TGP will do well going forward in view of its strong niche in an exciting growing sector. Hopefully the share price will be news driven in the weeks and months ahead as big contracts land and are announced. The chart base looks very constructive. TGP seems very off the private investor radar, so no "sell on news" brigade to suffer today (at least so far!).
Tekmar share price data is direct from the London Stock Exchange
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