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10/12/2019
08:15 | charo: Shareholders need to know,
Has the loan been provided and on what terms.If not is business trading whilst insolvent.
What is position of regulator vis a vis relisting.
The share price is completely misleading and makes a mockery of this company,s board and their duty to shareholders in general.
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28/8/2019
16:42 | aleman: Not bad interim results at first glance. But the 12% RISE in underlying operating profit has been eaten up by a rise in receivables and a whopping £7.3m (!!!) capex (and, I assume, the higher "professional expenses") for the new Brigg factory and WHAT ELSE EXACTLY? Reported profit was also hit by higher depreciation on said capex which won't be contributing fully yet. These results are quite promising if the underlying operating profit rise can be maintained - or even enhanced by the new factory - on the back of a mixed but improved order situation.
https://uk.advfn.com/stock-market/london/tex-TXH/share-news/Tex-Holdings-PLC-Half-year-Report/80619362
I don't think I can get to Friday's EGM for the delayed results. Anyone going? I'd love to know where capex not far off the market cap has gone. (Balance sheet fixed assets go from £8.0m to £14.3m!) It might well significantly change the business.
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09/6/2014
09:29 | tuscan4: So, the Investors Chronicle thinks the bid is at a "decent" premium to the share price.Really! The Tex share price has been held back by several factors. Firstly in 2013 Tex had to make an exceptional one-off charge of over £1.0m relating to a difficult Oman contract(largely not Tex's fault). Secondly since RDR at the beginning of last year, a steady stream of selling by inexperienced advisors has weighed on the illiquid market in the stock. Thirdly the group cut the dividend in March at the moment Oman was 90% provisioned,the balance sheet was improving with modest gearing and the 40tonne hammer was on hire at a very healthy margin. We can now surmise why the dividend was reduced. A petty act which no other Fully Listed company would have dreamed doing.Finally in the May IMS,when the hammer hire had been extended,possibly to the end of June, and would likely on its own produce profits in excess of the whole of the groups reported profits in 2013, what mention was made of this amazing success? Not ONE word. We now know why. Instead there were platitudes that the group was ahead of budget. Without knowing the budget this statement is unhelpful. The question of Corporate Disclosure and Governance needs to be raised. Should not the "Independent Directors"have seen fit to appraise the Shareholders that their Company was enjoying a substantial improvement in its fortunes? And also to explain why a 100p offer still reflected a "fair" offer. Did westhouse Securities who have been associated with Tex for a matter of weeks,understand the full extent of the groups underlying profits?If so could they explain why a group which could make £2.0m pre-tax this year(more if the hammer hire is extended,or is sold,or finds work in the US in the second half)was only worth £6.3m An exit P/E of 4 and an EBITDA multiple of 2.7.
Shareholders WAKE UP! This is UNFAIR. REJECT .
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01/6/2014
16:11 | bandari2: Shareholders should reject this offer , the share price was reflecting a poor past year, and was beginning to rise in anticipation of a better year next year.
Most Tex shareholders have been invested for years and have been a pretty loyal bunch, they don't deserve to be treated in such a mean way.
I will definatly vote against.
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01/6/2014
15:52 | lasmo: Lets hope so! I encourage all shareholders to reject this offer until the full facts are known. The AGM is in few weeks time. What does the year so far look like? I suspect that the Chairman, who currently holds 31% knows a lot more than we do. If the results are good enough to return the dividend to 7 or 8p, the share price could easily return to £1.20 and beyond. The current offer I believe to be less than 3 times EBITDA, I think we should be demanding of least 5 to 6 ie a target price of at least £1.50 per share.
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13/11/2003
19:08 | lasmo: One thing I have picked is that Tex's has reopenned it's Philippines office.
PS I know that the mm's were short on stock as they called my broker to try and shake out some shares.
and Diogenes,....and even if the share price doesn't grow they are expect to pay around 10p divi...which say 6%....which is a pretty good rate of return in today's market.
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10/11/2003
14:38 | georgedent: When this week are the interims released? I've not heard a word on them, other than that last year's came out on 20/11.
Any indication of what the results might reveal? Recent share price movements look positive at least.
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10/9/2003
09:49 | doubleorquits: Tex Holdings is a fairly illiquid stock with a market cap of only £8.5m at a price of 137.5p. It does, however, have a full listing on the stock exchange in the Engineering Sector and can, therefore, be held in an ISA. It has three main divisions: engineering, plastics, and construction. There appear to be five arms to Tex covering these areas: BSP, Tex Engineering, Tex Plastics, TICS, Tex ATC and Quinton and Kaines. These are all outlined along with their businesses on the new website at www.tex-holdings.co.uk/groupstructure.html
Like many other companies, particularly in the Engineering sector business has been hit over the last couple of years but recently the corner appears to have been turned and a number of Engineering companies appear to be seeing an upturn. Manufacturing figures tend to suggest that things are now a lot more positive and I feel that this company is in the driving seat to provide growth. Volumes of sales are still relatively low and many overseas contracts that Tex have, although still "live" are unfunded. The outcome for this year is still a little dependant on the number of overseas projects that can come on line but the recent AGM appeared to suggest that things are happening because the statement was much more bullish than recent updates.
At the announcement of the full-year results there were signs of cautious optimism:
"The new financial year has opened firmly, partly as a result of project shipments and order prospects are in line with expectations in most trading units."
However, the recent AGM added to this with a more upbeat comment:
"Trading in the year to date has been profitable in all three divisions, and turnover and profitability in the half year to September 30 are expected on current indications to be comfortably ahead of last year."
It is true to say that the share price has already reacted positively to this and has doubled since the beginning of April. So is there any value left?
Gearing is 27% and cash on deposit is down to £334k although a payment has been made to cover some of the pension deficit. The dividend has been increased significantly this year (double from 4p to 8p) although this has to be offset by the fact that it is only just covered by earnings reported last year and the fact that the dividend was cut quite savagely last year. However, the present dividend shows an increase of about 7% on 2001 so appears to presume that there is a confidence about current trading. As the dividend was announced in July it should be fair to assume that the confidence has been endorsed by the AGM statement and trading update. Using the dividend alongside other factors, historically cover has been around 2, although recently this has been quite erratic as has earnings. Assuming that things are back on course and that the dividend cover can be a reasonable guide along with the trading statement, I feel that the interims could show a significant gain over the 5p posted last year and that this will continue into the full-year EPS which tends to reflect the EPS of H1 (just marginally lower). On a dividend to cover basis I expect full-year figures could approach EPS of 17p with the interim dividend nudging up as well. This is in line with my thinking on earnings growth which, as they are comfortably ahead of last year, suggests that 7p might easily be on the cards at the halfway mark. The last time the dividend was 8p the EPS came in at 20p (1998) and although a repeat is not necessarily going to happen it may well reflect the thinking of the management that this figure has been reached for a full-year dividend this year. (The fact that the final dividend has increased from 2p to 5.5p adds weight to my own feelings on this one). If the halfway figures are merely doubled then the EPS figure will be around 14p for the full-year.
So where does that leave us? Based on dividend cover and historic earnings models (crude alongside some of the thing the professionals come up with, I know but sometimes a lot simpler to get to grips with i.e. easier to agree or disagree with me because my figures are basic and not wrapped up in broker speak and complex mathematical formulae and algorithms etc.) and put alongside director comment, it is reasonable to expect that EPS could be anything between 14p and 20p for the full-year. I expect the figure to come in nearer the middle of these on 16-17p but it does allow a range to be applied once we settle on a realistic PE.
For comparison, two other stocks in the sector, Fenner (FNR) and Syltone (SYLT) operate on forward PEs of 10 and 12 respectively so the current rating for Tex does not look too demanding if we apply these figures to the company. At the low end a PE of 10 and EPS of 14 would appear to justify a price of 140p. Taking the mid-points of EPS 17p and PE of 11 a price of 187p appears to be fair value with an ambitious 240p at the top end. I feel there is a minimum of 35% gain possible in Tex with little downside, maybe 118p where the price was before the trading update. That puts the reward to risk ratio comfortably in favour of the investor IMO on something like 3.5 to 1.
On a TA matter there does appear to have been a significant breakout to the upside and the long-term downtrend has been broken from about 80p. There appears to be some historic resistance in the 140-145p area which might take some breaching but then this share is quite illiquid and, consequently, perhaps not the best to do TA on.
I realise this has been a somewhat rambling post but I hope it makes sense. The share goes ex-div on 17th September so anyone buying before then qualifies for a not insignificant payout of 5.5p immediately (a yield of well over 4% on that payment alone).
Needless to say I hold a few of these shares and, therefore suggest strongly that you DYOR because I am probably very biased. This is my interpretation only of company information available in the public domain and from the company website. It is not an invitation to buy shares in the company but an analysis carried out for my own benefit and made available through these boards for others who may be interested.
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01/8/2003
09:43 | lasmo: NTV
Main problem with these shares is the MM's hold very little stock. Hence small amounts of buying or selling, have a large effect on the price. If TEX pull off the big Asia deals, their profits will be secure for 2-3 years, price will easily jump to £2 - £3. Note though, these Asia deals have been a round for a long time, hence they are definately not in the price at present.
My broker put me into TEX more than 10 years ago. Between his clients we hold around 20% of the company. The chairman has another large slice (around 40% I think). Hence there is very little free stock around and very little trading. Share price has been all over the place, but I've been very pleased with the yield. Indications are that next year's yield will be as good if not better than this year. I believe you have a sound investment.
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22/3/2002
21:53 | lasmo: I've traded in this stock for 4 years. They normally pay a good dividend, so if the price falls, best thing is to try to ride it out. Core business is solid spread over many industrial sectors. Icing on cake is a large contract in the Philipinnes which is signed but subject to world bank finance, which to date hasn't been forth comming. I remain positive as Tex has seen these sorts of deals before and make a bunch. If finance comes share price will easily go to £2 and that no ramp.
Without above contract price will probably trade between 70p and £1.20.
As you say there is very little trade in this stock as most of the shares are held by solid long term, dividend driven investors. However with very little stock in the hands of MM's, this can lead to large price surges.
PS Other thing to watch is there could easily be a move to take Tex out of the Exchange and back into private hands. Most of the sharing holding is held by a few, who I know are fed up with some of the reg's which come with a listing. Again if this were to happen I believe the true price to buy up the remaining stock would be around £1.50
Good luck.
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PLUS1
