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Share Name Share Symbol Market Type Share ISIN Share Description
Tex Holdings Plc LSE:TXH London Ordinary Share GB0008850470 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 73.00 0.00 0.00 0.00 0.00 - 0.00 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Engineering 43.1 -0.9 -16.3 - 60

Tex Share Discussion Threads

Showing 26 to 50 of 475 messages
Chat Pages: Latest  7  6  5  4  3  2  1
DateSubjectAuthorDiscuss
05/10/2003
21:53
d or q, The problem with Tex is that it has one good year and then one bad year. It cuts it's dividend one year and puts it back up the next. So where are we in this cycle? I think it is unfair to compare the p/e on these against others in the sector, because the earnings profile is more volatile. If you buy these at 80p and sell at 130p you will have made a lot of money in the past few years. As they are now at the top of the range, I think you are being brave, but Tex might surprise us and have two good years on the trot. tiltonboy
tiltonboy
04/10/2003
11:36
I have to admit to expecting a little more action here. I suppose we might begin to see some action as the results approach - Nov 20th last year so I guess they will be around the same date again. Until then I'll watch the paint......and then hopefully it will come alive! The dividend will be a sweetener when it arrives the week after next, I suppose.
doubleorquits
22/9/2003
01:21
NTV, Not a stock to be traded. Spread too large.....stay in for dividend !! and upside if Far east deals come off.
lasmo
17/9/2003
19:02
out ,but will be back
ntv
10/9/2003
09:49
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.
doubleorquits
09/9/2003
10:20
bulletin board
ntv
24/8/2003
21:00
colonelA: Thank you very much for that information and I will heed your advice.Oh, by the way what does BB mean?Thanks again.
ander
23/8/2003
14:09
ander: MM's don't systematically hold stock. If the price of a stock has moved considerably you can try to guestimate the MM's net position (long or short) from historical trades. What is generally being refered to above is the liquidity of a stock - the relationship between trades and price. Generally, the smaller the market cap of a company the less liquid its shares will be. If the percentage of shares held by big (by implication non-trading) holders is higher than normal then the shares are likely to be less liquid. However in times of flux a company's shares are likely to become more liquid than normal. TXH is quite a small company to have a full listing. Looking at it now the only obvious issues are that the price has already risen on good results and (in my opinion) they've paying a large percentage of profits in dividend. To a new trader: Everybody on a BB has a position. Most posters are genuine but there are some real chancers trying to influence the price of shares they have an interest in. Do dyor. Until you speak the lingo and unserstand the risks (12 months say) trade slowly and carefully.
colonel a
22/8/2003
21:34
I am new to trading and wondered if someone could please explain how you know how much stock the mm's hold.Also how do you know how many shares in total a particular company has in circulation.
ander
21/8/2003
13:56
TOLD YOU THERE WOULD BE MORE TO COME...... .......AND THERE`S STILL MUCH MORE TO COME...........
boobly
01/8/2003
09:43
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.
lasmo
29/7/2003
00:31
looks interesting for a one year outlook with good yield bought a few today and will now wait and watch to see which way it goes next
ntv
19/7/2003
00:13
NICE RESULTS...........NICE TICK UP ! MORE TO COME.......
boobly
13/7/2003
16:32
Whispers are that delayed results will contain long awaited pleasant suprises, this will certainly precipitate the rerating.
boobly
13/7/2003
15:11
results should come in at the pretax £1 million and way overdue a re rating imo
empirestate
02/7/2003
11:20
We should be due for some news here........Good I hope :-)
boobly
19/5/2003
14:03
Chart looks promising. Results due out in June. Last statement was positive on future trading.....so let's wait and see???
lasmo
25/11/2002
13:53
Lasmo......these have gone up almost vertically.....and fully justified in doing so....i still feel these are still very cheap at a P/E of just 6
saskatoon
25/11/2002
10:31
Don't know if anyone read my above posting.....But Up 6% today already.
lasmo
25/11/2002
10:31
Don't know if anyone read my above posting.....But Up 6% today already.
lasmo
25/11/2002
10:26
Don't know if anyone read my above posting.....But Up 6% today already.
lasmo
24/11/2002
23:30
See latest results....next 6 months look promising.
lasmo
22/3/2002
21:53
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.
lasmo
22/3/2002
20:39
Starting to look interesting. Is there are buyer out there? This stock is pretty illquid to say the least. Is the mm trying to hike the price in order to obtain stock? at present it's pretty unclear as to what is forceing the share price up at present.
quadrophonia
21/3/2002
23:22
Are you the Pete Barnes of Crawley, by any chance? I've bought a few Tex, my secret weapon. It's a very small company that's probably why the price drops so much - nobody trades this stock much, anyway. Good management, but it's in pretty risky trading zones. www.tex-holdings.co.uk
quadrophonia
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