Titan Europe Share Discussion Threads

[mikeja] 08/8/2011 11:33

Have talked to directors and we need to allow for 2 wks off in August and 2 wks in Dec.So turnover for H2 by my estimate likely to be arround £230m.I assume Q2 takes in 100% of Turkish sub.

[mr. t] 08/8/2011 11:31

TSW has had a great h1. The question is, what will h2 look like given the current world economic situation?

Anyone wish to speculate?

[mikeja] 08/8/2011 11:19

That gives Q2 turnover of £137m,nice.

[mikeja] 08/8/2011 11:18

£254m turnover,will be interesting to see eps.The board are perhaps being a little cautious?

[darcon] 08/8/2011 07:38

reassuring update

[envirovision] 05/8/2011 14:07

Picked up a couple of lots this morning at 80 and 85. Now can I hang on to them for a bit longer ?

The last lots I bought all the way down to 60 during the Jap quake and was far to quick to off load and by the time they were sailing past 100 I was selling the last batch, when instead I could have waited for 145.

Maybe the condesending self proclaimed genius stegrego can help ?

[stegrego] 04/8/2011 20:07

So this is down about 40percent in a month and over 25 percent just this week.

The wheels appear to have fallen off, so to speak.

However, I doubt anything has changed at the company. I doubt demand has dropped at all.
Forward pe is now 5, obviously if demand drops then they won't do that. But seeing a though they probably would have beaten, and probably still will do, this is looking like a Billy bargain.

Of course it could drop more yet, as markets are plain stupid.

[darcon] 04/8/2011 13:35

Volumes are small. If they announce QE3 this will probably rocket straight back up. Otherwise it's probably a wait to next company announcement at end of month

[alphahunter] 04/8/2011 13:25

mikeja, lucky you to get research, because that can help you save a lot of time when you start researching a company.
And you can catch-up with the events very quickly whith share prices' movements, or when the company has an analyst meeting behind closed-doors.

I'm limited to companies that are reasonnably opened to PI - with organised conf calls opened to all. I managed to get a 30' conf call with TSW about a year ago, but that is it.

[mikeja] 04/8/2011 13:23

Alpha,sorry I didn't mean get in the sense of receive but in the sense of seeing where they are coming from in relation to their forecasts.

[limit up] 04/8/2011 13:01

alphahunter
sorry in not coming back the figs were from seymour which were as you mentioned ,sorry about caps. tgt also kept at 206p..
regds

[mikeja] 04/8/2011 12:44

Looks like they are trying to take out stops at 100p

[mikeja] 04/8/2011 12:34

Prefer my own research.Have a lot of these but am not geared and still ingood profit.Happy to wait out storm.

[alphahunter] 04/8/2011 12:09

Thanks Mikeja. Seymour reiterated the numbers yesterday.
I thought limit up would come up with these nice and juicy figues rather than leaving these comments in capital letters...

Anyway, I covered on Tuesday half the short position in Carpetright and half the remaining long in TSW, could have done the full lot - from a trading perspective. Still owvn 25% of my position in TSW held early May.

Mikeja, I understand that you own quite a lot of these (in the £ 000'000 ?), why don't you get pay a wealth fund manager and get for yourself the marketplace research notes?

[mikeja] 04/8/2011 10:45

Sales are still accelerating,£117m for Q1 and £133m for Q2.

[mikeja] 04/8/2011 10:28

Absolutely do not get brokers figs,H1 sales look like £250m,with drop through rate of 25% and tax at 40% I still get eps of 14p for H1,we shall see.

[alphahunter] 03/8/2011 13:26

What figs do you have for 2011 and 2012?

[limit up] 03/8/2011 11:34

EXPECTING FIGS AT THE END OF AUG,WHICH SHOULD BE GOOD,I HAVE NOT SOLD OUT HERE,LOOKING FOR THE RECOVERY IN THE CO..

[venture traveller] 27/7/2011 09:26

Another JV between Titan int, and Titan eur. The two companies work very closely together - they might aswell be one. It makes you wonder whether a takeover may not even be considered, as they seem quite happy as they are.

It's all good anyway, they're obviously looking to capitalise on the booming demand for mining equipment. May it long continue.

[mikeja] 25/7/2011 14:32

Interesting article in FT about rising costs for miners also citing shortages of components.There might come a time when it is likely that a major could bid for TSW just to keep supplies running.In any case looks like the future is set fair for at least a couple of years,"Come back in 2014" one junior was told by equipment manufacturer.

[mr. t] 23/7/2011 11:20

Kimboy2 - thanks again. Steel prices are going up for sure, so I do hope Titan have them under control.

One thing caught my eye in the full Caterpillar Q2 results:



Caterpillar have raised their forecasts for 2011, with revenue now $54-$56bn (cf. to $54-$54bn after the Q1 results)and profit per share excluding their recent Bucyrus acquisition of $6.75 - $7.25 (cf. to 6.25 - 6.75 earlier).

Their H1 results show revenue of $27.2bn and profit per share of $3.48, so Cat are forecasting repeating h1 results in h2.

If TSW do make $250m sales in H1, as looks possible from their recent trading statement, and if they repeat that in H2 in line with Caterpillar forecasts, then Titan Europe's 2011 results will be quite satisfactory in my book (as you've previously outlined).

Given the current pathetic rating, I'd hope TSW's share price will then perform nicely.

[kimboy2] 22/7/2011 18:41

Hi Mr T
I don't think that TSW will be impacted. TSW said in the TS;

As planned, trading margins are improving due to an effective sales price policy and volume impact leverage on fixed costs. We continue to have aggressive programmes for cost reduction through optimising manufacturing process and location, make/buy analysis and "Lean" manufacturing techniques.

I expect that there are similar issues but TSW seem to be dealing with them better. I notice that CAT mention higher steel prices as one issue. I presume that TSW are passing them on.

[mr. t] 22/7/2011 16:54

Thanks for the update and analysis Kimboy2. I'm especially grateful to you for bringing Titan Europe to my attention back in April.

What's you view on TSW having similar issues to Caterpillar with higher costs impacting operating margins? Part of the story with Titan's recent performance and future potential has been with high operational gearing as sales grow, so Caterpillar's update is a little concerning (though the sales growth is looking excellent, which is good news).

[kimboy2] 22/7/2011 14:47

Caterpillar results out $13.535bn sales which is a 50% increase on last year.

If TSW did similar it would result in £250m for the half year. S-P are forecasting £440m.

Caterpillar's results disappointed because of cost pressures reducing operating margin;