Titan Europe Share Discussion Threads

[foxman14] 21/2/2012 11:01

Someone offloading big time today. Just added on the basis once the seller has finished the share price will rise on the back of a positive trading statement. Personally not bothered about a dividend I agree with the earlier poster they should concentrate on getting the debt reduced then hopefully this will be reflected in a higher p/e ratio.

[alphahunter] 21/2/2012 09:27

The net debt number (what ever the mystery number is) is very encouraging, as it's always been a major impediment for the shares' rerating. It's also very positive as you would normally expect a pick-up in the working capital requirement.
They have been runnning an internal programme in Italy (the name of which I've forgotten) to cut inventories in days of turnover and chase invoices more promptly. It seems that there has still been some progress made there.

[neg] 21/2/2012 09:09

I'm surprised it's not higher this morning. Still looks very cheap and what would really help the share price (if debt has come down sufficiently) would be some sort of dividend at the finals.

[kimboy2] 21/2/2012 08:58

Well the forecast is for 17.5p in 2011 and 19.4p for this year, so i think we can assume we are north of that.

I had thought we would do 25p in 2011 and perhaps 35p in 2012. We shall see what the brokers come up with. Perhaps I am being overoptimistic.

I think there are a couple of issues. Firstly the brokers are assuming a 3% sales growth next year. This compares with 10% plus which seems to be being forecast by the companies that they supply.

Secondly I think that they have expensed some capital costs through the P&L which have affected margin. Hopefully margin improvement will be a key factor next year.

Net debt is interesting. At the half year it was £138.7. Arden's are forecasting £121m for the year end according to their September update and the company say that they have beaten that.

Anyway we will no doubt find out what 'well ahead' for 2011 and 'further progress' supposedly means from Arden.

[alphahunter] 21/2/2012 08:00

Apologies, not results but prelims - if one is to call these empty statements prelims.

Anyway, I am pleased with the tone but hard numbers is not their forte.
Are they listed on a stock exchange, aren't they?

[smicker] 21/2/2012 07:58

In fairness a number of posters including myself had posted links that others in the industry had been performing well and the outlook is very promising as well so it wasnt difficult to call

[alphahunter] 21/2/2012 07:57

Mikeja, always a prelim in Feb.

[alphahunter] 21/2/2012 07:57

This is a typical deeply annoying TSW prelim / trading update with no numbers.
TSW statement: "Things are great, trust us".


We know they are, not thanks to you and your empty statements but thanks to the dozen companies which you do business with, your clients' clients, your competitors and market data.

Holder from 31p.

[mikeja] 21/2/2012 07:54

Alpha,results not out until late March

[alphahunter] 21/2/2012 07:51

Mikeja, someone knew? Might be.
But quite a few knew that the results were to be out today :-)

[cool runnings] 21/2/2012 07:50

Awesome news, 200p in coming weeks I would expect

[nurdin] 21/2/2012 07:49

yup..what a great TS :o)

[mikeja] 21/2/2012 07:14

Major rerating due here.
Someone knew about this last night.

[darcon] 21/2/2012 07:08

Very positive trading update. I expect this to motor on upwards today (a shame I halved my stake in the Summer/Autumn)

[nurdin] 20/2/2012 17:13

Cleared 130p convincingly.Blue skies from here imo

[kimboy2] 20/2/2012 11:46

I am hoping for a TS fairly shortly saying that they will beat expectations. Given that forecast PBT for H2/11 is £6.2m compared to £15.8m in H1/11 I am not sure that it will be difficult.

I would say that though.

[alphahunter] 10/2/2012 12:22

Steel cost.

[kimboy2] 10/2/2012 10:30

I seem to remember Cat made the point that companies had cash and were deciding to update their fleets which had aged during the financial crisis.

I suspect that once Greece is kicked into the long grass that we will move up and then again once the TS comes out.

I am particularly hopeful for an increase in the forecasts for the present year (as well as last year). I think that there were a few costs absorbed in H1/11 which may not recur.

The main reason I believe that is that the drop down profit from the H1/11 revenue increase was considerably smaller than achieved historically. I do not know what those costs are though, except they are in the gross margin somewhere.It may be something to do with metal prices which are a significant expense.

[alphahunter] 10/2/2012 08:59

Couldn't get the English-version of Michelin this am:


AGRICULTURAL: global demand on the original equipment market continues its recovery, particularly in Europe and North America, especially for high power devices. (The replacement market has experienced strong growth in North America and continues to grow in Europe

[kimboy2] 02/2/2012 11:30

Price seems to be going for a walk. I was wondering how much of the recent increase is due to the change of broker and how much to the improving sentiment.

[kimboy2] 02/2/2012 06:36

Yes in their outlook they are forecasting a 15-20% increase in construction unit sales.

The next event will be the TS and forecasts for next year. IMV the present forecasts are very conservative. they are forecasting 3% revenue growth for example.

I am hoping for something over 20p eps for 2011 and 30p for 2012.

[alphahunter] 02/2/2012 00:58

CNH, good reading yesterday.

[nurdin] 01/2/2012 16:20

A move up from here and we are in a break out region...think this will come sooner rather than later.

[mr. t] 30/1/2012 23:07

Thanks for your generous comments on the motleyfool post(especially as I misspelled your name David - please accept my apologies!).

Here's hoping the reward we receive from holding Titan over the coming months is equally generous.