Titon Share Discussion Threads

[rainmaker] 11/12/2015 12:54

Great results.Given the context of the recent Paris talks, I think we sometimes overlook the bright "green credentials" of Titon's Mechnanical Ventilation with Heat Recovery(MVHR) product which saves as much as 59% in energy costs and the resultant pollution, in modern air tight buildings and I believe there is an emerging trend for the mandatory fitting of such systems.Pulled from the recent results-

"We have also been pleased with the increase in demand for our MVHR products in Europe, where in some regions there is a requirement to fit MVHR as the only ventilation option."

regards

[muffster] 11/12/2015 08:38

Mwe is one

[mr. t] 10/12/2015 21:47

Nice results.

As has been said the growth of the Korean business has been good. Three other trends I think interesting are: increasing profitability of UK business, stable(ish) central costs, growth in 2015 R&D. Here are some relevant segment figures:



UK






Year
2012
2013
2014
2015


Revenue(£k)
11,213
10,548
11,781
12,461


Profit (£k)
1,473
1,806
2,181
2,606


Margin (%)
13%
17%
19%
21%


.


Korea






Year
2012
2013
2014
2015


Revenue(£k)
1,916
3,680
5,662
7,161


Profit (£k)
-113
649
884
1,264


Margin (%)
-6%
18%
18%
18%


.


RoW






Year
2012
2013
2014
2015


Revenue(£k)
1,632
1,812
2,221
3,237


Profit (£k)
75
-12
127
286


Margin (%)
5%
-1%
6%
9%


.


Other costs






Year
2012
2013
2014
2015


R&D (£k)
402
383
401
535


Sales (£k)
591
554
578
568


Other (£)
1,452
1,014
865
1,193


Total (£)
2,445
1,951
1,844
2,296



Looking at the trend in overall group results, the picture again looks good:



Year
2012
2013
2014
2015


Revenue (£k)
14,458
15,740
19,256
22,258


Profit after Tax (£k)
-737
173
899
1,333


EPS (p)
-6.83p
2.87p
8.36p
12.27p


DPS (p)
1.5p
2.0p
2.5p
3.0p



I wish I could find more shares like Titon: growing, profitable, cash rich, low PE & PTBV ratios.

[muffinhead] 10/12/2015 15:44

2015 results................

Turnover up 16%
Pretax Profit up 35%
Profit margin 8.4%

Capex up 62%
ROCE after capex spend 15%

Cash up 33%
Cash per share 27.33p

Dividend for year 3p
Four times covered

Asset value per share 115p

[wad collector] 10/12/2015 13:48

Not much profit taking ; only 32k shares traded in total today so far. Out of 10 million issued . Most holders are in these long I suspect.

[pugugly] 10/12/2015 10:23

Profit taking - now happening - Possibly growth not up to market expectations or holders worried about some areas of weakness ?

[rainmaker] 10/12/2015 10:12

Agreed. Offer some decent volume and the bid rises from 88p to nearly 92p.

regards

[wad collector] 10/12/2015 09:05

As you point out , impressive figures with a bit of caution about the Korean growth. Not exactly pushing out the boat on the dividend front - only giving away a quarter of the earnings for the year , but it will put up the capital growth instead. The market is clearly impressed ; up 14% this am. Will the spread narrow?

[patviera] 10/12/2015 07:29

Good figsV cheap

[muffinhead] 09/11/2015 00:32

South Korea’s state-run Korean Land Corporation




It’s time to build foundations for a smarter UK housing market
(mentions S. Korean model to get UK house construction numbers up)

[muffinhead] 02/9/2015 18:50

Personally I think no buyback is better. Business performance is chugging along nicely and getting long term new investors on board improves share liquidity.

Increasing the final dividend to 2p or possibly more will reward all of us

Revenue and profits are at levels which in the past supported 7p a year annual dividend

Looking for earnings per share minimum 10p in December results (year end 30th September)



UK construction recovery continues

[yasx] 17/8/2015 22:43

All,

I have been invested for a while - a few weeks ago I had a long chat with the Chief Exec and suggested that, mindful of consolidation in the sector, one way to enhance metrics to dissuade bidders and improve TNAV might be to induce a campaign to buyback shares since they have the authority so to do - they ought not to let this one go cheap.

The Board are well aware of corporate activity in this space, and have skin in the game with lare holdings so interests are aligned. They have, I understand, considered and continue to consider actions such as buying back the shares to deliver returns to holders of equity.

I suspect there will be continued diversification to overseas markets which deliver better returns, but, on current numbers this looks rather cheap, recent upward movement notwithstanding.

[eezymunny] 17/8/2015 17:00

Yes, well, Rainmaker's post 604 is pretty daft and bordering on misleading IMO. He's comparing TON valuation with other suppliers of mechanical ventilation products.

From TON AR

Revenue

Trickle ventilation and window and door hardware products £15,763
Mechanical ventilation products £3,493

i.e. most of TON's revenue was for pretty basic window and door accessories and the mech ventilation bit very small.

It maybe that the mech ventilation products will take off but for now RM's comparisons in post 604 are entirely invalid IMO.

[patviera] 17/8/2015 16:43

OrinocorRainmaker track record speaks for itselfYou are an odd bodI value rm a lot in fact hes one of the best

[orinocor] 17/8/2015 14:22

Rainmaker is ramping this on at least 2 threads so watch out. Take a look at some of his posts on mallet for instance. He posted things repeatedly that defied belief. Stuff like claiming Mallet's masterpiece subsidiary should be valued on a PER of a 100. He's still not apologised even after Mallet was sold for a fraction of the value he claimed it was worth. Even a schoolboy with no knowledge of investing would not have valued a once a year antiques fair on a PER of 1 a 100. Just watch out is all I'm saying.

[rainmaker] 17/8/2015 13:33

No probs,WD, quite frankly imo the current undervaluation is so ridiculous and outrageous as to be surreal. Anway some 13 trades today so interest is gradually building which bodes well for the share price outlook :-)

regards

[wad collector] 17/8/2015 13:19

It is raining thanks.

[rainmaker] 17/8/2015 12:42

Given the numbers SHAL, its not too late to add more.

regards

[sirhedgealot] 17/8/2015 12:35

And so the usual refrain is uttered. I wish i had bought more.

[rainmaker] 17/8/2015 11:36

Someuwin, the market shouldn't be giving 100p a second thought since Titon already makes a return in excess of its cost of capital on tangible net assets of 101p.

regards

[someuwin] 17/8/2015 10:53

£1+ soon at this rate.

[someuwin] 17/8/2015 09:05

5% so far.

[someuwin] 17/8/2015 08:39

Moving up again

[rainmaker] 14/8/2015 23:24

EU legislation to reduce carbon emissions will lead to greater energy efficiency measures such as Titon's MVHR which ventilates a modern air tight building, removing air but transferring the heat, via a heat exchanger, into the incoming air, with a reduction in energy costs as much as 59%.

regards

[rainmaker] 14/8/2015 22:54

IMHO definitely WC,with 120p as a short term target shouldn't be a problem and possibly as high as 150p, before the year end, as only 14 times current historic but that doesn't allow for further profits increase in the second half with the final results in December. As I stated in my last post, for a considerable period of time Titon's operating performance has continuously vastly outstripped a very low rating and the share price is now playing catch up. Furthermore this Company has strong green credentials and could really catch on with Investors both institutional and private alike, going from one ratings extreme to the other. IMHO you just need to give it time and you could be amazed at the returns you make.

AIMHO, DYOR

regards