Titon Share Discussion Threads

[liarspoker] 28/10/2011 09:55

MH - if you have any thoughts on JCR then please let me know on my value thread. I think it's a great buy for those willing to hold a delisted stock. PTP is about 2.2X 5 year average earnings, 5 year average revenue is about £39m, 5 year average P/E is 5.5p, cashflow is about £0.9m per annum, no debt and a 11% divi covered about 3 times. Management will continue a progressive divi policy ( spoke to the company myself ). There is more of course but please dyor etc. :O)

[orinocor] 02/8/2011 07:31

no wrong, its 41p

[orinocor] 31/7/2011 22:25

Rainmaker - 1 Mar'11 - 23:49 - 108 of 135

Kiltrock-another thinking Investor!It's crazy, shareholders are selling shares in Titon(TON) a perfectly good and profitable Company with a bright future at less than the Company's liquidation value.There were over 15k sold today at between 50p and 50.5p.Unfortunately, or rather fortunately for me,Investors are seemingly obsessed and blinded by short term moves rather than the long term value of the business

Now 42p to sell.

[wad collector] 28/7/2011 08:32

Not sleeping today::

28 July 2011

Titon Holdings Plc (the "Company" or the "Group")

Interim Management Statement

Titon, the UK based ventilation and hardware manufacturer, today releases its Interim Management Statement in respect of the period 1 April 2011 to 30 June 2011, as required by the UK Listing Authority's Disclosure and Transparency rules.

Activity levels within the Group's key UK markets of house building and window manufacturing remain extremely subdued and total UK Revenues for the 3 months were 3% lower than the corresponding period last year. Whilst sales of traditional window hardware products have declined, sales of mechanical ventilation products continue to make solid progress. As might be expected in a contracting market, heavy price discounting by some competitors is leading to subsequent pressure on margins.

Revenues from overseas activities for the 3 month period were broadly in line with last year, with growth at our Titon Korea operation temporarily stalled by funding issues in the South Korean public sector housing market. As reported at the half year, we have developed our range of heat recovery units to allow them to be sold into Export markets and we are pleased to report that first deliveries have been made towards the end of the period.

There is still a great amount of uncertainty and lack of confidence within the majority of the markets in which the Group operates and we anticipate that this will continue for the foreseeable future. Whilst we still expect to gain a greater share of the UK domestic mechanical ventilation market and further grow our Exports, we remain cautious about the overall short-term outlook.

Increased levels of capital expenditure on new product tooling and on new computer systems have contributed to the decline in cash balances at the end of June 2011 to GBP2.3 million (June 2010: GBP3.1 million).



Ouch.Down 14% so far today.Rather a gloomy statement.

[sleepy] 22/6/2011 23:14

I feel at home on sleepy boards of sleepy shares - ZZZzzzzzz.....

[cjohn] 22/6/2011 16:20

careful - that's almost daring that idea...

[sleepy] 15/6/2011 20:28

Perhaps someone bought a few shares?

[hugepants] 13/6/2011 12:54

dont have a clue

[cjohn] 13/6/2011 12:48

Any ideas why?

[hugepants] 13/6/2011 11:11

nice 7% surge this morning

[wad collector] 12/5/2011 08:33

Interims have knocked the price back a year.Ah well.... roll on 2012.

[rainmaker] 04/5/2011 13:59

Interim results out soon-last year 13 May.I'm no really sure what has been happening in the UK construction industry since they released their last statement on 26 January 2011-their turnover for the final quarter 2010 was 3% ahead of the corresponding period a year previously despite "very severe UK weather conditions in December and lower levels of activity going into January -

Titon Holdings Plc



Interim Management Statement





Titon Holdings Plc ("Titon" or the "Group") the UK Ventilation Systems and Hardware manufacturer today publishes its Interim Management Statement for the period 1 October 2010 to date as required by the UK Listing Authority's Disclosure and Transparency Rules.



Total Group revenues for the quarter to 31 December 2010 were 3% ahead of the same period last year, with revenues in the UK 1% higher and revenues in the rest of the world 12% higher.



The very severe UK weather experienced during December has had a detrimental impact on UK construction activity and, consequently, on our sales and profitability during that month. This lower level of activity has continued into January.



Net Cash balances of £3.0 million at the end of December 2010 were relatively unchanged from the September 2010 financial year end of £3.1 million.



As 74% of the Group's revenues are earned in the UK, it is the prevailing conditions within this market that will largely determine our performance over the rest of the financial year. Even after allowing for the adverse weather, the pace of recovery appears to be slower than anticipated. To counteract this, we continue to target the opportunities we have to improve our trading position.

regards

[rainmaker] 03/4/2011 19:41

Yep WD,the MM take the %$^^. However you could look at it another way, at 55p offered currently there're 10p cheaper than a month or so ago. Bought loads at lower levels and won't average up but still confident we'll go a lot higher. The South Korean venture will boost margins and topline growth over the next years will come from MVHR. Still expect +£1 share price before the end of the year.Last trading update was slightly disappointing-hard winter and stuttering recovery in housing market but we should not lose sight of the fact that with lowest level of construction in the UK last year since 1923, Titon still managed to make a £606k pre tax profit in year to 30 September.

regards

[wad collector] 01/4/2011 17:10

Yep , the spread is a stinker.Not worth trading unless you are prepared to wait yrs; you need a 10% rise just to stay still.I hate paying the MMs that much.

[rainmaker] 30/3/2011 16:25

Re Titon Holdings from this weeks Investors Chronicle-

"Ventilation systems specialist Titon does around 74% of it's business in the UK and has its fortunes very much tied to the UK's construction industry. The recovery in the UK has been sluggish and is expected to continue it's lethargic pace in 2011, which does not bode well for the Company. Still, things are slowly improving and at the end of December this £5.4mln minnow had £3mln net cash. The small market size means the shares are very hard to trade with a massive spread of 48p to 55p."

regards

[rainmaker] 29/3/2011 01:56

I believe that Titon Holdings(TON) got a short write-up in the Investors Chronicle on friday as it again qualifies as an automatic purchase under Piotroski rules, scoring 8 out of a possible 9. If you remember Professor Joseph Piotroski tested stocks that gained a 8 or 9 correct answers to his questions and discovered that a portfolio of such shares outperformed the lowest 20% rated shares on the basis of price to book value, by an incredible 7.5% a year over a 20 year period.Of course, low price/book value alone already beats the market by 3% to 5% a year.He reached the conclusion that a Company share prices collectively doesn't incorporate new information in a timely manner in direct contravention to the efficient market theory, much loved by Academics, that says in it's semi strong state that all publicly available information is automatically and instanteously absorbed into a Company's share price.In other words you cannot use publicly available information to beat the market and if you consistently manage to outperform the market then it is down to chance.ie you're just lucky.


Piotroski asks some 9 questions of a stock and the answers are to be found in the balance sheet and the income statement of the Company's lastest set of accounts.Some questions look at the last set of accounts in isolation ie does the Company have positive cash flow whilst others compare the current set of accounts with the previous years ie have gross margins improved, has working capital increased,has the number of shares outstanding remained the same or decreased etc

regards

[rainmaker] 26/3/2011 13:06

Hi Kilt, I'm waiting for lower prices before adding to my holdings as a cardinal rule I won't average up. I think you should also have a serious look at three other Value shares, International Antiques Dealer,Mallett(MAE), trade only IT distributor,Northamber(NAR) and Publisher, Bloomsbury Publishing(BMY). IMHO at current prices, Mallett(MAE) is definitely the pick of the bunch.



regards

[rainmaker] 15/3/2011 11:49

A bit of tree shaking going on, as MM drop the bid to try to attract some selling.

regards

[rainmaker] 14/3/2011 01:41

Kilt-I don't think you are too cautious and I believe, given the last trading update, it's sensible to hold back for a while. The minimum liquidation value here is net working capital of 60p a share and as Titon(TON) is trading profitably, has net cash of £3mln and a covered dividend yield of 4.3%, I wouldn't expect too much of a drop. IMHO absolute steal would be low 40s but more realistically between 45 and 50p ie slightly below current levels.

Interesting piece from the National Housing Federation which cites the lowest rate of peacetime building since 1923 and ............Titon made a £606,000 pre tax profit in the year to 30/9/2010. Can things get any worse or much more likely they will improve. If they can do this well when building volume is so low...I'm not confident of the UK Property market prices with rising unemployment and interest rates but that doesn't mean that Titon can't do well.

I don't think there is any doubt that Titon will get both growth in sales and margins with MVHR and their lower cost South Korean manufacturing plant reaching critical mass and breaking even. Sales at this factory were up 131% last year to £1.5mln and Titon are confident enough to spend £600k upgrading to Plant to deal with further large increases in volume-that's one year's profit reinvested-that speak volumes.

Another interesting point to note is that Titon who obviously are confident given the positives mentioned in the last paragraph,are for the first time in many years, giving shareholders a split between their own higher margin products and those lower margin ones bought in.For many years Titon failed to publish this split as margins declined. Please draw your own conclusions.


regards