Share Name Share Symbol Market Type Share ISIN Share Description
Titon Holdings Plc LSE:TON London Ordinary Share GB0008941402 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 124.00 230 08:00:03
Bid Price Offer Price High Price Low Price Open Price
118.00 130.00 124.00 124.00 124.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Construction & Materials 29.95 2.98 19.17 6.5 14
Last Trade Time Trade Type Trade Size Trade Price Currency
09:00:09 UT 230 125.00 GBX

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Date Time Title Posts
15/8/201914:16Titon : a TITAN?962
16/11/201610:10Titon Holdings1
01/2/201312:17*** Titon ***1
16/1/201323:45Titon Holdings70

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Titon (TON) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2019-11-21 09:00:09125.00230287.50UT
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Titon Daily Update: Titon Holdings Plc is listed in the Construction & Materials sector of the London Stock Exchange with ticker TON. The last closing price for Titon was 124p.
Titon Holdings Plc has a 4 week average price of 122.50p and a 12 week average price of 117.50p.
The 1 year high share price is 206p while the 1 year low share price is currently 112.50p.
There are currently 11,083,750 shares in issue and the average daily traded volume is 2,267 shares. The market capitalisation of Titon Holdings Plc is £13,743,850.
jane deer: The results are much better than feared, with solid profit and cash flow (admittedly mostly in 51% held Titon Korea). Good to read that Titon Korea should pay a dividend again to the parent company in H2. I think the share price would really react well if associate company, BTS, were to pay a dividend. The only real downside, I see in these figures is that the Korean accounting restatement is still not fully explained (at least not in a way that was easy for me to understand). I also noted with some trepidation that IFRS16 (leases) has not yet been implemented and the Board are saying that the impact will be material - but then give no quantification at all.
jane deer: Yes solid numbers much as indicated in the AIM conversion document. I am not sure that there is much new here to drive the price forward - would like more disclosure on Korean business. Stock price seems solidly underpinned by cash generation and no doubt this has meant that the share price has been resistant during the latest sell off.
fozzie: Let us hope so. I have held on tightly some would say grimly for a long time now. Share price has been very stable through the turmoil of the last few weeks and moving nicely now.
sonofbanjosinger: Titon offers eastern promiseColchester-based Titon (TON:204p), a small-cap designer and maker of domestic ventilation systems, and door and window hardware, has issued the cracking set of first-half results I had anticipated when I included the shares, at 160p, in my 2018 Bargain Shares Portfolio.Buoyed by a strong performance from its South Korean operations, Titon's pre-tax profits rose by 13 per cent to £1.34m in the six months to the end of March 2018. Moreover, with the benefit of a lower tax charge, EPS were propelled 42 per cent higher to 8.64p. Shareholders are being rewarded with a 17 per cent hike in the dividend to 1.75p a share, highlighting the directors' confidence, and the fact that net cash on the balance sheet is worth 25p a share.Titon's 51 per cent-owned South Korean subsidiary, Titon Korea, manufactures natural window ventilation products and boasts a 75 per cent share of the national market. Revenues here surged by a quarter to £5.7m, accounting for 40 per cent of Titon's first-half turnover of £14.5m, and at a healthy margin, too. Demand for its products in South Korea has been driven by three main factors: the introduction of building regulations for ventilation which specify that new houses and apartments have to be adequately ventilated; preference for the use of natural ventilation products over mechanical ventilation by major South Korean social housing authorities; and the adoption of use of natural ventilation products by the private housebuilding sector in order to reduce construction costs.Titon also owns a 49 per stake in an associate company, Browntech Sales, which distributes ventilation products, and generates additional revenue through residential property development activities in Seoul. Combined, the South Korean operations reported a bumper pre-tax profit of £1m in the first half. The economic and geopolitical back drop in the region is also encouraging.Not only is the South Korean economy forecast by economists to deliver economic growth of 2.9 per cent this year and next, but chairman and 8.9 per cent shareholder Keith Ritchie rightly points out that "the geopolitical climate has taken an extraordinarily positive shift with the recent summit between South Korean president Moon Jae-in and North Korea's leader Kim Jong-un. This was unthinkable at the turn of the year and has been welcomed in Asia and around the Globe. It remains to be seen whether full denuclearisation in North Korea will follow, but this new openness, and a prospective meeting between Donald Trump and Kim Jong-un, is very good news."The UK business has proved no slouch, either. Operating as a leading supplier of background ventilators in a market where air tightness standards for buildings is supported by changes in UK building regulations, Titon offers low-energy mechanical ventilation systems, and a comprehensive design service to its customers. Divisional first-half pre-tax profits increased by a third on an underlying basis to almost £0.5m, albeit this was a reflection of margin rather than revenue growth.Admittedly, export sales in Europe and the US were subdued, but the strength of Titon's UK and Korean operations means that the company is trading in line with profit forecasts from analyst Tony Williams at Hardman & Co, who predicts pre-tax profits will rise by 13 per cent to £2.8m in the 12 months to the end of September 2018 to deliver EPS of 17.7p and support a 17 per cent hike in the annual dividend to 4.8p a share. On this basis, Titon's shares are priced on a forward PE ratio of 10 net of cash on the balance sheet and offer a 2.3 per cent prospective dividend yield. That's hardly expensive for a company set to post record results for the fifth year in succession, and with a decent chance of delivering over £3m of pre-tax profits next financial year, too.So, having seen the Titon's share price pullback from a 24-year high of 222p on modest profit-taking, I feel that a move above the September 1993 high-water mark of 240p
sonofbanjosinger: I would not expect anything from the AGM. I also don't know if any of the trades are due to re-investment of dividends yet as the dividend has to be voted in at the AGM. The most notable thing, that has happen to this share was getting into the IC magazine which will hopefully increase the share price to a proper valuation due to a wider audience of smaller investors being interested.
impvesta: The AGM was due to start at 11:00 am today. I was hoping they might release an AGM statement but nothing yet and there wasn't one last year. Share price action is certainly good at the moment anyway!
welsheagle: Are improved Korean relations improving the share price.
jaknife: PUGUGLY, marginal differences as slightly different no. of shares: £17,735,000 MC @162.5p mid 10,913,750 number of shares in issue (10,963,750 less 50,000 in treasury, RNS 1 Feb 2017) £2,710,000 net cash £15,025,000 MV EX CASH (EV?) 24.8 Cash per share 137.7 Share price ex cash 162.5 Share price 12.18 eps 13.34 p/e inc cash 11.31 p/e ex cash
pugugly: I make it - assuming same 2nd half (i.e eps 1st half doubled) Can any accountant double check me £17,700,000 MC 10,878,695 number of shares £2,710,000 cash £14,990,000 MV EX CASH 25.0 Cash per share 135.0 Share price ex cash 160 Share price 12.18 eps 13.14 p/e inc cash 11.08 p/e ex cash
profdoc: Ah, that was based on something written by me - but I did not write that. I had no idea that it was sent out unsolicited. I'm sorry if it annoys - I know I get annoyed by unsolicited stuff. For those who are interested, here is the full text of that Newsletter (posted 4th May 2016). Glen Titon (LSE:TON) has been a very good share for me. In September 2013 I purchased at 37.9p. I sold all my holdings last week for 106p. Together with dividends (6.5p), that makes Titon almost a 3-bagger (a 197% increase, to be more precise). I’ve chosen to sell this particular share because I’m concerned that its performance over the next housing cycle will not be as great as recent operating results suggest. As I pointed out in the 22nd and 23rd Feb 2016 Newsletters, the company seems to lack pricing power. It strategic position in terms of Porter’s Five Forces, and in terms of not possessing an extraordinary resource that allows it to out-compete rivals, concerns me greatly. It has three strategic business units: Hardware in UK/Europe For its simple window vents, handles and other metal/plastic components it faces intense rivalry, giving customers considerable power. Entry to the industry is reasonably easy. The low profits/losses in this area through the recession indicate the low level of pricing power. While the few years ahead might be good for sales as the housing market recovers, the next downturn could bring price-cutting to gain volume, yet again. Korean hardware It currently has few rivals in Korea due to first-mover advantage. Consequently it has been making very good profits here (around £1m after tax). However, its simple window vents are not that difficult to copy or substitute. I expect one day it will find it has to compete more on price because I do not observe any extraordinary resource, allowing it to charge significantly above cost on a sustainable basis. Mechanical ventilation and heat recovery Whole house mechanical ventilation with heat recovery is a more sophisticated technology than window vents and sales have been rising significantly. But it is not really cutting-edge, with barriers to entry caused by special knowledge held only within this company. Indeed, I was wandering around the House Builders and Renovators show in Birmingham a couple of weeks ago and found lots of competitors in MVHR. Another reason for selling I’m a bit miffed that the directors did not respond to my strategic analysis. When I toured the factory with them last month the CEO acknowledged receipt of the analysis, but made it plain he did not wish to comment on it. The Chairman said he had heard of it, but had not read it. Why the CEO chose not to discuss it further with boardroom colleagues, or with me, I do not know. Could it have something to do with the expensive “research̶1; on the company’s prospects they commissioned to promote the firm to investors? They are clearly not in the mood to hear less than bullish analysis. It could be a mistake to sell so early I could be wrong. Perhaps this company does have a way of sustaining high rates of return on capital employed through the cycle. But given the lack of evidence to support this view I cannot be sure enough of the share rising much from here. I’d rather use the money released for new Deep Value Shares. I could be wrong in a different sense: it may not do well in the next downturn, but it could produce good returns before then as “a rising tide lifts all boats” - meaning that a rise in UK housing transactions over the next two years might raise the share price significantly as profits boom. I will therefore look foolish to many because I sold too early. I’ll have to take this on the chin. I wish the company well, but the risks are now too high for me.
Titon share price data is direct from the London Stock Exchange
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