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Topps Tiles Plc

0.00 (0.0%)
Share Name Share Symbol Market Type Share ISIN Share Description
Topps Tiles Plc LSE:TPT London Ordinary Share GB00B18P5K83 ORD 3 1/3P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 53.60 112,041 13:30:06
Bid Price Offer Price High Price Low Price Open Price
53.00 54.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Floor Covering Stores 247.24 9.01 4.60 10.72 105.42
Last Trade Time Trade Type Trade Size Trade Price Currency
15:13:30 O 20,000 53.75 GBX

Topps Tiles (TPT) Latest News

Topps Tiles (TPT) Discussions and Chat

Topps Tiles (TPT) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type

Topps Tiles (TPT) Top Chat Posts

Top Posts
Posted at 25/5/2023 17:54 by makinbuks
Adam Tomlinson at Liberum Capital rates the group’s shares as a Buy, looking for 100p as his Target Price.

His estimate for the year to end September is for £261m sales (£247m), while profits ease to £11.3m (£15.6m), earnings fall to 4.0p (6.3p) but with a steady 3.6p dividend per share.

For the coming year he is going for £271m sales, £12.9m profits, earnings of 4.6p and a held dividend at 3.6p per share.

He clearly states that the shares are cheap, offering a double-digit free cash flow and a 7% plus yield.

Conclusion – a move above 60p looks inevitable

Posted at 05/4/2023 14:41 by kalai1
Topps Tiles plc issued a trading update for the 26-week period ended 1 April 2023. Having reported record years for revenue in both 2021 and 2022, the Group delivered a record period in HY1 with revenues of £130.5 million up 9.5% higher on the prior year. Omnichannel Like-for-like sales over the first half were up 4.3% with Sales per store in the first half 30% higher than in the pre-pandemic period of FY19. Management still expect Group profitability to be weighted towards the second half and also have confidence that the Group will deliver its market share goal of '1 in 5 by 2025' ahead of schedule. Valuation is decent with forward PE ratio around 10x, dividend yield at over 7.8% is outright attractive. The balance sheet does have a fair amount of debt, gearing ratios are high. The share price also lacks momentum. TPT is a solid speciality retailer at an attractive price, but looks to be a share to monitor for the time being...

...from WealthOracle


Posted at 02/4/2023 20:00 by tole revenue on the booksTopps Tiles (LSE:TPT) is a well-known tile retailer in the UK. With a market-cap of £91m and a share price of 47p, it ticks the boxes for a penny stock. Over the past year, the share price has fallen by 15%The business has dealt with some problems in the past 12 months. This included a rather public spat with a large shareholder, MS Galleon. Topps Tiles urged others to vote against the plan to oust the current chairman, and said MS Galleon had a conflict of interest in potentially launching a rival tile brand.High inflation has also caused a headwind for the company, but the 2022 annual report showed how cost savings and store reductions have compensated to keep costs under control.In fact, last year was the second consecutive record year for revenue at the business. Adjusted profit before tax increased by 4% from last year, to hit £15.6m. If it has another record year in 2023, I feel it's only a matter of time before people start noticing and buying the stock, pushing it much higher.Further, I think it has all the hallmarks of being a good defensive stock. This could come in handy if the UK economy sours later this year.
Posted at 13/1/2023 17:31 by casholaa
In my imagination, I think the game is to use tpt as an outlet for the cersanit tiles at prices that are to the benefit of cersanit and detriment of tpt, it may also lead to a demand that other tile producers supply for less than they are or tpt won't buy from them.
Posted at 13/1/2023 17:09 by wad collector
Just noticed the feisty response of the board to the Galleon activities.

Basically says that being 30% holders does not entitle them to boss the board , stop misleading other shareholders, you have conflicts of interest, and the Cersanit products were too expensive so sod off and stick to investing.And btw we already have 41% of the holders who will vote against the resolution.

Hopefully this will put a pin in the Galleon balloon, though what happens next will be interesting . And possibly good for the share price

Posted at 21/12/2022 10:35 by wad collector
XD Tomorrow 2.6p which of course is 5% of current share price ; worth having!

From Bearbull on IC last week;

When activist shareholders go to war with a target company there is usually entertainment to be had (though probably not for the directors of the target) and often money to be made for investors. However, it may be a first when the activist says to the target, 'buy more of our products or else the chairman gets it in the neck'.

In a nutshell – and with just a little caricature – that is what’s happening at tiles retailer Topps Tiles (TPT). It faces a call to sack its chairman, appoint two of the activist’s nominees to the board and, in effect, to buy lots and lots more stuff from a Polish bathroom-equipment maker that the activist just happens to own. The activist is MS Galleon, a Vienna-based investor that seems to focus on Polish companies, and which has built a stake in Topps fractionally short of the 30 per cent threshold that would trigger a mandatory bid.

Galleon began building its stake in Topps in 2020. During 2021 – by which time its holding had risen to 20 per cent – Galleon suggested that the proportion of inventory Topps sourced from Cersanit, the Polish bathrooms specialist, should be about the same as its stake in Topps. That was an interesting – and even challenging – symmetry since, at that time, Topps sourced just 0.5 per cent of its stock from Cersanit, which in the 2020-21 financial year would have had a retail value of about £1mn. Even to raise that proportion to 20 per cent would be the equivalent of buying about £46mnn-worth of goods – great for the Polish end of the deal, not necessarily so good for the UK end.

Indeed, Topps’ bosses point out that the company’s internal rules forbid it from sourcing more than 10 per cent of inventories from one supplier – a sensible precaution. It adds that the activist’s proposals present a clear conflict of interest. On the one hand, the activist wants its Polish subsidiary to be a major supplier to Topps; on the other, if the activist gets its own people on Topps’ board, it would not be possible for them to act in the best interests of all shareholders.

Maybe it’s not that simple. It is permissible for a company’s directors to have conflicting interests so long as that is made clear and so long as it does not influence the company’s decision-making. Yet achieving that in practice is harder than in theory, especially in this case where the activist’s equity stake is so influential and its demands so obviously self-interested.

All that said, however, Galleon, the activist, has a point. All has not been well at Topps for some years and the decline – if decline it is – coincides quite neatly with the tenure of Topps’ chairman, Darren Shapland. Since he took the chair in February 2015, Topps' shares have lost 60 per cent of their value and have dropped 63 per cent relative to the FTSE All-Share index. True, much has happened in the intervening years that has been bad for retailers, particularly those with a limited online presence, such as Topps; and Shapland has never held an executive position at Topps. Even so, more influence might have been expected from a chairman whose CV in retailing was as impressive as Shapland’s. It peaked when he was finance director at J Sainsbury (SBRY) in the 2000s and subsequently included a short spell as chief executive of Lord Phil Harris’s Carpetland where he had earlier been the finance director.

Galleon seems keen to contrast Topps’ performance and share rating with Victorian Plumbing (VIC). Topps appears to come off second best. However, the comparison isn’t necessarily fair. Both companies make a living selling tiles and related stuff, but Victorian Plumbing is exclusively an online retailer while Topps is mostly the bricks-and-mortar variety. Consequently, it is to be expected that Topps’ measures of profitability and efficiency would be inferior since the online retailer, assuming it has built up a critical mass of sales, can happily run on lower overheads.

No matter. When shares in Topps were most recently in the Bearbull Income Portfolio (they were sold at 49p in mid-2020 as Covid bit and the dividend was axed) there was no shortage of value in relation to their price. I suspect it is much the same today, except the dividend has been restored; at the current 51p share price it yields 7.1 per cent, although that implies Topps is over-distributing. Even so, ahead of the fun and games at January’s annual meeting, Topps' shares may well be worth a punt, especially as the 2.6p final dividend is in the price until 22 December.

Posted at 07/12/2022 11:44 by fevertreeman
Certainly looks like the BoD is going to resist this fiercely, and will probably be supported by insitutional shareholders. This has effecttively gone hostile, so Galleon has 3 options if they dont get the requisition numbers they need
(1) Make full bid (2) Sell down their stake. (3) Hold onto stake Share price seems to be suggesting 2 or 3 hence the share price drop because that would be a big overhang on teh share price. If it were going to be bid for, the share price would be reflecting that methinsk...time will tell

Posted at 30/11/2022 07:04 by tole Topps Tiles is good value, says LiberumTopps Tiles (TPT) remains good value after strong full-year profits and growth in all markets, says Liberum.Analyst Adam Tomlinson retained his 'buy' recommendation and target price of 100p on the tile retailer, which closed up 1.5% at 40.6p on Tuesday.The company's full year 2022 profit before tax of £15.6m beat his £13.8m forecast 'driven by another year of record sales'.Tomlinson noted the 'very healthy balance sheet' but 'prudently' left forecasts unchanged for 2023 as he is 'mindful of near-term macro and potential consumer headwinds'.'That said, with all divisions in growth, self-help driving market outperformance and continued progress towards its "one-in-five by 2025" UK market share target, Topps' omni-channel model positions it well to further embed its market leadership,' he said.'The shares remain good value, offering a current year 9% dividend yield and double-digit free cashflow yield.'
Posted at 05/10/2022 14:55 by kalai1
Topps Tiles plc issued a Q4 Trading Update confirming another record year for sales with profits towards the upper end of expectations. Market expectations are for adjusted profit before tax for FY22 in the range £13.8 million to £15.4 million. The balance sheet remains strong, the Group has a positive net cash balance of approximately £15.9 million at year end, with no borrowings. Valuation is now also reasonably attractive with forward PE ratio at 8x and generous dividend yield over 7.3%. Momentum is lacking with share price in a correction through 2022 so far. Q4 sales performance was also a little softer than last year as the economy slows, like-for-like sales were down 1.2% on a very strong comparative period. But performance was still up 25% on pre-Pandemic FY19 numbers. There is a lot to like here, FY22 EPS will surprise positive, but there is no obvious rush to buy given the deteriorating macro environment...

...from WealthOracle


Posted at 02/9/2022 10:35 by sphere25
Unusual activity here of late. Notable exchanges including the 9.3 million today.

The volumes out there are absolutely dire of late, but it looks like MS Galleon want to get close to that 30% threshold with some very notable buying. This is a very peculiar move.

I mean of all the shares out there to attract this level of buying (21% to perhaps near 30%?), you wouldn't have expected TPT to be the one. I don't see how TPT don't warn at some point in the future in this environment.

So why buy now? Is something about to happen here?

Surely it is too early or are they just going to deploy their capital here, sit at the threshold as part of a longer term move looking years out. Hmmmm. The timing looks off but I might be wrong.

I can't buy this here unless there is something out there to suggest corporate activity and there doesn't appear to be, well not unless those posting these rumours have a source that can be posted here.

If it is a case of nothing corporate, then this will probably follow the theme of other shares. The buyer get exhausted by the larger sellers, the price flat lines at best (or will likely continue the downtrend as the market prices in downgrades) and then a profit warning will follow.

All imo

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