Share Name Share Symbol Market Type Share ISIN Share Description
Total Produce LSE:TOT London Ordinary Share IE00B1HDWM43 ORD EUR0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -3.50p -1.80% 190.50p 188.00p 193.00p 194.00p 190.50p 194.00p 21,124 14:32:35
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Food & Drug Retailers 3,206.7 43.2 7.6 23.8 636.24

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Date Time Title Posts
17/7/201708:51Total Produce219
26/11/201408:55TOTAL Bears the Brunt of Falling Oil Prices-
11/12/200901:21news of PETRE GREGORIO98
13/2/200911:21A TOTAL Oil Disaster or just a little one.151
29/10/200709:36TotalTrak and JS Knight5

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Total Produce Daily Update: Total Produce is listed in the Food & Drug Retailers sector of the London Stock Exchange with ticker TOT. The last closing price for Total Produce was 194p.
Total Produce has a 4 week average price of 175p and a 12 week average price of 164p.
The 1 year high share price is 197p while the 1 year low share price is currently 118.75p.
There are currently 333,984,913 shares in issue and the average daily traded volume is 50,340 shares. The market capitalisation of Total Produce is £636,241,259.27.
grabster: Share price has more than doubled in the last 2 year period, making it the best performer in my portfolio - unfortunately it's also my smallest holding!
quepassa: Ten percent increase in dividend........... Ten percent increase in share price based on dividend multiples/yield ?????? A re-rating by the market is perhaps overdue. ALL IMO. DYOR. QP
wexboy: 2016 – The Great Irish Share Valuation Project (Part II): Company: Total Produce (TOT:ID) Last TGISVP Post: Here (former holding, also see here & esp. here) Market Cap: EUR 538 M Price: EUR 1.69 For such a dull stock originally, Total Produce has had an incredible run…actually quadrupling in the last 3-4 years! All despite the fact its fundamentals haven’t really changed – management continues to make 1-2 acquisitions a year (generally buying a 35-65% stake), adjusted EBITA margins remain in the 1.8-1.9% range, and earnings continue to grow at an average 9% clip in the last few years. Fortunately, I managed to capture a major portion of this revaluation…and to enjoy seeing so many investors only become interested after the stock doubled/tripled!? [Tom Claugus of GMT Capital (one of Jack Schwager’s new Market Wizards) has been building a 9% stake since late-2014, while Daniel Gladis of Vltava Fund now lists it as a top 5 position after (presumably) building his stake since late-2013]. But TOT management really takes the cake here: They finally pulled the trigger on a €20 million share buyback towards the end of last year…yup, I kid you not, the buyback actually came AFTER the share price quadrupled!?! And no, it’s not like there was some kind of prior financial constraint – management actually wallowed in €100 million+ of surplus cash for the past few years. Granted, I always had a pretty dim view of TOT’s capital allocation strategy anyway…but this must surely be the stupidest management decision I’ve seen in a long time. Anyway, FY-2015 results confirm a 1.9% adjusted EBITA margin – but if we allow for an average 19% minority interest in profits, this is equivalent to an underlying 1.5% margin, which deserves a 0.15 P/S multiple. And with a mere €18 million of net debt outstanding, we can adjust for cash (& investment property), plus an incremental debt adjustment – noting actual finance expense paid of €7.2 million, we could comfortably add another €49 million of debt, but let’s haircut that by our usual 50%. In terms of earnings, we can award a bit of a premium to TOT’s growth rate, recognising the underlying stability of the business (but not forgetting management’s poor capital allocation record) – a notch higher (for a 12.0 P/E ratio) now seems in order – and noting the Progressive Produce acquisition early this year & the recent trading update, using the top end of the €0.105-115 EPS range also seems appropriate: (EUR 0.115 Pros Adj Dil EPS * 12.0 P/E + (3,454 M Revenue * 0.15 P/S + 142 M Cash/Inv Property + 49 M Debt Adjustment * 50%) / 318 M Shares) / 2 = EUR 1.77 Total Produce is now fairly-valued. But there’s an obvious value-enhancing event still lurking on the horizon…a potential re-merger with Fyffes (FFY:ID). I mean, how ludicrous is it seeing two Irish fruit & veg companies (with basically the same €0.5 billion market caps) compete with each other, with both dead-set now on buying their way (however quixotically) into the North American market – the cost savings & revenue synergies to be harvested from, say, a nil-premium merger are blindingly obvious. But expecting something so rational from the TOT management team may be asking too much…we may have a very reluctant bride & groom on our hands still. Price Target: EUR 1.77 Upside/(Downside): 4% For related links/graphs/files, and more TGISVP analyses/price targets: Google the Wexboy investment blog.
quepassa: This week's Investors Chronicle runs a feature on Irish stocks. Total Produce gets a brief mention. "Fyffes isn't the only agriculture producer flying high on Ireland's equity markets. Since floating in 2007, Total Produce has seen its share price rise steadily as it's recycled strong cash flows into acquisitions to build up a leading position in global fresh fruit and vegetable markets". Page 23. Cannot disagree with a word of that! ALL IMO. DYOR. QP
battlebus2: There she blows QP, excellent results and a bit more to come in the share price IMV.
quepassa: Just keeps on stealthily moving forward. Market cap now £330million. Should enter Top 500 UK-listed companies soon ( using advfn analytics) in my view. Up circa 33% year-to-date. Amazingly robust dividend policy. Given the relatively thin liquidity, the share buy-back program is very supportive of share price. ALL IMO. DYOR. QP
quepassa: Excellent results. Concur . The TWO things which I also think are noteworthy are:- 1. Very generous increase in dividend by a big factor of 15% (the full year divi likely to be given similar uplift ) 2. INCREASE in GUIDANCE to top of range. The company continues to grow and to be acquisitive. We are at or around a new all-time high. The buoyant figures, strong outlook and SIGNIFICANT INCREASE in dividend, should help push share price higher. ALL IMO. DYOR. QP
quepassa: Irish Independent on the recent Total Produce results with some comment from stockbrokers Davey and Goodbody:- ALL IMO. DYOR. QP
wipo1: I am a bit disapointed with the poor share price performance the last couple of months,drifting down on no news. Anyone any ideas, is it eurozone or just don't like a business with wafer thin margins? Wholesalers usually have small margins,although booker cash&carry seems to have had a re-rating of late. Wexboy are you still in any thoughts? p.s maybe eurozone(weak euro) no helping?
wexboy: Total Produce is cheap (P/E 5.6 & 4.7% div yield) and safe (13.9 times interest coverage) - i guess the low multiple can be ascribed to zero eps growth over past few years, but on the other hand (esp. in this market) i think such consistent/stable eps delivery at least warrants a 10 P/E multiple - btw i don't hv a lot of respect for management (except if you compare them to Greencore management...), so i suspect we're really talking about a business that pretty much runs itself, something i like also - taking another approach, i peg the true underlying operating profit margin (pre-amortization/exceptionals, and adjusted to reflect minorities) at 1.34% - this deserves a Price/Sales ratio of 0.125, but i'd tweak a little higher to reflect available debt capacity - based on latest FY EUR 2,600.5 mio revenues, i'd calculate fair value at EUR 362.4 mio - putting all this together, i would average out at a fair value of EUR 0.89 per share, a potential 135% upside from the current share price - i think value will out ultimately, it usually does in the end assuming there is no underlying value destruction - i was impressed with the 22 mio share buyback last nov (which shd improve CY eps by 6%), but otherwise management is failing on at least 2 obvious fronts: i) considering the low risk nature of the business, and available debt capacity, management shd be aggressively hoovering up small/private businesses on a regular basis (as dcc does in its energy business) and quickly doubling the acquired units' operating margins through cost elimination/economies of scale, and ii) the elephant in the room...finally figuring out it's time to reverse the Total Produce/Fyffes break-up - a nil-premium merger is the obvious way to achieve this and should easily yield 2-3 years of decent eps growth even if the underlying business remains unchanged
Total Produce share price data is direct from the London Stock Exchange
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