Share Name Share Symbol Market Type Share ISIN Share Description
TP Group LSE:TPG London Ordinary Share GB0030591514 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 7.10p 7.00p 7.20p 7.10p 7.10p 7.10p 144,879 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Engineering 29.5 -0.6 -0.1 - 53.86

TP Share Discussion Threads

Showing 3276 to 3298 of 3300 messages
Chat Pages: 132  131  130  129  128  127  126  125  124  123  122  121  Older
DateSubjectAuthorDiscuss
20/9/2018
17:59
Another million trade gone thru.
timojelly
18/9/2018
23:35
PA I do not have access to the Cenkos note. I understand the current market expectations for 2019 are £41.5m,£4.8m and £2.2m for revenue,adj ebitda and adj pbt. My assumption is that this is pre M&A but have nothing to base this on.
cerrito
18/9/2018
09:28
Cerrito, in the land of the becks and fells this week so I've not had a chance to look at your figures in detail. I expect that Cenkos have produced an update based on these results ,have you managed to get a look ? Not really impressed with Cenkos as they are the house broker and I strongly suspect that they are closer to TPG management than they should be but they are the only show in town. Either Cenkos are taking close direction or their analyst is related to Mystic Meg.
pavey ark
17/9/2018
18:42
2mill at 7.2p looks interesting
timojelly
17/9/2018
18:36
I understand that their reading of market expectations is for revenue to be £35.9m. Given H1 revenue was £16m they are saying expectations for H2 revenue to be £19.9m a useful increase from £15.9 m in H2 2017. Adjusted EBITDA is forecast to be £3.8m; I am v irritated that they have not given us an explicit figure as they have done in the past. My calculation using the definition used in the 2017 Interims is an adjusted EBITDA of £350 k but appreciate you folks double checking. That would mean adjusted EBITDA of £3.4 m in H2 compared to £1m in H217 which if I have understood right would be v good. Adjusted PBT is £1.5 m but no idea what adjustments made and how to compare it. Financial PR 101: Put in the Interims the same yardsticks used in market expectations .
cerrito
16/9/2018
18:56
Like getting blood out of a stone.
timojelly
16/9/2018
18:25
Have to admit a sense of disappointment that the share price has not responded to a very good and promising set of results. Proving to be long haul indeed.....hopefully a few more decent orders and news on the acquisition front may tilt the needle in the coming period. GLA
catch007
13/9/2018
08:45
I've just done a quick check on the announced (RNS) contract awards in H1 and I make the total to be £19.9m. The total order intake was £29.5m. I am very pleased to see almost £10m in smaller orders. As far as I'm aware the usual rule is that they announce orders over £500k.
pavey ark
12/9/2018
10:59
This management have shown a very deft touch when it comes to acquisitions : Wellman,ALS, Polaris and only a slight blip with SSM (circumstances changed here and not necessarily a bad initial purchase (only £900k)). The current cash pile gives me great reassurance and when it is spent I am pretty confident it will be spent in a way that will enhance its worth above the £20m value it has. The idea that this cash pile is a bad thing and must be spent and spent quickly is bad enough but a share buy back would certainly reduce the company prospects considerably. This company is 75% owned by institutional investors with an average price north of 10p so give it a go and see how many you could buy back for £20m then work out the value of the remaining shares....not near 10p. Let organic growth and potential unfold AND invest your £20m with the skill shown in the past and you could be looking at 15p in a couple of years. NB 3p to 15p in five years is a share price growth of almost 40% compound !! Before this 15p figure is thrown around too much lets look at what is required. 15p would require an EBITDA of c. £11.5m I expect an EBITDA of close to £4m this year with organic growth increasing that to close to £7m over the following two years so the £20 million if spent this year has to be producing over £4m EBITDA in the two years after the acquisitions. These are challenging but achievable figures and they become easier if the market eventually warms to TPG.
pavey ark
12/9/2018
10:33
I believe the majority of Pi's would suggest the company is currently undervalued and I agree an 8p - 10p range would seem very reasonable based on the latest trading results, the directors need well above 9.25p+ for their share options I have bought TPG as a value play with an average buying price of 6.2p and fully expect a multiple of that price in the longer term. I remain very bullish on future prospects however we should be cognizant to understand the company continues to post losses currently and a move to profitability will be a key turning point for the business. I also believe that high quality acquisitions of complementary businesses which are earnings enhancing will help build scale, reach and the overall TPG business offering. I am not suggesting blowing all of the cash pile as we are in volatile markets and contracts need cash to be fulfilled however as I have previously posted 21million sitting on deposit earning next to nothing is not business effective use of capital and deploying some money to good use to drive earnings would be helpful. GLA
catch007
12/9/2018
10:17
. . I wonder what the share price would be if TPG where to use the £20m cash pile to buy back its own shares. 15p surely, timojelly. . .
bullster
12/9/2018
08:59
Well, MS unit should be worth more than the entire current mkt cap. Add in the cash, all the other business, growth prospects and further contracts and acquisitions around the corner...... I believe the market should be valuing TPG at double its current price NOW. 15p.
timojelly
12/9/2018
08:27
Cerrito: the only time I contacted them directly was to complain about their repeated use of "market expectations" when the figures were not available to private investors so please send your email. Your second point has validity but the recent change is really only a name change from MS to CaPS. "I do have a concern on the concentration span of management." I can't go along with that one. Space probably came with Polaris and they are just exploiting the potential that they have. Given all that is going on within the company and the change of accounting rules the cash flow figure must be seen as a movable feast. For my part I have always had confidence in this management and these results suggest to me that things are most certainly heading in the right direction. After these results I tried to look as objectively as I could at the results and the company prospects. Using every ratio and standard valuation metric I could find I concluded that using these conventional measurement tools the "correct" share price should be c. 8p. The problem with using these tools and applying the current figures is that I they take no account of growth rate or the trajectory the company is on. As my previous posts have shown, the current results should be seen in the context of the previous results (say the last 3 or 4 years). There is every indication that the company is heading along this steep upward curve. One of the measures I used was a multiple of 10 times EBITDA(close to industry average) and if you add the cash back in you get 8p but there are many growth companies valued at 15 times or more!! A 15 times valuation gives c. 10.5p This company is being valued very conservatively. I note that one poster was considering selling and and buying something with a bit more oomph. If the TPG price is 8p at the end of the year the compound growth rate is close to 40% over the last three years and for this to continue the share price should be 11.5p by the end of 2019. This is certainly good enough for me.
pavey ark
11/9/2018
23:34
Two things irritated me. First is they refer to market expectations without them telling us what they consider these to be. Any of you know what Management meant? If not I will send them an email. The second is they continue fiddling around with the Segment Analysis so difficult to know what is going on at the micro level. Good that in the half we got back into an operating cash flow surplus but still well below 2016 levels. As someone who has reduced his holding because of concern at lack of depth of management I was pleased to read many references to the focus they are putting into this. Cannot recall them focusing on the space market before...I bring this up because I do have a concern on the concentration span of management. They made a good point about the increased proportion of revenue coming from services compared to T&E. The 2016 twelvemonth revenue figures were £19m for Engineering :£2 m for services. All in all happy with what I have and looking forward to all this good activity generating some profit.
cerrito
11/9/2018
18:33
Looks like that 2 million offload held us back today.
timojelly
11/9/2018
18:29
Sp wise, like getting blood out of a stone but IC may spread the word a little more.
timojelly
11/9/2018
17:19
Fairy detailed summary of results in IC online. Very positive: reiterated "BUY" advice.
pavey ark
11/9/2018
14:40
Yes,I think I have to say that these results are excellent. The progress of the CaPS unit (previously MS) will result in a further boost to the bottom line,possibly at the year end and certainly next year. The company has said that the investment in this unit takes about a year to come through. The forecast was for £1.2m EBITDA in 2019 but I think it could be even better. Unfortunately we no longer have a split for T&E but it is obvious that the AMC is still costing money but is now producing and delivering to customers. Energy (oil gas) orders improving. Ignoring acquisitions,the improvement in the engineering side plus the tremendous advances at CaPS will produce a large organic step up in EBITDA, certainly in 2019. Obviously Maritime continues to do very, very well. To put the very impressive progress of the company into a simple set of figures EBITDA 2016: £1.1m 2017: £2.6m 2018: £4.0m E Revenue. £21.2m. £30.0m. £40.0m E Order Book. £17m. £30.0m. £60.0m E I don't know how the experts define a "growth company" but TPG is not currently rated in a way that reflects the progress being made.
pavey ark
11/9/2018
09:39
I have yet to go through the finer detail with a deep dive into the numbers however the interims are very well presented results with sound explanations on every aspect of the business and progress being made across the business units. Legacy payments such as the £300k ALS earn out will fall away and I am pleased to see the company has given clear information on the those areas in which it is looking at acquisitions. It has retained the cash pile to facilitate purchases whilst meeting increased turnover and contract working cashflow requirements. TPG looking to broaden its international reach in USA is very interesting and the consulting business is taking shape nicely. So no real surprises as expected the company is in good shape and the long term value is being realized. I don't think PA revenue estimates will be far away I am hopeful however that there may be one or two larger contracts announced in the forthcoming period from the established frameworks that give extra impetus. GLA
catch007
11/9/2018
09:32
Hugely encouraging update, especially when - as the statement repeats - "Our business is typically weighted into the second half of the year and so these results are even more noteworthy". This confirms my belief that this is a long-term hold, with great prospects highlighted on multiple fronts: increased revenues, reduced operating loss, increased order book, and maintained cash pile. There's reassurance too on the acquisitions front: "At present, we are in discussions with prospects involved in the supply of ruggedised military systems, project software systems and space mission support services." No matter what the financials state (as at 30 June), the prospects for the company are the real gems in today's update.
thompsonminor
11/9/2018
08:50
PA, I look forward to your analysis when you get the opportunity. Interesting to note that they have given a little more information on acquisition targets. Hopefully a nice earnings enhancing deal on the way.
tiltonboy
11/9/2018
07:34
Looking really good is an understatement and still a massive pile of cash.
timojelly
11/9/2018
07:33
Heading out so only a quick look here. Very significant increase in order book, revenue and operating profit. Change in accounting/reporting rules and an adjustment to last years figures make things very complicated and confusing but the figures certainly look good to me. (most expenses now have to come off P/L account and not cap. ex) Looks like we are heading for full year revenue of £40m-£45m, EBITDA of c.£4m and an order book of over £60m. These figures are a massive advance on figures from only 2-3 years ago.
pavey ark
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