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Share Name Share Symbol Market Type Share ISIN Share Description
Tp Group Plc LSE:TPG London Ordinary Share GB0030591514 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  -0.05 -0.88% 5.65 465,099 15:20:03
Bid Price Offer Price High Price Low Price Open Price
5.50 5.80 5.70 5.50 5.70
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Engineering 39.04 -0.11 0.02 282.5 43
Last Trade Time Trade Type Trade Size Trade Price Currency
15:50:20 O 962 5.51 GBX

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Date Time Title Posts
08/5/202107:47TP Group plc7,968
17/12/201909:05TP Group (formly Corac)16

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Tp Daily Update: Tp Group Plc is listed in the Industrial Engineering sector of the London Stock Exchange with ticker TPG. The last closing price for Tp was 5.70p.
Tp Group Plc has a 4 week average price of 5.50p and a 12 week average price of 5.50p.
The 1 year high share price is 9.10p while the 1 year low share price is currently 4.60p.
There are currently 758,565,854 shares in issue and the average daily traded volume is 741,101 shares. The market capitalisation of Tp Group Plc is £42,858,970.75.
pavey ark: Not Mr Grumpy ....the guy's a laugh ...he doesn't take himself seriously....surely? I have the sewing bee on filter so it's nice that someone is there to fill the gap for me. Anyway back to some fairly serious thoughts on TPG. I wonder how many have taken the time (and effort) to take a look at the business that would remain IF the maritime unit is sold. I know we have had the usual throw away one liners but then we had people describing this as a simple recruitment set perhaps a bit more require. It doesn't help that we don't know exactly what is up for sale or if anything will be sold but it seems rather bizarre that people are willing to sell immediately some sort of sale is announced. The company has spent c. £25m on the "remaining" business and TPG had some consultation history/ business with the MoD before that. Difficult to see any of the £25m spend that looks to have been a bad buy or decreased in value. The end of year update was actually rather positive and has been overshadowed by the possible sale announcement. Also worth looking at the gap between order announcements and the very positive rise in the order book....could be lots of sub £500k orders going in (£500k has generally been their cut-off for announcements. Being a sensible sort of a chap (sometimes) I've made an effort put a price on the company after any sale.... I have also tried to value the remainder based on what was actually sold. I am now faced with simple arithmetic if there is an offer. My arithmetic on any announcement would obviously be based on the subsequent share price but I could not imagine saying ...."oh !!....8p, 9p, 10p or 11p.. I'll take that"...without having tried to put a value on what I was selling...........or is it just me?
larry laffer: Even Carthorse isn’t brazen enough to issue an RNS so the share price is “manipulated” into a position where share options become “viable”. Whilst all of us want a share price that grows I don’t/won̵7;t invest into any company that is proven to have done so. If you actually believe they are contemplating doing so what are you doing with your cash in here. Just think on, if they do it for share options what depths would they stoop to if they were proposing a management buyout. Trash the share price, trash the company and sell it for a £1. Wait a minute - didn’t we have a division of the company that was a world beater and a much lauded advanced manufacturing centre. That was disposed of for £1.
cockerhoop: flotogo, I'd be surprised if they are, in these situations the share price has an uncanny knack of moving towards the ballpark of the offer. This hasn't happened here. This may mean: A: the value of Maritime is well below their radar - its value obscured by losses at TPG Engineering and adjustments in other subsidiaries. It's certainly possible, the only way of establishing the standalone profits at Maritime is via management or Companies House. B: They don't believe there will be an offer C: they don't believe the value of the offer will materially increase the value of the sum of parts. D: they believe TPG will be fritter any proceeds. E: Something else I'm still of the view its A: but would certainly have preferred some share price strength suggesting some insider buying.
pavey ark: Buffett: company founder and now most probably a drop in, back seat driver/consultant/PR quote machine. Cartmell: a CEO who (for £500k) should certainly be deeply involved in the running of the company...on a daily basis !! just a silly comment but I'm not surprised. TDay, I am not going to look into whither you are correct or not about the options because I don't care. Unlike some here I quickly discounted the impact/fairness/justification of the options simply because of their terms. For Caramell to gain anything the share price would have to be over 10p and even then he would have to pay 7p. At my average price and certainly based on the current share price these options don't bother me.....if they are exercised I will be happy. These relatively stringent conditions were put in place at the insistence of the institutional holders and if this deal falls through then they will say "it's time for a change Mr Caramell" If the deal goes ahead he will take the money and run.
larry laffer: Just thought I would pop in and read some of the more rational posts on here, I always skip Pavey Boy’s ponzi scheme rhetoric. Carthorse linked the reward part of his renumeration package to the share price....... By his own standards & KPI’s he completely failed to meet his very low targets. “Luckily”; for him he managed to “swing” getting an astronomical fixed part of his package as a yearly salary of £500k. The share options element of his package withered on the vine of any reasonable performance criteria. It’s a shame his salary wasn’t also tied to the share price performance also. Maybe we could have got most of it back. I’m on filter so I can say what I like......😂😂😂 I’m off out fell running this aftie so I will catch up later on and if my mate who runs the footsie is in the pub I will find out what he thinks of carthorse’ s salary wedge.
kiwihope: The share price drift is no surprise, it has always been like that with TPG. There has never been any solid fundamentals to underpin the share price (by that I mean after tax profits) so the price is largely a function of sentiment. Without regular news updates and the large uncertainty concerning the dominant maritime division, it is no wonder that the share price is drifting. It has always been and still is a jam-tomorrow share. Despite everything our optimistic resident says, this company has never made a significant after tax profit. He will no doubt have a go at me about being unduly pessimistic, largely as far as I can see, because I occasionally disagree with him. But I have been a holder longer than he has and I do still have some positivity about this company. But I have to admit it is waning. I am still prepared to give them some covid-related benefit of the doubt, but I am getting closer to the exit door. For me I think the maritime transaction is the last throw of the dice. I don't know how this will turn out but I just don't like investing in consultancy companies so the remaining business may not be very attractive to me. At the end of the day we all make our own choices and it's about having a better option. As time passes I am seeing more and more of those.
catch007: The share price decline continues circa 5.5p currently. Starting to look like a binary bet on news of possible Maritime sale which is a shame as there are some good businesses in the group. The issue imho is the company needs to demonstrate progress by new contracts and partnerships in its markets that will generate income and reassure the market. To appoint a firm to boost PR and then see next to nothing to enhance profile doesn't inspire confidence in the business or management team. The possible divesting of Maritime looks very much like Cartmel's swansong unfortunately the share price decline highlights what the market thinks of this strategy. 5.5p would normally be an instant top up buy within the lower end of TPG trading range however I am holding off for the time being.
pireric: Westek aside, TPG's shell ex Maritime is effectively a bunch of consultancy and services businesses. They operate in largely niche areas, and quite frankly there's little excuse for them not to at least be at a 10% operating margin, with all costs included. The fact that they aren't appears to me at least partly down to quite significant investment into growth technologies. Irrespective, if they do dispose of TPG Maritime, institutions are not going to sit back and allow them to run the group at effectively a break-even profitability position, and it would at least focus management time on a much clearer and more aligned group of businesses. Sapienza itself should be able to scale margins quite considerably. The difficulty in the very short-term was in the RNS - without being able to mobilise headcount across Europe through the pandemic, there was some need to lean on third party consultants, which eats away at profitability. But that should be a temporary factor. Put to one side what they might get for Maritime, and perhaps let's lowball it and say they only achieve £35m for Maritime on a cash/free debt free and working cap neutralised basis. At the current level, the market cap is £48m, and I imagine there's at least a few £m of net cash once working capital unwinds. So in this low case scenario, I think we'd be talking about somewhere around £38m of net cash on a £48m market cap. Within that £10m to bridge from the net cash position to the market cap, you have Osprey, Sapienza, Westek, and TPG Services (including Polaris). Together they should combine to somewhere north of £35m of revenues, and together they cost £20m to acquire (Ex TPG services). If TPG could come out and remotely suggest they see a pathway to a 10% EBIT margin on the rump, then that's £2.8m of net income potential. Throw that on a say 12x multiple, and that rump would be valued at £34m, or approximately 1x Sales. So in theory, I don't think that a market cap around £70m is impossible on the day of a disposal RNS, even if they were to only sell Maritime for £35m, say they're going to keep the rump, and illustrate a pathway forwards to modest sector-average profitability. That would argue for a 9p share price on a fully diluted basis. That's what I like about the current situation. If they sell Maritime even for a relatively low valuation, I sense the odds of the market waking up on the RNS and justifying a significantly different share price, is high. Eric
pireric: Presume BAE Systems would be one of the names that would at the very least be casting their eyes over TPG Maritime and it would be the sort of acquisition that would tick the type of boxes they look for in value added bolt on acquisitions. The more I look into Maritime, the more convinced I am that the lower end valuation in this market environment is around £50m. If the bidder was interested in the long-term hydrogen capability or pays a more reasonable multiple for the quality of the business, you can move much higher. Alternatively, the newer hydrogen ventures/partnerships could be stripped out of a deal (suspect TPGM interested parties are more defence oriented vs after the hydrogen technology know-how specifically). Hence TPGM and net cash underpin the current market cap and the remaining subsidiaries are effectively in for free. Admittedly some are running below where they should be on profitability, but its at least £20m of acquisition spend that would on the table for £0 plus TPG Services residual revenues. Hence struggle to get a reasonable SOTP below 8.5p on a 'today' basis and using thst bottom end valuation for Maritime and only assuming purchase price value for the acquired businesses. Appreciate that the likes of Shaw Sheet and Hunt Thermal were not value creating, but Shaw Sheet was very small and Hunt Thermal was decimated by the oil and gas environment like many businesses in that area (see Pressure Tech's precision components business) as an example. As I mentioned prior, and as written by PaveyArk, companies do not have to notify the market of only expressions of interest. The legal requirement is that there is a formal or more advanced bid process/discussion. If they had heard expressions of interest but the high level indications were (say) £30m, I suspect TPG would not have even entertained the idea let alone notify the market. Which suggests to me that the expressions are from credible parties and probably at a level which justifies real thinking about selling what is very clearly the best part of TPG (25-30% ebit margins, consistent revenue and underlying ebit growth, strong global competitive positioning, strong order book etc). If TPGM was listed on AIM, i suspect it would be valued on more like £80-100m but that's largely irrelevant. Eric
fat00mch: Cartmel was appointed to the board in September 2009. Share price was 40p. Shares in issue were @107M. Mkt cap = @£43M June 2010 he took over as chairman. Share price was 18p. Shares in issue were @107M. Mkt cap = @£19M. Over ten years, £62M raised through placements, £25M spent on acquisitions. Shares in issue @780M – mkt cap = @£55M. During that period, Cartmel has received over £3M from the company. If/when TPG receive an offer for Maritime - Cartmel needs to ride off into the sunset. He's been incentivised to drive the company/value forward, with the award of 22m options, something he's failed miserably to do over the past ten years. The company needs a new man at the helm and a vision of what will be done to maximise shareholder return. We can't afford for the Carthorse to keep plodding on.
Tp share price data is direct from the London Stock Exchange
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