Share Name Share Symbol Market Type Share ISIN Share Description
TP Grp LSE:TPG London Ordinary Share GB0030591514 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  +0.00p +0.00% 6.275p 499,144 08:00:00
Bid Price Offer Price High Price Low Price Open Price
6.25p 6.30p 6.275p 6.275p 6.275p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Engineering 39.04 -0.11 0.02 313.8 47.6

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Date Time Title Posts
18/4/201914:32TP Group plc3,672
17/4/201808:06TP Group (formly Corac)14

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TP Daily Update: TP Grp is listed in the Industrial Engineering sector of the London Stock Exchange with ticker TPG. The last closing price for TP was 6.28p.
TP Grp has a 4 week average price of 6.05p and a 12 week average price of 6p.
The 1 year high share price is 7.75p while the 1 year low share price is currently 5.75p.
There are currently 758,565,854 shares in issue and the average daily traded volume is 1,300,823 shares. The market capitalisation of TP Grp is £47,600,007.34.
catch007: Decided and bought a further tranche of shares this morning in TPG based on the results and new contract extensions. The share price does not reflect the value or progress of the company and the downside risk remains limited given existing cash pile and free cashflow improvements. Seems a bargain to me at this price. TPG continually tests our patience as good news does not move the share price north however in this year I confidently expect substantial new contracts. In the interims TPG announced they were in negotiations with three prospective acquisitions only one has been executed (Westek) so it would not be a surprise to see news on this front with a new acquisition funded from existing resources. The CEO goal as I recall was to build a £100m turnover company organic growth alone (whilst good) needs to be supplemented by quality bolt on acquisitions. Many on the BB have commented on their 'sum of the parts' share price valuation view. My own target price range is 8-10p which I believe is achievable in the near term like many others I just get frustrated that the rerating hasn't happened in a long time. GLA
pavey ark: The main drivers behind any takeover are:- 1 The company doing the buying thinks that their management can do better 2 The target company is in some sort of financial trouble and in need of cash. 3 There is an economy of scale benefit. 4 The company doing the buying has a ready market for the new products. By far the main asset here is the Maritime business and TPG can handle that. I would consider that a payout from a takeover at this stage to be highly unlikely as the institutional investors and the CEO have put a considerable amount in here and at more than 10p. Just for the record : the last time I was banging on about hidden value here was three years ago and the share price was under 3p. For almost a year the price was under 4p. Even at the silly price we have today (couldn't resist a little more today)a share price of 4p gives a COMPOUND return of 15% over the three years and I know that myself and others bought at under 4p (even under 3p). I'm not sure what people want here as 15% compound for any length of time would make any investor very rich. In my previous post I STARTED from 7p as I thought that the lowest reasonable place for the share price but if you bought today and the price staggered up to 7p a year from now that would still be an additional 15%. Results tomorrow so all eyes on that with particular interest in the forward looking statement.
pavey ark: The frustration here is rather obvious and understandable but not really justified. I must admit that the share price does frustrate and annoy me (sometimes very much) but a dispassionate look at the state of the company does lead me to believe that the market must catch up ....eventually !! If I start with a share price of 7p (12% up from current price) Market cap. £53m Current cash c. £18m Enterprise value £35m What do we get for £35m ? CaPs unit has had £6m spent on it and TPG had a residual unit already in place. The orders have come in and the order book is much higher than the total of the original acquisitions. I seem to remember a figure of c. £1.5m for expected profit in 2019. Caps unit ...value ... £10m (++) Dukinfield unit ...c. £2m spent (AMC) , existing plant, machinery and orders...value £5m (very lowball figure but lets see how things are going, unfortunately this is now in with maritime so we have to hope we get detailed comments). Westek .... £3m ...obviously this was bought because management felt they could readily add to its value but again ,let's wait and see. Maritime...very tempted to go for £50m but will suggest £45m and we would see quite a queue forming. Total £63m.....for £35m Difficult to see what more management could do as T/O, order book and EBITDA have compound at a very high rate over the last three/four years (very high rate !!) and have gone from a massive cash burn to cash generation. The above does not include any value from the IP and test results of the compressor business that the previous management spent vast sums on. My guess is that this technology is probably worth quite a bit but someone would have to want it or TPG would want to sell it. Anyway I feel better for that so off for a run along the beach !!
pavey ark: Not sure why some are trying to duck and dive in their share dealing seldom works. (Weather a bit rough today so I spent most of the morning going over figures .) More number crunching here and some other shares and happy to have a clear idea of where I stand with my main holdings. (without upsetting people I wonder how many PIs actually do this in a fairly serious way?) Here the EBITDA figure is nudging towards £4m for 2018 (will take anyone on as to the validity of using EBITDA in regards to TPG). My focus was on the engineering unit (excluding Maritime)and there have certainly been some hefty losses and not sure that these didn't continue into 2018. On the bright side I see these losses coming down, Westek contributing and as usual Maritime forging ahead. I am prepared to guesstimate that these three should contribute an additional £1m to EBITDA ( I think I'm being conservative but lets go with that figure. The CaPS unit made a loss of £800k in 2017, should make a profit of £400k this year and forecast to make £1.4m next year, again conservative given all the positive news flow coming from the company. So there we have it: an EBITDA of c. £6m A fairly good measure of a company is EBITDA X 8 or £48m add in cash of £18m and you get a share price of over 8.5p (at year end) Have assumed:- no increase in cash no acquisitions cash flow covers all payments outstanding on recent acquisitions NB 8.5p is over 30% up on current share price that not enough ?....obviously not! EDIT: whither the share price hits 8.5p or not is out of my control and certainly out of management's control but if the company is worth 8.5p/share the market will eventually catch up or someone will.
pavey ark: LL, I will concede that perhaps I should have made it clear/clearer that I was partially responding to the claim that the share price had gone sideways recently and the call/prediction of a double 10p+ share price (obviously not the same poster). I certainly gave facts, predictions, brokers estimate etc and set out in some detail what was required to reach and maintain a share price of 8p. On reading my previous post I certainly strongly refute any suggestion that my use of an 8p share price was inappropriate and the detail surrounding it certainly could /should add to a discussion on the company's prospects. From my previous post: "First let me start with a realistic price target for the year end and try and work back from there. Usually not very productive to try and second guess the short term market price but it seems a big thing with some people so here we go:-"
larry laffer: PA "A share price of 8p at the end of the year is 33% up from where we are. A share price of 8p gives a market cap of c. £61m...." Couldn't you equally have said "A share price of 0p at the end of the year is 100% down from where we are. A share price of 0p gives a market cap of c. £0m...." In essence neither of the statements adds anything to a discussion on the companies prospects.
pavey ark: Kiwihope, as I said I had no problem with your figures nor the logical point that results have to improve to push the share price up. What I do take issue with is the statement that there is a danger of a fall of 20-30% if there is a slip up, whatever that means. You may be a shareholder but I do remember,two years ago, when I pointed out that the Maritime unit was worth £30m and as our resident troll screamed you said I was being over optimistic and it was perhaps worth £15m (going on memory here so apologies if I'm off the mark.) The share price at this time was c. 2.6p valuing the company at c. £11m with £7m cash and the afore mention maritime unit. I certainly do remember you had the same outlook then as today but with Maritime earning £5.6m this year alone I suppose I was way out,but the other way. £23m cash,massive order book and a secure and recurring earnings stream is to be ignored ? As a previous poster pointed out there is no immediate catalyst for a major share price move especially if the market is prepared to ignore what has happened in this company over the last year. I'm afraid your perfectly reasonable post was spoiled by a really silly comment about the current,low share price being vulnerable to some unspecified threat and my point is that every share price is vulnerable but many would crash before TPG. Edit: Your absolutely spot on the money, the whole company is hanging by a thread everyone sell NOW !! I've just had a flash back to the days of the troll and other posters and me batting away silly comments and pointing out the cash pile and value of Maritime and I certainly don't want to go back to that. Who knows the price may fall to 4p with cash of 3p and maritime worth £50m(6.5p) I said, I've been there before!!!
swiss paul: Mr Ark a salutary message for the new year and one that my drive the price. This is an extract from the recent Sharesoc newsletter. These guys look out for us small PI's and well worth joining. Anyway here we go: Fat Santa Award TPG - Phil Cartmell: Appointed CEO of the then Corac in Sept ‘09 with the share price ~40p. Given 2m share options at 42p. 6mos later another 300k options were granted at ~21p. Fast forward to this year - several fund raisings later, several further option awards later, share price is down to ~6p....On 9/5/17 Phil handed in his then 9.3m share options and in return received 22m options at 7p! Of course has v strict vesting conditions (TPG share price needs to be from 9 -12p for full vesting...) Scrooge: * TPG - Phil Cartmell – for amazing destruction of shareholder value while enriching the man who has overseen the process! Happy to say Phil did not win that inglorious award that was one by someone with a bigger self interest - hmmmm even I did not think anyone was more #self centred' but apparently there is: Jeff Fairburn of Persimmon walks away with the Fat Santa award and ........................................................................................... Accrol Holdings wins the Scrooge award, for shocking the market and needing a dilutive emergency fundraise,announcing only a few months after their IPO that their business model is flawed. If it’s any consolation, the Directors who bought in the dilutive placing at 50p are 25% underwater already! IOTS
pavey ark: Sorry to be a bit of a wet blanket here and I know this is "just a bit of fun" but if we have a rather ridiculous share price of 6p after recent announcements then I have absolutely no idea of what the share price will be at any time in the future. On a fundamental basis I expect our current EBITDA of c. £3m to rise to closer to £5m by year end 2018 (including this year's acquisitions) I expect the further £20m acquisition spend to add £4m to the EBITDA but not not all in 2018 as they will not have the full 12 months to contribute. The Maritime unit will continue to gain orders and profit and be worth £50m of anyones money but this 6.6p/share valuation has NEVER been recognised. (obviously not when the current share price is 6p for the whole company!!!) I could continue my rant but it is the season to be merry so trying to be positive. We've been here before when the share price was under 3p(£12.6m market cap) and I pointed out that maritime was worth £30m. I am a little miffed that the fund raising has screwed my previous predictions based on a very generous share price of 3.6p Jan 2016 I predicted a share price rise of 50% for the next four years ie 3.6p, 5.4p, 8.1p and 12.15p (by end of 2018) There is little doubt in my mind that the share price would be at my 8.1p prediction for the end of 2017 if the fund raising hadn't taken place. The cash in hand prior to the fund raising was easily sufficient for the two acquisitions completed this year and the cap ex in the new Advanced Manufacturing Unit. This management haven't put a foot wrong with acquisitions so happy to trust them with the £20m+ raised but it has clouded things a bit and has certainly confused those not willing to spend time looking carefully at what is going on. Oh what the hell !! 8.5p/9p very soon and 12p by the end of 2018 but we are in the hands of short term punters so who knows. The only thing I'm certain about is the sound, robust nature of the business and my faith in the management to continue with their good work.
pavey ark: Septblues, I must apologise for that rather "from the hip" response to your detailed and plausible post. I don't necessarily go along with all of your conclusions and I'm making enquiries but I am pretty certain that the editorial staff at IC have a free hand. One thing that is certain is that IC were pushing against an open door here as the share price had reached very silly levels and the prospects for the company were looking better than ever. This may have been very good timing for IC as they like to tell people how well particular tips have done and even with yesterday's share price leap this only puts the TPG share price close to or even less than where it should be at this stage. Looking ahead I consider the most important part of the business to be the engineering unit. If the previous loss of over £1m last year can be reversed there are fairly massive implications for the bottom line and the indications are that things are going well.
TP share price data is direct from the London Stock Exchange
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