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 -0.78% 6.40 1,986,446 14:39:18
Bid Price Offer Price High Price Low Price Open Price
6.30 6.50 6.50 6.20 6.45
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Engineering 39.04 -0.11 0.02 320.0 49
Last Trade Time Trade Type Trade Size Trade Price Currency
15:49:57 O 9,812 6.36 GBX

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Date Time Title Posts
24/2/202117:43TP Group plc7,666
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 6.45p.
Tp Group Plc has a 4 week average price of 6.10p and a 12 week average price of 5.80p.
The 1 year high share price is 9.10p while the 1 year low share price is currently 3.85p.
There are currently 758,565,854 shares in issue and the average daily traded volume is 1,656,888 shares. The market capitalisation of Tp Group Plc is £48,548,214.66.
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
supernumerary: pavey - I invested in a company backed by a Joint Industry Programme of oil industry majors funding the development of a valuable new technology. It was run not by a fluffy professor but by a world-recognised expert in his field who put the whole complex deal together, including getting the funding. It didn't work out, but of course that was on Cartmell's watch not the prof's. Am I bitter? No and I've no idea why you seem to think I am - it was just an investment like any other - one of dozens over the years. Some work, some don't, but getting emotional over them either way isn't my style I'm afraid. As for 'mad at Cartmell', no, wrong again. I just think he's useless, and point that out when I can be bothered. I see your attitude towards him has changed somewhat over the years as he's failed to deliver the share price returns you invested for. Still a way to go on that front I fear. 'it never even crossed my mind that people would think I was making these trades up'. Lol. Where's that 'healthy scepticism' of yours? On that basis you must assume that all other posters are also telling 'nothing but the truth etc'. You've more to learn here too, it seems. Meanwhile, Cartmell has reigned over a share price fall from over 35p to the current 6.1p. I remain cynical, with ample justification.
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
pavey ark: Any CEO will tell you that they have no control over the share fact they could face charges for trying. The share price may be a simple refection of the type of people who post on here ...granted some of them don't hold shares...possibly any shares!!
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.
alimo: Amazed that this is taking so long to be re-rated, considering the team that has been brought together over the last few years. We've built up a highly regarded reputation in our markets and we're winning consultancy orders linked with Oxygen/Hydrogen, and AI, that show we are moving with and have the techy expertise to be in the running and win orders that others would like to. To be able to contribute expertise in the futuristic communications arenas shows that we are likely to be trusted by governments - but our share price might be holding us back in some way making us somewhat vulnerable to buyout when the buyers we deal with are looking for stability in all its facets. Perhaps finding a realistic valuation for TPG Maritime will prove that the share price is undervalued, and the rump is worth investing in too, judging by the way large corporations are pouring money into start-ups that are developing/learning what we already know. Eh? Personally, I don't think Maritime is for sale at all. We have built ourselves on cross-selling and Maritime keeps us busy, and importantly in the minds of customers who know that we deliver the goods on time. TPG has the potential of growing much bigger if the know how we have can deliver what customers want at AI speed.
catch007: At the end of the day the Maritime price will be determined by what the bidder is prepared to pay and what TPG are willing to accept, indeed if a deal is actually done which from the RNS commentary is by no means certain. The majority of BB posters I believe see an intrinsic value gap that the sum of the parts of TPG is worth more than the current market cap. What is certain is that todays announcement has stimulated TPG debate, brought in some new buyers and most importantly created an share price uplift...all good in my view. No one has mentioned today a Trading Update which is normally produced in January. I wonder if this will appear shortly to give us some clues on actual business performance....very little news flow since the disposal of TPG Engineering Ltd and no material contracts announced.
pireric: Not necessarily. Many buyers would have zero interest in some of the more consultancy-focused businesses TPG have. Think Bioquell, Avesco, ULS as counter-examples where disposals of highly profitable businesses ended up being a highly significant part of the market cap and drove material stock re-ratings. It's also a more complicated process to acquire an entire entity as opposed a subsidiary. The accounts are out there and visible, so determining a value for Maritime is not difficult (and has never been). But without a catalyst to prove it could be extracted, it has been 'lost' within the broader TPG group. I haven't been a fan of TPG for years. The opportunity now looks extremely clear to me, and I totally understand what has driven the share price movements over the course of today. Eric
pireric: Acquired a position. The maritime business has enjoyed really solid growth over the last 7 years, growing from ~10m of revenues to ~£21m, and consistently making an EBIT margin on an adjusted basis of 25-35% once you break it out from TPG. Over the last couple of years, I reckon the clean net income is approximately £4.5m on average In today's market environment, and given the niche and backing of mid-long term contracts, that's a 13x P/E business in a central scenario, in my view. Arguably higher, but sticking with that. TPG net cash 3.3m and 10.9m net working capital. Ex Maritime and ex engineering, the rump business I calculate to generate ~£38m of sales and slight negative EBIT margins. That's untenable, and should really be improved upon over time. Have to value that rump on EV/Sales. They've bought much of that rump in the last few years at 0.7x EV/Sales. Value it at 0.5x EV/Sales and that's a rump valuation of £19m. Put all of that together and I get a valuation for TPG sum of the parts of well above £75m market cap Conservative scenario where you value Marine on 10x earnings, 0.3x EV/sales for the rump Optimistic scenario where you value Marine on 16x earnings, 0.7x EV/Sales for the rump It appears to me that there has been at least one serious expression of interest. If a party had come in and offered 30m, they'd probably have been dismissed without even bothering to notify the market. if this transaction does go through, I can see the result leading to a material re-rating of the share price. Eric
catch007: I have a good feeling that TPG will see share price progression in 2021. The Brexit deal provides (whatever our views on the deal itself) provides some much needed certainty and delayed orders may now be resurrected giving a boost to maritime in particular. The increase in UK Government defence spending should also assist TPG with close ties to MOD & strong partnerships with blue chips such as Thales. Sapienza income is already underpinned for 2021 and further contract income can be expected under the ESA framework. I expected to also see some positive contracts as some of the £100m sales funnel pipeline is executed. I also hope that 2021 will be the year that the emerging technologies really drive the share price In AI, Space and Hydrogen there are some huge opportunities available and it would be good to see the potential turned into strong income streams. One or two good deals in the new product categories might just ignite investor appetite. Most posters on the BB recognise a value gap between the share price and the company progress in recent years. This needs to close soon imho or a takeover will look increasingly likely. Been a frustrating share to hold however there are some favourable tailwinds forming now. GLA to all in 2021.
Tp share price data is direct from the London Stock Exchange
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