Tp Icap Share Discussion Threads

[japatrick] 22/7/2024 22:58

rising tide lifts all boats - bgc/gfi up over 100% last year, tp up 35% conditions excellent tullet management these days abysmal

[sick of it] 18/7/2024 13:34

Something cooking or just traders taking it to top of the trading range?

[carcosa] 11/7/2024 09:26

Presumably these:

Swiss LIBOR Class Action
Commodities and Futures Trading Commission – Bond issuances investigation
Supplier contractual dispute
Labour claims – ICAP Brazil
Flow case – Tullett Prebon Brazil
Stichting LIBOR Class Action
Euribor Class Action
ICAP Securities Ltd, Frankfurt branch – Frankfurt Attorney General administrative proceedings
ICAP Securities Limited and The Link Asset and Securities Company Limited – Proceedings by the Cologne Public Prosecutor
Portigon AG and others v. TP ICAP Markets Limited and others
MM Warburg & CO (AG & Co.) KGaA and others v. TP ICAP Markets Limited, The Link Asset and
Securities Company Limited and others
Securities Exchange Commission Information Request

See Annual Report for status of the above. According to management there are no individual matters which are considered to pose a significant risk of material adverse financial impact on the Group’s results or net assets

[watfordhornet] 10/7/2024 22:34

PodgytedLegacy litigation - what r u referring to?

[podgyted] 10/7/2024 21:27

Stockopedia has this as a classic value share - fwd PER of 7 and fwd yield of 7%.

Seems currently to be rising in anticipation of the interim results on 7th August. Broken thru 50 day ma.

Looks good, but I guess you have to balance the upside of Parameta vs the potential downside of the legacy litigation. Core business seems undervalued given the PER .

Interesting.

BWDIK

[carcosa] 29/6/2024 08:37

TP ICAP Group's Net Funds excluding lease liabilities as of December 31, 2023 was £381 million. This represents a significant improvement in the company's financial position compared to the previous year.

To break this down:
The company had cash and cash equivalents of £1,029 million
Financial investments of £189 million
An overdraft of £10 million
Total debt of £827 million (excluding lease liabilities)

The calculation is as follows:
(£1,029m + £189m) - £10m - £827m = £381m

The improvement in the company's financial position is partly due to their active debt management, including refinancing activities and debt repayment. For instance, in April 2023, the company issued new Sterling Notes maturing in 2030 to refinance part of their 2024 notes.

For anyone asking why lease liabilities should be excluded when calculating Net Debt/Funds it is important for several reasons:

Historically, net debt calculations have focused on interest-bearing financial obligations. By excluding lease liabilities, companies maintain consistency with traditional debt definitions and allow for better historical comparisons.

While lease liabilities share some characteristics with debt, they differ in important ways. For instance, lease obligations typically cannot cause bankruptcy, unlike secured debt. This fundamental difference in risk profile justifies treating them separately from traditional debt.

Lease liabilities can be more flexible than traditional debt. In some cases, companies can renegotiate or terminate leases more easily than they can restructure debt.

Excluding lease liabilities allows investors and analysts to focus on the company's core financial obligations and its ability to service traditional debt.

[elsa7878] 28/6/2024 20:52

Really?

£1.019bn of cash and £837 million (ex-leases) of debt. So net cash of approx £200 million.

[xamf] 28/6/2024 09:48

I agree Chasbas. This is now my largest holding. Half year results are due 7th August. Fundamentals are very good and I particularly like the fact that they're trading below 'cash'. According to Stockopedia they have net liquidity (after debt is taken out) of £2.475billion yet their Market cap is only £1.56 billion. Analyst consensus is 277.

[chasbas] 27/6/2024 14:26

I am piling into TCAP ahead of results in August (date anybody?) hoping for news on Parameter but happy with fundamentals regardless. Love the yield of over 7% (at 202p) which seems to me to be very secure IMO. There are share buy backs so balance sheet is strong. Management is focusing on capital management.
Deutsche Bank starts TP ICAP with 'buy' - price target 264 pence (thanks Ppreston1)
Money brokers have always been lowly rated by the stockmarket BUT I am hoping that Parameter IPO or similar will boost the share price. What's not to like?
Market cap is £1.6bn so I believe this to be a consequential company and a global market leader. IMO
GLA

[xamf] 14/6/2024 11:55

Agreed Mpage. Have now filtered him too.

[mpage] 14/6/2024 10:17

@XAMF - Agree. Have filtered him out forever.

[xamf] 14/6/2024 09:57

DO NOT CLICK ON THE NEILYB675 LINK ABOVE.

The same link has been posted to numerous other threads without explanation. Best be safe.

Back to TCAP. All this volatility must be good for business!

[reddirish] 24/5/2024 16:08

That is one serious dividend payment, gratefully received.....

[value hound] 15/5/2024 08:13

Kind of nothingy in a good way, but this sounds promising: "We continue to explore options to unlock the value of Parameta Solutions for shareholders, including a potential IPO of a minority stake in the business."

[ppreston1] 02/5/2024 10:25

Deutsche Bank starts TP ICAP with 'buy' - price target 264 pence

[slopsjon2] 10/4/2024 11:31

Ex-dividend tomorrow.

[japatrick] 20/3/2024 09:47

nice if in at Chris mills levels
Liquidnet still a dog
hiding other revenues in there won't help - voice broking treasuries etc
management weak - improved post merger with Icap but that crowd now left
strategy is off - who on earth responsible for that ?
bgc and e -platform performance is strong/out performs tp and Icap
keep in for dividend maybe - sale of data unit been floated before old news
income funds like it could do with a change of management to flush out also rans

[ppreston1] 19/3/2024 16:15

Totally agree with you. JP Morgan price target seems pretty conservative. Liquidnet isn't the same business as it was 1 year ago. Coming along nicely now. Also throw in the possible Parameta minority IPO into the mix as well. Seriously undervalued.

[ggrantsu] 19/3/2024 14:54

cheers Preston...I've read their note.

the really key thing is their words at end commenting on the target multiple they give 'we realise this is still a large sifgnificant discount to other financial structure platforms, which generally trade on high teen multiples or more'

still so much upside here as Liquidnet improves and the solid performance continues. target price for starters in my view should be 3.50.

[ppreston1] 19/3/2024 09:24

JPMorgan raises TP ICAP price target to 274 (259) pence - 'overweight'

[jeffian] 13/3/2024 23:01

"The market can stay irrational longer than you can stay solvent"

That is often wheeled out on these boards but the reason I like the 7/7 or High Yield/Low PER approach is precisely because it is the antidote to that saying. I piled into those stocks in 1998 when the dotcom boom was all the rage because on an undemanding valuation and paying me a reasonable return in the meantime, I could afford to wait for the market to come round to my way of thinking, which it did (i.e I was able to remain solvent until the market became rational).

[thorpematt] 13/3/2024 20:21

jeffian,

7/7 I think, is a Lord Lee quote. I always find him to explain things in a remarkably simple way (considering his success). KISS I suppose.

I myself, have a number of approaches to my investing. Too many I suspect. "One should find out what they are good at and stick to it" is what I tell newbies who ask.

To this end I have tried to categorise my "bets" and then analyse at year end what I am bad at (and stop doing it). And vice-versa.

Currently I like the 7/7 thing because there are not usually many to choose from. As you say there are many High yield/Low PER stocks that can sit comfortably in the portfolio so I like a bit of comfort to balance my riskier stuff.

On the LSE: I do think the tracker fund trend is a big issue. In essence Momentum gets rewarded and value gets punished. SO much money has come out of managed funds and Hedge funds that now the trackers compound over-valuation in US markets and compound undervalueation in ours.

I have no idea what will happen next so I am going to defer to Ben Graham:
"In the short run, the market is a voting machine but in the long run, it is a weighing machine."

...then again, he also said:
"The market can stay irrational longer than you can stay solvent"

:-/