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Investor discussions surrounding TP Icap Group Plc (TCAP) demonstrate a mix of optimism and cautious sentiment regarding the potential listing of its Parameta Solutions business. Several investors noted the significant possibility of a minority stake IPO and its potential to generate substantial returns, with quotes highlighting the expectation of a distribution of proceeds to shareholders: "They talk about returning 'most of the proceeds'—so sounds like quite a high proportion." However, there is also skepticism about the timing and valuation of the listing, given current market volatility, with one user stating, "I think they are just really saying, we are ready to list when the time is right."
Financial highlights around TCAP's performance show promising growth figures, particularly from Liquidnet and Parameta, which together accounted for 42% of the Group's adjusted EBIT, up from 29% the previous year. Investors are divided on the future valuation, with some asserting that Parameta alone could exceed TCAP's current market cap of £2 billion, while others expressed reservations about the management's hesitance regarding the float, suggesting it may hinder their progress: "They are rather tentative about the Parameta float. Not sure why this would be the case as surely it is very much in their own hands?" Overall, while there's a general positive sentiment about the company's direction and growth, concerns about strategic execution and market conditions persist among investors.
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TP ICAP Group plc has made significant financial strides, reporting record profits for the year ended December 31, 2024. The company's adjusted EBIT rose by 12% to £324 million, while reported EBIT showed a remarkable increase of 89% to £236 million. Overall revenue experienced a 5% boost, underscoring the resilience and effectiveness of its diversified business model. TP ICAP plans to explore a US listing for its Parameta Solutions, with expectations of progressing towards this potential event in the second quarter of 2025, while aiming to maintain a majority stake.
In addition to its financial achievements, TP ICAP has embarked on a fourth share buyback program, allocating £30 million for acquiring its own shares to reduce capital and meet employee obligations. This decision reflects the company's strong cash generation capabilities and prudent capital management approach. Recent share transactions indicate an active effort to manage its treasury shares, with the latest purchases taking place between March 11 and March 13, 2025, aimed at further consolidating shareholder value. Overall, these developments signal TP ICAP's robust market positioning and strategic initiatives to enhance shareholder returns.
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Ex-dividend tomorrow. |
nice if in at Chris mills levels |
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. |
cheers Preston...I've read their note. |
JPMorgan raises TP ICAP price target to 274 (259) pence - 'overweight' |
"The market can stay irrational longer than you can stay solvent" |
jeffian, |
Thorpematt, |
I note that Stockpedia has a ranking of 100 on this. |
Agree, would need to be US listing to be of benefit. |
US IPO would make a lot of sense |
Can't see a minority IPO working. It again relies on the market to value it correctly and if on the LSE then good luck. However I would expect most funds would want a full IPO and traders would need a good float for trading it. |
They plan to hold on to Parameta. Any IPO will only be for a minority stake which to me is the sensible option. |
Good set of results and a possible IPO for Parameta although only a minority stake. |
Lets see if they get to an IPO before a US hedge fund bids for them. |
Yes - as mpage says from the FT... |
FT today reports that in February Parameta was registered as a separate legal entity after pressure from major shareholders. The main purpose of this is supposedly tax efficiency in the event of an IPO/sale. |
Took a risk and sold around 190 (hoping for a short term retrace) as it was struggling to make headway. Chuffed to catch them at 177 this morning. This is a cheap stock for the sector with respect to book/div yield/div cover/net debt position as has been discussed already. Recent market volatility should help boost profits further. |
My apologies - duplicated post. |
My apologies - duplicated post. |
good find preston that FT article... |
Perversely, higher interest rates for longer should be good for TCAP. The recalibration of expectations for an interest rate cut is clearly a positive here, and I'd expect the share price to react accordingly once the market begins to understand their business model. Hopefully, final results on 12th March should underscore this point. |
Here's some more positive newsflow from Liquidnet. This FT article from a few days ago indicates they are capitalising on the turmoil in the global property market hit by prolonged high interest rates https://www.ft.com/c |
Type | Ordinary Share |
Share ISIN | JE00BMDZN391 |
Sector | Ins Agents,brokers & Service |
Bid Price | 263.00 |
Offer Price | 270.00 |
Open | 264.50 |
Shares Traded | 982,491 |
Last Trade | 16:35:13 |
Low - High | 261.00 - 265.50 |
Turnover | 2.24B |
Profit | 167M |
EPS - Basic | 0.2184 |
PE Ratio | 12.07 |
Market Cap | 2.02B |
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