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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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Grantsu - I tend to agree |
personally feel that far too many people focus on Parameta when it comes to ICAP...they miss the bigger picture in terms of what a good business broking is. It has its pressures...but its an incredibly high barrier to entry business which should structurally benefit massively over the next decade as the world enters a new era of monetary policy. you have to say hats off to mgmt and the work they have done over the last two years...simply astounding effort in terms of cash generation, cost cutting and getting parameta into shape. |
Fear management are playing a risky game. Value will be revealed once Parameta is floated but clear mgmt is holding off while its still growing strongly and thus pushing up the valuation. The risk is the growth rate drops off and then they shoot themselves in the foot. I was told the listing was well advanced 6 months ago…. |
Thank you fft: I wasn't able to dial in. I'm well committed to this as a long term hold with good growth characteristics, and you have pulled out the main themes I'd have been interested to hear about. |
Curates egg of a meeting. I probably don't know enough about the how the business works but it seems to me that at a very low P/E it is doing now what Beeks is trying to do (and Beeks has a high p/e).As well as being the number 1 provider in a number of areas it has embarked on a serious cost cutting exercise that isn't promising too much.It has also floated the idea of floating it's data unit in the USA Some of the questions tried to get an idea of how, as a standalone unit, it might be valued - i.e. have all costs currently been transferred over - but mgmt played a fairly straight bat.Management said many times they were comfortable with forecasts, which sounded to me that they were confident of beating them. Increased volatility should mean more revenue and they themselves said H1 was less volatile, and with the USA election coming up, the yen carry issue (smile on face from CEO) etc etc, it seems H2 is in the bag.Yield is very good and it seems a safe long term hold with promises of capital growth. |
EPs up near 50% but no divi increase. Bit stingy? But at least they are increasingly comfortably covered. |
Good results, but I guess it's the phrase " which might entail a listing in the United States" that's caused the rise. |
Lots of nerves |
rising tide lifts all boats - bgc/gfi up over 100% last year, tp up 35% conditions excellent tullet management these days abysmal |
Something cooking or just traders taking it to top of the trading range? |
Presumably these: |
PodgytedLegacy litigation - what r u referring to? |
Stockopedia has this as a classic value share - fwd PER of 7 and fwd yield of 7%. |
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. |
Really? |
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. |
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. |
Agreed Mpage. Have now filtered him too. |
@XAMF - Agree. Have filtered him out forever. |
DO NOT CLICK ON THE NEILYB675 LINK ABOVE. |
That is one serious dividend payment, gratefully received..... |
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." |
Deutsche Bank starts TP ICAP with 'buy' - price target 264 pence |
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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