Tp Icap Share Discussion Threads

[ppreston1] 05/7/2022 11:50

No idea what's going on here. Keeps hitting new lows. I really hope 100p holds otherwise no telling where the bottom is.

[brucie5] 04/7/2022 08:38

Thanks RC, warning noted. For time being I'm going with the discounted value hypothesis, with dividend and chart resistance as confirming signals. We will know in due course who was right, and I alway reserve the right to change ge my mind!

[rcturner2] 04/7/2022 06:36

Brucie, I have seen many so-called "professional" investors come unstuck over the years. TCAP in many ways is a company under pressure. That doesn't mean it is a bad investment as the price may be so heavily discounted that it represents good value. However I am not at all convinced we are at that point.

The bald fact is that TCAP is loss making and relies on accountancy manipulation to hide that fact. Therefore the PE ratio is meaningless here and the dividend is completely uncovered.

[brucie5] 02/7/2022 16:52

Strange indeed that Mr. Mills didn't appear too worried by these..? My hunch is, it's mostly likely to be "in the price".
But wdik.

[topvest] 02/7/2022 12:04

It’s all the litigation, redundancies and other exceptional costs that need factoring in. They are barely profitable when those are included.

[brucie5] 01/7/2022 09:43

The decline has been precipitous, so like all deep value plays, this carries an element of risk around the extent to which the root problem has already been discounted in the share price. To me, for time being, both dividend and chart suggest it probably has. Additionally, this comment by Phase 2, as large shareholders, lend weight to that assessment.
This could be a value trap, of a 'cigar butt' proposition, but if this current bottom holds and it continues to payout at this level, it's sufficiently attractive to me, while management sort themselves out.
In the meantime, since this hit bottom in March/May/June, a lot of other decent shares have been falling through supports.
AIMHO, obviously.

PS. If you haven't already, well worth listening to Christopher Mills interview.
hxxps://www.voxmarkets.co.uk/articles/vox-markets-fund-manager-interview-with-christopher-mills-3caf5ae

[rcturner2] 01/7/2022 09:00

I would definitely wait to see the interim results before making any judgements here.

[ppreston1] 01/7/2022 08:24

Phase 2 are not wrong. They proudly display a link to the letter on their homepage. However talk is cheap. Since that letter was published all the Board were duly re-elected at the AGM. Why haven't they mobilised other major holders to boot out the current management which everyone agrees is the root of the problem? They're clearly in no hurry to go considering how much their awarding themselves. Unfortunately, I think we'll continue to see more of the same until the problem is addressed.

[brucie5] 01/7/2022 07:21

"Woefully undervalued" according to phase 2 partners, who know a lot more than me.

[rcturner2] 01/7/2022 06:07

TCAP has 2 worries for me, declining margin and the manipulation of their earnings by using "exceptional items". For me they use a lot of smoke and mirrors to disguise what ultimately is a poorly performing business.

[brucie5] 30/6/2022 16:27

Ended well over the 110 double bottom on a dismal market day. This may well be the triple bottom.

[brucie5] 30/6/2022 10:24

Hi RC, always good to hear from you. In current climate almost every stock appears to be 'speculative' around its ability to keep paying those dividends, let alone keep its nominal value - and my Bruciefolio, through entirely value/income oriented, is being well and truly tested.

However, TCAP has been on my watchlist for some time as a potential bottoming of its three year decline from £4.10 - almost 75% loss of value, while passing two interesting screens on Stocko, including the PYAD, and a whopping dividend.
The chart is also interesting, particularly if it can hold to this 1.10 double bottom, with the additional prospect of £1 support just below.

I have no doubt that current market will try and take it as low as it can, but a dividend this high has to give some value to the case, while the management review the business plan.

AIMHO, of course, kind regards,
B5.

[rcturner2] 30/6/2022 07:42

Brucie, I am surprised you are in this. I don't rate TCAP at all.

[spooky] 29/6/2022 05:38

Can you really treat management's comments seriously when they refuse to buy any shares?

[dhoult12] 28/6/2022 16:24

Does anyone believe this lots guidance? Waiting for the inevitable set of "one offs"

[disc0dave45] 28/6/2022 14:48

Was thinking the same!, forward PE well below industry median.

[brummy_git] 28/6/2022 13:04

Christopher Mills of Harwood Capital talks about TP ICAP here (starts 37:45)

www.linkedin.com/posts/paul-hill-a5994116_vox-markets-fund-manager-interview-with-christopher-activity-6947490289783603200-5DnF?utm_source=linkedin_share&utm_medium=member_desktop_web

hxxps://www.voxmarkets.co.uk/articles/vox-markets-fund-manager-interview-with-christopher-mills-3caf5ae

[brucie5] 28/6/2022 10:06

Bottom in now, surely. I've bought back.

[indiestu] 20/5/2022 19:13

Where is the revenue coming from with GDR? Watched it go up and down but not really studied it. Open to learning of course and making money but 300%?

[ram376s] 18/5/2022 10:03

Good Dovidend . GDR possible multibagger .300 nurses to train

[indiestu] 17/5/2022 11:24

Thank you very much Tp Icap, another monster dividend received this morning.

[indiestu] 11/5/2022 11:07

“Whenever you find yourself on the side of the majority, it is time to reform (or pause and reflect).”

[indiestu] 11/5/2022 06:59

Interesting growth in Agency Execution. Are these signs that the revised strategy and the Liquidnet acquisition is beginning to show promise?