Tp Icap Share Discussion Threads

[melton john] 22/8/2023 07:52

My cheeky limit buy at 160p from the 9th was filled yesterday. I thought we'd revisit, glad I didn't chase it. Average price 156p and nearly 9% divi to look forward too.

[ggrantsu] 09/8/2023 22:00

reddirish...I tend to agree with you. I invested the day before expecting bumper H1 earnings given the volatility through Q2...not the kind of punt I will usually take but I missed the opportunity to invest in this at a quid after seeing value in this last year. The earnings today though were pretty poor and I think it was the buyback that drove the uplift...and the buyback realistically is pretty inconsequential vs. market cap...

The Liquinet acquisition...surely one of the worst capital allocation decisions across the UK market in recent years. It was truly a shocker and I wouldn't be surprised to see things not improve much through H2. I sold at 1.72 and will try to re-enter if it drifts lower. But agree with you...the press really jumped on this today as a massive set of good results - not sure I see that.

[reddirish] 09/8/2023 14:01

Pretty poor results I thought, especially with the collapse in earnings from Liquidnet, and the continued excessive use of 'exceptional' items to pad the adjusted earnings. It has long been a habit of this management, and it fools no one. I think the share price would have declined today save for the start of the buy back. It will drift back down over the next month or so. I'm still holding, more in hope than expectation, as the dividends are sufficient compensation while we all wait for some resolution to the management weakness.

[lindowcross] 09/8/2023 08:12

I wonder how much, if at all, the tech knowledge and skills at Liquidnet spill over into the upgrading of fintech in the main trading business. My contact in the City who operates at a very high level in the fintech world had meetings with Liquidnet people when it was independent and was impressed.

[value hound] 09/8/2023 08:00

Worth over £2 IMO.

[brucie5] 09/8/2023 07:06

Hope you're happy with these results jubber. Patience may have been rewarded, no? Including a 7% dividend increase.

[jubberjim] 14/7/2023 13:11

Had been in the doldrums every time I added it went lower

Well I have persevered and hope this is start of recovery

Long way up there but dividends will ease the pain

[ppreston1] 07/6/2023 10:23

Listen to Chris Mills - CEO of Harwood Capital, on this newly released interview with Vox Markets talking about TCAP at 01:00:25 https://www.voxmarkets.co.uk/articles/vox-markets-fund-manager-series-christopher-mills-ceo-of-harwood-capital-8a5d51bMills has a sizeable holding in TCAP and has been a big fan for some time. He's got his ear pretty close to the ground and regularly speaks to management. It's interesting to note that he cites tax issues for the failure to sell Parameta rather than structural problems. Sounds like it's something they're still actively considering if they can resolve the roadblock. I realise it's a big IF, but an interesting opportunity nonetheless. Clearly undervalued and unloved as he notes.

[dhoult12] 17/5/2023 20:37

Yep it could do. But as independent business that's super risky and not subject to reported valuations. I.e. ok your buisness is totally reliant on data supplied by a 3rd party who may or not share your same ambitions etc etc.
It's why they don't seperate.
What's much more realistic is selling of software to exchanges, see trayport or NEX even. As software with a few developers isn't dependent on old co. Liquidnet was tp Icap move into that space hence disappointment with the results (in my view)

[ppreston1] 17/5/2023 19:57

Point taken. But those reported potential buyers which TCAP ditched talks with must have seen some value in Parameta as a stand-alone business. Perhaps the deal includes an agreement for a datafeed from the trade desk?

[dhoult12] 17/5/2023 19:43

Again... That's based on not understanding how IDBs work. Traders do. Parameta sells data. It gets its data for free from the TPICAP broking desks..as an independent it has erm.. nothing to sell. Just applying a 20x PE to it is bizarre as it doesn't consider the minor fact that it gets its product for free... Hence the lack of sale and real life valuation for the group.
Results were ok aside from Liquidnet (again)

[ppreston1] 17/5/2023 19:36

Might not be the long and torturous ride you expect. Sky news reported in February that TCAP ditched talks with a number of potential buyers for Parameta based on 'improved trading and a rebound in its share price'. Well, not sure that argument holds true after today's performance. Parameta is reported to be worth £1.5bn which is more than the entire market cap of TCAP. Looks like a no-brainer for a cash rich PE firm looking to pick up something on the cheap. It's also a fair bit cheaper than it was back in February! What a bargain.

[jubberjim] 17/5/2023 18:59

Well todays move has been a crushing bore

But I refuse to give up on my goal

This share owes me and I aim to collect so buckle up we are in for a long torturous ride

I thought the results reasonable considering I think there are very few positions being taken by investors.
DEBT ceiling agreement reached and the mittens will be off and everyone will come out swinging
Down but not yet out
Good luck everyone

[brucie5] 24/4/2023 08:03

Bought back this morning.

[brucie5] 18/4/2023 10:23

I guess there's just a lot of value around at the moment. Maybe once inflation starts coming down the value will become apparent.

[ppreston1] 18/4/2023 09:29

Noticed that too. Valuation is nuts. Really surprised a US PE firm hasn't taken it out yet!

[brucie5] 18/4/2023 09:19

I see that TCAP now has a Stocko overall rank of 100, passing no fewer than seven screen screens. It's also returned to base of its rising 200sma and sports a dividend of >7%.

[japatrick] 24/3/2023 14:44

liquinet is a disaster - how the chef exec and strategy dept keep jobs, dont know - almost out of position was expecting better things after covid

[coxsmn] 16/3/2023 20:26

I agree with JPM for once.

[ppreston1] 15/3/2023 09:53

JPMorgan raises TP ICAP price target to 235 (210) pence - 'overweight'Peel Hunt also reiterated their Buy recommendation with a 240p price target.

[coxsmn] 14/3/2023 12:27

I'm happy with resultsEps 13.2p versus 0.7p 20217.6% yield

[dhoult12] 14/3/2023 11:35

Liquinet doesn't look good, but not sure what the market expected.. all the voice to turn into better electronic brokerage? Share price didn't reflect that.
Only view is that there was significant hope that in the medium term they could become electronic and displace the voice brokers with associated cost and sell by date. If they can't keep liquinet going well that doesn't look likely.