Tp Icap Share Discussion Threads

[elsa7878] 07/8/2024 10:58

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….

[reddirish] 07/8/2024 10:10

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.

[fft] 07/8/2024 10:00

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.

[spawny100] 07/8/2024 07:57

EPs up near 50% but no divi increase. Bit stingy? But at least they are increasingly comfortably covered.

[value hound] 07/8/2024 07:43

Good results, but I guess it's the phrase " which might entail a listing in the United States" that's caused the rise.

Still should be closer to £3 IMO.

[sick of it] 30/7/2024 05:50

Lots of nerves
Dropped from 225 quickly to 217
Just appears to me that market is nervous about the unlocking of the value for psrameta.
I think the company will definitely do something to unlock value. They already done so much groundwork. They have listed parameta separately to facilitate this and even hired a new CEO of Parameta who has had a good start with 12% growth in Q1.

[japatrick] 22/7/2024 21:58

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 12:34

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

[carcosa] 11/7/2024 08:26

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 21:34

PodgytedLegacy litigation - what r u referring to?

[podgyted] 10/7/2024 20:27

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 07:37

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 19:52

Really?

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

[xamf] 28/6/2024 08:48

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 13:26

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 10:55

Agreed Mpage. Have now filtered him too.

[mpage] 14/6/2024 09:17

@XAMF - Agree. Have filtered him out forever.

[xamf] 14/6/2024 08:57

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 15:08

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

[value hound] 15/5/2024 07:13

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 09:25

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

[slopsjon2] 10/4/2024 10:31

Ex-dividend tomorrow.