Tp Icap Share Discussion Threads

[elsa7878] 19/2/2021 14:56

Thanks Blue. Watched this fall from north of £3 to £2 and wondered why. Know the voice / electronic shift but thought this was well overdone. Guess the market wants to see results and is sceptical. Well covered by analysts so bit of a valuation anomaly in this red hot market.

[bluemango] 19/2/2021 14:40

elsa7878, agreed that would be useful.

You've probably seen this, link was posted on this thread before the Rights:



They under-estimated the expanded share issue, but usefully gave us the broker target of £500m of EBIT and £350m profit after tax in FY 2023. I adjusted their expanded share issue figures in post #184 to give revised EPS of 44p, which at their newly-targeted x2 cover equals 22p dividend for 2023 (compared to 16.85p dividend pre-acquisition) and at their suggested PE ratio of 12x earnings, this gives a projected share price of 528p by 2023.

One problem with this analysis, pointed out by another poster (see #190), is the assumption that Liquidnet will be wholly additive to earnings. All we know about the broker targets is the comment in the link given above, that 'this is based on the combined Liquidnet and TP Icap revenue lines and getting to a post completion EBIT margin of 20%'. Does 'combined' suggest at least some allowance for a proportion of the business moved across platforms rather than additive? Don't know, but if the broker forecasts are at all competently calculated, you would hope so.

[elsa7878] 19/2/2021 12:20

Anyone got revised forecasts post acquisition. I only have the pre-acquisition ones without the dilution or additional earnings. Thanks

[davwal] 18/2/2021 17:09

Nice finish, anyway, given the lower market. Unpredictable Friday tomorrow, so could go either way, but momentum looks to be building.

[bluemango] 18/2/2021 13:26

Double bottom shaping up nicely.

(Robsy2, don't say a thing!)

[davwal] 18/2/2021 10:12

Interesting high opening today after the auction, even if it didn’t stick. Hopefully there’s more Institutional interest. I’d assume more US-based operators could want in.

[rcturner2] 18/2/2021 07:20

The rump shares were placed at 200p, which is a nice 5% gain for the day for those buyers.

[robsy2] 17/2/2021 13:32

The double bottom forming after the rump placing with a strong bullish signal sounds compelling and funny.

[davwal] 17/2/2021 13:00

Would be good if the acquisition completion follows quite quickly. At the moment I dont think theres been anything firmer than a target of by end of quarter 1.

[rcturner2] 17/2/2021 12:54

Interesting thing that could happen here is that we could become interesting to traders, as there is a double bottom forming and it is also highly likely that we will move up to meet the 200 day moving average, both of which are strongly bullish signals.

[ltinvestor] 17/2/2021 12:46

Bought in as prospects look good... very interesting acquisition.

[bluemango] 17/2/2021 12:06

That was speedy - the remaining 3.8m unsubscribed Rights have now been found buyers.

[bluemango] 17/2/2021 10:26

Indeed. 98.3%!

Very content to be aboard with this Liquidnet acquisition after a long period of uncertainty. 300p looks an achievable initial share price target in a few months' time if things go smoothly.

[rcturner2] 17/2/2021 07:28

That is an impressive take up of the rights issue and shows that the shareholders support the management's strategy.

[davwal] 15/2/2021 15:59

If it does as logic suggests it should as a result of the acquisition this should double before the end of the calendar year. I’d suggest it could do significantly better than that in due course.

[schroedar] 15/2/2021 13:26

One of the few bargains left in the FTSE250.

Expect a 50% return over the next 3 months

[bluemango] 15/2/2021 12:07

News of strong take-up starting to filter through?

[tenapen] 13/2/2021 19:30

Hopefully a double bottom at circa 185p !.

Then a W shaped recovery.

[bluemango] 13/2/2021 16:32

News next week of the take-up of the Rights might lift things a bit (assuming it's a decent percentage)

Dealings in the new shares start Wednesday.

[elsa7878] 13/2/2021 15:36

Problem is lack of volatility and low volumes...

[tenapen] 13/2/2021 15:23

Death by a thousand cuts :-/

Truly amazing to see the share price under 200p :-/

Tcap must be the only broker worth less than a year ago :-/

:::groan:::

[thaiger] 13/2/2021 13:57

Think it will pay less tax and shares will be traded without stamp duty

[bluemango] 09/2/2021 13:32

Am taking up the Rights in full. Giving them 2 years to turn this around; Liquidnet acquisition seems a positive step towards that aim.

[topvest] 06/2/2021 11:42

Its never been as good here since Terry Smith moved on.