Trifast Share Discussion Threads

[davr0s] 30/12/2015 18:21

Big buys bust the resistance earlier - they then put a cheeky sell at the close to mask this so shows as a down day - but looking good now. There is a massive converging triangle going back over the last 2 years so looking for a good breakout north now

[alan@bj] 23/12/2015 11:33

That "news" is from a fortnight ago.

[rubberbullets] 23/12/2015 10:21

Executive Director Mr Geoffrey Budd has sold a total of 242,736 ordinary shares of 5 pence each in the Company ("Ordinary Shares"). Of the total, 75,736 Ordinary Shares were sold at 120 pence per share on Friday 4 December, while the balance of 167,000 were sold at an average price of 117.16 pence per share on Wednesday 9 December 2015. Following these transactions, Mr Budd's total beneficial interest is 307,264 Ordinary Shares, representing 0.26% of the Company's issued Ordinary Share capital.

[gleach23] 26/11/2015 15:48

Nice to see some chunky buying this afternoon - could be a swift move through 120s if this continues

[gleach23] 17/11/2015 11:46

Looking good here...ticking up on low number of trades...bodes well for when volume increases (hopefully). GLA

[reddave999] 13/11/2015 10:09

Thanks for that alan@bj

[alan@bj] 12/11/2015 15:35

Fairly lengthy commentary from Simon Thompson in Investors Chronicle today, ending as follows:- "I am clearly not the only one positive on prospects for Trifast’s share price as analyst Jo Reedman at broking house N+1 Singer has an upgraded target price of 139p; David Buxton at finnCap has fair value at 152p; Henry Carver at house broker Peel Hunt has a 150p target; and both Mr Thefaut at Arden Partners and Nigel Harrison at Edison Investment Research are positive too. Offering 20 per cent share price upside to my target price of 140p, I rate Trisfast shares a buy at 116p."

[tudes100] 11/11/2015 02:11

that 9.4p Arden EPS estimate is obviously prior to the HY results so I'd be expecting broker upgrades now

[alan@bj] 10/11/2015 16:27

IC view:- TRI has yet to be "unduly affected" by waning confidence in the industrial sector, says chairman Malcolm Diamond. The manufacturer of industrial fasteners reported a 9 per cent increase in constant-currency revenues in the six months to September, prompting a 2 per cent jump in its shares on the morning of the announcement. Most of the top-line growth came from VIC, the Italian domestic-appliance specialist acquired in May 2014. But success in Europe and Asia also saw Trifast deliver organic growth of 3.3 per cent. The group's Singaporean operation came out on top, thanks to a big increase in volumes from a large consumer-facing manufacturer. That was more than enough to offset tepid trading in Malaysia. Singapore also benefited from a positive sales mix and careful management of supply chains and warehouse costs. Elsewhere, the introduction of computer-controlled 'lean-lift' storage and picking machines in the UK freed up vital space in the warehouse and halved stock-picking times. These types of efficiency-boosting measures boosted margins, sending underlying operating profit up 22 per cent to £8.6m. Trifast plans to use extra funds generated from cost-cutting to make strategic acquisitions. It is eyeing opportunities in several regions, including Mexico and Spain. Brokerage Arden Partners expects adjusted EPS of 9.4p this financial year, up from 8.7p in the year to March 2015. Sluggish economic growth has concerned investors in Trifast, and the shares have sold off since the full-year results in June. But these numbers suggest their reaction has been overly harsh. That's an opportunity, with Trifast's shares now trading on an appetising forward PE multiple of 12 times. Buy.

[steeplejack] 10/11/2015 08:11

Yes,very good figures but there are signs of a slowing in the UK and some deceleration is Asia on the back of the automotive industry.Against that,USA,Germany and Italy look excellent.It's tricky ,this one.The sector has taken a hammering of late and that's held the stock back and arguably the shares could easily be 10% higher.Presuming basic eps of perhaps 10p,the rating is undemanding despite a relatively low dividend yield.Probably all adds up to a hold recommendation.

[cwa1] 10/11/2015 08:05

Morning Yes, quite liked it and decided to have a few myself first thing. Good fortune to all holders.

[tudes100] 10/11/2015 07:51

Strong H1 results imo - approximate 40/60 H1/H2 split of business LY so suggests 10.5p EPS is realistic vs broker estimates 9.35p. Improvement in margin surprising, VIC performing well & hopeful outlook for the recent German acquisition plus a 33% increase in the interim divi. They've also had to navigate some stiff currency headwinds so all in all I'd say an excellent H1. Recent broker targets vary from 1.33 Singer to 1.52 Finncap. Good risk reward here imo with forecast PE 11.9, PEG 0.52.

[manrobert] 09/11/2015 15:30

just bt back in at 112.36

[breaktwister] 05/11/2015 17:45

I like this company, solid, steady, and the recent German purchase gets the thumbs up from me. Was able to add when the ask dipped to 110.5 yesterday, I can't see much downside unless there are unexpected events. Longterm chart looks great, range bound for 18 months with clear support around 100p. Hopefully ready for the next leg up. My fair value 145-150p.

[alan@bj] 05/11/2015 09:44

Yes,also says that on the company website financial calendar.

[reddave999] 05/11/2015 09:39

Interim results due on Tuesday 10th November according to my broker.

[alan@bj] 06/10/2015 15:41

Here's what ST said:- Trifast, a global manufacturer and distributor of industrial fastenings, has made two important announcements since I last updated the investment case at the time of its fiscal 2015 results (‘Small cap wonders’, 14 June 2015). Firstly, the company has confirmed that trading in the first five months of the current fiscal year is inline with analyst estimates ahead of the release of interim results on Tuesday 10 November 2015. In fact, the business has delivered its strongest trading performance since being formed over 40 years ago with encouraging progress being reported across all regions and underpinned by a strong pipeline of work. True, the Chinese economic slowdown could have an impact on global markets, but Trifast’s sales within and into China only amount to 5 per cent of its total revenue which means the business is not overly exposed to the region. So although I am certainly not complacent, I am not that concerned either with the impact on Trifast’s business from the slowdown in China. More important is the growth opportunity for the company elsewhere as the board scales up Trifast’s presence in what remains a fragmented market sector by adding niche, well run businesses to its portfolio. Strategically it makes sense to do so as market research indicates that global demand for mechanical fasteners will continue to rise over the next five years, so the market backdrop remains positive. Bearing this in mind, even though Trifast operates from 26 locations in 17 countries across Europe, Asia and North America, the company still only has less than one per cent of the global industrial fastener market. This explains why Trifast has just announced the £6.16m acquisition of German industrial distributor Kuhlmann, a company based close to Biefield. The country is the fourth largest industrial fastener market in the world and the largest in Europe. Exports into Germany accounted for 6 per cent of Trifast’s sales last year, so there is a strategic opportunity to establish a strong domestic distribution and logistics facility there in order to drive the company’s multi-national OEM base and tap into Kuhlmann’s well-established longstanding customer base in the machinery and plant engineering, sheet metal processing and industrial sectors. Importantly, Kuhlmann's management team and previous owners, Frank Niggebrügge, Eric Hütter and Peter Henning will continue to run the business with the support of their operational management team and staff. Sensibly priced The transaction has been sensibly priced too as Kuhlmann reported pre-tax profit of £1.26m on revenue of £4.9m in 2014. So after factoring in the re-introduction of director salaries – about £200,000 in total each year – and assuming a 28 per cent tax charge, the total cash consideration of £6.16m equates to just under six times net earnings. It’s also earnings accretive with analysts upgrading their estimates for the 2016 fiscal year (March year-end) by a couple of per cent and by around 4 per cent for the 2017 fiscal year. Analysts at brokerage Arden Partners now expect Trifast to increase revenues from £155m to £163m in the current financial year and to £172m the year after. On this basis, expect pre-tax profits to increase from £14.3m in fiscal 2015 to £15.5m and £16.6m, respectively, to drive up EPS from 8.7p to 9.4p and 10p, and underpin a near 10 per cent rise in the dividend per share to 2.3p and 2.5p. This means that Trifast shares are being rated on 12 times’ current year earnings estimates and offer a prospective dividend yield of 2 per cent. That’s hardly an exacting valuation for a company that has been executing its bolt-on acquisition strategy flawlessly and has been reporting decent organic growth in its existing businesses too. In fact, Trifast’s last major acquisition in May 2014, that of VIC, an Italian maker and distributor of fastenings systems predominantly to the white goods industry, outperformed forecasts for the last financial year.

[tudes100] 06/10/2015 12:17

tipped again today by Simon Thompson in the IC online, hence the bump....

[thorpematt] 01/10/2015 19:24

So £6.16m price paid for £1.26m that's like a PER of 4.9 I would say that's a bit of bargain to put it mildly! I will not be selling any of my stock for the time being since I think fair value is closer to £1.60 and so that would be well... er...illogical.

[mr_spock] 01/10/2015 11:22

For the year ended 31 December 2014, Kuhlmann reported revenue of €6.70 million (£4.86m) and profit before tax of €1.74 million (£1.26m). That's 1.74/6.7= 26% margin. Compare that to Trifast's last annual report 11,849m/154,741m= 7.7% margin. No wonder Trifast say it will be earnings enhancing in the first full year of ownership. Got to give Trifast credit for their acquisitions. That Kuhlmann £1.26m PBT is over 10% of Trifast's PBT at last year end, and TRI get an 'in' into Germany. And I sold half yesterday.

[alan@bj] 01/10/2015 09:22

Another good acquisition. Profitable, good management, decent price paid, mainly from existing cash resources.

[reddave999] 29/9/2015 08:12

It could delay the decision to buy until we find out who else has been fiddling.

[tudes100] 24/9/2015 21:07

Consumers will still buy cars, whether from VW or any other manufacturer. They may move between brands but I can't see how this is going to impact global demand for cars and therefore global demand for car widgets.

[alan@bj] 24/9/2015 19:31

It's a hurricane in a tea cup