Tyman Share Discussion Threads

[sphere25] 03/4/2020 08:13

Statement follows the theme of the wider market as expected. Could still get clobbered despite the below. Extended lockdowns clearly mean even higher risk than present.

"The earliest maturing debt is a $55m tranche of our US Private Placement that is due for repayment in November 2021"

"We have assessed the impact on both profitability and cash flow of various potential scenarios of different durations and severity. We will continue to monitor the evolution of the crisis and remain flexible to adjust plans as necessary. With the actions being taken, we are confident that we are well-placed to withstand a prolonged period of reduced trading."

[sphere25] 25/3/2020 10:25

It is potentially a matter of survival for many companies now. Clearly depends on how far the government goes on the lockdowns. A few months look manageable for the majority. If we go (we really shouldn't) deeper, then it clearly has the scope to get very ugly.

I'm sure TYMN will update shortly, but I've taken a few for a short term bounce. Grossly oversold and hasn't bounced with the market yet. Some nice buying coming in today too so there is potential.

Alot of these stocks have also been clobbered to the point where bad news is now resulting in rallies, which would suggest that a great deal of doom and gloom has already been priced in.

[bummel45] 19/3/2020 19:14

I suppose its because the company has operations in the key coronavirus areas and that will undoubtedly affect results downwards. The question is whether it's terminal of if they will come back after the problems have finished. Does anyone have any information on the present operation?

[bummel45] 18/3/2020 09:00

This is always a target for sellers! How low can it go?!

[sphere25] 06/3/2020 08:23

Like to trade this one - looks cheap, but it's nigh on impossible to be long anything at the moment, or long for err...long

Analyst comment below:

"Tyman (TYMN), supplier of building materials to the window and door industry, has reported ‘solid results’ and Numis says the group is undervalued.

Analyst Christen Hjorth reiterated his ‘buy’ recommendation and target price of 330p on the stock after full-year results came in in-line with expectations with no further contract losses.

‘We are encouraged by the group’s progress, including an impressive beat on net debt, and the increased strategic focus on self-help initiatives,’ he said.

‘Despite this, Tyman trades on a 2021 price/earnings ratio of c.8x and dividend yield of c.5%. In our view, this significantly undervalues the group."

[jeffian] 05/3/2020 09:31

Because the results were as expected and the performance was already in the price. The half year results in July were "below expectations" and the Trading Update in November was "in line with (revised) expectations" and you can see the effects in the chart above. In fact, the final Operating Profit reported was very slightly ahead of the anticipated figure reported in November.

[phillkay] 05/3/2020 08:49

In learning mode, can someone explain on the price going up on seemingly poor results, thanks.

[brummy_git] 19/2/2020 06:41

All the latest building product valuation multiples and KPIs can be downloaded from here, including TYMN

[psync] 19/9/2019 09:18

Decent rally over the last couple of weeks albeit from quite a low level. The last set of results were rather downbeat but hopefully this shows there's still institutional investor confidence here as an income play with growth potential.

[jeffian] 29/8/2019 09:09

Although I'm a bit jaundiced about Director purchases (modest ones are usually more about 'sending a message'), it is refreshing to see the recent flurry of purchases at market price by the CEO, CFO and Chairman, rather than them just waiting to scoop up their discounted LTIP shares.

[bummel45] 30/7/2019 09:31

The market really does not like this share!

[bummel45] 12/6/2019 23:08

Amazing, this share didn't go down today! What happened?!

[bummel45] 26/3/2019 13:28

Another bad day. Why does everyone seem to be so against this share? It rates 'strong buy' with most analysts. I guess it creates a good buying opportunity!

[sphere25] 05/3/2019 10:24

Agree. Added to public portfolio today at 245.

Far too much negativity has been priced in here. There is a nice yield, near enough 5% at these levels, a single digit P/E, good cashflow and as for 2019 trading:

"Trading in 2019 to date is in line with expectations with a promising order book in each Division"

That's all very encouraging. Market has been expecting significant downgrade in numbers. Looks cheap. There's a few fund manglers short too so they could get squeezed abit if they don't cover now.

All imo

Sphere - long

UPDATE: Large buy orders unfilled in the closing auction. Closed at the high of the day, broken out and on strong volume too. Forming a nice trend upward on technicals too so bodes well overall for some good upside.

UPDATE 06/03/2019: Broker commentary added:

"Tyman derating is harsh, says Liberum

A de-rating at Tyman (TYMN), which supplied building products to the door and window industry, looks ‘very harsh’, says Liberum.

Analyst Charlie Campbell retained his ‘buy’ recommendation and target price of 345p on the stock after it reported full-year results showing profit before tax up 6% to £73 million, in line with expectations.

‘Tyman’s shares have been very harshly de-rated, from a 12-month forward price/earnings of 13 times to eight times, as investors are concerned about how much longer there is in the US cycle,’ he said.

‘However, the harsh treatment ignores the good work that management has done in improving the returns of acquired businesses and integrating facilities to raise US margins."

[valuehunter1] 05/3/2019 08:45

Solid results, good growth forecasted for 2019 too, should re-rate back to 300p over time v soon. V cheap at these levels imho.

[jeffian] 08/1/2019 12:15

I'm afraid I tend to discount Edison reports for this reason -

"This report has been commissioned by Tyman and prepared and issued by Edison, in consideration of a fee payable by Tyman."

Having said that, I suppose it lends some credence to the numbers and I am comfortable holding this as a low PER/high yield share.

[a0148009] 08/1/2019 11:55

JEFF H. Thank you for the above post very helpful. New femail Chief Exec a bit of a
surprise for this business,she has had a number of previous postsso hope she is well informed. It is a far-flung business with a low rating and think we are at the bottom,I will stay with the Company for now.

[bummel45] 18/12/2018 19:52

Well I can only fear the worst for this share now. Should have sold earlier, but now I'll just wait for the bad news which is undoubtedly round the corner. It's a great shame but I guess some you win and some you lose.

[uhound] 21/11/2018 09:48

Maybe new CEO will help, although yesterday's announcement hasn't!
I've just been stopped out, but will be keeping watch for and upturn in the price and a new entry.

[bummel45] 21/11/2018 09:25

I still can't believe why this keeps going down, every day! The interim report was good, so unless there's anything going on that we don't know about, I guess it just be the market and the dollar. Still, the yield is improving so it's a good time to top up! Anyone agree?

[valuehunter1] 09/11/2018 15:55

bummel, I'm here, bought in before the update at 278p, given the strong trading update was expecting this to have re-rated back towards 300p. Bought a few more today as see these as great value.

[bummel45] 09/11/2018 01:30

Has everyone died on here? What does the market want out of this company. A good trading update, but the share remains almost a third down from its peak (which was probably too high). All broker recommendations appear to show 'Strong buy'.
The decline appears to have occurred with the change to Numis as sole broker. Is that a reason? Are they incompetent, or planning something?
Any comments from anyone who is still alive?