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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Volex Plc | VLX | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -0.50 | -0.17% | 288.00 | 09:58:38 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 300.00 | 282.00 | 300.00 | 288.50 |
| Industry Sector |
|---|
| ELECTRONIC & ELECTRICAL EQUIPMENT |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 15/11/2024 | Interim | GBP | 0.015 | 28/11/2024 | 29/11/2024 | 09/01/2025 |
| 26/06/2024 | Final | GBP | 0.028 | 25/07/2024 | 26/07/2024 | 30/08/2024 |
| 23/11/2023 | Interim | GBP | 0.014 | 30/11/2023 | 01/12/2023 | 10/01/2024 |
| 22/06/2023 | Final | GBP | 0.026 | 20/07/2023 | 21/07/2023 | 25/08/2023 |
| 09/11/2022 | Interim | GBP | 0.013 | 17/11/2022 | 18/11/2022 | 16/12/2022 |
| 23/06/2022 | Final | GBP | 0.024 | 21/07/2022 | 22/07/2022 | 26/08/2022 |
| 11/11/2021 | Interim | GBP | 0.012 | 18/11/2021 | 19/11/2021 | 14/12/2021 |
| 17/06/2021 | Final | GBP | 0.022 | 15/07/2021 | 16/07/2021 | 06/08/2021 |
| 12/11/2020 | Interim | GBP | 0.011 | 19/11/2020 | 20/11/2020 | 15/12/2020 |
| 16/04/2020 | Final | GBP | 0.02 | 16/07/2020 | 17/07/2020 | 07/08/2020 |
| 30/07/2019 | Interim | GBP | 0.01 | 09/01/2020 | 10/01/2020 | 05/02/2020 |
| Top Posts |
|---|
Posted at 20/11/2024 15:22 by dr biotech No, the c20% drop here isn't giving off vibes of approval. TT may have been a recent basket case with hopeless management. But slagging off the potential target doesn't spell out a compelling case why it would be good for VLX. All we know about them (via VLX) is that they have wasted a lot of money on value destructive acquisitions.Brokers can quote various targets and say it undervalued, but then the share price told a different story. Sort of surprising that the TT CEO has never bought a share - how much belief does he have? And if I was a TT shareholder I'd like to know more about the cash offer, in particular why is wasn't put to the shareholders. |
Posted at 19/11/2024 17:35 by valhamos Should an offer be forthcoming, I'm sure VLX will be very clear on the improvements they can make resulting in their claimed debt reduction to a 1.5 leverage ratio in the near term.Let's be honest TTG management is a shambles and making improvements would be like shooting fish in a barrel. Taking the previous 4 years together, it has not made a profit - it is a consistent underachiever and has destroyed shareholder value. It is clearly struggling with basic concepts like continuous improvement and assessing customer profitability. In addition there are "significant opportunities to achieve cost synergies in the combined business through the removal of duplicate functions and driving further efficiencies as Volex operates a relatively much leaner fixed cost base." and I would expect Volex to be ruthless in taking a whole raft of costs out of the business. In all this they will be helped by having a number of managers who worked for TTG in the past so they have the knowledge to hit the road running. |
Posted at 19/11/2024 15:55 by blusteradjuster Like i posted previously - the existing 'vision' is for a $1.2bn revenue business by FY2027.This acquisition, if completed, would create a $1.7bn revenue business by FY2025. That's a change on and an acceleration from said vision - the VLX board need to articulate what would come next. Would seem sensible to spend a couple of years digesting TTG, paying down debt and growing organically - by which time debt:EBITDA would be well below 2 again. |
Posted at 19/11/2024 11:08 by blusteradjuster I think the key question (and hopefully one the VLX board will get answers to if the TTG board can ever bring themselves to open the books) is the cause of the issues at TTG's North American unit and what VLX's turnaround plan for that unit would therefore be.North America hasn't exactly been struggling economically - so either TTG NA has poor products (which would be visible externally) or there has been some execution FUBAR(s) causing that underperformance. |
Posted at 19/11/2024 10:46 by disc0dave46 blusterWe are going around in circles. Okay my quick calc of covenant debt ratio was incorrect at 2.6x. Agree it's 2.3x based on their last offer for TTG. If they increase the offer then it will be in excess of 2.3x. Plus TTG downgraded their forecast and you are assuming they will hit these. There's no guarantee that VLX management can resolve the issues at TTG. Covenant debt going from 1.3x to 2.3x is a significant increase.It still doesn't change the fact that net debt will possibly go from $154m to $437m. |
Posted at 19/11/2024 07:24 by valhamos Dave "dont know where your EBITDA numbers are from" as stated in my post they were quoted from the TTG H1 announcement of 8 August and the VLX H1 results last week. It's all there in those two RNS. |
Posted at 18/11/2024 20:50 by valhamos DaveFigures from TTG half-year to 30 June 2024 and Volex half-year to 30 Sept 2024 net debt for covenant purposes TTG $141m (£111m) VLX $154m add on debt to pay cash for TTG shares $142m (£112m) gives total debt $437m EBITDA for covenant calculation TTG $73m (£57m) VLX $117m combined EBITDA of $190m giving a covenant ratio of 2.3 So the 2.3 does include the impact of cash for TTG shares. You may still think the debt is too high but at least this clears up your point about how the cash for the TTG shares would be funded. |
Posted at 18/11/2024 19:49 by disc0dave46 Val“Volex is suggesting it is funded through debt - hence their pro-forma covenant ratio of approx 2.0x” Not read they have obtained funding for the £112m cash element, sorry where have they said that?. My calcs gives EBITDA to debt ratio of circa 2.6x if you include TTG forecast EBITDA (say $31m) and VLX (say $134m) and debt ex lease liabilities of $134m for TTG, $154m VLX plus the $142m debt (you say for the £112n TTG cash element), that’s 2.6x. Have they said it’s 2x post taking on TTG?. |
Posted at 15/11/2024 13:43 by sphere25 Look at that pop higher on the official rejection from TTG. This move down looks more like worries of overdoing it on the takeover front, rather than the results. TTG is in trouble with rapid forecast cuts and debt higher than expected.Yes, TTG is cheap on historic multiples, but buying into that mess with the existing debt and then adding on another £240m worth of debt has got the market worried. The Bulls will say it will work out in the long term, but in the near term the market says it doesn't like it and it could cause all kinds of problems. Naturally time will tell, but VLX would not fall this much if there was no offer for TTG. It looks abit odd, because VLX has just had a little relief rally that TTG has rejected the offer, but then the algos have bid TTG higher on the fact that the VLX price has gone higher. And then currently the VLX price hasn't fallen back down on the fact that TTG price remains strong i.e. worries that VLX will have to push the takeover offer higher to get TTG. So a little bit messy right now, but in the short term, VLX recovers if they don't come back with higher offers and TTG plunges (barring someone else having a sniff) back down. Or VLX could continue back down if the market continues its worries over all that additional debt and how much more debt has to be taken on to convince TTG to come on board. So a few thoughts there on the short term dynamics. Hell, it could all work out beautifully years from now. No idea. Just a short termer here with quick ins and outs. Recently traded the Budget bounce, no trading today because its abit nutty right now but usually watching in here. All imo DYOR |
Posted at 16/10/2024 09:41 by martinmc123 4*VLX posted another impressive HY update confirming that strong momentum has been sustained through H1 and that FY expectations remained unchanged. H1 revenues were in excess of $510 million suggesting that the business remains well on track to top $1b revenues for the first time ever in FY24. Consensus has a $1,023m figure pencilled in with statutory profit set to grow close to 60% to $64m. Both these numbers are achievable, even beatable, and the business plainly continues to deliver robust topline and even more stellar bottom line growth. Management... ...from WealthOracle wealthoracle.co.uk/d |
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