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Topps Tiles (LSE: TPT)

Last close As at 26/07/2024

GBP0.43

▲ −1.00 (−2.29%)

Market capitalisation

GBP84m

Topps Tiles is the market-leading specialist retailer/distributor of wall and floor tiles, and associated products such as tools, grouts and adhesives, to its retail, trade and commercial customers in the UK.

Changes in consumer confidence and the health of the housing market are important indicators for the outlook on spend on residential repairs, maintenance and improvement. With increasing exposure to the corporate market, TPT is also exposed to the expansion and maintenance capital plans of those customers, specifically in the retail, leisure and travel sectors, which are also affected by changes in consumer spending.

Latest Insights

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Consumer | Flash note

Topps Tiles — Signs of stabilisation in Q324

Consumer | edison tv

Topps Tiles – executive interview

Consumer | Flash note

Topps Tiles — Looking to the future

Consumer | Update

Topps Tiles — Market tough through H124
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Sector

Consumer

Equity Analyst

Russell Pointon

Russell Pointon

Director of Content, Consumer and Media

Key Management

  • Paul Forman

    Chairman

  • Robert Parker

    CEO

  • Stephen Hopson

    CFO

Balance Sheet

Forecast net cash (£m)

20.7

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 2.3 2.2 (16.9)
Relative 2.5 0.0 (22.3)
52 week high/low 56.4p/39.0p

Financials

Topps Tiles’ (TPT’s) brand strength continues to shine through with ongoing market share gains versus a weak repair, maintenance and improvement sector. There is also some encouragement that overall revenue trends were relatively unchanged through Q324, with no deterioration versus what was reported for the first seven weeks, albeit it remains challenging overall. For the individual group companies, the trends and narrative are consistent with recent updates: Omni-channel remains weak given the difficult but slowly improving macroeconomic environment; Online Pure Play continues to grow strongly; and Parkside (Commercial) remains profitable despite the challenging backdrop. The trading update also indicates progress on the initiatives announced as part of the updated long-term strategy and new financial goal, Mission 365, which are expected to generate significant revenue (£365m) and profit growth (adjusted PBT margin of 8–10%) even with management’s assumption of limited recovery in the market. A cyclical recovery would be additionally helpful to estimates and, no doubt, for sentiment towards the share price. Our forecasts are under review and will be updated shortly.

Y/E Oct Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2022A 247.2 44.2 15.9 6.15 6.9 1.9
2023A 262.7 42.0 13.8 4.59 9.3 2.0
2024E 249.6 35.6 7.9 2.70 15.8 2.4
2025E 263.8 40.0 11.9 4.35 9.8 2.1

Research

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Topps Tiles – executive interview

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Topps Tiles — Grout expectations

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Topps Tiles – executive interview

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Topps Tiles — Grout expectations

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