Topps Tiles (LSE: TPT)

Last close As at 20/06/2024

GBP0.41

−0.50 (−1.20%)

Market capitalisation

GBP82m

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, Topps Tiles 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

View More

Consumer | edison tv

Topps Tiles – executive interview

Consumer | Flash note

Topps Tiles — Looking to the future

Consumer | Update

Topps Tiles — Market tough through H124

Consumer | Flash note

Topps Tiles — Outperforming weak market in Q124

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 (6.0) (5.9) (18.9)
Relative (3.7) (11.2) (25.0)
52 week high/low 56.4p/40.5p

Financials

Topps Tiles’ (TPT’s) H124 results showed the effects of the general market softness of spend on repairs, maintenance and improvement, as evidenced by other companies and external data. Of more importance is TPT’s updated strategy, which includes targeting new markets and further/better leverage of existing brands, and ‘medium-term’ financial goals, the most notable being an indicated more than quadrupling of adjusted PBT from our FY24 estimates. Management points to more encouraging forward indicators for customer spend (including mortgage approvals and consumer confidence), albeit current trading remains weak. Our forecasts are under review.

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 6.7 1.8
2023A 262.7 42.0 13.8 4.59 9.0 1.9
2024E 249.6 35.6 7.9 2.70 15.3 2.3
2025E 263.8 40.0 11.9 4.35 9.5 2.0

thematic

Consumer

ConsumerWatch – Making the most of the summer

thematic

Consumer

ConsumerWatch – A Spring in the step

thematic

Consumer

ConsumerWatch – January sales

thematic

Consumer

ConsumerWatch – Bargains galore

thematic

Consumer

IPO apocalypse

thematic

Consumer

Food tech – At the forefront of food innovation

thematic

TMT

ESG, moving beyond the box tick

thematic

Consumer

ConsumerWatch – Value emerging

thematic

Consumer

Circular economy business models

thematic

Consumer

Moving from a vegan January to a sustainable one

thematic

Consumer

Meating Demand – The lean, green money-making machine

thematic

Consumer

Illuminator: August Update

thematic

Consumer

Deutsche Börse Eigenkapitalforum 2014 Research Guide