Topps Tiles - Market tough through H124
Topps Tiles’ (TPT’s) H124 update shows that trading deteriorated further in Q224, following the weakness that began in Q124. Management attributes the decline to the soft external environment as noted by others in the repairs, maintenance and improvement market, other home improvement/DIY retailers and data from the Office for National Statistics. For the individual businesses, the trends remain consistent with previous updates: strong revenue growth for Online Pure Play offset by weakness in Topps Tiles stores, and Parkside continues to see a significant improvement in its financial performance. The company is well positioned for the upturn when it comes given its leading brand, breadth of product and customer service. The share price looks extremely undervalued with a prospective EV/sales multiple of 0.25x versus historical multiples of 0.7x and above in years when TPT reported operating margins that are consistent with current estimates.Topps Tiles Plc is a United Kingdom-based retailer of tiles. The Company is engaged in the retail distribution of ceramic and porcelain tiles, natural stone, and related products. It operates in the Topps Tiles stores and online business segment. It supplies tiles and associated products to both trade and retail customer base, primarily for the refurbishment of the United Kingdom domestic housing. Its product categories include new products, bathroom wall tiles, kitchen wall tiles, mosaic tiles, kitchen floor tiles, bathroom floor tiles, ceramic tiles, porcelain tiles, underfloor heating, wet rooms, outdoor tiles, fireplace tiles and metro tiles. Its brands include Tile Adhesive, Tile Grout, Tile Preparations, Hardiebacker Board, Rubi Tools and Accessories, Warmup, and Homelux Tiles Trims. It offers tiles in various colors, such as beige tiles, black tiles, blue tiles, brown tiles, cream tiles and gold tiles. It has over 350 stores across the United Kingdom.
Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.
.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.