Edison Investment Research - Trifast PLC (TRI) Trifast - Strong progress as investment continues

Report

Edison Investment Research

Andy Chambers

Trifast - Strong progress as investment continues

A strong set of interim results has led us to upgrade our EPS forecasts for FY18 by 5.0% and FY19 by 2.5%. Other than a weather-related hiccup in the smaller US activity, there was good like-for-like progress in Europe, Asia and the UK. Input cost pressures at the gross profit level were mitigated by strong overhead control. Investment for growth continues across all regions and the strong balance sheet should facilitate M&A as appropriate opportunities arise with management taking a more proactive approach in target identification. Trifastâ€™s shares have been very strong in the run-up to the results and are rated more appropriately, in our view, with the P/E discount to peers substantially diminished.

21/11/2017 5 EN

Underlying

Trifast PLC

Trifast is engaged in the engineering, manufacturing and distribution of industrial fastenings and category C components to a range of industries and customers. The key end markets in which these products can be found are automotive, electronics and domestic appliances. Co. has a range of self-clinch fastenings, blind rivets and rivet nuts, rivet bushes and thread forming screws. Co. also designs and supplies locking systems and locks, hinges and latches, clamps and terminals, gaskets and accessories. Co. operates in Norway, Sweden, Hungary, Ireland, Holland, Italy, Germany, Spain and Poland; in U.S. and Mexico; and in Malaysia, China, Singapore, Taiwan, Thailand and India.

See profile

GB0008883927 London Stock Exchange United Kingdom

Provider

Edison Investment Research

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.

See profile

Analysts

Andy Chambers

Other Reports on these Companies

Zeus Capital

Audio Note: Trifast - Trading conditions remain difficult but self-help initiatives coming through

In this audio note, Zeus’ Andy Hanson summarises the investment case for Trifast. Despite end market demand remaining difficult in several regions Trifast has announced that revenue and profitability will be marginally ahead of the guidance provided at the end of January. Listen to the audio note below, and read the full research here.

April 30, 2024 April 30, 2024 1 EN

Zeus Capital

Trifast (TRI LN) - Trading conditions remain difficult but self-help initiatives coming through

Despite end market demand remaining difficult in several regions Trifast has announced that revenue and profitability will be marginally ahead of the guidance provided at the end of January. Self-help initiatives instigated during 2023 are starting to come through providing visibility on the majority of the £3.0m savings identified to come through in the current financial year (Mar FY25). Zeus estimates were in line with guidance of £230m revenue, £11.5m EBIT and £6.0m PBT. We leave forecasts unchanged today but acknowledge that they will increase once we get more detail in the FY24 results (4...

April 25, 2024 April 25, 2024 1 EN

SmartInsider

Trifast: 1 director

A director at Trifast bought/maiden bought 40,000 shares at 74p and the significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of bo...

Free Trial

April 15, 2024 April 15, 2024 1 EN

Actinogen Medical - Funding in place through key catalysts

Actinogen announced a capital increase of up to A$8.9m on 3 May, consisting of a A$5.0m (gross) placement along with a shareholder rights offering (‘entitlement offer’) designed to raise up to A$3.9m (gross) from existing shareholders. The closing date of the rights offer is 29 May and, given that Actinogen shares are currently trading at c A$0.028, we assume full exercise of the rights offering in Q424 (Q2 CY24). The company expects that the proceeds (assuming full exercise of the rights offering) will extend its operating runway beyond the interim results release of the first 100 patients of...

7h / 11m 7h / 11m 1 EN

Pedro Fonseca

Pedro Fonseca

Henderson Opportunities Trust - A differentiated exposure to smaller companies

With a focus on long-term growth, Henderson Opportunities Trust (HOT) seeks investment opportunities across the breadth of the UK market. This includes a strong bias towards smaller and earlier-stage companies with significant potential to become tomorrow’s leading British businesses. There are tentative signs that the significant three-year underperformance of these smaller companies, and of HOT, may be coming to an end. If so, the trust is well placed to benefit and its differentiated, truly all-market approach is one that many investors would struggle to replicate. Moreover, HOT’s size and ...

10h / 33m 10h / 33m 1 EN

Richard Williamson

Richard Williamson

CLIQ Digital - Increased churn weakens FY24 outlook

CLIQ Digital delivered a disappointing start to FY24 in Q124, as its membership base fell following a change in refund programmes from credit card providers, making it easier for subscribers to cancel. Revenues fell 12%, while marketing expenses, a key growth driver for CLIQ, dropped 9% as management sought to protect its gross margin. The adjusted EBITDA margin fell to 7%, driven by the decline in sales. Management has initiated its Fit for Future transformation strategy to drive operational efficiencies, while diversifying its marketing channels from traditional display advertising into sear...

May 14, 2024 May 14, 2024 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN