reports
- Andy Hanson
Audio Note: Trifast - Trading conditions remain difficult but self-hel...
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.
- Andy Hanson
Trifast (TRI LN) - Trading conditions remain difficult but self-help i...
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 un...
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 clear...
- Andy Hanson
Audio Note: Trifast - Market demand weakens in December
In this audio note, Zeus’ Andy Hanson summarises the investment case for Trifast. Trifast has released a trading update indicating that demand in Asia and global distribution sales channels has been weak in December leading to a decline in volumes. Listen to the audio note below, and read the full research here.
- Andy Hanson
Audio Note: Trifast - Interim results show strategic progress
In this audio note, Zeus’ Andy Hanson summarises the investment case for Trifast. Trifast has announced an encouraging set of interim results both operationally and financially. Listen to the audio note below, and read the full research here.
- Andy Hanson
Trifast (TRI LN) - Interim results show strategic progress
Trifast has announced an encouraging set of interim results both operationally and financially. The operational improvements being made under the new management team are starting to be reflected in the financial performance of the business, particularly in terms of working capital. Despite the operating environment remaining challenging, it is on course to broadly hit ZC FY24 profit estimates. Importantly the working capital commitment of the business continues to fall improving cash generation ...
- Andy Hanson
Trifast (TRI LN) - Trading in line, strong progress on its strategic i...
Trifast has released a trading update ahead of its interim results next month (21st November) confirming trading remains in line with management expectations despite a tough macroeconomic backdrop. Revenue for H1 is down c. 2% yoy (AER) as strength in its Light and Heavy vehicle end markets (c. 35% of FY23 revenue) was more than offset by weakness in its Health & Home and Distribution channels (c. 35% of FY23 revenue). Importantly, however, the Group’s strategic initiatives are bearing fruit as ...
- Andy Hanson
Audio Note: Trifast - Fundamentally undervalued
In this audio note, Zeus’ Andy Hanson summarises the investment case for Trifast. Zeus look at the current valuation of the Trifast business and the potential to unlock equity value in a relatively short space of time. Listen to the audio note below, and read the full research here.
- Andy Hanson
Trifast (TRI LN) - Fundamentally undervalued
In this note Zeus look at the current valuation of the Trifast business and the potential to unlock equity value in a relatively short space of time. On this basis, Trifast shares appear fundamentally undervalued. We derive a price target of 102p (+33% upside) based solely on returning the working capital commitment of the business back in line with historic levels. Factoring in a conservative DCF and peer group analysis gives an average valuation of 103p. Our medium term, Blue Sky analysis, ass...
- Liberum Research Team
- Liberum Research Team
- Liberum Research Team
- Liberum Research Team
- Edward Maravanyika
LIBERUM: Trifast - Profit warning and CEO change but we see recovery p...
We update our estimates following a profit warning contained in the FY23 trading update. Two items addressed in the update: 1) FY23 PBT now at £9m vs £14.3m previous consensus; and 2) Departure of CEO, Mark Belton with Scott Mac Meekin (Trifast NED, 2013-2023) stepping in immediately as interim CEO. Consequently, we lower our estimates with our FY23E/FY24E PBT cut 38%/19% to £9m/£12.5m respectively. We also cut or TP to 105p (from 130p), retaining our BUY rating as we see 66% potential upside to...
- Liberum Research Team
- Liberum Research Team
TRIFAST is slightly downgraded to Slightly Positive due to an increasi...
The independent financial analyst theScreener just slightly lowered the general evaluation of TRIFAST (GB), active in the Industrial Machinery industry. As regards its fundamental valuation, the title confirms its rating of 3 out of 4 stars while its market behaviour remains unchanged and can be qualified as defensive. However, a marginally less favourable environment forces theScreener to downgrade slightly the title, which now shows an overall rating of Slightly Positive. As of the analysis da...
- Andy Chambers
Trifast - Project Atlas helps map the future
Trifast delivered another record financial performance. FY18 results were modestly ahead of market expectations, but significantly ahead of expectations at the start of the year. Management is now launching Project Atlas to integrate its management, customer-facing and manufacturing processes through a £15m investment over the next three years. By maintaining leading customer service and quality levels, the move is a clear support for the invest and grow strategy. Following the recent acquisiti...
- Andy Chambers
Trifast - Encouraging momentum into FY19
Trifast’s pre-close trading update indicates another strong year of execution of the company’s well-developed growth strategy. The profit before tax for FY18 is slightly ahead of management expectations, with investment continuing to support growth. A strong order pipeline at the year-end serves to underpin confidence in continued organic progression. The acquisition of Precision Technology Supplies (PTS) in the UK on 4 April 2018 should also make a full-year earnings enhancing contribution,...
- 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 proact...
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