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Trifast: 1 director
A director at Trifast bought 297,112 shares at 81p and the significance rating of the trade was 53/100. 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 Cl...
- Andy Hanson
Audio Note: Trifast - Interim results
In this audio note, Zeus’ Andy Hanson summarises the investment case for Trifast. Trifast’s interim results, which are in line with the pre-close trading update in October, highlight a period of strong operational execution despite continued weakness in certain end markets as Management continues to deliver on its new strategy.
- Andy Hanson
Trifast (TRI LN) - Interim results - Corporate
Trifast’s interim results, which are in line with the pre-close trading update in October, highlight a period of strong operational execution despite continued weakness in certain end markets as Management continues to deliver on its new strategy. Despite revenue falling by 3.2% yoy to £113.9m, Management has been proactive in improving pricing and material sourcing, exiting low margin customers and focusing on cost management and cash flow. Gross margin grew by 169bps to 27.4%, operating margin...
- Andy Hanson
Audio Note: Trifast - Margin and operational progress offsetting conti...
In this audio note, Zeus’ Andy Hanson summarises the investment case for Trifast. Trifast has released a pre close trading update for the six months to the end of September 2024. As expected, the demand environment remains weak in certain markets leading to revenue being down around c. 3% yoy at c. £114.0m (HY 24: £117.6m).
- Andy Hanson
Trifast (TRI LN) - Margin and operational progress offsetting continue...
Trifast has released a pre close trading update for the six months to the end of September 2024. As expected, the demand environment remains weak in certain markets leading to revenue being down around c. 3% yoy at c. £114.0m (HY 24: £117.6m). Despite demand remaining soft, gross margin has increased c. 150bps to c. 27% suggesting gross profit is marginally ahead yoy. The on-going self help initiatives continue to progress and the targeted annualised cost savings of £3.0m are on track. Net debt,...
- Andy Hanson
Trifast (TRI LN)
Trifast has reported a set of resilient results for FY24 (March y/e) in a difficult operating environment driven by volatile demand and customer destocking. Despite revenue falling 4.4% (2.7% ccy) to £233.7m, adj. EBIT remained broadly flat at £11.9m as the Group streamlined non-operational headcount, drove operational efficiencies through its global ERP system and remained focused on pricing. Net debt (excl. leases) reduced significantly to £21.0m (FY23: £38.0m) due to strong working capital ma...
- Andy Hanson
- Carl Smith
- Robin Byde
Industrials Round-up - 08 July 2024
The UK industrial sector continues to strengthen with June output and order books increasing for a second consecutive month, albeit at a slightly slower pace than in May. We think it is too soon to declare conclusively a turnaround, but recent industrial and economic data have been reassuring, as inflation returned to the BoE’s 2% target and sentiment remained positive.
- Andy Hanson
- Carl Smith
- Robin Byde
Zeus Industrials Round-Up - 11 June 2024
As we approach the end of H1, recent industrial and economic indicators display an encouraging picture, cautiously supporting optimism for the latter half of 2024. UK manufacturing returned to growth in May, with many countries recording higher PMI readings. Inflation data across the globe was also encouraging, prompting the Bank of Canada and ECB to cut interest rates last week. UK GDP growth for Q1 was also positive and overall business confidence appears to have improved.
- 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...
- 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
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