Main menu
Edison Group
  • Home
  • Equities

    Equities

    View All Equities

    Equities by Sector

    Good Life Plus

    MCap

    GBP12m

    Last close

    GBP0.02

    ▲ 0.40 (22.86%)

    KEFI Gold and Copper

    MCap

    GBP39m

    Last close

    GBP0.01

    ▲ 0.11 (20.00%)

    OSE Immunotherapeutics

    MCap

    EUR132m

    Last close

    EUR6.14

    ▲ 0.68 (12.45%)

  • Sectors

    Sectors

  • Investment Strategy

    Investment Strategy

    View All

    Latest

  • Thematics

    Thematics

    View All Thematics

    Latest

  • Audiovisual

    Audiovisual

    View All Audiovisual

    Latest

Topps Tiles (LSE: TPT)

Last close As at 02/07/2024

GBP0.41

▲ −0.50 (−1.22%)

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, TPT 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
Visit Website

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 (5.7) (5.7) (17.0)
Relative (4.5) (9.0) (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 6.6 1.8
2023A 262.7 42.0 13.8 4.59 8.9 1.9
2024E 249.6 35.6 7.9 2.70 15.1 2.3
2025E 263.8 40.0 11.9 4.35 9.4 2.0

Research

Flash note

Consumer

Topps Tiles — Looking to the future

Update

Consumer

Topps Tiles — Market tough through H124

Consumer

edison tv

Topps Tiles – executive interview

Flash note

Consumer

Topps Tiles — Outperforming weak market in Q124

Update

Consumer

Topps Tiles — Early delivery

Update

Consumer

Topps Tiles — Share gains with easing cost pressures in FY23

Update

Consumer

Topps Tiles — Reassuring trading and profit guidance re-iterated

edison tv

Consumer

Topps Tiles – executive interview

Initiation

Consumer

Topps Tiles — Grout expectations

Thematics

thematic

Consumer

ConsumerWatch – Give me a reason to love you

thematic

Consumer

ConsumerWatch – At least someone loves me

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media

thematic

Consumer

ConsumerWatch – Falling into the fall
View All

Subscribe to Edison

Get access to the very latest content matched to your personal investment style.

Sign up for free