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Topps Tiles (LSE: TPT)

Last close As at 29/04/2024

GBP0.43

▲ −1.70 (−3.78%)

Market capitalisation

GBP86m

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, Topps Tiles 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

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Consumer | Update

Topps Tiles — Market tough through H124

Consumer | Flash note

Topps Tiles — Outperforming weak market in Q124

Consumer | Update

Topps Tiles — Early delivery

Consumer | Update

Topps Tiles — Share gains with easing cost pressures in FY23
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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 2.3 (3.7) (7.1)
Relative 0.0 (9.2) (10.4)
52 week high/low 56.4p/40.5p

Financials

The H124 update showed 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 other companies. 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. We reduced our FY24 and FY25 PBT forecasts, the former by 40%, with the broad assumption that H224 revenue declines by c 4% helped by a more supportive macro environment (eg real wage growth and lower interest rates), as well as an easier comparative.

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 7.0 1.9
2023A 262.7 42.0 13.8 4.59 9.4 2.0
2024E 249.6 35.6 7.9 2.70 16.0 2.4
2025E 263.8 40.0 11.9 4.35 10.0 2.1

Research

Flash note

Consumer

Topps Tiles — Outperforming weak market in Q124

Update

Consumer

Topps Tiles — Early delivery

Consumer

Update

Topps Tiles — Market tough through H124

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 – At least someone loves me

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media

thematic

Consumer

ConsumerWatch – Falling into the fall

thematic

Consumer

ConsumerWatch – Making the most of the summer
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