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Trifast
| Date | Reports available | Download |
|---|---|---|
| Sep 18 2008 |
Sound business The City’s reaction to the Trifast trading statement is understandable in the context of the current banking crisis and the need to reduce profit estimates. However, such conditions throw up numerous opportunities. Trifast is still gaining market share, is at least sustaining its gross margins, is securing new business and has a sound balance sheet. These attributes offer real attractions, despite market conditions. Research type: Update - Trading update |
Log in to download 2 page note available |
| Aug 18 2008 |
Gaining market share The IMS from Trifast suggests that, although cuts in delivery schedules are impacting longer-term contracts, new business continues to be generated at reasonable margins, implying a further gain in global market share. This demonstrates the strength of both internal group disciplines and the new selling initiatives introduced in recent years. A languishing share price reflects City caution, rather than the current trading performance at the company. The shares look distinctly undervalued. Research type: Update - Trading update |
Log in to download 2 page note available |
| Jun 30 2008 |
Initiatives working The Trifast share price came back sharply at the time of the April trading statement and has shown little sign of subsequent recovery, despite a sound final quarter performance. The group has a clear and deliverable strategy, with profits set to move ahead steadily over the next two years, despite the challenging trading climate. This improvement is not recognised in the current share price. Research type: Review - Full year results |
Log in to download 8 page note available |
| Feb 13 2008 |
Estimates lowered The Trifast share price has naturally followed the recent downward momentum in stock markets, but the trading update indicates that trading is holding up well. The recovery in throughput during the early part of 2008 reinforces overall group strategy, suggesting that the underlying performance remains positive, with new business generated across a broad front to counter any cuts in schedules. Research type: Quarterly Update - Trading update |
Log in to download 2 page note available |
| Dec 03 2007 |
Margins still rising The City’s immediate reaction to the Trifast interims is difficult to justify, other than in the context of factors in the stockmarket itself. Profits were slightly above expectations, with the group well on course to meet long term objectives involving an improving product mix and higher margins. The shares look distinctly undervalued, and should trade at least in line with comparable overseas fastener businesses. Research type: Outlook - Interim results |
Log in to download 12 page note available |
| Oct 10 2007 |
Targets to be delivered Conditions are getting tougher, but Trifast remains on course to meet City earnings estimates. The share price has drifted to reflect the market, but we expect a positive message with the interim statement, demonstrating underlying progress towards delivering on the group’s medium term strategy. The prospective rating still fails to recognise this potential and the action being taken to build the business. Research type: Quarterly Update - Trading update |
Log in to download 2 page note available |
| Jun 27 2007 |
Phase one delivered Trifast has beaten market expectations on the first phase of its medium-term growth strategy and looks well on course in the current year. Plans outlined over the past year have started to be implemented, supported by the natural succession of a new chief executive. The shares have performed well over the intervening period, but still look distinctly undervalued if management can continue to deliver to target. Research type: Update - Full year results |
Log in to download 7 page note available |
| Apr 19 2007 |
Planned succession The decision by Jim Barker to step down and be replaced as group CEO by Steve Auld represents a natural progression for the group. After five years in which the group has retrenched and then established a clear strategy, we view the future with increasing optimism. At a 12% discount to its nearest global comparators, the recent rerating of the shares could well have further to go. Research type: Trading Update - Trading Statement |
Log in to download 2 page note available |
| Nov 24 2006 |
Aiming high Trifast is clearly on course to deliver current year targets, while there is ample scope in the balance sheet to finance immediate ambitions. The growth potential in the global industrial fasteners market is not recognised in the current share price, let alone the ability of management to build both its share of the market and margins. We expect the share price to respond positively as the City recognises the potential. Research type: Outlook |
Log in to download 12 page note available |
| Jun 26 2006 |
Q4 recovery continues While weak Q3 figures undermined last year's results, strategic moves during the year leave the group looking ahead with confidence. Two key acquisitions have settled in well, while the commissioning of the new Chinese manufacturing plant has enhanced the group's ability to respond effectively to customer demands. Despite challenging market conditions the medium term outlook is much brighter than indicated by the dull share price. Research type: Company Comment - Full year results |
Log in to download 2 page note available |
| Jun 09 2005 |
The simple message from Trifast is one of continuing progress in a tough market place. Future strategy involves investment in raising the quality and content of sales. New manufacturing facilities in China, to be built over the coming twelve months, wil Research type: Company Comment |
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