Trifast (TRI)

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Trifast TRI Logo

Manufacturer and distributor of industrial fastenings and category C components to a range of industries and customers.

14-Nov-2017 – 248p – £289.9m – PER 18.4

Results For The 6 Months To End September 2017 – “Another six months of strong growth, with increased trading driving up our underlying PBT”. Strong growth is Revenue up 4.8%, EPS up 8.1% and an Interim Dividend increase of 10%.

This “strong growth” would be tempt me into a position here, if the PER was about half of what it is at present.

15-Feb-2018 – 246p – £297.9m – PER 18.2

Q3 Trading Update –  A bit of waffle but it seems to be in-line for FY expectations.

Still quite like this but I don’t see value here at all for this slow grower. The yield (sub 2%) doesn’t even make it more attractive.

19-Apr-2018 – 269p – £326.5m – PER 19.6

Trading Update For The 12 Months To End March 2018 – Underlying PBT to be slightly ahead of managements expectations. Order pipeline encouraging, enters the new year in a confident mood.

A great 5 year return here for investors and this update is encouraging too. I remain Neutral for now, perhaps worth a look on a pullback to the 250p level if we see it.

12-Jun-2018 – 272p – £330.2m – PER 19.3

Preliminary Results For The 12 Months To End March 2018 – Results seem OK but perhaps a little below forecasts. Current year has started well and confident of delivering on expectations (which are hardly inspiring to me).

The 5 year return here has been great but it looks like that growth is becoming a little more difficult. I am going to remain Neutral.

26-Sep-2018 – 226.5p – £269.5m – PER 15.3

Trading Update – In-line.

Looks like there may be some value here at these levels but for now I will remain Neutral.

14-Feb-2019 – 190.5p – £232m – PER 12.9

Trading Update For The Half Year To 14th February 2019 – In-line with a strong pipeline.

Still looks like there may be some value here but forecasts look like things are set to slow.

18-Apr-2019 – 215p – £262m – PER 14.5

Trading Update For The 12 Months To End March 2019 – Revenue growth across all regions, Underlying PBT ahead of management expectations.

This still looks overvalued to me, I remain on the sidelines until I see how much “ahead of” they actually are.

11-Jun-2019 – 235p – £286m – PER 15.8

Results For The 12 Months To End March 2019 – Revenue up 5.7%, Underlying PBT up 5.8%, EPS up 5.4%, the Total Dividend is up 10.4%.

Although this looks slightly ahead of expectations – Still looks overvalued to me.

21-Oct-2019 – 193p – £235m – PER 13

Trading Update For The 6 Months To End September 2019 – Markets remain challenging, expecting FY Underlying PBT of £22m (this looks like a 10% or so miss to me).

Is this factored into the price at present? Perhaps it is but, anyway, there’s not enough here to interest me further at the moment.

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