Topps Tiles' (TPT's) H124 update shows 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 others in the repairs, maintenance and improvement market, other home improvement/DIY retailers and data from the Office for National Statistics. 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. The company is well positioned for the upturn when it comes given its leading brand, breadth of product and customer service. The share price looks extremely undervalued with a prospective EV/sales multiple of 0.25x versus historical multiples of 0.7x and above in years when TPT reported operating margins that are consistent with current estimates.Den vollständigen Artikel lesen ...
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