Topps Tiles - Covering the bases...and walls

Topps Tiles' (TPT's) updated medium-term strategy is focused on leveraging its core competitive strengths into much larger addressable markets, while continuing to grow its core brands and services, which are at various stages of development. Management's pedigree on delivering prior market-share-based strategies suggests TPT can generate significant profit growth, even with conservative estimates on the scale of an expected cyclical recovery. We believe the growth prospects are not reflected in a share price that is well below our estimated DCF-based valuation of 108p per share and TPT is currently valued at historically low prospective multiples on cyclically depressed earnings.

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