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TI Fluid Systems

LSE:TIFS
Snowflake Description

Average dividend payer and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
TIFS
LSE
£993M
Market Cap
  1. Home
  2. GB
  3. Automobiles
Company description

TI Fluid Systems plc manufactures and supplies automotive fluid storage, carrying, and delivery systems for the light duty automotive market worldwide. The last earnings update was 96 days ago. More info.


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TIFS Share Price and Events
7 Day Returns
-4%
LSE:TIFS
-1.8%
GB Auto Components
-0.6%
GB Market
1 Year Returns
-24.3%
LSE:TIFS
-1.1%
GB Auto Components
-2.2%
GB Market
TIFS Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
TI Fluid Systems (TIFS) -4% 7.1% -11.3% -24.3% - -
GB Auto Components -1.8% 2.7% 4.1% -1.1% -16.2% -6.7%
GB Market -0.6% 1.1% 0.4% -2.2% 11.5% 6.7%
1 Year Return vs Industry and Market
  • TIFS underperformed the Auto Components industry which returned -1.1% over the past year.
  • TIFS underperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned -2.2% over the past year.
Price Volatility
Industry
5yr Volatility vs Market

Value

 Is TI Fluid Systems undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of TI Fluid Systems to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for TI Fluid Systems.

LSE:TIFS Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 6 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 14%
Perpetual Growth Rate 10-Year GB Government Bond Rate 1.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for LSE:TIFS
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GB Govt Bond Rate 1.2%
Equity Risk Premium S&P Global 6.7%
Auto Components Unlevered Beta Simply Wall St/ S&P Global 1.27
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.27 (1 + (1- 19%) (106.87%))
1.918
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.92
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.23% + (1.918 * 6.65%)
13.98%

Discounted Cash Flow Calculation for LSE:TIFS using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for TI Fluid Systems is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

LSE:TIFS DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 13.98%)
2020 153.05 Analyst x4 134.28
2021 167.20 Analyst x3 128.70
2022 171.95 Est @ 2.84% 116.13
2023 176.01 Est @ 2.36% 104.29
2024 179.56 Est @ 2.02% 93.34
2025 182.76 Est @ 1.78% 83.35
2026 185.71 Est @ 1.62% 74.31
2027 188.50 Est @ 1.5% 66.18
2028 191.17 Est @ 1.42% 58.88
2029 193.77 Est @ 1.36% 52.36
Present value of next 10 years cash flows €911.83
LSE:TIFS DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €193.77 × (1 + 1.23%) ÷ (13.98% – 1.23%)
€1,538.12
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €1,538.12 ÷ (1 + 13.98%)10
€415.66
LSE:TIFS Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €911.83 + €415.66
€1,327.48
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €1,327.48 / 520.27
€2.55
LSE:TIFS Discount to Share Price
Calculation Result
Exchange Rate EUR/GBP
(Reporting currency to currency of LSE:TIFS)
0.896
Value per Share
(GBP)
= Value per Share in EUR x Exchange Rate (EUR/GBP)
= €2.55 x 0.896
£2.29
Value per share (GBP) From above. £2.29
Current discount Discount to share price of £1.91
= -1 x (£1.91 - £2.29) / £2.29
16.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price TI Fluid Systems is available for.
Intrinsic value
17%
Share price is £1.91 vs Future cash flow value of £2.29
Current Discount Checks
For TI Fluid Systems to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • TI Fluid Systems's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • TI Fluid Systems's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for TI Fluid Systems's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are TI Fluid Systems's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
LSE:TIFS PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €0.27
LSE:TIFS Share Price ** LSE (2019-07-12) in GBP £1.91
LSE:TIFS Share Price converted to EUR reporting currency Exchange rate (GBP/ EUR) 1.116 €2.13
Europe Auto Components Industry PE Ratio Median Figure of 42 Publicly-Listed Auto Components Companies 11.62x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio Median Figure of 790 Publicly-Listed Companies 16.48x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of TI Fluid Systems.

LSE:TIFS PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= LSE:TIFS Share Price ÷ EPS (both in EUR)

= 2.13 ÷ 0.27

8.03x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • TI Fluid Systems is good value based on earnings compared to the Europe Auto Components industry average.
  • TI Fluid Systems is good value based on earnings compared to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does TI Fluid Systems's expected growth come at a high price?
Raw Data
LSE:TIFS PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 8.03x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
7.7%per year
Europe Auto Components Industry PEG Ratio Median Figure of 32 Publicly-Listed Auto Components Companies 0.74x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio Median Figure of 572 Publicly-Listed Companies 1.45x

*Line of best fit is calculated by linear regression .

LSE:TIFS PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 8.03x ÷ 7.7%

1.04x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • TI Fluid Systems is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on TI Fluid Systems's assets?
Raw Data
LSE:TIFS PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €2.03
LSE:TIFS Share Price * LSE (2019-07-12) in GBP £1.91
LSE:TIFS Share Price converted to EUR reporting currency Exchange rate (GBP/ EUR) 1.116 €2.13
United Kingdom of Great Britain and Northern Ireland Auto Components Industry PB Ratio Median Figure of 5 Publicly-Listed Auto Components Companies 2.61x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio Median Figure of 1,377 Publicly-Listed Companies 1.5x
LSE:TIFS PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= LSE:TIFS Share Price ÷ Book Value per Share (both in EUR)

= 2.13 ÷ 2.03

1.05x

* Primary Listing of TI Fluid Systems.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • TI Fluid Systems is good value based on assets compared to the GB Auto Components industry average.
X
Value checks
We assess TI Fluid Systems's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Auto Components industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Auto Components industry average (and greater than 0)? (1 check)
  5. TI Fluid Systems has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is TI Fluid Systems expected to perform in the next 1 to 3 years based on estimates from 6 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
7.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is TI Fluid Systems expected to grow at an attractive rate?
  • TI Fluid Systems's earnings growth is expected to exceed the low risk savings rate of 1.2%.
Growth vs Market Checks
  • TI Fluid Systems's earnings growth is positive but not above the United Kingdom of Great Britain and Northern Ireland market average.
  • TI Fluid Systems's revenue growth is positive but not above the United Kingdom of Great Britain and Northern Ireland market average.
Annual Growth Rates Comparison
Raw Data
LSE:TIFS Future Growth Rates Data Sources
Data Point Source Value (per year)
LSE:TIFS Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts 7.7%
LSE:TIFS Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts 2.9%
United Kingdom of Great Britain and Northern Ireland Auto Components Industry Earnings Growth Rate Market Cap Weighted Average 14.9%
United Kingdom of Great Britain and Northern Ireland Auto Components Industry Revenue Growth Rate Market Cap Weighted Average 11.4%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate Market Cap Weighted Average 10.9%
United Kingdom of Great Britain and Northern Ireland Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
LSE:TIFS Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
LSE:TIFS Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 3,789 441 173 5
2020-12-31 3,647 393 168 6
2019-12-31 3,526 398 153 6
LSE:TIFS Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 3,473 297 138
2018-09-30 3,477 270 115
2018-06-30 3,481 244 93
2018-03-31 3,486 241 90
2017-12-31 3,491 237 87
2017-09-30 3,492 229 80
2017-06-30 3,493 221 73
2017-03-31 3,421 212 57
2016-12-31 3,349 204 42

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • TI Fluid Systems's earnings are expected to grow by 7.7% yearly, however this is not considered high growth (20% yearly).
  • TI Fluid Systems's revenue is expected to grow by 2.9% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
LSE:TIFS Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below

All data from TI Fluid Systems Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:TIFS Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 0.35 0.38 0.32 4.00
2020-12-31 0.32 0.33 0.30 5.00
2019-12-31 0.29 0.30 0.28 4.00
LSE:TIFS Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 0.27
2018-09-30 0.23
2018-06-30 0.20
2018-03-31 0.21
2017-12-31 0.23
2017-09-30 0.15
2017-06-30 0.21
2017-03-31 0.16
2016-12-31 0.12

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • TI Fluid Systems is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess TI Fluid Systems's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
TI Fluid Systems has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has TI Fluid Systems performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare TI Fluid Systems's growth in the last year to its industry (Auto Components).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Insufficient data to establish if TI Fluid Systems's year on year earnings growth rate was positive over the past 5 years.
  • Unable to compare TI Fluid Systems's 1-year earnings growth to the 5-year average due to insufficient past data.
  • TI Fluid Systems's earnings growth has exceeded the Europe Auto Components industry average in the past year (58.2% vs -3.3%).
Earnings and Revenue History
TI Fluid Systems's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from TI Fluid Systems Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:TIFS Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 3,472.80 137.80 271.30
2018-09-30 3,477.00 115.20 274.45
2018-06-30 3,481.20 92.60 277.60
2018-03-31 3,486.05 89.85 282.40
2017-12-31 3,490.90 87.10 287.20
2017-09-30 3,491.85 79.90 292.10
2017-06-30 3,492.80 72.70 297.00
2017-03-31 3,420.70 57.45 297.50
2016-12-31 3,348.60 42.20 298.00
2015-12-31 1,677.82 -13.96 151.20

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • TI Fluid Systems has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • TI Fluid Systems used its assets more efficiently than the Europe Auto Components industry average last year based on Return on Assets.
  • TI Fluid Systems has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess TI Fluid Systems's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Auto Components industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
TI Fluid Systems has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is TI Fluid Systems's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up TI Fluid Systems's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • TI Fluid Systems is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • TI Fluid Systems's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of TI Fluid Systems's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 1.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from TI Fluid Systems Company Filings, last reported 6 months ago.

LSE:TIFS Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 1,080.10 1,181.70 360.60
2018-09-30 1,080.10 1,181.70 360.60
2018-06-30 1,038.70 1,203.70 303.00
2018-03-31 1,038.70 1,203.70 303.00
2017-12-31 941.80 1,181.70 287.30
2017-09-30 941.80 1,181.70 287.30
2017-06-30 515.50 1,582.70 194.50
2017-03-31 515.50 1,582.70 194.50
2016-12-31 484.40 1,694.70 196.20
2015-12-31 461.30 1,657.00 268.40
  • TI Fluid Systems's level of debt (109.6%) compared to net worth is high (greater than 40%).
  • Unable to establish if TI Fluid Systems's debt level has increased without past 5-year debt data.
  • Debt is well covered by operating cash flow (25.1%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4.9x coverage).
X
Financial health checks
We assess TI Fluid Systems's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. TI Fluid Systems has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is TI Fluid Systems's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
5.58%
Current annual income from TI Fluid Systems dividends. Estimated to be 4.63% next year.
If you bought £2,000 of TI Fluid Systems shares you are expected to receive £112 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • TI Fluid Systems's pays a higher dividend yield than the bottom 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (1.95%).
  • TI Fluid Systems's dividend is above the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (5.39%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
LSE:TIFS Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
Europe Auto Components Industry Average Dividend Yield Market Cap Weighted Average of 34 Stocks 3.8%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield Market Cap Weighted Average of 706 Stocks 4.2%
United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield 10th Percentile 1%
United Kingdom of Great Britain and Northern Ireland Bottom 25% Dividend Yield 25th Percentile 2%
United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield 75th Percentile 5.4%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

LSE:TIFS Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.11 5.00
2020-12-31 0.10 7.00
2019-12-31 0.09 7.00
LSE:TIFS Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-04-09 0.119 5.356
2019-03-20 0.119 5.281
2018-08-08 0.060 2.694
2018-04-17 0.013 0.447
2018-03-20 0.013 0.451

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • It is too early to tell whether TI Fluid Systems has stable dividend payments.
  • TI Fluid Systems only just started paying a dividend, it is too early to tell if payments are increasing.
Current Payout to shareholders
What portion of TI Fluid Systems's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (4x coverage).
X
Income/ dividend checks
We assess TI Fluid Systems's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can TI Fluid Systems afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. TI Fluid Systems has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of TI Fluid Systems's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Bill Kozyra
COMPENSATION €2,578,000
AGE 62
TENURE AS CEO 11.1 years
CEO Bio

Mr. William L. Kozyra, also known as Bill, has been the Chief Executive Officer and President at TI Fluid Systems Ltd since June 2008 and serves as its Executive Director. Mr. Kozyra has been the Chairman of the Board and Chief Executive Officer of TI Automotive Ltd. since May 2008 and serves as its President. Mr. Kozyra has more than 35 years of automotive experience, including leadership positions at Allied Signal. He serves as Chairman and Chief Executive Officer at TI Automotive, Inc. He served as President of Global Fuel Systems Division at TI Automotive Limited. He served as President of Continental Teves, Inc. since September 1998 and also served as its Chief Executive Officer. He oversaw the North American division's engineering, product line, finance, quality and sales and marketing functions, as well as its manufacturing plants in North Carolina, Virginia and Mexico and a development center in northern Michigan. Mr. Kozyra spent 10 years as President and Chief Executive Officer of Continental AG North America from 1998 to 2008. He served as Deputy Member of Executive Board of Continental Aktiengesellschaft from February 22, 2006 to June 1, 2008 and was responsible for the Automotive Systems division's NAFTA business. He was member of the Executive Board at Continental. He worked with ITT Automotive and served as Vice President and General Manager of Brake and Chassis Systems of North America. He served as Vice President and General Manager of Brake Products division at Bosch Braking Systems from 1995 to 1997. He started his career with Budd Company as Project Engineer. He served as the Chief Engineer and President of Wheel and Brake division of Budd Company. He serves as a Director of NIBCO. He serves as the Chairman of the Board of Trustees of Notre Dame Preparatory School. He serves on the prestigious Ford Motor Company Supplier Roundtable. He is Director of Original Equipment Suppliers Association (OESA), Piston Automotive. He is a Member of Boy Scouts of America Executive Board in Detroit, University of Detroit Alumni Council and the Society of Automotive Engineers. He serves on Board of Advisors of the University of Detroit. He has been a Director of American Axle & Manufacturing Holdings Inc. since April 30, 2015 and American Axle & Manufacturing, Inc., since 2015. He serves as a Director of the Motor & Equipment Manufacturers Association (MEMA). Mr. Kozyra has spoken often on the specific issues of Tier One supply chain management and collaboration and leadership in times of change. He presented his views to groups such as the Sales and Marketing Executives of Detroit, the Washington Automotive Press Association and at Oakland University's commencement exercises. Mr. Kozyra has been awarded five U.S. patents for vehicle brake and suspension components. Mr. Kozyra received a Bachelor of Science degree in Mechanical Engineering from the University of Detroit in 1980 and a Masters degree in Business Administration from Michigan State University's Executive Advanced Management Program in 1988.

CEO Compensation
  • Bill's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Bill's remuneration is higher than average for companies of similar size in United Kingdom of Great Britain and Northern Ireland.
Management Team Tenure

Average tenure and age of the TI Fluid Systems management team in years:

8.1
Average Tenure
53
Average Age
  • The average tenure for the TI Fluid Systems management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Bill Kozyra

TITLE
CEO, President & Executive Director
COMPENSATION
€3M
AGE
62
TENURE
11.1 yrs

Tim Knutson

TITLE
CFO & Executive Director
COMPENSATION
€2M
AGE
51
TENURE
10.7 yrs

Al Deane

TITLE
Chief Technology Officer
AGE
57

Matt Paroly

TITLE
Chief Legal Officer & Company Secretary
AGE
53
TENURE
5 yrs

Domenico Milicia

TITLE
Chief Human Resources & Communications Officer

Hans Dieltjens

TITLE
Executive Vice President of Fuel Tank & Delivery Systems
AGE
51
TENURE
5.5 yrs
Board of Directors Tenure

Average tenure and age of the TI Fluid Systems board of directors in years:

1.8
Average Tenure
62
Average Age
  • The average tenure for the TI Fluid Systems board of directors is less than 3 years, this suggests a new board.
Board of Directors

Manfred Wennemer

TITLE
Independent Non-Executive Chairman
COMPENSATION
€341K
AGE
72
TENURE
1.8 yrs

Bill Kozyra

TITLE
CEO, President & Executive Director
COMPENSATION
€3M
AGE
62
TENURE
11.1 yrs

Tim Knutson

TITLE
CFO & Executive Director
COMPENSATION
€2M
AGE
51
TENURE
10.7 yrs

Jeff Vanneste

TITLE
Independent Non-Executive Director
COMPENSATION
€107K
AGE
59
TENURE
1.8 yrs

Paul Edgerley

TITLE
Non-Executive Director
AGE
63
TENURE
4 yrs

John Smith

TITLE
Independent Non-Executive Director
COMPENSATION
€107K
AGE
68
TENURE
1.8 yrs

Stephen Thomas

TITLE
Non-Executive Director
AGE
44
TENURE
4 yrs

Elaine Sarsynski

TITLE
Independent Non-Executive Director
COMPENSATION
€41K
AGE
64
TENURE
0.9 yrs

Andrea Dunstan

TITLE
Independent Non-Executive Director
AGE
59
TENURE
0.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (£) Value (£)
08. Jan 19 Buy Steve Taylor Individual 27. Dec 18 27. Dec 18 21,237 £1.57 £33,376
08. Jan 19 Buy Hans Dieltjens Individual 27. Dec 18 27. Dec 18 62,651 £1.57 £98,462
27. Dec 18 Buy Steve Taylor Individual 21. Dec 18 21. Dec 18 37,115 £1.69 £62,661
27. Dec 18 Buy Hans Dieltjens Individual 21. Dec 18 21. Dec 18 109,494 £1.69 £184,859
02. Oct 18 Buy Neil Andrew Carson Individual 01. Oct 18 01. Oct 18 676 £2.50 £1,688
X
Management checks
We assess TI Fluid Systems's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. TI Fluid Systems has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Is TI Fluid Systems plc (LON:TIFS) A Smart Pick For Income Investors?

TI Fluid Systems has only been paying a dividend for a year or so, so investors might be curious about its 5.6% yield. … TI Fluid Systems's cash payout ratio last year was 15%, which is quite low and suggests that the dividend was thoroughly covered by cash flow. … It's great to see that TI Fluid Systems is paying out a low percentage of its earnings and cash flow.

Simply Wall St -

Did Changing Sentiment Drive TI Fluid Systems's (LON:TIFS) Share Price Down By 21%?

That downside risk was realized by TI Fluid Systems plc (LON:TIFS) shareholders over the last year, as the share price declined 21%. … During the unfortunate twelve months during which the TI Fluid Systems share price fell, it actually saw its earnings per share (EPS) improve by 16%. … As it happens, TI Fluid Systems's TSR for the last year was -18%, which exceeds the share price return mentioned earlier.

Simply Wall St -

Volatility 101: Should TI Fluid Systems (LON:TIFS) Shares Have Dropped 21%?

For example, the TI Fluid Systems plc (LON:TIFS) share price is down 21% in the last year. … During the unfortunate twelve months during which the TI Fluid Systems share price fell, it actually saw its earnings per share (EPS) improve by 16%. … A Different Perspective Given that the market gained 1.8% in the last year, TI Fluid Systems shareholders might be miffed that they lost 18% (even including dividends).

Simply Wall St -

Are Investors Undervaluing TI Fluid Systems plc (LON:TIFS) By 22%?

We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. … A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, and so the sum of these future cash flows is then discounted to today's value: 10-year free cash flow (FCF) forecast 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Levered FCF (€, Millions) €145.00 €153.05 €167.20 €171.95 €176.01 €179.56 €182.76 €185.71 €188.50 €191.17 Growth Rate Estimate Source Analyst x3 Analyst x4 Analyst x3 Est @ 2.84% Est @ 2.36% Est @ 2.02% Est @ 1.78% Est @ 1.62% Est @ 1.5% Est @ 1.42% Present Value (€, Millions) Discounted @ 13.64% €127.59 €118.51 €113.92 €103.09 €92.86 €83.36 €74.66 €66.75 €59.62 €53.21 Present Value of 10-year Cash Flow (PVCF)= €893.56m "Est" = FCF growth rate estimated by Simply Wall St The second stage is also known as Terminal Value, this is the business's cash flow after the first stage. … Terminal Value (TV) = FCF2029 × (1 + g) ÷ (r – g) = €191m × (1 + 1.2%) ÷ (13.6% – 1.2%) = €1.6b Present Value of Terminal Value (PVTV) = TV / (1 + r)10 = €€1.6b ÷ ( 1 + 13.6%)10 = €433.77m The total value is the sum of cash flows for the next ten years plus the discounted terminal value, which results in the Total Equity Value, which in this case is €1.33b.

Simply Wall St -

Is There More To TI Fluid Systems plc (LON:TIFS) Than Its 10% Returns On Capital?

Analysts use this formula to calculate return on capital employed: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for TI Fluid Systems: 0.10 = €270m ÷ (€3.3b - €700m) (Based on the trailing twelve months to December 2018.) So, TI Fluid Systems has an ROCE of 10%. … Check out our latest analysis for TI Fluid Systems Is TI Fluid Systems's ROCE Good? … TI Fluid Systems's Current Liabilities And Their Impact On Its ROCE Current liabilities include invoices, such as supplier payments, short-term debt, or a tax bill, that need to be paid within 12 months.

Simply Wall St -

Taking A Look At TI Fluid Systems plc's (LON:TIFS) ROE

While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. … Our data shows TI Fluid Systems has a return on equity of 13% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Should TI Fluid Systems plc (LON:TIFS) Be Part Of Your Dividend Portfolio?

A sizeable part of portfolio returns can be produced by dividend stocks due to their contribution to compounding returns in the long run. … TI Fluid Systems plc (LON:TIFS) has begun paying dividends recently. … Check out our latest analysis for TI Fluid Systems

Simply Wall St -

What Should You Know About TI Fluid Systems plc's (LON:TIFS) Growth?

In December 2018, TI Fluid Systems plc (LON:TIFS) released its latest earnings announcement, whicha … suggested

Simply Wall St -

TI Fluid Systems plc (LON:TIFS): Time For A Financial Health Check

While investors primarily focus on the growth potential and competitive landscape of the small-cap companies, they end up ignoring a key aspect, which could be the biggest threat to its existence: its financial health. … Evaluating financial health as part of your investment thesis is. … Here are few basic financial health checks you should consider before taking the plunge.

Simply Wall St -

One Factor To Consider Before Investing In TI Fluid Systems plc (LON:TIFS)

What is left after investment, determines the value of the stock since this cash flow technically belongs to investors of the company. … I will take you through TI Fluid Systems’s cash flow health and the risk-return concept based on the stock’s cash flow yield, using the most recent financial data. … TI Fluid Systems’s free cash flow (FCF) is the level of cash flow the business generates from its operational activities, after it reinvests in the company as capital expenditure

Simply Wall St -

Company Info

Description

TI Fluid Systems plc manufactures and supplies automotive fluid storage, carrying, and delivery systems for the light duty automotive market worldwide. It operates through two segments, Fluid Carrying Systems (FCS) and Fuel Tank and Delivery Systems (FTDS). The FCS segment offers brake and fuel lines/chassis bundles, such as double-wall and single-wall steel fluid carrying lines, and bundles for brake and fuel systems; multi-layer plastic lines for vapor, thermal management, and exhaust treatment; sensor-integrated connectors for installation and system assembly; and heated plastic lines for selective catalyst reduction urea fluids. It also provides thermal products, including thermal management technology for hybrid-electric vehicle battery packs; climate control tube and hose assemblies; coaxial or tube-in-tube assemblies; accumulators and receiver dryers; and heater and radiator hoses, as well as powertrain products comprising gasoline direct injection lines and rails, high-pressure diesel lines, and turbocharger cooling lines. The FTDS segment offers fuel tank products, such as plastic fuel tanks for gasoline, diesel, and flex fuel vehicles; partial zero emissions vehicle fuel tanks; pressurized fuel tank systems for hybrid vehicles; low emission vehicle fuel tanks; delivery and return components; and plastic fuel filler tubes. It also provides pump and module products, such as brushed and brushless pumps, modules, electronics controls, additive dosing systems, and sensors; and aftermarket products. The company serves original equipment manufacturers. TI Fluid Systems plc was founded in 1922 and is headquartered in Oxford, the United Kingdom.

Details
Name: TI Fluid Systems plc
TIFS
Exchange: LSE
Founded: 1922
£992,673,521
520,269,141
Website: http://www.tiautomotive.com
Address: TI Fluid Systems plc
4650 Kingsgate,
Oxford Business Park South,
Oxford,
Oxfordshire, OX4 2SU,
United Kingdom
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
LSE TIFS Class A Ordinary Shares London Stock Exchange GB GBP 25. Oct 2017
BST TI1 Class A Ordinary Shares Boerse-Stuttgart DE EUR 25. Oct 2017
BATS-CHIXE TIFSL Class A Ordinary Shares BATS 'Chi-X Europe' GB GBP 25. Oct 2017
Number of employees
Current staff
Staff numbers
28,700
TI Fluid Systems employees.
Industry
Auto Parts and Equipment
Automobiles
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/14 22:17
End of day share price update: 2019/07/12 00:00
Last estimates confirmation: 2019/07/11
Last earnings filing: 2019/04/09
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.