Announcement • Apr 24
Tyman Intends to Apply for Trading Cancelation from the London Stock Exchange Main Market & Listing Cancelation from FCA Official List The boards of Quanex Building Products Corporation (‘Quanex’) and Tyman plc (‘Tyman’) announced that they have reached agreement on the terms of a recommended cash and share offer pursuant to which Quanex will acquire the entire issued and to be issued ordinary share capital of Tyman (the ‘Transaction’). The Transaction is intended to be implemented by means of a court-sanctioned scheme of arrangement under Part 26 of the Companies Act. Under the terms of the Transaction, Tyman Shareholders will be entitled to receive for each Tyman Share held at the Scheme Record Time: 240.0 pence in cash; and 0.05715 of a New Quanex Share, (the ‘Main Offer’). The Tyman Shares are currently admitted to the premium listing segment of the Official List and to trading on the Main Market, and it is intended that applications will be made to the FCA and the London Stock Exchange to cancel such admissions to listing and trading shortly following the Effective Date. Tyman will be re-registered as a private company following the Effective Date. It is also proposed that, following the Effective Date and after its shares are delisted, Tyman's financial year end is changed to 31 October to align with the financial year end for the Quanex Group. The Enlarged Group will be listed on the NYSE. Before the Scheme becoming Effective, it is intended that applications will be made to the London Stock Exchange to cancel trading in Tyman Shares on the Main Market and to the FCA to cancel the listing of the Tyman Shares from the Official List, in each case with effect from or shortly following the Effective Date. The last day of dealings in, and registration of transfers of, Tyman Shares on the London Stock Exchange is expected to be the Business Day immediately prior to the Sanction Hearing and no transfers will be registered after 6.00 p.m. (London time) on that date. No dealings in Tyman Shares will be registered after this date. On the Effective Date, share certificates in respect of Tyman Shares will cease to be valid and entitlements to Tyman Shares held within the CREST system will be cancelled. It is also proposed that, following the Effective Date and after its shares are delisted, Tyman will be re-registered as a private limited company under the relevant provisions of the Companies Act. It is also proposed that, following the Effective Date and after its shares are delisted, Tyman's financial year end is changed to 31 October to align with the financial year end for the Quanex Group. New Risk • Apr 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (10% average weekly change). Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to UK£3.97, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 12x in the Building industry in the United Kingdom. Total returns to shareholders of 6.4% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at UK£3.50 per share. Upcoming Dividend • Apr 18
Upcoming dividend of UK£0.095 per share Eligible shareholders must have bought the stock before 25 April 2024. Payment date: 29 May 2024. Payout ratio is a comfortable 70% and this is well supported by cash flows. Trailing yield: 4.6%. Lower than top quartile of British dividend payers (6.1%). Higher than average of industry peers (3.6%). Announcement • Mar 21
Tyman plc, Annual General Meeting, May 16, 2024 Tyman plc, Annual General Meeting, May 16, 2024. Announcement • Mar 08
Tyman plc Announces Final Dividend for the Year Ended 31 December 2023, Payable on 29 May 2024 Tyman plc announced a final dividend of 9.5 pence per share (2022: 9.5 pence), equivalent to £18.5 million based on the shares in issue as at 31 December 2023, will be proposed at the Annual General Meeting (2022: £18.4 million). The total dividend declared for the 2023 financial year is therefore 13.7 pence per share (2022: 13.7 pence). The ex-dividend date will be 25 April 2024 and the final dividend will be paid on 29 May 2024 to shareholders on the register at 26 April 2024. Reported Earnings • Mar 07
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: UK£0.20 (down from UK£0.25 in FY 2022). Revenue: UK£657.6m (down 8.1% from FY 2022). Net income: UK£38.2m (down 20% from FY 2022). Profit margin: 5.8% (down from 6.7% in FY 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) exceeded analyst estimates by 1.7%. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Building industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 6% per year. Buy Or Sell Opportunity • Mar 05
Now 21% undervalued Over the last 90 days, the stock has risen 7.5% to UK£2.95. The fair value is estimated to be UK£3.75, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.1% over the last 3 years. Earnings per share has grown by 11%. Revenue is forecast to grow by 2.8% in 2 years. Earnings are forecast to grow by 32% in the next 2 years. Buy Or Sell Opportunity • Feb 13
Now 22% undervalued Over the last 90 days, the stock has risen 5.8% to UK£2.94. The fair value is estimated to be UK£3.76, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.1% over the last 3 years. Earnings per share has grown by 11%. Revenue is forecast to grow by 2.8% in 2 years. Earnings are forecast to grow by 32% in the next 2 years. Buying Opportunity • Nov 30
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be UK£3.35, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.1% over the last 3 years. Earnings per share has grown by 11%. Revenue is forecast to grow by 2.9% in 2 years. Earnings is forecast to grow by 33% in the next 2 years. Announcement • Nov 29
Tyman plc Announces Executive Changes, Effective 2 January 2024 Tyman plc announced the appointment of Rutger Helbing as chief executive officer (CEO) effective from 2 January 2024. The company's appointment follows a rigorous and extensive process that included both internal and external candidates in conjunction with a leading executive search firm. Rutger Helbing was the Chief Executive of Devro plc (Devro) between January 2018 and April 2023, having originally joined as Group Finance Director in 2016. He spent his earlier career in commercial divisional finance roles in blue chip global manufacturing businesses including at Unilever, ICI and AkzoNobel. As a Dutch national, Rutger has lived and worked in the UK for almost 20 years. Effective from 2 January 2024, Jason Ashton, who has been the Interim CEO since 6 April 2023, will return to his role as Tyman's Chief Financial Officer (CFO). Announcement • Nov 17
Tyman plc to Report Fiscal Year 2023 Results on Mar 05, 2024 Tyman plc announced that they will report fiscal year 2023 results on Mar 05, 2024 Buying Opportunity • Oct 03
Now 20% undervalued Over the last 90 days, the stock is up 9.6%. The fair value is estimated to be UK£3.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.1% over the last 3 years. Earnings per share has grown by 11%. Revenue is forecast to grow by 4.6% in 2 years. Earnings is forecast to grow by 33% in the next 2 years. Price Target Changed • Jul 26
Price target increased by 10% to UK£3.43 Up from UK£3.12, the current price target is an average from 8 analysts. New target price is 8.9% above last closing price of UK£3.15. Stock is up 20% over the past year. The company is forecast to post earnings per share of UK£0.18 for next year compared to UK£0.25 last year. Reported Earnings • Jul 26
First half 2023 earnings released: EPS: UK£0.088 (vs UK£0.15 in 1H 2022) First half 2023 results: EPS: UK£0.088 (down from UK£0.15 in 1H 2022). Revenue: UK£329.9m (down 8.4% from 1H 2022). Net income: UK£17.1m (down 40% from 1H 2022). Profit margin: 5.2% (down from 7.9% in 1H 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Building industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 25
Tyman plc Announces an Interim Dividend, Will Be Paid on 8 September 2023 Tyman plc announced an interim dividend of 4.2 pence per share (H1 2022: 4.2 pence) has been declared. The ex-dividend date will be 3 August 2023 and the final dividend will be paid on 8 September 2023 to shareholders on the register at close of business on 4 August 2023. Buying Opportunity • Jun 15
Now 22% undervalued Over the last 90 days, the stock is up 15%. The fair value is estimated to be UK£3.53, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.2% over the last 3 years. Earnings per share has grown by 30%. For the next 3 years, revenue is forecast to grow by 0.9% per annum. Earnings is also forecast to grow by 1.7% per annum over the same time period. Announcement • May 31
Tyman plc Announces Directorate and Committee Changes Tyman plc announced that Dr Margaret Amos will join the Board as an independent Non-executive Director with effect from 19 June 2023. She will be a member of each of the Remuneration and Nominations Committee and, from 21 July 2023, she will take on the role of Chair of the Audit & Risk Committee. As a result of Margaret's appointment, and as highlighted by the Group in its Annual Report and Accounts for the financial year ended 31 December 2022, Helen Clatworthy will retire as a Non-executive Director and Chair of the Audit & Risk Committee with effect from 21 July 2023. Margaret's career began at Rolls-Royce plc in 1990, where she gained extensive financial and commercial experience as Senior Finance Business Partner, Aerospace (from 2013 to 2015) and Finance Director, Corporate, IT and Engineering (from 2015 to 2017). She currently serves as a non-executive director of Volution Group plc (where she is a member of the Audit, Remuneration and Nomination Committees) and Pod Point Group Holdings plc (where she is Chair of its Audit and ESG Committees). Margaret has also chaired the Audit Committees of Velocity Composites plc, the Southern Derbyshire and Erewash NHS Clinical Commissioning Group, Derbyshire Health United, the Ombudsman Service and Trinity House. She has also served NMCN plc as a Non-executive Director and Chair of its Remuneration Committee. Margaret is a Fellow of the Chartered Institute of Management Accountants and the Chartered Institute of Procurement and Supply, and she holds a Doctorate in Professional Practice from the University of Derby and a Masters in Global Supply Chain Management (with distinction) from the University of Nottingham. Recent Insider Transactions • May 29
Independent Non-Executive Chairman recently bought UK£154k worth of stock On the 25th of May, Nicholas Hartery bought around 57k shares on-market at roughly UK£2.70 per share. This transaction amounted to 57% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Nicholas' only on-market trade for the last 12 months. Announcement • May 19
Tyman plc to Report First Half, 2023 Results on Jul 25, 2023 Tyman plc announced that they will report first half, 2023 results on Jul 25, 2023 Recent Insider Transactions Derivative • Apr 25
Interim CEO & Director exercised options and sold UK£118k worth of stock On the 19th of April, Jason Ashton exercised options to acquire 49k shares at no cost and sold these for an average price of UK£2.39 per share. This trade did not impact their existing holding. For the year to December 2019, Jason's total compensation was 49% salary and 51% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since September 2022, Jason's direct individual holding has increased from 33.59k shares to 47.36k. Company insiders have collectively sold UK£110k more than they bought, via options and on-market transactions in the last 12 months. Upcoming Dividend • Apr 20
Upcoming dividend of UK£0.095 per share at 5.7% yield Eligible shareholders must have bought the stock before 27 April 2023. Payment date: 26 May 2023. Payout ratio is a comfortable 56% and this is well supported by cash flows. Trailing yield: 5.7%. Lower than top quartile of British dividend payers (5.8%). Higher than average of industry peers (4.0%). Recent Insider Transactions Derivative • Mar 31
CEO & Executive Director exercised options and sold UK£166k worth of stock On the 27th of March, Jo Hallas exercised options to acquire 69k shares at no cost and sold these for an average price of UK£2.40 per share. This trade did not impact their existing holding. For the year to December 2019, Jo's total compensation was 44% salary and 56% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since June 2022, Jo's direct individual holding has increased from 249.60k shares to 270.48k. Company insiders have collectively bought UK£28k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Mar 03
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: UK£0.25 (down from UK£0.25 in FY 2021). Revenue: UK£715.5m (up 13% from FY 2021). Net income: UK£47.8m (down 3.6% from FY 2021). Profit margin: 6.7% (down from 7.8% in FY 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) also missed analyst estimates by 31%. Revenue is forecast to stay flat during the next 3 years compared to a 3.6% growth forecast for the Building industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Price Target Changed • Dec 12
Price target decreased to UK£3.16 Down from UK£3.48, the current price target is an average from 6 analysts. New target price is 41% above last closing price of UK£2.24. Stock is down 42% over the past year. The company is forecast to post earnings per share of UK£0.25 for next year compared to UK£0.25 last year. Announcement • Dec 10
Tyman plc to Report Fiscal Year 2022 Results on Mar 02, 2023 Tyman plc announced that they will report fiscal year 2022 results on Mar 02, 2023 Price Target Changed • Nov 25
Price target decreased to UK£3.24 Down from UK£3.63, the current price target is an average from 6 analysts. New target price is 44% above last closing price of UK£2.26. Stock is down 42% over the past year. The company is forecast to post earnings per share of UK£0.25 for next year compared to UK£0.25 last year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Senior Independent Director Paul Withers was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Aug 10
Price target decreased to UK£3.91 Down from UK£4.26, the current price target is an average from 7 analysts. New target price is 53% above last closing price of UK£2.55. Stock is down 41% over the past year. The company is forecast to post earnings per share of UK£0.26 for next year compared to UK£0.25 last year. Reported Earnings • Jul 27
First half 2022 earnings released: EPS: UK£0.15 (vs UK£0.14 in 1H 2021) First half 2022 results: EPS: UK£0.15 (up from UK£0.14 in 1H 2021). Revenue: UK£360.0m (up 15% from 1H 2021). Net income: UK£28.4m (up 8.0% from 1H 2021). Profit margin: 7.9% (down from 8.4% in 1H 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 3.4%, compared to a 8.2% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jul 26
Price target decreased to UK£4.28 Down from UK£4.63, the current price target is an average from 7 analysts. New target price is 63% above last closing price of UK£2.63. Stock is down 41% over the past year. The company is forecast to post earnings per share of UK£0.25 for next year compared to UK£0.25 last year. Price Target Changed • Jul 13
Price target decreased to UK£4.38 Down from UK£4.95, the current price target is an average from 7 analysts. New target price is 72% above last closing price of UK£2.55. Stock is down 45% over the past year. The company is forecast to post earnings per share of UK£0.25 for next year compared to UK£0.25 last year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Senior Independent Director Paul Withers was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Apr 21
Upcoming dividend of UK£0.089 per share Eligible shareholders must have bought the stock before 28 April 2022. Payment date: 27 May 2022. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 5.8%. Within top quartile of British dividend payers (4.6%). Higher than average of industry peers (3.3%). Reported Earnings • Apr 17
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: UK£0.25 (up from UK£0.19 in FY 2020). Revenue: UK£635.7m (up 11% from FY 2020). Net income: UK£49.6m (up 33% from FY 2020). Profit margin: 7.8% (up from 6.5% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Over the next year, revenue is forecast to grow 6.7%, compared to a 8.5% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Mar 11
Consensus EPS estimates increase by 16% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from UK£643.3m to UK£676.4m. EPS estimate increased from UK£0.25 to UK£0.29 per share. Net income forecast to shrink 17% next year vs 9.9% growth forecast for Building industry in the United Kingdom . Consensus price target of UK£4.83 unchanged from last update. Share price was steady at UK£3.27 over the past week. Price Target Changed • Mar 11
Price target decreased to UK£4.63 Down from UK£5.03, the current price target is an average from 6 analysts. New target price is 42% above last closing price of UK£3.27. Stock is down 8.8% over the past year. The company is forecast to post earnings per share of UK£0.26 for next year compared to UK£0.25 last year. Recent Insider Transactions • Mar 05
Senior Independent Director recently bought UK£71k worth of stock On the 3rd of March, Paul Withers bought around 20k shares on-market at roughly UK£3.55 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Mar 04
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: UK£0.25 (up from UK£0.19 in FY 2020). Revenue: UK£635.7m (up 11% from FY 2020). Net income: UK£49.6m (up 33% from FY 2020). Profit margin: 7.8% (up from 6.5% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Over the next year, revenue is forecast to grow 1.6%, compared to a 10% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Board Change • Dec 18
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 3 independent directors. 4 non-independent directors. Senior Independent Director Paul Withers was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity.