company background image
TUNE

Focusrite AIM:TUNE Stock Report

Last Price

UK£7.05

Market Cap

UK£411.6m

7D

-0.7%

1Y

-57.3%

Updated

02 Oct, 2022

Data

Company Financials +
TUNE fundamental analysis
Snowflake Score
Valuation2/6
Future Growth1/6
Past Performance4/6
Financial Health6/6
Dividends0/6

TUNE Stock Overview

Focusrite plc develops and markets hardware and software products primarily for audio professionals and amateur musicians in North America, Europe, the Middle East, Africa, and internationally.

Focusrite Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Focusrite
Historical stock prices
Current Share PriceUK£7.05
52 Week HighUK£16.70
52 Week LowUK£6.80
Beta1.01
1 Month Change-13.50%
3 Month Change-30.88%
1 Year Change-57.27%
3 Year Change27.95%
5 Year Change144.37%
Change since IPO416.48%

Recent News & Updates

Sep 16
Is Focusrite plc (LON:TUNE) Trading At A 38% Discount?

Is Focusrite plc (LON:TUNE) Trading At A 38% Discount?

In this article we are going to estimate the intrinsic value of Focusrite plc ( LON:TUNE ) by taking the forecast...

Aug 23
Should You Be Adding Focusrite (LON:TUNE) To Your Watchlist Today?

Should You Be Adding Focusrite (LON:TUNE) To Your Watchlist Today?

For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...

Aug 10
At UK£10.65, Is It Time To Put Focusrite plc (LON:TUNE) On Your Watch List?

At UK£10.65, Is It Time To Put Focusrite plc (LON:TUNE) On Your Watch List?

Focusrite plc ( LON:TUNE ), might not be a large cap stock, but it received a lot of attention from a substantial price...

Shareholder Returns

TUNEGB Consumer DurablesGB Market
7D-0.7%-11.2%-1.8%
1Y-57.3%-45.1%-15.2%

Return vs Industry: TUNE underperformed the UK Consumer Durables industry which returned -45.1% over the past year.

Return vs Market: TUNE underperformed the UK Market which returned -15.1% over the past year.

Price Volatility

Is TUNE's price volatile compared to industry and market?
TUNE volatility
TUNE Average Weekly Movement5.3%
Consumer Durables Industry Average Movement6.2%
Market Average Movement5.5%
10% most volatile stocks in GB Market10.9%
10% least volatile stocks in GB Market2.9%

Stable Share Price: TUNE is not significantly more volatile than the rest of UK stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: TUNE's weekly volatility (5%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1985475Tim Carrollhttps://www.focusriteplc.com

Focusrite plc develops and markets hardware and software products primarily for audio professionals and amateur musicians in North America, Europe, the Middle East, Africa, and internationally. It operates through Focusrite, Focusrite Pro, Novation, ADAM Audio, Martin Audio, and Sequential segments. The company provides audio interface and other products for musicians under the Focusrite and Focusrite Pro brands; and products that are used in the creation of electronic music using synthesisers, grooveboxes, controllers, and software and apps under the Novation and Ampify brands.

Focusrite Fundamentals Summary

How do Focusrite's earnings and revenue compare to its market cap?
TUNE fundamental statistics
Market CapUK£411.57m
Earnings (TTM)UK£22.47m
Revenue (TTM)UK£171.54m

18.3x

P/E Ratio

2.4x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
TUNE income statement (TTM)
RevenueUK£171.54m
Cost of RevenueUK£91.34m
Gross ProfitUK£80.20m
Other ExpensesUK£57.74m
EarningsUK£22.47m

Last Reported Earnings

Feb 28, 2022

Next Earnings Date

n/a

Earnings per share (EPS)0.38
Gross Margin46.75%
Net Profit Margin13.10%
Debt/Equity Ratio-0.2%

How did TUNE perform over the long term?

See historical performance and comparison

Dividends

0.8%

Current Dividend Yield

14%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is TUNE undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TUNE?

Other financial metrics that can be useful for relative valuation.

TUNE key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue2.3x
Enterprise Value/EBITDA13.3x
PEG Ratio-6.7x

Price to Earnings Ratio vs Peers

How does TUNE's PE Ratio compare to its peers?

TUNE PE Ratio vs Peers
The above table shows the PE ratio for TUNE vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average10.4x
VID Videndum
20x16.9%UK£553.1m
GLE MJ Gleeson
6.8x11.3%UK£240.2m
CRN Cairn Homes
9x12.5%UK£505.2m
DFS DFS Furniture
5.7x18.5%UK£250.4m
TUNE Focusrite
18.3x-2.7%UK£411.6m

Price-To-Earnings vs Peers: TUNE is expensive based on its Price-To-Earnings Ratio (18.3x) compared to the peer average (10.4x).


Price to Earnings Ratio vs Industry

How does TUNE's PE Ratio compare vs other companies in the GB Consumer Durables Industry?

Price-To-Earnings vs Industry: TUNE is expensive based on its Price-To-Earnings Ratio (18.3x) compared to the European Consumer Durables industry average (8.2x)


Price to Earnings Ratio vs Fair Ratio

What is TUNE's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TUNE PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio18.3x
Fair PE Ratio10.5x

Price-To-Earnings vs Fair Ratio: TUNE is expensive based on its Price-To-Earnings Ratio (18.3x) compared to the estimated Fair Price-To-Earnings Ratio (10.5x).


Share Price vs Fair Value

What is the Fair Price of TUNE when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: TUNE (£7.05) is trading below our estimate of fair value (£11.48)

Significantly Below Fair Value: TUNE is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.


Discover undervalued companies

Future Growth

How is Focusrite forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

Future Growth Score

1/6

Future Growth Score 1/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


-2.7%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: TUNE's earnings are forecast to decline over the next 3 years (-2.7% per year).

Earnings vs Market: TUNE's earnings are forecast to decline over the next 3 years (-2.7% per year).

High Growth Earnings: TUNE's earnings are forecast to decline over the next 3 years.

Revenue vs Market: TUNE's revenue (3.7% per year) is forecast to grow slower than the UK market (4.5% per year).

High Growth Revenue: TUNE's revenue (3.7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: TUNE's Return on Equity is forecast to be high in 3 years time (24%)


Discover growth companies

Past Performance

How has Focusrite performed over the past 5 years?

Past Performance Score

4/6

Past Performance Score 4/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


23.8%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: TUNE has high quality earnings.

Growing Profit Margin: TUNE's current net profit margins (13.1%) are higher than last year (12.1%).


Past Earnings Growth Analysis

Earnings Trend: TUNE's earnings have grown significantly by 23.8% per year over the past 5 years.

Accelerating Growth: TUNE's earnings growth over the past year (5.4%) is below its 5-year average (23.8% per year).

Earnings vs Industry: TUNE earnings growth over the past year (5.4%) underperformed the Consumer Durables industry 18.4%.


Return on Equity

High ROE: TUNE's Return on Equity (23.9%) is considered high.


Discover strong past performing companies

Financial Health

How is Focusrite's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: TUNE's short term assets (£67.2M) exceed its short term liabilities (£29.9M).

Long Term Liabilities: TUNE's short term assets (£67.2M) exceed its long term liabilities (£9.4M).


Debt to Equity History and Analysis

Debt Level: TUNE is debt free.

Reducing Debt: TUNE had no debt 5 years ago.

Debt Coverage: TUNE has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: TUNE has no debt, therefore coverage of interest payments is not a concern.


Balance Sheet


Discover healthy companies

Dividend

What is Focusrite current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


0.79%

Current Dividend Yield

Dividend Yield vs Market

Focusrite Dividend Yield vs Market
How does Focusrite dividend yield compare to the market?
SegmentDividend Yield
Company (Focusrite)0.8%
Market Bottom 25% (GB)2.1%
Market Top 25% (GB)6.1%
Industry Average (Consumer Durables)9.2%
Analyst forecast in 3 Years (Focusrite)0.8%

Notable Dividend: TUNE's dividend (0.79%) isn’t notable compared to the bottom 25% of dividend payers in the UK market (2.12%).

High Dividend: TUNE's dividend (0.79%) is low compared to the top 25% of dividend payers in the UK market (6.11%).


Stability and Growth of Payments

Stable Dividend: TUNE is not paying a notable dividend for the UK market, therefore no need to check if payments are stable.

Growing Dividend: TUNE is not paying a notable dividend for the UK market, therefore no need to check if payments are increasing.


Earnings Payout to Shareholders

Earnings Coverage: TUNE is not paying a notable dividend for the UK market.


Cash Payout to Shareholders

Cash Flow Coverage: TUNE is not paying a notable dividend for the UK market.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

5.9yrs

Average management tenure


CEO

Tim Carroll (59 yo)

5.75yrs

Tenure

UK£695,000

Compensation

Mr. Timothy Paul Carroll, also known as Tim, has been Group Chief Executive Officer and Executive Director at Focusrite Plc since January 3, 2017 and January 1, 2017 respectively. Mr. Carroll has enjoyed a...


CEO Compensation Analysis

Tim Carroll's Compensation vs Focusrite Earnings
How has Tim Carroll's remuneration changed compared to Focusrite's earnings?
DateTotal Comp.SalaryCompany Earnings
Feb 28 2022n/an/a

UK£22m

Nov 30 2021n/an/a

UK£25m

Aug 31 2021UK£695kUK£291k

UK£28m

May 31 2021n/an/a

UK£25m

Feb 28 2021n/an/a

UK£21m

Nov 30 2020n/an/a

UK£13m

Aug 31 2020UK£667kUK£285k

UK£4m

May 31 2020n/an/a

UK£6m

Feb 29 2020n/an/a

UK£7m

Nov 30 2019n/an/a

UK£10m

Aug 31 2019UK£465kUK£224k

UK£12m

May 31 2019n/an/a

UK£12m

Feb 28 2019n/an/a

UK£12m

Nov 30 2018n/an/a

UK£11m

Aug 31 2018UK£503kUK£219k

UK£10m

May 31 2018n/an/a

UK£10m

Feb 28 2018n/an/a

UK£10m

Nov 30 2017n/an/a

UK£9m

Aug 31 2017UK£366kUK£143k

UK£9m

Compensation vs Market: Tim's total compensation ($USD774.43K) is about average for companies of similar size in the UK market ($USD1.09M).

Compensation vs Earnings: Tim's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: TUNE's management team is seasoned and experienced (5.9 years average tenure).


Board Members

Experienced Board: TUNE's board of directors are considered experienced (5.1 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

AIM:TUNE Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
28 Apr 22BuyUK£39,350Michael ButterworthIndividual3,873UK£10.16
07 Dec 21SellUK£285,632Damian HawleyIndividual17,852UK£16.00

Ownership Breakdown

What is the ownership structure of TUNE?
Owner TypeNumber of SharesOwnership Percentage
Public Companies11,1530.02%
State or Government36,0000.06%
General Public61,0490.1%
Private Companies197,1440.3%
Individual Insiders19,899,90734.1%
Institutions38,173,25865.4%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 90.03% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
33%
Philip Dudderidge
19,266,000£135.8m0%no data
11.02%
Castlefield Investment Partners LLP
6,435,000£45.4m-8.53%4.5%
10.65%
abrdn plc
6,215,279£43.8m-5.65%0.05%
6.99%
Charles Stanley & Co. Ltd, Asset Management Arm
4,078,475£28.8m1.68%0.31%
5.62%
Hargreave Hale Limited, Asset Management Arm
3,280,000£23.1m-5.1%0.68%
5.17%
Liontrust Asset Management PLC
3,018,750£21.3m35.79%0.11%
3.03%
Investec Wealth & Investment Limited
1,770,577£12.5m3.71%0.12%
1.65%
Canaccord Genuity Wealth (International) Limited
961,026£6.8m3.75%0.13%
1.56%
Santander Asset Management, S.A., S.G.I.I.C.
910,060£6.4m0%0.03%
1.39%
Invesco Ltd.
813,398£5.7m133.29%no data
1.37%
Schroder Investment Management Limited
802,193£5.7m0%0.01%
1.25%
Royal London Asset Management Limited
731,866£5.2m0%0.01%
0.99%
Joh. Berenberg, Gossler & Co. KG, Asset Management Arm
575,241£4.1m1.1%0.14%
0.8%
Baillie Gifford & Co.
464,439£3.3m-3.98%no data
0.69%
River and Mercantile Asset Management LLP
400,000£2.8m33.33%0.18%
0.59%
Integrated Financial Arrangements plc, Asset Management Arm
345,662£2.4m5.64%0.14%
0.58%
Victory Capital Management Inc.
338,914£2.4m-4.29%no data
0.52%
Royal Bank of Canada, Banking & Securities Investments
305,228£2.2m82.04%no data
0.52%
J.P. Morgan Asset Management, Inc.
301,870£2.1m-0.04%no data
0.47%
Focusrite Plc, Employee Benefit Trust
274,416£1.9m-4.33%no data
0.46%
Societe Generale Group, Banking Investments
269,599£1.9m5286.59%0.02%
0.45%
Wellington Management Group LLP
262,754£1.9m0%no data
0.43%
Jarvis Securities plc, Asset Management Arm
253,290£1.8m1.61%0.12%
0.43%
Sorbus Partners LLP
248,148£1.7m0%4.85%
0.41%
J.M. Finn & Co. Ltd.
237,933£1.7m-1.35%0.04%

Company Information

Focusrite plc's employee growth, exchange listings and data sources


Key Information

  • Name: Focusrite plc
  • Ticker: TUNE
  • Exchange: AIM
  • Founded: 1985
  • Industry: Consumer Electronics
  • Sector: Consumer Durables
  • Implied Market Cap: UK£411.569m
  • Shares outstanding: 58.38m
  • Website: https://www.focusriteplc.com

Number of Employees


Location

  • Focusrite plc
  • Windsor House
  • Turnpike Road
  • High Wycombe
  • Buckinghamshire
  • HP12 3FX
  • United Kingdom


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
TUNEAIM (London Stock Exchange AIM Market)YesOrdinary SharesGBGBPDec 2014
FOCI.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDDec 2014

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/10/02 00:00
End of Day Share Price2022/09/30 00:00
Earnings2022/02/28
Annual Earnings2021/08/31


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.