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TCAP

TP ICAP Group LSE:TCAP Stock Report

Last Price

UK£1.21

Market Cap

UK£931.9m

7D

2.8%

1Y

-40.7%

Updated

27 Jun, 2022

Data

Company Financials +
TCAP fundamental analysis
Snowflake Score
Valuation4/6
Future Growth4/6
Past Performance0/6
Financial Health3/6
Dividends2/6

TCAP Stock Overview

TP ICAP Group PLC provides intermediary services, contextual insights and intelligence, trade execution, pre-trade and settlement services, and data-led solutions in Europe, the Middle East, Africa, the Americas, and the Asia Pacific.

TP ICAP Group Competitors

Price History & Performance

Summary of all time highs, changes and price drops for TP ICAP Group
Historical stock prices
Current Share PriceUK£1.21
52 Week HighUK£2.10
52 Week LowUK£1.05
Beta0.92
1 Month Change-6.27%
3 Month Change-18.35%
1 Year Change-40.69%
3 Year Change-59.77%
5 Year Change-74.38%
Change since IPO-73.05%

Recent News & Updates

Shareholder Returns

TCAPGB Capital MarketsGB Market
7D2.8%3.9%2.3%
1Y-40.7%-17.2%-8.6%

Return vs Industry: TCAP underperformed the UK Capital Markets industry which returned -17.2% over the past year.

Return vs Market: TCAP underperformed the UK Market which returned -8.6% over the past year.

Price Volatility

Is TCAP's price volatile compared to industry and market?
TCAP volatility
TCAP Average Weekly Movement4.6%
Capital Markets Industry Average Movement4.4%
Market Average Movement5.5%
10% most volatile stocks in GB Market10.8%
10% least volatile stocks in GB Market2.8%

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

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

About the Company

FoundedEmployeesCEOWebsite
n/a5,343Nicolas Noel Breteauhttps://www.tpicap.com

TP ICAP Group PLC provides intermediary services, contextual insights and intelligence, trade execution, pre-trade and settlement services, and data-led solutions in Europe, the Middle East, Africa, the Americas, and the Asia Pacific. It operates in Global Broking, Energy & Commodities, Agency Execution, and Parameta Solutions divisions. The Global Broking division operates in rates, foreign exchange and money markets, emerging markets, equities, and credit products; and offers broking, facilitating price discovery, liquidity, execution, and risk management services to participants in the wholesale financial markets.

TP ICAP Group Fundamentals Summary

How do TP ICAP Group's earnings and revenue compare to its market cap?
TCAP fundamental statistics
Market CapUK£931.93m
Earnings (TTM)UK£5.00m
Revenue (TTM)UK£1.81b

188.8x

P/E Ratio

0.5x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
TCAP income statement (TTM)
RevenueUK£1.81b
Cost of RevenueUK£0
Gross ProfitUK£1.81b
Other ExpensesUK£1.80b
EarningsUK£5.00m

Last Reported Earnings

Dec 31, 2021

Next Earnings Date

Aug 10, 2022

Earnings per share (EPS)0.0064
Gross Margin100.00%
Net Profit Margin0.28%
Debt/Equity Ratio119.4%

How did TCAP perform over the long term?

See historical performance and comparison

Dividends

7.9%

Current Dividend Yield

1,443%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

4/6

Valuation Score 4/6

  • Price-To-Book vs Peers

  • Price-To-Book vs Industry

  • Price-To-Book vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • PEG Ratio

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

TCAP 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/Revenuen/a
Enterprise Value/EBITDAn/a
PEG Ratio3x

Price to Book Ratio vs Peers

How does TCAP's PB Ratio compare to its peers?

TCAP PB Ratio vs Peers
The above table shows the PB ratio for TCAP vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPBEstimated GrowthMarket Cap
Peer Average7.2x
AJB AJ Bell
9.8x14.9%UK£1.1b
CMCX CMC Markets
2.1x-4.2%UK£767.5m
FRP FRP Advisory Group
10x15.8%UK£337.2m
AFX Alpha FX Group
6.7xn/aUK£717.2m
TCAP TP ICAP Group
0.5x62.2%UK£931.9m

Price-To-Book vs Peers: TCAP is good value based on its Price-To-Book Ratio (0.5x) compared to the peer average (7.2x).


Price to Earnings Ratio vs Industry

How does TCAP's PE Ratio compare vs other companies in the GB Capital Markets Industry?

Price-To-Book vs Industry: TCAP is good value based on its Price-To-Book Ratio (0.5x) compared to the UK Capital Markets industry average (1.1x)


Price to Book Ratio vs Fair Ratio

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

TCAP PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio0.5x
Fair PB Ration/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate TCAP's Price-To-Book Fair Ratio for valuation analysis.


Share Price vs Fair Value

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

Below Fair Value: TCAP (£1.21) is trading below our estimate of fair value (£2.67)

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


Price to Earnings Growth Ratio

PEG Ratio: TCAP is poor value based on its PEG Ratio (3x)


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Future Growth

How is TP ICAP Group forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?

Future Growth Score

4/6

Future Growth Score 4/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


62.2%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: TCAP's forecast earnings growth (62.2% per year) is above the savings rate (0.9%).

Earnings vs Market: TCAP's earnings (62.2% per year) are forecast to grow faster than the UK market (11% per year).

High Growth Earnings: TCAP's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: TCAP's revenue (5.7% per year) is forecast to grow faster than the UK market (4.1% per year).

High Growth Revenue: TCAP's revenue (5.7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: TCAP's Return on Equity is forecast to be low in 3 years time (11.1%).


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Past Performance

How has TP ICAP Group performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-5.8%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: TCAP has a large one-off loss of £68.0M impacting its December 31 2021 financial results.

Growing Profit Margin: TCAP's current net profit margins (0.3%) are lower than last year (5.5%).


Past Earnings Growth Analysis

Earnings Trend: TCAP's earnings have declined by 5.8% per year over the past 5 years.

Accelerating Growth: TCAP's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: TCAP had negative earnings growth (-94.8%) over the past year, making it difficult to compare to the Capital Markets industry average (51.3%).


Return on Equity

High ROE: TCAP's Return on Equity (0.4%) is considered low.


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Financial Health

How is TP ICAP Group's financial position?

Financial Health Score

3/6

Financial Health Score 3/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: TCAP's short term assets (£3.0B) exceed its short term liabilities (£2.2B).

Long Term Liabilities: TCAP's short term assets (£3.0B) exceed its long term liabilities (£1.2B).


Debt to Equity History and Analysis

Debt Level: TCAP has more cash than its total debt.

Reducing Debt: TCAP's debt to equity ratio has increased from 58.7% to 119.4% over the past 5 years.

Debt Coverage: TCAP's debt is not well covered by operating cash flow (4.7%).

Interest Coverage: Insufficient data to determine if TCAP's interest payments on its debt are well covered by EBIT.


Balance Sheet


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Dividend

What is TP ICAP Group current dividend yield, its reliability and sustainability?

Dividend Score

3/6

Dividend Score 3/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Future Dividend Coverage


7.85%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: TCAP's dividend (7.85%) is higher than the bottom 25% of dividend payers in the UK market (1.88%).

High Dividend: TCAP's dividend (7.85%) is in the top 25% of dividend payers in the UK market (5.18%)


Stability and Growth of Payments

Stable Dividend: TCAP has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: TCAP has only been paying a dividend for 5 years, and since then payments have fallen.


Earnings Payout to Shareholders

Earnings Coverage: With its high payout ratio (1442.7%), TCAP's dividend payments are not well covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its high cash payout ratio (139.8%), TCAP's dividend payments are not well covered by cash flows.


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Management

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

3.9yrs

Average management tenure


CEO

Nicolas Noel Breteau (53 yo)

3.92yrs

Tenure

UK£1,715,000

Compensation

Mr. Nicolas Noel Andre Breteau served as Director at ICAP WCLK Ltd. since December 9, 2019 until November 15, 2021. He was an Executive Director of Tp Icap Markets Limited (Formerly Known as ICAP Securitie...


CEO Compensation Analysis

Compensation vs Market: Nicolas Noel's total compensation ($USD2.11M) is above average for companies of similar size in the UK market ($USD1.36M).

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


Leadership Team

Experienced Management: TCAP's management team is considered experienced (3.9 years average tenure).


Board Members

Experienced Board: TCAP's board of directors are considered experienced (3.3 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

Ownership Breakdown

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


Top Shareholders

Company Information

TP ICAP Group PLC's employee growth, exchange listings and data sources


Key Information

  • Name: TP ICAP Group PLC
  • Ticker: TCAP
  • Exchange: LSE
  • Founded: NaN
  • Industry: Investment Banking and Brokerage
  • Sector: Diversified Financials
  • Implied Market Cap: UK£931.934m
  • Shares outstanding: 779.86m
  • Website: https://www.tpicap.com

Number of Employees


Location

  • TP ICAP Group PLC
  • 22 Grenville Street
  • Saint Helier
  • JE4 8PX
  • Jersey

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/06/27 00:00
End of Day Share Price2022/06/27 00:00
Earnings2021/12/31
Annual Earnings2021/12/31


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.