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T Clarke (CTO) Cleared for Take Off. "Let's Do The Math" (CTO)     

CC - 18 Sep 2018 11:45

Flag Counter

Chart.aspx?Provider=EODIntra&Code=CTO&Si

The Martian - Lets Do The Math (a bit of fun)

The Martian - CTO takes off like Mark Watney (some more fun)

The Math - CTO background, financial metrics and financial modelling Sept 2018(the serious stuff)

Directors present at Mello video Nov 2018

Investors Chronicle Alpha 17 page article Dec 2018
https://pdfs.investorschronicle.co.uk/IC_Alpha_TClarke_Simon_0712.pdf

Company Website

Financial Calendar

Recent Broker notes & Director Purchases

BarChart Indicators

Recent Market news

TClarke Fundamentals (CTO)

Old thread here

If you do nothing else read the serious stuff link. The basis proposition for the trade is that even in the worst case scenario, with a forecast EPS of 13.2p per share and a dividend of 3.5p per share so much cash is being retained in the business that for a company with £11.7m net cash at 2017 year end, we reach a point soon where the directors have to increase the dividends by more than 10% a year and the share price rises as well.

Market expectations of profit before tax £7m with £4m done at half time, £12m net cash and a market cap of £35m and a growing business with improving margins.

CC - 18 Sep 2018 11:45 - 2 of 52

I subscribe to a view that the safest way to make money investing is on the basis of knowledge that either isn't easy to find in the public domain or is freely available but no-one has taken any notice.

In other words what's "the edge", what makes the trade more than an educated gamble.

In the case of CTO, I find the impact of MIFID II, a reserved house broker, a major shareholder currently selling has created a situation where the current share price looks highly attractive.

If you like the level of inefficiency in the share price has become extreme and can be demonstrated by the evidence over the last few weeks in that it's peer group have moved up strongly but CTO's share price hasn't budged an inch. It's so far off the radar (more of that later), that an opportunity arose some time ago but now it's getting extreme.
Chart.aspx?Provider=EODIntra&Code=CTO&Si
Blue is CTO, Red is Kier, Green is Galliford, Black is Gleeson


Firstly MIFID II.
Background article from Independent
The points of interest are:
"financial research - which in many cases so far has been bundled with other services and associated costs - will need to be paid by separately funded managers and other third parties, in a bid to reduce the possibilities of a conflict of interest amongst analysts"
"Because of the new costs associated with distributing research, she said that brokers might avoid covering smaller companies in their research, which in turn might impact those firm's abilities to access investors".

The outcome of which is that with a market cap of only £35m, it has become uneconomic for analysts to look at CTO other than on an occasional basis and when they do the time that is spent is very limited. The willingness of funds to hold small cap stocks has reduced due to lack of research updates (and lower quality).

Funds are therefore selling such stocks and we therefore have two advantages.
1. We now have a time advantage over the funds as we can act quicker on information in the public domain
2. Funds have been selling off their small caps for the last 2 years but this is now coming to a conclusion. I'll talk more about this with an example of NMD which has 4 bagged in 3 years in post three, but in summary, the level of stock in fund hands on NMD was very low so it worked it's way through fast. On CTO it is still working it's way through at Miton sell. They've still got a fair load to sell but once that's done I suggest the share price can take off

Second - a reserved house broker.
The house broker currently has a profit target of £7m for 2018. A bit surprising since CTO had done £4m at half time and CTO profits are seasonal and weighted to the second half of the year as evidenced by the last 3 sets of accounts.
Also, they forecast a rise in dividends of 0.2p, which on first sight is 5.7% and sounds Ok, but if you examine the figures in detail looks odd. Even if CTO only make £7m profit that's a rise of 7.7% compared with last year and why would a company with net cash of £12m choose to pay out an even lower proportion as a dividend. The directors seem to agree with me, as they increased the first half dividend by 10%. Whether they do the same in the second half is of course anyone's guess but it seems to me the house broker are asleep on the job.
To be fair the house broker does see intrinsic value as 104p, so at least that is higher than the current share price. It is however, based on a blended average of peer group multiples. One of the peer group is Interserve ffs, over half of which it's revenue is in support services, not construction, has borrowed £810m and by any normal measure would have breached it's covenants.

CC - 18 Sep 2018 11:45 - 3 of 52

MIFID II and free float.

As posted above funds have been dumping low market cap stocks due to MIFID II. The shares they are dumping have to be absorbed by someone and in general this is falling to private investors.

In the case of CTO, before all this started there was a large institutional holding and PI's haven't soaked it all up.

By contrast if we look at NMD (same sector, same turnover) before all this started approx. 70% of the shares were owned by the family and the directors. They've added to their positions along with one insider who knows the company well. All the shares being dumped were soaked up with as far as I can see the last lot going at around 340p. Here's the chart on NMD. As you can see it's gone vertical. I'm waiting for the last of the institutional shares to be soaked up on CTO at which point I think it will fly too. (see post 4 on how many shares are left to be dumped by the funds)
Chart.aspx?Provider=EODIntra&Code=NMD&Si

CC - 20 Sep 2018 11:40 - 4 of 52

So, there's an opportunity to buy these as Miton are off-loading and keeping a cap on the share price rising.

Miton's transactions from RNS are as follows:
12/07/16 starting point 7,385,611 17.66%
11/01/18 7,166,611 17.13%
29/06/18 6,818,221 16.30% - selling really starts here
03/07/18 6,056,923 14.48%
05/07/18 5,790,137 13.84%
05/07/18 5,488,041 13.12%
23/07/18 5,090,660 12.17%
25/07/18 4,521,777 10.81%
26/07/18 4,178,775 9.99% - thought they might stop here. They did for a month
07/09/18 3,539,847 8.46%

Interestingly the 8.46% is split between 2 funds, one has 2.27%, the other has 6.19%. The one with 6.19% hasn't sold any since 2016. Whether they are different fund managers I don't know. The shares have been sold at prices ranging from 80.5 to 83p

Now the more intriguing part. While this has been going on a company called Regent Gas has been buying the shares as follows:
03/07/18 1,440,000 3.44%
18/07/18 1,750,000 4.18%
25/07/18 2,585,000 6.18%
26/07/18 2,925,000 6.99%
31/08/18 3,466,234 8.29%
Strange indeed as Regent aren't a fund but a privately owned company. Website here
They provide everything up to and including the meter, so the supply, connection and meter. T Clarke provide everything after the meter.

Research from companies house shows Regent Gas has £48m of net assets of which £36.5m is cash, although presumably about £2.75m lower having bought all these T Clarke shares. Further research shows the directors Nandal and Deep Valecha pop up on the Sunday Times rich list with a wealth of around £128m for 2017. Plenty to buy T Clarke without the need to raise cash. (so no banker is going to get a tip off about this if that's the case)
Link here

Make of it what you will. They are very patient about buying their shares. I'm guessing they are sitting on the order book right now trying to buy another 40k shares at 82.2. It might not be them of course. Earlier in the week I'm guessing the two iceberg trades of 25k at 82.2 where them as well.

Why would they invest in T Clarke out of all the companies on the LSE? (noting they do have investments in UTW and another of their competitors). Your guess is as good as mine. Do they see what I see and the shares are just crazy cheap or perhaps they are collecting shares before making a bid. If so, they clearly aren't in any hurry and why would they be when no-one seems to have noticed and Miton keep offloading to them. If you are going to make a bid, might as well get as many from the market at 83p as you can before you either collect up to 30% at a price of 100p or go straight for a bid at say 120p.
I think Regent run into a problem though once Miton have finished selling. I think the share will gap up, in the same way Kier has moved 20% in the last two weeks. Indeed Miton may have seen this and choose to up their exit price from the current area.

To be clear I have alot of shares and it's a significant part of my portfolio. Apart from about 2% which I may or may not have to sell by the end of January to cover my capital gains tax bill for last year (I have to sell something to raise the cash, hopefully it will be something else) I won't be selling any at any price under 250p in the foreseeable future. The post in red "the serious stuff" explains why.

CC - 25 Sep 2018 09:49 - 5 of 52

Looks like Miton and Regent are swapping 25k blocks again today.

I don't why they don't just phone each other up.

Dil - 25 Sep 2018 10:14 - 6 of 52

Good stuff CC , keep us informed.

CC - 26 Sep 2018 16:06 - 7 of 52

There we go - RNS out to prove it - Regent add another lump.

03/07/18 1,440,000 3.44%
18/07/18 1,750,000 4.18%
25/07/18 2,585,000 6.18%
25/07/18 2,925,000 6.99%
31/08/18 2,966,234 7.09%
31/08/18 3,466,234 8.29%
25/09/18 3,813,036 9.12%

Imho they are still sitting on the bid at 81.6 waiting to collect some more.

Dil - 26 Sep 2018 17:20 - 8 of 52

Cheers CC , strapped in and ready :-)

CC - 27 Sep 2018 10:52 - 9 of 52

Welcome aboard Dil. Regent loading up their 25k iceberg orders. Historically they tend to be 150k. Sometimes 100k. Sometimes 50k.

They got filled twice at 81.6 this morning so tried for 81.0. Now at 81.2 as well.

Image and video hosting by TinyPic

CC - 08 Oct 2018 08:36 - 10 of 52

CTO presents at Mello London

26th or 27th November - not sure which day

CC - 11 Oct 2018 09:32 - 11 of 52

CTO work on project of the year Bloombery

CTO did building services for Robert McAlpine on Bloomberg. Covered on the news last night.

This is partly why I'm in this stock. If the economy ever picks up T Clarke is the go to company for high end projects. They are also currently working for Dyson which interests me as I'm excited to see what car he comes up with. Future work there could be massive depending where he chooses to manufacture.

micro - 11 Oct 2018 10:00 - 12 of 52

CC

I wish you well with the share but the economy will take time to recover by the latest comment from the IMF yesterday.


"The IMF says the global economy is now expected to grow at 3.7 percent this year and next year — down 0.2 percentage points from an earlier forecast, according to the fund's latest World Economic Outlook"

CC - 12 Oct 2018 09:45 - 13 of 52

Bizarre trade flow. Share price up 5% this morning for no apparent reason and buyers happy to pay a price we haven't seen for a month.

skinny - 12 Oct 2018 09:47 - 14 of 52

I don't get my JLIF money til next week!!!

Dil - 12 Oct 2018 15:30 - 15 of 52

I used to like this thread :-)

skinny - 12 Oct 2018 15:32 - 16 of 52

.

CC - 18 Oct 2018 09:40 - 17 of 52

Looks like Regent are back. 3 x 25k blocks yesterday and now another 25k sitting on the order book at 81.0

CC - 19 Oct 2018 08:55 - 18 of 52

TClarke plc, ("TClarke" “the Company” or the "Group") the Building Services Group, is pleased to announce that Louise Dier has been appointed as an Independent Non-Executive Director of the Company with effect from 1st January 2019. She will also join the Audit, Remuneration and Nomination Committees of the Company.

Louise Dier is 58 and until recently was Managing Director of London based David Chipperfield Architects having joined them in 2013. Whilst undertaking the role of Managing Director, Louise also project managed significant assignments, such as the redevelopment of the Metropolitan Museum of Art in New York.

Louise studied law at Cambridge University and was called to the bar, however quickly moved into management, spending nearly 8 years at International Management Group, the US based sports management group, the last 2 years as head of HR for IMG Europe.

A very exciting appointment.

A search of David Chipperfield Architects brings up an impressive portfolio of projects. All high end stuff. Exactly the sort T Clarke are the go to company for. Too many exciting projects globally to list. Includes the Sterling Prize in 2007 for the Museum of Modern Literature in Marbach which kinds of fits nicely to the Sterling Prize in 2018 for Bloomberg London where T Clarke did the building services.

Contacts, expertise. And her profile shows she's got a degree in law, was called to the bar and has also been head of HR in her career. A wide set of skills showing the ambition and aspiration of the directors.

It's always good news when directors surround themselves with heavyweight non-execs.

CC - 19 Oct 2018 08:55 - 19 of 52

oh and there's something going on with the trades. Regent back again?

36k sells at 81.34 yesterday. Another 18k today

And I can get a quote to sell 100k on instant fill at 81.34 (which is usually the most you can get on one ticket)

CC - 22 Oct 2018 08:53 - 20 of 52

A couple of large trades on Friday.

A purchase of 484,820 shares at 81.8 by the Company Employee share ownership scheme and a 450,000 trade at 81.5 which I assume is Miton selling another lump of shares.

If correct given Miton have been dripping shares into the market over the last month I reckon they are now down to slightly less than 3m shares to sell.

Possibly what is more interesting is that CTO hasn't fallen with the rest of the market and Miton seem to be comfortable letting their shares go at 81.5 and don't want to go any lower.

CC - 13 Nov 2018 12:24 - 21 of 52

I am at a loss to understand the price action here. Not that it matters as it's all good.

Someone has just bought 28k shares at 84.9 when we haven't seen that price in a long while. Either the MM's have completely ripped them off or they've got no stock or both. The trade flow would suggest the MM had no stock and have been waiting for the sellers to come to them without success but they usually find a way to force out some sellers.

I don't know and I guess I don't really care. The trading update is in a couple of weeks and there seems to be a flow of buys going through which outweigh the sells. Not before time imho given the likely future of CTO.

MM must have large buy order in.

Dil - 13 Nov 2018 15:17 - 22 of 52

Fly baby fly :-)

CC - 23 Nov 2018 09:48 - 23 of 52

T Clarke using the Math strapline

Coincidence?

CC - 23 Nov 2018 16:58 - 24 of 52

Trading update moved to Tuesday 27th to coincide with Mello.

I assume they've got something good to say.

CC - 26 Nov 2018 16:05 - 25 of 52

New website launch today ahead of trading update tomorrow

skinny - 27 Nov 2018 07:02 - 26 of 52

Trading Update.

TClarke plc ("TClarke" or the "Group"), the Building Services Group, today issues a trading update for the period from 1st July 2018 to date.

Results

We stated at the half year that the Group had experienced a strong first six months of 2018 and the results delivered were in line with expectations. We are now pleased to report that the Board expects results for the full year ending 31st December 2018 to be ahead of current market expectations.

We expect an underlying operating profit before interest and taxation of circa £8.6m (2017: £7.3m) and revenue of circa £320m (2017: £311m). The implied underlying operating profit margin of 2.7% provides further evidence that we are on track to achieve our target of 3%.

Order Book

Our established strategy is to selectively target projects that we believe will add value and strengthen the margin profile of the Group. The Board is encouraged by the continued opportunities available to the Group which meet our tendering criteria, suggesting that there remains a strong demand for our services and our approach, particularly on high profile projects from clients who value our ability to deliver large, complex projects successfully.

This is reflected in our forward order book which has grown by 6% year on year and now stands at a record £403m against £380m at the same time last year. Looking ahead, revenues of £230m for 2019 have already been secured, against an equivalent figure of £190m at this time last year.

Project wins totalling £150m have been secured since the announcement of the half year results, which include the following:

· Additional Works at Battersea Power Station Phase 2 with the award of the Office Shell and Core Package

· KGX1 Project, Kings Cross, Mechanical Shell and Core and Fit Out Packages

· Global Switch Data Centre, London

· Additional Works at One Bishopsgate Plaza, 160 Residential Apartment Fit Out

· Forth Valley College, Falkirk

· Maiden Castle Sports Park, Durham University

· Royal Cornwall Hospital, Truro, Mortuary and Bereavement Centre Refurbishment

· Waitrose, Portishead

· Claremont Complex Refurbishment, Newcastle University

Regional Expansion

We have recently opened new offices in Liverpool and Manchester. Building upon the Group's established relationships, bids totalling £40m have been submitted across a range of projects.

Banking Facilities

To support our growth ambitions and strategy we have agreed new banking facilities on improved terms. The new facilities comprise a £5m overdraft facility, repayable on demand, and a £15m revolving credit facility expiring 31st August 2022.

Outlook and Summary

This update provides clear evidence that the Group's strategy is working and underpins our confidence that our underlying operating profit margin target of 3% is attainable in the near future.

The strength and reputation of TClarke is evidenced by our record forward order book. We have maintained our market leading position in our traditional markets whilst securing Technology driven projects, where project complexity and specification levels play to our strengths.

We approach the new financial year in excellent shape, both operationally and financially.

Ends

CC - 27 Nov 2018 07:33 - 27 of 52

Looks good to me.

skinny - 27 Nov 2018 08:34 - 28 of 52

Well done CC - you need to amend the "broker link" in the header to this.

CC - 27 Nov 2018 10:14 - 29 of 52

Thanks Skinny. Will do

This from house broker N+1:

Specialist building services group TClarke has reported strong trading in FY18. Operating profit is expected to be 11% ahead of our previous forecast, driven by better than expected revenue and margin progression (approaching management’s 3% target). The outlook statement strikes a confident tone, supported by a record order book, which stood at £403m in November. We have increased our EPS forecasts by 12% and 15% in FY18 and FY19. Our FY19 revenue forecast is 70% covered by the order book, giving us confidence that earnings momentum will continue. We believe the shares are attractively valued, trading on an FY19 P/E rating of 5.3x, and believe a peer group rating is justified. We also note the attractions of a >4% dividend yield

groovyjean - 27 Nov 2018 11:08 - 30 of 52

Following your thread has been both interesting and profitable, thank you

CC - 28 Nov 2018 10:07 - 31 of 52

What next? Well P/E of 5.3 for 2019 according to N+1 and the sector average is 10.47 for the top 7 if you strip out Interserve. I'll continue to hold as planned and await the break of resistance at 90p.


CTO turned out to be a good place to be over the last 2 months. The share price has gone up whilst almost everything else has got bashed relentlessly.


Welcome Jean. Feel free to post and ask any questions.

Dil - 28 Nov 2018 12:33 - 32 of 52

Quid by xmas CC ?

:-)

CC - 28 Nov 2018 12:37 - 33 of 52

I would think so. Here's my reasoning. Jesse Livermore is my hero. (umm - and so is his grand-daughter but don't tell the wife)

The share price is now bashing it's head at 90 resistance on the chart. I guess it is inevitable it was going to stop there for a while until such time as those inclined to sell on the basis of a wiggly line have all done so. What's more interesting is what happens once the chart resistance high point is breached. In our case once the sellers at 90 have got exhausted, there is no chart point or other psychology to stop the price rising and in this case stocks tend to accelerate away at speed once the 90 psychological barrier is breached. Or put another way having waiting for all the sellers to sell at 90 why would you sell at 92 or 94 or 96. Psychologically even the most eager person ready to sell is going to be thinking about 100. You can read about this sort of trading psychology, in a book by the greatest trader of all time, Jesse Livermore.

http://www.r-5.org/files/books/trading/speculation/Edwin_LeFevre-Reminiscences_of_a_Stock_Operator-EN.pdf

Dil - 28 Nov 2018 20:01 - 34 of 52

Read it years ago , still got it somewhere.

Who's his grand daughter ?

Dil - 28 Nov 2018 20:10 - 35 of 52

Lol , just googled her ... never seen her before honest :-)

CC - 07 Dec 2018 12:22 - 36 of 52

Tipped in IC by Simon Thompson - 17 pages worth

Amazing read

Target 141p

CC - 10 Dec 2018 09:35 - 37 of 52

Investors Chronicle 17 page article by Simon Thompson and Directors 40 minute presentation to Mello added in header

CC - 17 Jan 2019 11:16 - 38 of 52

CEO insight on London skyline

Article finishes with:
"Within the context of our clear strategy, strong financial position, agile organisation, market-leading technology offering and growing market appetite for our services, the picture for TClarke remains distinctly positive"

Trading update coming out on 31st Jan. This published 2 days ago. I'm assuming you wouldn't write this type of article unless you were confident about the next couple of years.

Share price now trying to break through resistance which is at 90-92p

CC - 30 Jan 2019 10:55 - 39 of 52

Finally breaking up out of the wedge.

Trading update tomorrow.

Dil - 30 Jan 2019 13:03 - 40 of 52

£1 by Friday :-)

CC - 31 Jan 2019 08:45 - 41 of 52

TClarke plc ("TClarke" or the "Group"), the Building Services Group, announces a year end trading update for the financial year ended 31st December 2018.



Financial Results

The Board is pleased to report that the expected outcome for the year is in line with the upgrade that was released to shareholders on 27th November 2018; that is an underlying operating profit before interest and taxation of circa £8.6m (2017: £7.3m) and revenue of circa £320m (2017: £311m). The underlying operating profit margin is 2.7% (2017: 2.3%) and we remain on track to achieve our medium term margin target of 3%.



Cash

The Group's cash position remains robust, with the year end cash position having improved to £12.4m (2017 net cash £11.7m). The Group has available bank facilities comprising a £5m overdraft facility, repayable on demand, and a £15m revolving credit facility expiring on 31st August 2022.



At 31st December 2018 the Group had not drawn down any of these facilities and hence is debt free. This remains the case at 31st January 2019.



Order Book

Our established strategy is to selectively target projects that we believe will add value and strengthen the margin profile of the Group. At 31st December 2018 the forward order book stood at a record £411m representing a 22% growth year on year (2017: £337m). Our Technologies sector has been the main driver of this increase, up almost 400% to £54m.



Outlook

The Board remains encouraged by the continued opportunities available to the Group, particularly on high profile projects working with clients who value our ability to deliver large, complex projects successfully.



The Group remains on track, with good progress being reported from each of its businesses and it remains on target to achieve the market expectations during the course of the current financial year.



TClarke plc will be announcing its 2018 preliminary results on Tuesday, 26th March 2019.



Mark Lawrence, CEO, commented:



"As TClarke celebrates its 130th year, it is pleasing that this update demonstrates the successful implementation of our strategy both in terms of improving our profit margin and targeting areas of technology and digital integration in modern building projects that play to our core skills and capabilities.



We are working on three UK data centres and our Building Controls Division acquired in August 2017, can now boast its largest ever order book and the continued success in our other markets has led to the record forward order book for the TClarke Group as a whole.

The Board continues to look forward with optimism and we remain focussed on delivering an improving financial performance as we move through the year."

skinny - 31 Jan 2019 11:03 - 42 of 52

Well done on these CC.

CC - 31 Jan 2019 11:31 - 43 of 52

Thanks Skinny. It's nice when a plan comes together. I feel very comfortable with this share.

My thoughts from this morning:
I'm pleased to see the hard work of the directors is now beginning to be reflected in the share price.

I found the update interesting. Headline " TCLARKE REPORTS SUSTAINED GROWTH IN ORDER BOOK AND PROFITABILITY

AND IS DEBT FREE"

And is debt free gets it's own sentence and is in bold at the top. Clearly the directors wish to point out the strength of the balance sheet. And rightly so. The construction sector has been hit with warning after warning over cash and many investors won't touch it any longer because of this. Carillion goes bust, IRV on it's last legs even after cash injection a year ago, Laing O'Rourke filing accounts late as they can't get them signed off until they have reached agreement with their banks, Galliford rights issue a year ago, Kier rights issue a few weeks ago. Any number of smaller competitors going bust.

So, how many listed construction companies out there can claim to be debt free and have £12m in the bank? only two I think, CTO and NMNC (and go look at their share price over the last 3 years and see what it did for them). Rightly they should shout loud about this, to investors, clients and suppliers. It makes me sleep easy at night.


And then this from the CEO:
The Board continues to look forward with optimism and we remain focussed on delivering an improving financial performance as we move through the year."
I grinned from ear to ear when I read this. What I believe it says is "things are going pretty well, we're almost sure we're going to upgrade the numbers later in the year but it would not be prudent to do so only one month into the year no matter how confident we are"


I can't get my head round N+1 latest figures. Where does that dividend forecast come from? Profits up 18.6% in the year, yet dividends only up 5.7%. What are they on? Did they not notice the interim was up 10% and by implication surely the final will be up at least 10%. And as for 3.9p in 2019. That makes no sense either. If £8.6m=14.7p EPS, then 16.3p=£9.5m. They forecast profits up 11% but dividends up only 5.4%. They are forecasting a company with £12m in the bank and no debt is going to only pay out 24% as dividends and as the profits get bigger they will pay out less and less and dividends on a proportional basis! If that's true, the dividend bill will be £1.6m, the corporation tax bill will be £1.6m and all other things be equal with working capital CTO will end 2019 with £18m in their bank account. Not that I would object to £18m in the bank account but I think it more likely N+! don't have a scooby and that's part of the reason the share price is so low.

Anyways all good from where I'm sitting. I particularly like the progress on intelligent buildings with Eton. Got to be good for margins. Hurrah. I suspect they will upgrade market expectations at interims or November update. All this against a fairly dull construction economic background. If ever they fix Brexit this is going to fly. Of course I've been thinking that for 2 years now...

Dil - 31 Jan 2019 12:04 - 44 of 52

Pick us some more like these CC.

Cheers , great spot.

black bird - 31 Jan 2019 16:34 - 45 of 52

to go after. money AM ends any suggestion BB ps am comfortable with CTO

CC - 05 Feb 2019 12:07 - 46 of 52

Rocket boosters firing in last 10 minutes. I don't know why. Other than it's ridiculously undervalued of course

Edit: In IC today I'm told

CC - 05 Feb 2019 14:51 - 47 of 52

Up 12% now. ;-)

Dil - 05 Feb 2019 15:37 - 48 of 52

Wow , who lit the blue touch paper ?

Fly baby fly :-)

CC - 11 Feb 2019 12:22 - 49 of 52

It's escaped the gravitational force of Earth now.

My chart skills are not good enough to tell me where the next resistance point is, so I'll just go with 280p

skinny - 11 Feb 2019 12:27 - 50 of 52

Arguably @150p.

Chart.aspx?Provider=EODIntra&Code=CTO&SiChart.aspx?Provider=EODIntra&Code=CTO&Si

CC - 11 Feb 2019 12:59 - 51 of 52

Thanks Skinny. 150p as a stepping stone will do fine.

CC - 13 Feb 2019 11:50 - 52 of 52

That chart looking very nice indeed
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