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TP ICAP

DB:N5C
Snowflake Description

Excellent balance sheet with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
N5C
DB
£2B
Market Cap
  1. Home
  2. DE
  3. Diversified Financials
Company description

TP ICAP plc, through its portfolio of businesses, provides intermediary services, contextual insights and intelligence, trade execution solutions, and data and analytics. The last earnings update was 23 days ago. More info.


Add to Portfolio Compare Print
  • TP ICAP has significant price volatility in the past 3 months.
N5C Share Price and Events
7 Day Returns
13.5%
DB:N5C
-6.8%
DE Capital Markets
-2.7%
DE Market
1 Year Returns
12.6%
DB:N5C
-11.8%
DE Capital Markets
-20.4%
DE Market
N5C Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
TP ICAP (N5C) 13.5% -11.2% -23.7% 12.6% -28.9% -
DE Capital Markets -6.8% -21.9% -18% -11.8% -29% -57.8%
DE Market -2.7% -18.4% -26.7% -20.4% -25.9% -30.4%
1 Year Return vs Industry and Market
  • N5C outperformed the Capital Markets industry which returned -11.8% over the past year.
  • N5C outperformed the Market in Germany which returned -20.4% over the past year.
Price Volatility
N5C
Industry
5yr Volatility vs Market

Value

 Is TP ICAP 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 TP ICAP 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 TP ICAP.

DB:N5C Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= £3.33 * 3.6%
£0.12
Book Value of Equity per Share Weighted future Book Value estimates from 3 analysts. £3.33
Discount Rate (Cost of Equity) See below 5.8%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

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 DB:N5C
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 6.1%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.75
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.747 (1 + (1- 19%) (48.14%))
1.025
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.03
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.025 * 6.07%)
5.83%

Discounted Cash Flow Calculation for DB:N5C using Excess Returns Model Model

The calculations below outline how an intrinsic value for TP ICAP is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

DB:N5C Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (3.6% – 5.83%) * £3.33)
£-0.08
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= £-0.08 / (5.83% - -0.39%)
£-1.21
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= £3.33 + £-1.21
£2.12
DB:N5C Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:N5C represents 1.20896x of LSE:TCAP
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
1.20896x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (GBP) x Listing Adjustment Factor
= £ 2.12 x 1.20896
€2.57
Value per share (EUR) From above. €2.57
Current discount Discount to share price of €3.73
= -1 x (€3.73 - €2.57) / €2.57
-45.2%

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

  • The current share price of TP ICAP is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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 TP ICAP's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are TP ICAP's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:N5C PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in GBP £0.12
LSE:TCAP Share Price ** LSE (2020-04-01) in GBP £3.08
Germany Capital Markets Industry PE Ratio Median Figure of 17 Publicly-Listed Capital Markets Companies 22.18x
Germany Market PE Ratio Median Figure of 401 Publicly-Listed Companies 16.15x

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

** Primary Listing of TP ICAP.

DB:N5C PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= LSE:TCAP Share Price ÷ EPS (both in GBP)

= 3.08 ÷ 0.12

25.73x

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

  • TP ICAP is overvalued based on earnings compared to the DE Capital Markets industry average.
  • TP ICAP is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does TP ICAP's expected growth come at a high price?
Raw Data
DB:N5C PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 25.73x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
30.1%per year
Germany Capital Markets Industry PEG Ratio Median Figure of 7 Publicly-Listed Capital Markets Companies 1.55x
Germany Market PEG Ratio Median Figure of 256 Publicly-Listed Companies 1.17x

*Line of best fit is calculated by linear regression .

DB:N5C PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 25.73x ÷ 30.1%

0.86x

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

  • TP ICAP is good value based on expected growth next year.
Price based on value of assets
What value do investors place on TP ICAP's assets?
Raw Data
DB:N5C PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in GBP £3.06
LSE:TCAP Share Price * LSE (2020-04-01) in GBP £3.08
Germany Capital Markets Industry PB Ratio Median Figure of 32 Publicly-Listed Capital Markets Companies 1.55x
Germany Market PB Ratio Median Figure of 572 Publicly-Listed Companies 1.44x
DB:N5C PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= LSE:TCAP Share Price ÷ Book Value per Share (both in GBP)

= 3.08 ÷ 3.06

1.01x

* Primary Listing of TP ICAP.

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

  • TP ICAP is good value based on assets compared to the DE Capital Markets industry average.
X
Value checks
We assess TP ICAP'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 Capital Markets 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 Capital Markets industry average (and greater than 0)? (1 check)
  5. TP ICAP has a total score of 2/6, 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 TP ICAP 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
30.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is TP ICAP expected to grow at an attractive rate?
  • TP ICAP's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • TP ICAP's earnings growth is expected to exceed the Germany market average.
  • TP ICAP's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:N5C Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:N5C Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts 30.1%
DB:N5C Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts 3.5%
Germany Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 40%
Germany Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 0.9%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.3%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4%

*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
DB:N5C Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in GBP Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:N5C Future Estimates Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 1,981 421 194 4
2021-12-31 1,924 301 185 6
2020-12-31 1,873 345 152 6
2020-04-02
DB:N5C Past Financials Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income *
2019-12-31 1,781 148 67
2019-09-30 1,757 148 76
2019-06-30 1,733 148 85
2019-03-31 1,730 149 59
2018-12-31 1,727 149 32
2018-09-30 1,717 114 38
2018-06-30 1,706 78 43
2018-03-31 1,714 83 65
2017-12-31 1,721 87 87
2017-09-30 1,544 74 79
2017-06-30 1,367 60 71
2017-03-31 1,122 60 57

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • TP ICAP's earnings are expected to grow significantly at over 20% yearly.
  • TP ICAP's revenue is expected to grow by 3.5% 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
DB:N5C Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below

All data from TP ICAP Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:N5C Future Estimates Data
Date (Data in GBP Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 0.34 0.35 0.33 3.00
2021-12-31 0.32 0.37 0.30 4.00
2020-12-31 0.27 0.27 0.27 3.00
2020-04-02
DB:N5C Past Financials Data
Date (Data in GBP Millions) EPS *
2019-12-31 0.12
2019-09-30 0.14
2019-06-30 0.15
2019-03-31 0.10
2018-12-31 0.06
2018-09-30 0.07
2018-06-30 0.08
2018-03-31 0.12
2017-12-31 0.16
2017-09-30 0.17
2017-06-30 0.18
2017-03-31 0.18

*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.
  • TP ICAP is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess TP ICAP'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 Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany 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.
TP ICAP has a total score of 3/6, 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 TP ICAP 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 TP ICAP's growth in the last year to its industry (Capital Markets).
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.
  • TP ICAP's year on year earnings growth rate has been positive over the past 5 years.
  • TP ICAP's 1-year earnings growth exceeds its 5-year average (109.4% vs 11%)
  • TP ICAP's earnings growth has exceeded the DE Capital Markets industry average in the past year (109.4% vs 5.7%).
Earnings and Revenue History
TP ICAP'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 TP ICAP Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:N5C Past Revenue, Cash Flow and Net Income Data
Date (Data in GBP Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 1,781.00 67.00 1,357.00
2019-09-30 1,757.00 76.00 1,456.00
2019-06-30 1,733.00 85.00 1,555.00
2019-03-31 1,730.00 58.50 1,548.50
2018-12-31 1,727.00 32.00 1,542.00
2018-09-30 1,716.50 37.50 1,535.00
2018-06-30 1,706.00 43.00 1,528.00
2018-03-31 1,713.50 65.00 1,540.00
2017-12-31 1,721.00 87.00 1,552.00
2017-09-30 1,544.00 79.00 1,377.00
2017-06-30 1,367.00 71.00 1,202.00
2017-03-31 1,122.00 57.00 982.00
2016-12-31 877.00 43.00 762.00
2016-03-31 739.00 61.00 618.00
2015-12-31 755.50 52.00 641.00
2015-09-30 772.00 43.00 664.00
2015-06-30 789.50 32.50 664.00
2015-03-31 807.00 22.00 664.00
2014-03-31 912.00 46.00

*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.
  • TP ICAP has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • TP ICAP used its assets less efficiently than the DE Capital Markets industry average last year based on Return on Assets.
  • Unable to establish if TP ICAP improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess TP ICAP'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 Capital Markets 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.
TP ICAP 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 TP ICAP'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 TP ICAP's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • TP ICAP is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • TP ICAP's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of TP ICAP'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.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 72.6x 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 TP ICAP Company Filings, last reported 3 months ago.

DB:N5C Past Debt and Equity Data
Date (Data in GBP Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 1,730.00 689.00 676.00
2019-09-30 1,730.00 689.00 676.00
2019-06-30 1,799.00 726.00 646.00
2019-03-31 1,799.00 726.00 646.00
2018-12-31 1,830.00 1,552.00 1,654.00
2018-09-30 1,830.00 1,552.00 1,654.00
2018-06-30 1,804.00 676.00 608.00
2018-03-31 1,804.00 676.00 608.00
2017-12-31 1,833.00 1,288.00 1,315.00
2017-09-30 1,833.00 1,288.00 1,315.00
2017-06-30 1,888.00 577.00 688.00
2017-03-31 1,888.00 577.00 688.00
2016-12-31 1,919.00 1,133.00 1,363.00
2016-03-31 574.00 1,085.00 1,348.00
2015-12-31 574.00 1,085.00 1,348.00
2015-09-30 601.00 0.00
2015-06-30 601.00 0.00
2015-03-31 574.00 791.00 1,108.00
2014-03-31 627.00 93.00 368.00
  • TP ICAP's level of debt (39.8%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (105.8% vs 39.8% today).
  • Debt is well covered by operating cash flow (21.5%, greater than 20% of total debt).
  • Unable to confirm if the interest payments on TP ICAP's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess TP ICAP'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. TP ICAP has a total score of 5/6, 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 TP ICAP'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
5.47%
Current annual income from TP ICAP dividends. Estimated to be 6.07% next year.
If you bought €2,000 of TP ICAP shares you are expected to receive €109 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?
  • TP ICAP's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.65%).
  • TP ICAP's dividend is above the markets top 25% of dividend payers in Germany (4.86%).
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
DB:N5C 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
Germany Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 15 Stocks 3.3%
Germany Market Average Dividend Yield Market Cap Weighted Average of 320 Stocks 3.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 4.9%

Industry and Market average data is calculated daily.

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

DB:N5C Future Dividends Estimate Data
Date (Data in £) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 0.20 3.00
2021-12-31 0.19 6.00
2020-12-31 0.17 5.00
2020-04-02
DB:N5C Past Annualized Dividends Data
Date (Data in £) Dividend per share (annual) Avg. Yield (%)
2020-03-10 0.169 5.618
2019-04-09 0.169 5.110
2019-03-19 0.169 5.703
2018-05-10 0.169 5.372
2017-08-08 0.112 2.233
2017-04-06 0.000 0.000
2017-03-14 0.000 0.000

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

  • Whilst dividend payments have been stable, TP ICAP has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but TP ICAP only paid a dividend in the past 3 years.
Current Payout to shareholders
What portion of TP ICAP's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.7x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.1x coverage).
X
Income/ dividend checks
We assess TP ICAP's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - 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 TP ICAP afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. TP ICAP has a total score of 3/6, 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 TP ICAP'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
Nicolas Noel Breteau
COMPENSATION £1,100,824
AGE 51
TENURE AS CEO 1.8 years
CEO Bio

Mr. Nicolas Noel Andre Breteau serves as Director at ICAP WCLK Ltd. Since December 9, 2019. He has been an Executive Director of ICAP Securities Limited since November 30, 2018. He serves as Director of Tullett Prebon (Europe) Ltd. since December 9, 2019. Mr. Breteau serves as Executive Director at Tullet Prebon (Securities) Limited and iSwap Euro Limited since November 14, 2018. Mr. Breteau has been Group Chief Executive Officer and Executive Director of TP ICAP plc since July 10, 2018. Mr. Breteau served as Chief Executive Officer of Tullett Prebon Global Broking at TP ICAP plc. Mr. Breteau has experience in clearing, prime brokerage, electronic trading and market infrastructure. Mr. Breteau served as Chief Executive Officer of Global Broking at Tullett Prebon plc. Mr. Breteau served as Chief Commercial Officer at Tullett Prebon plc since joining it in 2016. Mr. Breteau was Senior Managing Partner at 99 Advisory SAS from September 2014 to December 2015. He served as the Chief Executive Officer at Newedge Group S.A. since July 7, 2010 until November 6, 2013 and Global Head of Sales and Front-office since 2009. He served as Chief Executive of Europe & Middle East at Newedge Group S.A. He served as Managing Director of European Zone at Newedge Group. Mr. Breteau was employed at FIMAT (Société Générale Group) since 1993, where he has occupied various managerial roles in financial control, middle and backoffice. He served as the Head of Risk, EMEA at FIMAT since 1998 and Chief Executive Officer of FIMAT UK since 2002. In 2005 he was promoted to Chief Executive Officer of FIMAT EM. At Fimat, he held several positions, including Deputy General Manager of the Paris office until 1998. He then moved to London as head of Internal Control and Risk of Fimat and subsequently Deputy General Manager of the London branch. He also served at Euronext. He has been a director of several boards including Futures and Options Association (UK), Futures Industry Association (USA) and Altura (Spain). He serves as a Director at Citic/Newedge (China). He is a Trustee at PSE For a Child's Smile UK, helping deprived children in Cambodia. He graduated from Ecole Supérieure de Commerce de Bordeaux and also attended SG Executive Program, Investment Banking & Corporate Finance at Northwestern University - Kellogg School of Management.

CEO Compensation
  • Insufficient data for Nicolas Noel to compare compensation growth.
  • Nicolas Noel's remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the TP ICAP management team in years:

1.3
Average Tenure
51.5
Average Age
  • The average tenure for the TP ICAP management team is less than 2 years, this suggests a new team.
Management Team

Nicolas Noel Breteau

TITLE
Group CEO & Executive Director
COMPENSATION
£1M
AGE
51
TENURE
1.8 yrs

Robin Stewart

TITLE
Group CFO & Executive Director
COMPENSATION
£660K
AGE
52
TENURE
2.4 yrs

Philip Price

TITLE
Group General Counsel & Executive Director
COMPENSATION
£580K
AGE
54

Martin Ryan

TITLE
Group Chief Operating Officer
TENURE
1.3 yrs

Al Alevizakos

TITLE
Head of Investor Relations and FP&A

Amir Zaidi

TITLE
Global Head of Compliance
TENURE
0.6 yrs

William Baldwin-Charles

TITLE
Group Media Relations Director

John Abularrage

TITLE
Chief Executive Officer of Global Broking
AGE
41
TENURE
1.3 yrs

Nick Deflora

TITLE
Chief Executive Officer of ICAP Americas and Deputy Chief Executive Officer of TP ICAP Americas

James Potter

TITLE
Chief Executive Officer of Tullett Prebon EMEA and Deputy Chief Executive Officer of TP ICAP EMEA
Board of Directors Tenure

Average tenure and age of the TP ICAP board of directors in years:

1.8
Average Tenure
56.5
Average Age
  • The average tenure for the TP ICAP board of directors is less than 3 years, this suggests a new board.
Board of Directors

Richard David Berliand

TITLE
Independent Chairman of the Board
AGE
57
TENURE
1.3 yrs

Nicolas Noel Breteau

TITLE
Group CEO & Executive Director
COMPENSATION
£1M
AGE
51
TENURE
1.8 yrs

Robin Stewart

TITLE
Group CFO & Executive Director
COMPENSATION
£660K
AGE
52
TENURE
1.8 yrs

Philip Price

TITLE
Group General Counsel & Executive Director
COMPENSATION
£580K
AGE
54
TENURE
1.6 yrs

Roger Perkin

TITLE
Independent Non-Executive Director
COMPENSATION
£90K
AGE
71
TENURE
7.8 yrs

Michael Heaney

TITLE
Independent Non-Executive Director
COMPENSATION
£121K
AGE
55
TENURE
2.3 yrs

Margaret Trainer

TITLE
Independent Non-Executive Director
COMPENSATION
£40K
AGE
67
TENURE
1.8 yrs

Angela Knight

TITLE
Senior Independent Non-Executive Director
COMPENSATION
£90K
AGE
69

Edmund Ng

TITLE
Independent Non-Executive Director
COMPENSATION
£125K
AGE
56
TENURE
2.4 yrs

Mark Hemsley

TITLE
Non-Executive Director
AGE
57
TENURE
0.1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
14. Aug 19 Buy David Shalders Individual 14. Aug 19 14. Aug 19 14,801 €2.91 €43,066
X
Management checks
We assess TP ICAP'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. TP ICAP 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

Company Info

Description

TP ICAP plc, through its portfolio of businesses, provides intermediary services, contextual insights and intelligence, trade execution solutions, and data and analytics. It operates in four divisions: Global Broking, Energy & Commodities, Institutional Services, and Data & Analytics. The Global Broking division offers professional intermediary services that enable buyers and sellers to execute trades covering rates, foreign exchange and money markets, local markets, equities, and credit asset classes. The Energy & Commodities division assists its clients in energy and commodity transactions ranging from canvassing the market for expressions of interest to intelligence gathering, negotiations, commercial implementation, and post-transaction processing, as well as provides insights on unpredictable factors that affect energy and commodities markets. This division primarily focuses on the oil, gas, power, renewables, ferrous metals, base metals, precious metals, soft commodities, and coal markets. The Institutional Services division provides an agency sales and execution service in a range of asset classes for hedge funds, asset managers, and asset owners. The Data & Analytics division offers pricing, reference data, and analytical tools for making investment, portfolio analysis, valuation, risk management, and compliance decisions for various asset classes and markets. The company’s clients include banks, insurance companies, pension funds, asset managers, hedge funds, governmental organizations, central banks, charities and endowment funds, energy producers and refiners, corporate treasurers, information analysts, risk and compliance managers, and those responsible for trading activities in their business. It primarily operates in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. The company was incorporated in 2006 and is headquartered in London, the United Kingdom.

Details
Name: TP ICAP plc
N5C
Exchange: DB
Founded: 2006
£1,952,463,394
558,800,876
Website: http://www.tpicap.com
Address: TP ICAP plc
155 Bishopsgate,
Floor 2,
London,
Greater London, EC2M 3TQ,
United Kingdom
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
LSE TCAP Ordinary Shares London Stock Exchange GB GBP 02. Jan 2017
OTCPK TULL.F Ordinary Shares Pink Sheets LLC US USD 02. Jan 2017
DB N5C Ordinary Shares Deutsche Boerse AG DE EUR 02. Jan 2017
BATS-CHIXE TCAPL Ordinary Shares BATS 'Chi-X Europe' GB GBP 02. Jan 2017
Number of employees
Current staff
Staff numbers
4,834
TP ICAP employees.
Industry
Investment Banking and Brokerage
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/02 04:20
End of day share price update: 2020/04/01 00:00
Last estimates confirmation: 2020/03/26
Last earnings filing: 2020/03/10
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


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.