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Travis Perkins

Travis Perkins PLC is a UK-based building materials distribution group. TPK is the largest UK product supplier to the building, construction & home improvement markets. Travis Perkins runs a network of some 2,076 outlets, all in the UK except for 23 Toolstation sites in the Netherlands and France. It operates through four distinct divisions. General Merchanting is the core business which supplies products for both new and RMI construction (850 branches, 33% of FY17 sales); Plumbing & Heating sells branded and proprietary products to the trade (391 branches, 21% of sales); Contracts supplies major contractors and sub-contractors (169 branches, 21% of sales); and Consumer supplies domestic building and decorative materials to DIY and trade customers (666 branches, 25% of sales). The company is listed on the London stock market with a market cap of £3.31 bn and a 99.4% free float. TPK has a significant institutional shareholder following and its largest shareholders at end March 2018 include TIAA Investment Management (7.08%) & Sanderson Asset Mgmt (5.05%). (08 May 2018)

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Travis Perkins 3Q18: DIY / Brexit Uncertainty

Earnings Note: 23 Oct 2018, 9:49 PM ET - Travis Perkins remains a pure-play Brexit risk proxy within the Sterling High Yield market.

Miller Group 2Q18: A Good Yield for B Brexit Risk

Earnings Note: 06 Sep 2018, 10:59 AM ET - We retain our Outperform Recommendation on Miller Homes Group after its solid 2Q18 financials, the third such report since the buyout by Bridgepoint.
Focused

Travis Perkins 1H18: DIY No Longer Doing-It-Itself

Earnings Note: 05 Aug 2018, 9:37 PM ET - Results for the first half of the year were overshadowed by a malaise in the Consumer business and an increasingly uncertain and gloomy tone on Brexit. 

Miller Homes: Solid 2017, Bonds Attractive

Earnings Note: 22 Mar 2018, 10:17 PM ET - Miller Homes' FY17 / 4Q17 financials (the first since the LBO by Bridgepoint) were solid and supportive of the investment case.
Focused

Travis Perkins FY17 – Don’t Mention the B Word

Earnings Note: 02 Mar 2018, 12:04 PM ET - We are rolling our existing Market Perform recommendation on Travis Perkins paper on the back of a solid, if uneventful, set of 2017 financials.

US Strategy: Tariffs as Repricing Event?

Strategy Analysis: 01 Mar 2018, 9:40 PM ET - The market has been building in very low odds of a trade war event, a NAFTA withdrawal, or a significant escalation of tit-for-tat trade retaliations on a broader scale.  The odds-makers just got a fresh load of input.
Focused

Travis Perkins: Price Rises Offset Cost Inflation

Worth Watching: 19 Oct 2017, 6:12 AM ET - Travis Perkins (BB+) released its 3Q17 trading statement this morning, which revealed a rise in Group sales of 3.5%. On a like-for-like basis (adjusting for trading day differences and net new space), sales growth was higher still at 4.1%. Volu ..

August 2017 Europe Company Recommendation Changes

Euro Recommendation Changes: 01 Sep 2017, 8:11 AM ET - Our monthly report provides executive summaries for the fifteen companies recommendation changes made on European companies during the month of August.
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Travis Perkins: 1H17 Mixed, but Switch to M/P

Earnings Note: 03 Aug 2017, 10:41 PM ET - Travis Perkins posted mixed 1H17 results, with low single-digit growth in sales, slightly lower profitability and a decrease in net leverage. The company announced a transformation plan for its ailing Plumbing & Heating division.

Euro HY Conference 2017: Building Matls Transcript

Transcript: 15 Jun 2017, 8:13 PM ET - In this article, we transcribe our presentation to Creditsights Euro High Yield Conference on the Building Materials sector.

Trump, Trade, Germany, and the EU

Strategy Analysis: 08 Mar 2017, 11:15 PM ET - The Trump team focuses on a bilateral deal with Germany distinct from the EU and sets the stage for more tension. We frame the US-Germany trade deficit for 2016 at the industry level.  Trade edges ahead of the Fed as a risk variable?

Global Building Materials Outlook 2017

Sector Outlook: 08 Feb 2017, 11:44 PM ET - In the final part of our Global Construction and Building Materials Outlook series, we outline our expectations for event risk, credit metrics and bond issuance, and review our Relative Value Recs on both a sector and single name basis. 

European Construction Outlook 2017

Sector Outlook: 22 Jan 2017, 9:54 PM ET - In the first of our 2017 Outlook series, we examine construction trends in Europe in 2016 and discuss the outlook for 2017. 

CreditSights 12th Annual European Conference

Announcement: 29 Nov 2016, 8:54 PM ET - Download our Conference Mobile App for our upcoming event on Friday 9th December 2016.
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Travis Perkins 3Q16: Brexit Bites

Earnings Note: 19 Oct 2016, 5:24 PM ET - Travis Perkins has continued to suffer from the impact of Brexit in 3Q16, reporting a softening in demand in August and September and the Plumbing & Heating unit seeing an accelerating rate of sales decline
Focused

Travis Perkins 1H16: Brexit Threatens Outlook

Earnings Note: 02 Aug 2016, 12:32 PM ET - Brexit worries dominated the discussion of 1H16 results from UK Builder’s Merchant Travis Perkins (TPK).  

Brexit & Building Materials / Construction

Sector Analysis: 30 Jun 2016, 11:31 PM ET - In the wake of the Brexit vote, we review our European Building Materials & Construction recommendations for direct UK exposure and European contagion risk.

Salini: Initial Thoughts on New >€200 mn 2021

HY Note: 15 Jun 2016, 5:21 AM ET - Salini Impregilo (SAL), a BB+ rated Italian construction credit, is in the market with a potential five-year transaction. 

Titan Cement: Thoughts on New €250 mn 2021 Bond

HY Note: 09 Jun 2016, 9:31 PM ET - Titan Cement (BB▲), the small Greek domiciled cement and Heaviside building materials credit, is in the market with a €250 mn five year senior unsecured bond. 

Braas Monier: Initial Thoughts on New €435 mn SSN

HY Note: 08 Jun 2016, 8:24 AM ET - BRAAS Monier (BMSA), a German Roofing Products business, is in the market with a five year High Yield bond that is part of a total refi package.

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