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TT Electronics
(LSE:TTG)
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Rating:58Neutral
Price Target:
196.00 p
▲(45.19% Upside)
Action:Reiterated
Date:09/15/26
The score is held back primarily by weak profitability and multi-year revenue declines reflected in the financial statements, despite improving leverage and generally positive recent cash generation. Technicals are supportive but look overextended (very high RSI/Stoch), raising near-term pullback risk. The latest earnings call meaningfully offsets these concerns with upgraded profit expectations, a stronger order book, and expectations for H2 growth and improved cash flow, while valuation remains challenged due to ongoing losses (negative P/E) and no provided dividend yield.
Positive Factors
Order-book visibility
The larger order book and book-to-bill above 100% provide meaningful revenue coverage and indicate that new demand is exceeding current deliveries. This supports improved visibility into the next several months and strengthens the basis for management’s expected H2 organic growth.
Negative Factors
Revenue decline and losses
Several years of declining revenue and recurring net losses show that the business has not yet converted its engineering capabilities into consistent profitable growth. Although 2025 operating profit improved, the continuing loss profile remains a fundamental constraint on resilience and reinvestment.
Read all positive and negative factors
Positive Factors
Negative Factors
Order-book visibility
The larger order book and book-to-bill above 100% provide meaningful revenue coverage and indicate that new demand is exceeding current deliveries. This supports improved visibility into the next several months and strengthens the basis for management’s expected H2 organic growth.
Read all positive factors
TT Electronics (TTG) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£319.44M
Dividend Yield3.68%
Average Volume (3M)597.89K
Price to Earnings (P/E)―
Beta (1Y)0.54
Revenue Growth-2.68%
EPS Growth47.33%
CountryUK
Employees3,516
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)-0.20
Shares Outstanding178,775,570
10 Day Avg. Volume565,151
30 Day Avg. Volume597,894
Financial Highlights & Ratios
PEG Ratio0.61
Price to Book (P/B)1.38
Price to Sales (P/S)0.42
P/FCF Ratio5.95
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£178.33Price Target Upside32.10% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.12
Revenue Forecast (FY)£478.89M
TT Electronics Business Overview & Revenue Model
Company Description
TT Electronics plc is a global supplier of engineered electronics, specializing in high-performance components for critical applications across sectors like automation, electrification, healthcare, and aerospace and defense. The company's operatio...
How the Company Makes Money
TT Electronics makes money primarily by selling engineered electronic products and manufacturing services to business customers (B2B), typically under long-term supply arrangements and project-based programs. Its core revenue streams include: (1) ...
TT Electronics Earnings Call Summary
Earnings Call Date:Sep 02, 2026
(Q2-2026)
| Next Earnings Date:Mar 10, 2027
Earnings Call Sentiment Positive
The call was strongly positive overall. Management reported a 37% increase in adjusted operating profit, margin expansion, a 20% year-over-year increase in the order book, improving performance in EMS and Components, multiple significant customer and defense program wins, strengthened financing, and upgraded full-year operating profit expectations. These positives outweighed the H1 revenue decline, nil free cash flow, tax and exceptional cash outflows, ongoing execution work, and the decision not to reinstate the dividend for 2026.Positive Updates
Adjusted Operating Profit Increased 37%
Adjusted operating profit increased 37% to £18.5 million in H1 2026, while operating margin increased 32 basis points to 8.1% versus the first half of last year.
Negative Updates
H1 Revenue Declined 2.7%
H1 revenue declined 2.7% at constant currency versus the prior year. Management said the underlying picture was positive, with sales growing around 4% excluding two previously flagged one-off factors.
Read all updates
Q2-2026 Updates
Positive
Negative
Adjusted Operating Profit Increased 37%
Adjusted operating profit increased 37% to £18.5 million in H1 2026, while operating margin increased 32 basis points to 8.1% versus the first half of last year.
Read all positive updates
Company Guidance
The Board expects adjusted operating profit for the year to be ahead of current market expectations, revenue to return to organic growth in the second half, and free cash flow to be positive in H2 and, therefore, the year as a whole; the £3 million of net savings is expected during 2026, with the annualized benefit from 2027 onwards expected to be more than £6 million, cash tax is expected to be about £6 million outflow in the second half, leverage is expected to reduce further in the second half with further deleveraging expected for the full year, and the group aims to keep leverage below 1.5x, while around 4% is described as a reasonable steer as to broadly where H2 organic growth might be expected to be.TT Electronics Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
56
Neutral
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 471.60M | 481.40M | 521.10M | 613.90M | 617.00M | 476.20M |
| Gross Profit | 121.50M | 110.10M | 109.70M | 147.00M | 135.50M | 115.60M |
| EBITDA | 45.20M | 47.50M | -5.50M | 31.30M | 20.90M | 41.50M |
| Net Income | -36.80M | -50.60M | -53.40M | -6.80M | -13.20M | 12.80M |
Balance Sheet | ||||||
| Total Assets | 408.20M | 394.00M | 512.30M | 655.10M | 707.20M | 671.40M |
| Cash, Cash Equivalents and Short-Term Investments | 33.30M | 38.70M | 69.20M | 74.10M | 65.00M | 68.30M |
| Total Debt | 101.30M | 103.40M | 166.60M | 201.30M | 203.40M | 170.80M |
| Total Liabilities | 253.80M | 246.50M | 317.40M | 384.60M | 410.20M | 341.40M |
| Stockholders Equity | 154.40M | 147.50M | 194.90M | 270.50M | 297.00M | 328.00M |
Cash Flow | ||||||
| Free Cash Flow | 26.80M | 34.20M | 33.70M | 38.40M | -1.60M | -2.70M |
| Operating Cash Flow | 36.50M | 42.30M | 40.60M | 62.90M | 12.70M | 14.30M |
| Investing Cash Flow | -9.40M | -8.60M | 3.50M | -27.60M | -22.30M | -8.20M |
| Financing Cash Flow | -54.30M | -62.30M | -62.40M | -19.60M | 400.00K | -8.90M |
TT Electronics Technical Analysis
Positive
135.00
Price Trends
154.79
Positive
136.21
Positive
126.60
Positive
Market Momentum
8.54
Positive
58.86
Neutral
61.74
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:TTG, the sentiment is Positive. The current price of 135 is below the 20-day moving average (MA) of 177.62, below the 50-day MA of 154.79, and above the 200-day MA of 126.60, indicating a bullish trend. The MACD of 8.54 indicates Positive momentum. The RSI at 58.86 is Neutral, neither overbought nor oversold. The STOCH value of 61.74 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:TTG.
TT Electronics Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | £4.11B | 34.97 | 12.53% | 1.38% | 14.41% | 41.98% | |
66 Neutral | £335.29M | 83.05 | 3.33% | 0.80% | 12.73% | -26.74% | |
64 Neutral | £815.11M | 29.13 | 9.04% | 1.53% | 4.82% | 17.80% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
58 Neutral | £319.44M | -9.04 | -24.38% | 3.68% | -2.68% | 47.33% | |
54 Neutral | £238.45M | -400.00 | -0.72% | 3.30% | -8.18% | -105.44% | |
50 Neutral | £38.53M | 52.18 | 1.32% | ― | 2.30% | -81.36% |
* Technology Sector Average
GB:TTG
TT Electronics
179.00
78.00
77.23%
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TT Electronics Corporate Events
Regulatory Filings and Compliance
TT Electronics Confirms Total Voting Rights Following Share Capital Update
Neutral
Oct 6, 2026
TT Electronics has confirmed that, as of 30 September 2026, its issued share capital consists of 178,775,579 ordinary shares of 25p each, all of which carry full voting rights and with no shares held in treasury. This disclosure sets the official ...
Business Operations and StrategyFinancial Disclosures
TT Electronics lifts profit outlook as turnaround boosts margins and contracts
Positive
Sep 2, 2026
TT Electronics reported a sharp improvement in profitability for the half year to 30 June 2026, despite slightly lower organic revenue. Adjusted operating profit rose 37% and margins expanded as turnaround measures in its EMS operations, the closu...
Regulatory Filings and Compliance
TT Electronics Confirms Total Voting Rights at 178.8 Million Shares
Neutral
Sep 1, 2026
TT Electronics has confirmed that its issued share capital consists of 178,773,367 ordinary shares of 25 pence each, all of which carry voting rights and none of which are held in treasury. As a result, the total number of voting rights in the com...
Business Operations and StrategyFinancial Disclosures
TT Electronics schedules investor presentations around half-year 2026 results
Positive
Aug 26, 2026
TT Electronics will announce its half-year results for the six months to 30 June 2026 on 2 September and is organising a programme of investor presentations around the release. The Group will host a results briefing for analysts and institutional ...
Business Operations and StrategyExecutive/Board Changes
TT Electronics appoints Mary Waldner as Senior Independent Director and Audit Chair
Positive
Aug 6, 2026
TT Electronics has appointed Mary Waldner to its Board as a Non-Executive Director, effective 27 August 2026, where she will serve as Senior Independent Director, Chair of the Audit Committee and a member of the Nominations and Remuneration Commit...
Executive/Board Changes
TT Electronics Sets Long-Term Share Awards for New CFO Ian Ashton
Positive
Jul 13, 2026
TT Electronics has confirmed the appointment of Ian Ashton to its board as Group Chief Financial Officer, effective 29 June 2026, and detailed his incentive package in line with its existing remuneration policy. The move underscores the company...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.