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TT Electronics
(LSE:TTG)
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Rating:61Neutral
Price Target:
171.00 p
▲(26.67% Upside)
Action:Reiterated
Date:08/06/26
The score is driven primarily by mixed financial fundamentals: strong recent cash generation and rapid debt reduction, but ongoing revenue declines and net losses keep fundamental quality moderate. Technical signals are supportive with price above major moving averages and positive momentum, while valuation remains challenged due to a negative P/E and no dividend yield provided. Earnings call takeaways were moderately constructive on cash, margins and cost actions, tempered by cautious guidance and non-repeating items.
Positive Factors
Debt reduction
Material deleveraging reduces financial risk and strengthens TT Electronics’ ability to absorb end-market volatility. Lower leverage should also improve funding flexibility, allowing management to support targeted investment and operational improvements while reducing balance-sheet pressure.
Negative Factors
Revenue contraction and EMS weakness
Ongoing organic contraction signals that TT Electronics has not yet restored broad-based demand momentum. Weak EMS activity in Asia and declining North American revenue can weigh on capacity utilization, operating leverage and the sustainability of recent margin improvements.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt reduction
Material deleveraging reduces financial risk and strengthens TT Electronics’ ability to absorb end-market volatility. Lower leverage should also improve funding flexibility, allowing management to support targeted investment and operational improvements while reducing balance-sheet pressure.
Read all positive factors
TT Electronics (TTG) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£290.88M
Dividend Yield3.68%
Average Volume (3M)377.20K
Price to Earnings (P/E)―
Beta (1Y)0.71
Revenue Growth-2.68%
EPS Growth47.33%
CountryUK
Employees3,516
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)-0.20
Shares Outstanding178,773,360
10 Day Avg. Volume826,215
30 Day Avg. Volume377,196
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
£156.67Price Target Upside16.05% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.09
Revenue Forecast (FY)£475.39M
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 by providing manufacturing services to customers that need reliable, regulated, and often safety- or mission-critical electronics.
Key revenue streams:
1) Power an...
TT Electronics Earnings Call Summary
Earnings Call Date:Mar 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Mar 10, 2027
Earnings Call Sentiment Positive
The call presents a cautiously positive picture: management achieved meaningful operational stabilization, margin improvement and strong cash and balance-sheet repair (net debt down ~GBP 30m, cash conversion 150%), while delivering slight operating profit growth despite a small organic revenue decline. Key positives include Europe/A&D outperformance, North America turnaround and a clear plan (divisional reorganization, cost program, sales transformation). Material negatives include a 2.7% organic revenue decline, significant EPS compression (down 37% due to a one-off tax recognition issue), Asia/EMS weakness and one-off benefits from Plano that will not repeat. Overall, the strategic and financial improvements outweigh the challenges but several execution and macro risks remain.Positive Updates
Resilient Revenue Base with Modest Organic Decline
Total revenue for 2025 was GBP 481.4m, down 2.7% organically versus prior year, with Europe growth largely offsetting EMS softness in North America and Asia.
Negative Updates
Organic Revenue Contraction and EMS Weakness
Overall organic revenue declined 2.7%. Asia was the weakest region with revenue down 9.2% to GBP 163.9m due to softer EMS demand and customer order timing delays tied to geopolitical uncertainty; North America revenue also declined 3.7%.
Read all updates
Q4-2025 Updates
Positive
Negative
Resilient Revenue Base with Modest Organic Decline
Total revenue for 2025 was GBP 481.4m, down 2.7% organically versus prior year, with Europe growth largely offsetting EMS softness in North America and Asia.
Read all positive updates
Company Guidance
TT guided that 2026 revenue and adjusted operating profit are expected to be in line with current market consensus, supported by the 2025 base (revenue £481.4m; adjusted operating profit £37.2m; adjusted operating margin 7.7%; adjusted PBT £28.7m; adjusted EPS 6.9p — 12p on a normalized 25.4% tax rate), and by stronger cash and balance-sheet metrics (free cash flow £29.9m, +7.9%; cash conversion 150% vs 117%; inventory reduction £14.8m in 2025 and £27.6m over two years; net debt down almost £30m to £50.3m; leverage 1.1x from 1.8x; RCF reduced to £105m, extended to June 2028 and currently only £10m drawn). Management notes a one-off FY headwind from Plano (site revenue £13m in 2025; H2 last‑time‑buy profit ~£3.5m; ~£1m full‑year contribution that will not repeat), expects the cost program to deliver ~£5m gross/£3m net benefit in 2026 (≈£6m annualized thereafter), and flags continued margin improvement from the North America turnaround (NA revenue £173.1m; op profit £1.2m; margin 0.7% +220bps) and ongoing A&D strength (A&D revenue £152.8m, +12%), while remaining cautious on EMS softness, geopolitical uncertainty and inflationary/energy risks.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 | 31.40M | 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
129.38
Positive
123.28
Positive
121.19
Positive
Market Momentum
7.20
Negative
83.93
Negative
94.44
Negative
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 140.56, above the 50-day MA of 129.38, and above the 200-day MA of 121.19, indicating a bullish trend. The MACD of 7.20 indicates Negative momentum. The RSI at 83.93 is Negative, neither overbought nor oversold. The STOCH value of 94.44 is Negative, 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 | £3.71B | 49.75 | 8.06% | 1.54% | 4.99% | -24.08% | |
66 Neutral | £329.82M | 81.69 | 3.33% | 0.81% | 12.73% | -26.74% | |
64 Neutral | £750.71M | 25.90 | 9.04% | 1.67% | 4.82% | 17.80% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | £290.88M | -8.09 | -24.38% | 3.68% | -2.68% | 47.33% | |
61 Neutral | £49.80M | 3.98 | 22.93% | ― | 136.76% | ― | |
54 Neutral | £266.43M | 48.78 | 6.24% | 2.88% | 9.13% | -47.18% |
* Technology Sector Average
GB:TTG
TT Electronics
162.00
63.50
64.47%
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TT Electronics Corporate Events
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...
Regulatory Filings and Compliance
TT Electronics Confirms Total Voting Rights and Share Capital
Neutral
Jul 1, 2026
TT Electronics has confirmed that, as of 30 June 2026, it has 178,741,694 ordinary shares in issue, each carrying one voting right, with no shares held in treasury. This disclosure, made under Financial Conduct Authority transparency rules, sets t...
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.