TT Electronics (GB:TTG)
LSE:TTG
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TT Electronics
(LSE:TTG)
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Rating:54Neutral
Price Target:
112.00 p
▼(-6.67% Downside)
Action:ReiteratedDate:03/26/26
The score is driven primarily by mixed financial performance: strong recent cash generation and meaningful deleveraging partially offset multi-year revenue declines and ongoing net losses. Earnings-call commentary adds support through in-line guidance and improving margins/cash conversion, while weak technicals and a negative P/E weigh on the overall rating.
Positive Factors
Cash generation & conversion
Consistent positive free cash flow and a 150% cash conversion rate materially improve financial resilience. Durable cash generation funds capex, supports the cost program and restructurings, enables faster deleveraging and provides a buffer against cyclical weakness in EMS and customer timing.
Negative Factors
Multi-year revenue decline
Persistent top-line contraction erodes operating leverage and makes fixed-cost absorption harder, pressuring margins and margin recovery timelines. Structural revenue declines increase reliance on restructuring and portfolio moves to restore scale and sustained profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation & conversion
Consistent positive free cash flow and a 150% cash conversion rate materially improve financial resilience. Durable cash generation funds capex, supports the cost program and restructurings, enables faster deleveraging and provides a buffer against cyclical weakness in EMS and customer timing.
Read all positive factors
TT Electronics (TTG) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£213.67M
Dividend YieldN/A
Average Volume (3M)416.48K
Price to Earnings (P/E)―
Beta (1Y)0.87
Revenue Growth-16.33%
EPS Growth-448.12%
CountryUK
Employees3,901
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)-0.23
Shares Outstanding178,648,790
10 Day Avg. Volume307,252
30 Day Avg. Volume416,480
Financial Highlights & Ratios
PEG Ratio0.60
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
£122.50Price Target Upside2.08% Upside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)0.1
Revenue Forecast (FY)£491.68M
TT Electronics Business Overview & Revenue Model
Company Description
TT Electronics plc provides engineered electronics for performance critical applications in the automation and electrification, healthcare, and aerospace and defense markets worldwide. The company operates through three divisions: Power and Connec...
How the Company Makes Money
TT Electronics makes money primarily by selling engineered electronic components and manufacturing services to business customers (B2B), typically under supply contracts tied to customers’ product build schedules and long-term platform needs. Key ...
TT Electronics Earnings Call Summary
Earnings Call Date:Mar 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
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 | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 481.40M | 521.10M | 613.90M | 617.00M | 476.20M |
| Gross Profit | 110.10M | 109.70M | 147.00M | 135.50M | 115.60M |
| EBITDA | 49.30M | -5.50M | 31.40M | 20.90M | 41.50M |
| Net Income | -50.60M | -53.40M | -6.80M | -13.20M | 12.80M |
Balance Sheet | |||||
| Total Assets | 394.00M | 512.30M | 655.10M | 707.20M | 671.40M |
| Cash, Cash Equivalents and Short-Term Investments | 38.70M | 69.20M | 74.10M | 65.00M | 68.30M |
| Total Debt | 103.40M | 166.60M | 201.30M | 203.40M | 170.80M |
| Total Liabilities | 246.50M | 317.40M | 384.60M | 410.20M | 341.40M |
| Stockholders Equity | 147.50M | 194.90M | 270.50M | 297.00M | 328.00M |
Cash Flow | |||||
| Free Cash Flow | 34.20M | 33.70M | 38.40M | -1.60M | -2.70M |
| Operating Cash Flow | 42.30M | 40.60M | 62.90M | 12.70M | 14.30M |
| Investing Cash Flow | -8.60M | 3.50M | -27.60M | -22.30M | -8.20M |
| Financing Cash Flow | -62.30M | -62.40M | -19.60M | 400.00K | -8.90M |
TT Electronics Technical Analysis
Positive
120.00
Price Trends
118.38
Positive
120.82
Negative
113.39
Positive
Market Momentum
-0.83
Negative
58.52
Neutral
76.73
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 120 is above the 20-day moving average (MA) of 113.04, above the 50-day MA of 118.38, and above the 200-day MA of 113.39, indicating a bullish trend. The MACD of -0.83 indicates Negative momentum. The RSI at 58.52 is Neutral, neither overbought nor oversold. The STOCH value of 76.73 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | £534.43M | 10.73 | 8.34% | 2.09% | 0.49% | 61.73% | |
73 Outperform | £65.18M | 3.57 | 22.93% | ― | 36.61% | ― | |
72 Outperform | £2.62B | 17.58 | 8.06% | 2.12% | 3.15% | -13.57% | |
69 Neutral | £283.07M | 31.22 | 12.26% | 1.89% | 5.46% | -26.44% | |
67 Neutral | £208.56M | 25.56 | 3.10% | 2.19% | 10.66% | 21.19% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
54 Neutral | £213.67M | -4.02 | -31.21% | ― | -16.33% | -448.12% |
* Technology Sector Average
GB:TTG
TT Electronics
120.00
42.00
53.85%
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GB:JDG
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GB:DSCV
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16.59%
TT Electronics Corporate Events
Business Operations and StrategyFinancial Disclosures
TT Electronics posts stronger cash flow and operational turnaround despite revenue decline
Positive
Mar 25, 2026
TT Electronics reported full-year 2025 results marking an operational turnaround, with organic adjusted operating profit up despite a 7.6% statutory revenue decline driven by FX and prior disposals. Strong cash generation, improved cash conversion...
Business Operations and StrategyExecutive/Board Changes
TT Electronics Director Anne Thorburn Takes Board Role at OEM International
Positive
Mar 23, 2026
TT Electronics has announced that its Non-Executive Director and Senior Independent Director, Anne Thorburn, has accepted a nomination to join the board of OEM International AB, which is listed on Nasdaq Stockholm. The cross-board role underscores...
Executive/Board ChangesRegulatory Filings and Compliance
TT Electronics Non-Executive Director to Join Board of Swiss Peer BELIMO
Positive
Mar 13, 2026
TT Electronics has announced that non-executive director Karina Rigby has been nominated to join the board of Swiss-listed BELIMO Holding AG, with the appointment expected to take effect on 23 March 2026, subject to shareholder approval at BELIMO&...
Financial Disclosures
TT Electronics Sets Date for Full-Year 2025 Results Announcement
Neutral
Mar 3, 2026
TT Electronics has announced that it will publish its results for the year ended 31 December 2025 on 25 March 2026. The group will host an analyst and investor presentation at 9:00 a.m. on the day, which will also be accessible via a live webcast,...
Regulatory Filings and Compliance
TT Electronics Chairman Warren Tucker Sells Entire Shareholding
Negative
Jan 12, 2026
TT Electronics has disclosed that its chairman and non-executive director, Warren Tucker, sold a total of 92,977 ordinary shares in the company on 8 January 2026 in two market transactions at prices of £1.094 and £1.105 per share, reduci...
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresM&A TransactionsShareholder Meetings
TT Electronics Takeover by Cicor Collapses as Shareholders Reject Scheme
Negative
Jan 7, 2026
TT Electronics’ proposed cash-and-share acquisition by Switzerland’s Cicor Technologies has collapsed after shareholders failed to back the scheme of arrangement at court and general meetings, with support falling below the required ap...
Regulatory Filings and Compliance
TT Electronics Confirms Total Voting Rights at Year-End 2025
Neutral
Jan 2, 2026
TT Electronics has confirmed that, as of 31 December 2025, it has 178,648,793 ordinary shares of 25p in issue, each carrying voting rights, with no shares held in treasury, establishing the company’s total voting rights at the same figure. 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.