olivLaw · European equity research
Trifast plc TRI.L
United Kingdom · London Stock Exchange · ISIN GB0008883927 · Vertical: Listed companies from United Kingdom
Trifast plc is a global fastener producer and distributor operating across four regions, which is trying to return to profitable growth through a transformation programme called OneTR. The relevance now comes from weak automotive demand, US tariffs and currency volatility, while the company targets a medium-term EBIT margin above 10%.
At the close of 05 Nov 2026, Trifast plc (TRI.L) stock was 0.83 GBP (+3.73% on the day), with market capitalisation 112.6 m GBP, dividend yield 1.44%, beta 0.37, 52-week range 0.59–0.93 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 49.7
- neutral
- Bollinger (20, 2)
- 0.79 – 0.89
- in the lower half of the band · %B 0.44 · band width 11.3%
- SMA 50 / 200
- 0.84 / 0.76
- mixed trend
- MACD (12, 26, 9)
- -0.01 / -0.01
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −3.0% | −0.6% | −2.4 pp | — |
| 3 months | −1.7% | −4.2% | +2.5 pp | — |
| 6 months | +34.1% | +4.3% | +29.7 pp | — |
| Year to date | +21.9% | +7.5% | +14.4 pp | — |
| 1 year | +11.8% | +9.9% | +1.9 pp | +5.8% |
| 3 years | +24.5% | +49.8% | −25.4 pp | +26.3% |
| 5 years | −40.4% | +42.8% | −83.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Revenue | unavailable | 233.7 m | 223.5 m | 208.4 m |
| Revenue YoY | unavailable | unavailable | −4.4% | −6.8% |
| Net income | unavailable | -4.4 m | 1.0 m | -982.0 k |
| Net income YoY | unavailable | unavailable | unavailable | −194.4% |
| Diluted EPS | unavailable | -0.03 | 0.01 | -0.01 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | −194.8% |
| net % | unavailable | -1.9% | 0.5% | -0.5% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 32.4 m GBP
- Financial debt
- 48.4 m GBP
- Net debt
- 16.0 m GBP
- Equity
- 115.6 m GBP
- Total assets
- 223.3 m GBP
- Debt / equity
- 0.42x
- Current ratio
- 4.19x
- ROE
- -0.8%
- ROA
- -0.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | — | 233.7 m | 223.5 m | 208.4 m | esef· 02 Sept 2026verified |
| Cost of revenue | — | 174.4 m | 160.1 m | 145.9 m | esef· 02 Sept 2026verified |
| Gross profit | — | 59.3 m | 63.4 m | 62.5 m | esef· 02 Sept 2026verified |
| Operating income | — | 4.6 m | 9.4 m | 4.2 m | esef· 02 Sept 2026verified |
| Interest expense | — | 5.7 m | 4.8 m | 4.3 m | esef· 02 Sept 2026verified |
| Pre-tax income | — | -789.0 k | 4.9 m | 57.0 k | esef· 02 Sept 2026verified |
| Income tax | — | 3.7 m | 3.9 m | 1.0 m | esef· 02 Sept 2026verified |
| Net income | — | -4.4 m | 1.0 m | -982.0 k | esef· 02 Sept 2026verified |
| Diluted EPS | — | -0.03 | 0.01 | -0.01 | esef· 02 Sept 2026verified |
| Dividend per share | 0.02 | 0.02 | 0.01 | — | esef· 02 Sept 2026verified |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 31.8 m | 20.9 m | 24.3 m | 32.4 m | esef· 02 Sept 2026verified |
| Receivables | — | 59.0 m | 55.3 m | 54.9 m | esef· 02 Sept 2026verified |
| Inventories | — | 73.4 m | 70.9 m | 64.1 m | esef· 02 Sept 2026verified |
| Current assets | — | 153.9 m | 150.5 m | 151.5 m | esef· 02 Sept 2026verified |
| Property, plant & equipment, net | — | 19.1 m | 18.6 m | 18.9 m | esef· 02 Sept 2026verified |
| Total assets | — | 230.2 m | 223.6 m | 223.3 m | esef· 02 Sept 2026verified |
| Accounts payable | — | 36.2 m | 34.6 m | 31.2 m | esef· 02 Sept 2026verified |
| Short-term debt | — | 0 | 0 | 0 | esef· 02 Sept 2026verified |
| Long-term debt | — | 41.8 m | 41.6 m | 48.4 m | esef· 02 Sept 2026verified |
| Current liabilities | — | 44.6 m | 41.2 m | 36.2 m | esef· 02 Sept 2026verified |
| Total liabilities | — | 106.0 m | 107.9 m | 107.6 m | esef· 02 Sept 2026verified |
| Equity | 135.9 m | 118.8 m | 115.7 m | 115.6 m | esef· 02 Sept 2026verified |
| Shares outstanding at year end | — | 135.0 m | — | — | esef· 21 Aug 2025derived |
Cash flow · GBP
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 112.6 m GBP
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 2.7% | 17 (vs peers) | 31% |
| Net margin · Quality | -0.5% | 26 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.0x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 4.2x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 2.2% | 31 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality20/100 · 2/3 factors with a value
- Returns· partial31/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TRIFAST PLC (TRI.L). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: revenue 208.4 m GBP in 2026; YoY growth -6.8%; net margin -0.5%; ROE -0.8%.
The estimated value range is 0.12–0.15 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.13 GBP, the price of 0.83 GBP leaves a potential of -84.4% (value / price − 1) and a margin of safety of -541.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 4.2x
What contradicts it
- ROIC: 2.7%
- Net margin: -0.5%
- Interest coverage: 1.0x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| TRI.LTrifast PLC | 112.6 m | — | -0.8% | -0.5% | −6.8% | +14% / +13% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for TRI.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Trifast plc is a global fastener producer and distributor operating across four regions, which is trying to return to profitable growth through a transformation programme called OneTR. The relevance now comes from weak automotive demand, US tariffs and currency volatility, while the company targets a medium-term EBIT margin above 10%.
SWOT
Strengths
- Global presence with a four-region structure, a broad supplier base and pricing capability that helps manage volatility.
- Solid governance with dedicated committees for audit, remuneration, nomination and responsibility, and a board with transformation and M&A experience.
- A transformation programme with clear margin and cost control goals that could support medium-term performance.
Weaknesses
- Dependence on cyclical demand sectors, particularly automotive, where uncertainty is high.
- Exposure to raw material and energy costs that could squeeze margins if not fully passed through.
- Significant currency exposure, especially to the US dollar, which can affect reported results.
Opportunities
- Higher demand for supply chain resilience could favour suppliers with regional capacity and strategic stock.
- Engineered solutions and low-carbon products could open new commercial opportunities.
- If the OneTR transformation meets its targets, operational efficiency could support profitable growth.
Threats
- The removal of electric vehicle incentives and competition from China could reduce automotive volumes.
- Tariffs on steel and aluminium and the Middle East conflict could affect costs and supply chains.
- Carbon adjustment mechanisms and import quotas could raise production costs in Europe.
Risks
- Macroeconomic and trade volatilityhigh
Geopolitical instability and trade tensions could affect customer demand and supply stability across all regions, according to the report.
- Transformation executionhigh
If the OneTR programme does not deliver the planned cost reductions and efficiencies, margins could remain below the stated goals.
- Legal and regulatory compliancemedium
Operating across several jurisdictions and certification requirements could lead to unintentional breaches of rules, with financial or reputational impact.
- Environment and climate changemedium
Decarbonisation requirements and carbon adjustment mechanisms could raise costs and require investment in new technology.
- Transport and energy costsmedium
Higher shipping, fuel and energy costs linked to the Middle East conflict could affect product margins.
Investment thesis
What would need to be true (bull case)
- If the OneTR transformation meets its targets, margins could return toward the stated goal, and a more resilient customer base could support growth.
- Management reports the strongest commercial outlook since the strategy was implemented, which could signal a demand recovery.
- The four-region structure and the ability to pass costs through in prices could offer resilience in volatile periods.
What would break the thesis
- Weaker automotive demand and the removal of electric vehicle incentives could limit volumes in the short term.
- Tariffs, energy costs and currency volatility could squeeze margins if price increases meet resistance from customers.
- Competitive pressure from China and climate compliance costs could erode the company's competitive advantage.
What to watch
- Development of the EBIT margin against the target of above 10%next 10-K
- Progress of the OneTR programme through the Recover, Rebuild and Resilience phases2027
- Impact of US tariffs on steel and aluminium on cost of salesQ1 2027
- Evolution of automotive demand and orders from the new commercial pipeline2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
According to the annual report for the year ended 31 March 2026, Trifast has more than 1,000 employees worldwide and operates a four-region model under its OneTR strategy. The strategy rests on three phases: Recover, Rebuild, Resilience, aiming at profitable and sustainable growth. The company says the transformation improved margins and cost control in FY26.
The company places growing emphasis on governance and sustainability, with a board led by a non-executive chair, an Audit & Risk Committee and a Responsible Business Committee. Climate targets are reported, including a 67.2% cut in scope 1 and 2 emissions by 2035 against 2019, which could require continued investment in less energy-intensive processes. Non-financial reporting covers environment, employees, human rights and anti-corruption.
The core activity remains producing and supplying fastening solutions and technical components to industrial customers, with emphasis on sourcing, engineering and simplified supply chains. The commercial strategy targets three key markets, and management states that the customer portfolio includes solutions aligned with emerging technologies.
Segments
Europe, UK and Ireland
The European and UK and Ireland regions form part of the four-region structure. This extract of the annual report does not give separate revenue figures for the segment, but it refers to a dedicated commercial direction in these areas.
Asia and North America
Asia and North America are two of the four OneTR regions and received new commercial directors during the year. The impact of US tariffs on steel and aluminium is cited as a headwind to the operating outlook.
Workforce and people
Employees are treated as a key driver of growth, with leadership development and succession planning programmes and a future leaders training programme for high-potential staff. The workforce is above 1,000 people, according to the report.
Market context
Trifast's key markets include the automotive sector, where the report signals softer demand and the removal of incentives for electric vehicles. The company also cites uncertain macroeconomic conditions and currency volatility, especially against the US dollar, which could affect margins if costs cannot be passed through in prices.
Management says its most recent commercial pipeline is the strongest since the strategy was implemented, as customers place more weight on supply chain resilience and engineered solutions. If this trend holds, it could support a revenue recovery, but the report does not give a market growth rate.
Trends
- Removal of electric vehicle incentivesheadwind
The report names the removal of government incentives for electric vehicles as a commercial risk, combined with increased competition from China in electric vehicle manufacturing. If demand in this segment stays weak, volumes from automotive customers could decline.
- Focus on supply chain resiliencetailwind
Customers place more emphasis on resilience, reliability and continuity, which may favour suppliers with several regions and strategic inventories. Trifast has developed stronger regional supply networks, which could support its market share.
- Tariffs on steel and aluminiumheadwind
US tariffs on steel and aluminium, along with higher shipping and energy costs, are cited as pressures on margins. The company says it can pass costs through in prices, but this could be limited by competition.
- Decarbonisation and carbon border rulesmixed
The European Carbon Border Adjustment Mechanism and steel import quotas may raise costs, but they could also create opportunities for low-carbon products. The net effect depends on the company's ability to invest in new technology.
Competitive position
The annual report does not name specific competitors, but it highlights competition from China in electric vehicle manufacturing and price pressure in the fastener sector. Trifast positions itself on engineering services, reliability and supply continuity rather than price alone.
The company's stated advantage lies in its diversified geographic footprint, broad supplier base and pricing capability, which could support margins in volatile periods. If these advantages do not translate into volumes, its competitive position could weaken.
- Asian regional competitors
The report mentions competition from China but does not name producers. Price pressure from this region is a reported risk.
- European fastener producers
Not identified in the source. European competition is implicit in the market analysis, without specific names.
- Global industrial distributors
The report does not name concrete companies in this category, although the company's distribution model is a strategic element.
- Automotive component suppliers
Competition in the automotive segment is mentioned in general terms, without names from the source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202602 Sept 2026
- Annual report 202521 Aug 2025
- Annual report 202402 Sept 2026
Sources
- [1] Annual report, fiscal year ended 2026-03-31 (ESEF) · SEC / Trifast plc · 31 Mar 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.