olivLaw · European equity research
TT Electronics plc TTG.L
United Kingdom · London Stock Exchange · ISIN GB0008711763 · Vertical: Listed companies from United Kingdom
TT Electronics plc is a UK-based maker of electronic technologies, operating from March 2026 in three divisions: Power, EMS and Components. For fiscal 2025 the company reported a loss of £50.6 million, while adjusting items recognised of £65.4 million remain a point of attention for investors.
At the close of 05 Nov 2026, TT Electronics plc (TTG.L) stock was 1.72 GBP (−3.80% on the day), with market capitalisation 305.7 m GBP, dividend yield 0.00%, beta 0.12, 52-week range 1.03–1.98 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)
- 39.5
- weak (30–45)
- Bollinger (20, 2)
- 1.74 – 1.97
- below the lower band · %B -0.08 · band width 12.3%
- SMA 50 / 200
- 1.75 / 1.33
- mixed trend
- MACD (12, 26, 9)
- 0.02 / 0.05
- 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 | −10.5% | −0.6% | −9.9 pp | — |
| 3 months | +31.5% | −4.2% | +35.6 pp | — |
| 6 months | +46.4% | +4.3% | +42.1 pp | — |
| Year to date | +50.5% | +7.5% | +43.0 pp | — |
| 1 year | +14.8% | +9.9% | +4.9 pp | +5.8% |
| 3 years | +9.0% | +49.8% | −40.9 pp | +26.3% |
| 5 years | −31.0% | +42.8% | −73.8 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 |
|---|---|---|---|
| Revenue | 613.9 m | 521.1 m | 481.4 m |
| Revenue YoY | unavailable | −15.1% | −7.6% |
| Net income | -11.3 m | -53.4 m | -50.6 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.06 | -0.30 | -0.29 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -1.8% | -10.2% | -10.5% |
| Free cash flow | 40.6 m | 44.3 m | 41.9 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 38.7 m GBP
- Financial debt
- 89.0 m GBP
- Net debt
- 50.3 m GBP
- Equity
- 147.5 m GBP
- Total assets
- 394.0 m GBP
- Debt / equity
- 0.60x
- Current ratio
- 1.71x
- ROE
- -29.6%
- ROA
- -11.2%
- FCF margin
- 8.7%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 613.9 m | 521.1 m | 481.4 m | esef· 15 Apr 2026verified |
| Cost of revenue | 471.6 m | 411.4 m | 371.3 m | esef· 15 Apr 2026verified |
| Gross profit | 142.3 m | 109.7 m | 110.1 m | esef· 15 Apr 2026verified |
| Operating income | 3.0 m | -23.5 m | -28.2 m | esef· 15 Apr 2026verified |
| Interest expense | 11.4 m | 11.5 m | 8.9 m | esef· 15 Apr 2026verified |
| Pre-tax income | -6.8 m | -33.4 m | -36.7 m | esef· 15 Apr 2026verified |
| Income tax | 4.5 m | 20.0 m | 13.9 m | esef· 15 Apr 2026verified |
| Net income | -11.3 m | -53.4 m | -50.6 m | esef· 15 Apr 2026verified |
| Diluted EPS | -0.06 | -0.30 | -0.29 | esef· 15 Apr 2026verified |
| Dividend per share | 0.06 | 0.07 | 0.00 | esef· 15 Apr 2026derived |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 74.1 m | 69.2 m | 38.7 m | esef· 15 Apr 2026verified |
| Receivables | 84.8 m | 91.2 m | 89.5 m | esef· 15 Apr 2026verified |
| Inventories | 142.7 m | 132.7 m | 103.2 m | esef· 15 Apr 2026verified |
| Current assets | 356.8 m | 296.7 m | 236.8 m | esef· 15 Apr 2026verified |
| Property, plant & equipment, net | 61.3 m | 49.3 m | 44.6 m | esef· 15 Apr 2026verified |
| Goodwill | 140.8 m | 105.4 m | 64.6 m | esef· 15 Apr 2026verified |
| Total assets | 650.1 m | 512.3 m | 394.0 m | esef· 15 Apr 2026verified |
| Accounts payable | 127.9 m | 120.0 m | 112.5 m | esef· 15 Apr 2026verified |
| Short-term debt | 1.2 m | 100.0 k | 100.0 k | esef· 15 Apr 2026verified |
| Long-term debt | 181.9 m | 149.2 m | 88.9 m | esef· 15 Apr 2026verified |
| Current liabilities | 176.5 m | 146.3 m | 138.4 m | esef· 15 Apr 2026verified |
| Total liabilities | 384.6 m | 317.4 m | 246.5 m | esef· 15 Apr 2026verified |
| Equity | 265.5 m | 194.9 m | 147.5 m | esef· 15 Apr 2026verified |
| Shares outstanding at year end | 176.6 m | 176.8 m | 177.5 m | esef· 15 Apr 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 62.9 m | 51.2 m | 50.0 m | esef· 15 Apr 2026verified |
| Capex | 22.3 m | 6.9 m | 8.1 m | esef· 15 Apr 2026verified |
| Free cash flow | 40.6 m ≈ | 44.3 m ≈ | 41.9 m ≈ | esef· 15 Apr 2026derived |
| Investing cash flow | -24.0 m | 3.5 m | -8.6 m | esef· 15 Apr 2026verified |
| Financing cash flow | -19.6 m | -62.4 m | -70.0 m | esef· 15 Apr 2026verified |
| Dividends paid | 11.3 m | 12.2 m | 0 | esef· 15 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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
- score weight coverage: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 305.7 m GBP
Key indicators
Coverage and freshness
Score by group
46% · 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: score weight coverage: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -10.0% | 17 (vs peers) | 23% |
| Net margin · Quality | -10.5% | 23 (vs peers) | 14% |
| 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 | -3.2x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 1.7x | 76 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 13.7% | 100 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | 0.0% | 100 (on a fixed band) | 9% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet30/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality19/100 · 2/3 factors with a value
- Returns40/100 · 2/2 factors with a value
- Valuation· partial100/100 · 1/3 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
TT ELECTRONICS PLC (TTG.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 481.4 m GBP in 2025; YoY growth -7.6%; net margin -10.5%; ROE -29.6%.
The estimated value range is 2.21–3.20 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 2.62 GBP, the price of 1.72 GBP leaves a potential of 52.1% (value / price − 1) and a margin of safety of 34.3% (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 (score weight coverage: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.7x
- FCF yield: 13.7%
- Payout ratio (FCF): 0.0%
- The price is below the estimated value range
What contradicts it
- ROIC: -10.0%
- Net margin: -10.5%
- Interest coverage: -3.2x
- Shareholder yield (distributions): 0.0%
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.
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% |
| TTG.LTt Electronics PLC | 305.7 m | — | -29.6% | -10.5% | −7.6% | +29% / +16% |
| 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 TTG.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
TT Electronics plc is a UK-based maker of electronic technologies, operating from March 2026 in three divisions: Power, EMS and Components. For fiscal 2025 the company reported a loss of £50.6 million 1, while adjusting items recognised of £65.4 million 1 remain a point of attention for investors.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Cyber securityhigh
Attacks affecting the confidentiality, integrity or availability of IT systems and data. The risk increased in 2025 1.
- Resilience and recoveryhigh
Failure to prepare for a major event could lead to prolonged downtime and lost revenue. The risk is new in 2025 1.
- General revenue reductionmedium
Lower demand in a downturn could slow sales growth and affect operating profit 1.
- Geopoliticshigh
Wars, sanctions and blockades can reduce the ability to trade and profitability. The risk increased in 2025 1.
- Product developmentmedium
Delays in new products could raise costs and postpone expected revenue 1.
Investment thesis
What would need to be true (bull case)
- If the divisional reorganisation and efficiency programmes deliver, the company could return to a firmer profitability path 1.
- Extending the revolving facility to 2028 reduces refinancing pressure, which could leave more room for investment 1.
- A diversified production base across three regions could shield the company from local events 1.
What would break the thesis
What to watch
- Results of the new Power, EMS and Components divisions2026
- Level of adjusting items and how they are classifiednext 10-K
- Trend in the loss on ordinary activities after tax2026
- Declaration on the effectiveness of material controls required by the new governance code2026 Annual Report
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
The Group designs and manufactures electronic components and systems for industrial customers with high reliability requirements. According to the 2025 annual report 1, from March 2026 the business is organised into three divisions: Power, EMS and Components, to align better with customers, markets and operations. The company operates in North America, Europe and Asia, giving it a diversified geographic base.
The loss on ordinary activities after tax stayed negative in 2025 but was smaller than in the prior year, per the annual report 1. Adjusting items recognised in the year increased the level of judgement applied by management, which is why their classification became a separate audit matter 1.
Group funding includes a private placement of fixed-rate loan notes and a multi-currency revolving credit facility. In March 2026 the facility was amended and extended to June 2028 with a revised size 1, which could reduce near-term refinancing pressure.
Segments
Power
The Power division, announced in March 2026, groups activities related to power supply and energy conversion solutions. The annual report 1 does not give separate figures for this division in fiscal 2025, so its assessment remains qualitative.
EMS
The EMS division (electronic manufacturing services) serves customers who outsource production. The new structure, described in the annual report 1, aims for a more direct link between operations and customers.
Components
The Components division includes specialised electronic components. In the report 1, the reorganisation into three divisions is presented as an adaptation to the company's markets and operations, without separate financial details for this line.
Market context
Markets for electronic components and manufacturing services are sensitive to the economic cycle and geopolitical tensions. The annual report 1 notes that geopolitical tensions stayed elevated in 2025, and demand could fall during an economic slowdown.
The auditor identified impairment of assets within North America as a key audit matter, indicating that this region was closely monitored in 2025 1. Audit materiality was set at £1.7 million 1.
Trends
- Divisional reorganisationtailwind
The move to Power, EMS and Components divisions could improve customer alignment and operational efficiency, per the annual report 1.
- Geopolitical tensionsheadwind
Wars, sanctions and trade disputes can limit trade and sales, and the company classed this as a rising risk in 2025 1.
- Operational resiliencemixed
The new principal risk of resilience and recovery concerns business continuity after disruptive events; if measures prove effective, they could support stability 1.
- Cyber securitymixed
Cyberattacks are growing in complexity, and the company keeps updating its controls, which adds cost but lowers disruption risk 1.
Competitive position
The annual report 1 does not explicitly name the company's competitors. Competition in components and electronic services mainly runs through technological capability, relationships with large customers and geographic diversification.
The Group's stated advantage is its presence at several production sites across three continents, which could reduce the impact of a local event on customers 1.
- Competitors not named in source
The annual report names no competitors; no tickers are provided.
- Outsourced EMS providers
Companies in the same outsourced electronics manufacturing category, not named in the source.
- Component manufacturers
Competitors in the specialised components segment, not named in the source.
- Power supply makers
Competitors in power solutions, not named in the source.
News & filings
In the press
- TT Electronics H1 Earnings Call HighlightsYahoo Finance — News · 02 Sept 2026 · EN
Annual reports (ESEF)
- Annual report 202515 Apr 2026
- Annual report 202429 Apr 2025
- Annual report 202429 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / TT Electronics plc · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.