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1. Company Snapshot

1.a. Company Description

TI Fluid Systems plc manufactures and sells fluid storage, carrying, and delivery systems primarily for the light-duty automotive market worldwide.It operates through two segments, Fluid Carrying Systems (FCS) and Fuel Tank and Delivery Systems (FTDS).The FCS segment offers brake and fuel lines and bundles, such as double-wall and single-wall steel fluid carrying lines, and bundles for brake and fuel systems; multi-layer plastic lines for vapor, thermal management, and exhaust treatment; sensor-integrated connectors for installation and system assembly; and heated plastic lines for selective catalyst reduction urea fluids.


This segment also provides thermal products, including thermal management technology for hybrid-electric vehicle battery packs; climate control tube and hose assemblies; coaxial or tube-in-tube assemblies; accumulators and receiver dryers; and heater and radiator hoses, as well as powertrain products comprising gasoline direct injection lines and rails, high-pressure diesel lines, and turbocharger cooling lines, as well as quick connectors.The FTDS segment offers fuel tank products, such as plastic fuel tanks for gasoline, diesel, and flex fuel vehicles; partial zero-emissions vehicle fuel tanks; pressurized fuel tank systems for hybrid vehicles; low emission vehicle fuel tanks; delivery and return components; and plastic fuel filler tubes.This segment also provides pump and module products, such as brushed and brushless pumps, modules, electronics controls, additive dosing systems, and contact-resistive, noncontact piezo and sealed level sensors; and aftermarket products.


Further, it provides tooling, and prototype and development services.The company serves automotive original equipment manufacturers.TI Fluid Systems plc was founded in 1922 and is headquartered in Oxford, the United Kingdom.

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1.b. Last Insights on TIFS

The recent stock performance of TI Fluid Systems plc has been driven by the announcement of a £1.83bn all-cash offer from Canada's ABC Technologies to acquire the entire share capital of the company. This strategic acquisition is expected to provide a premium to shareholders and is likely to be a positive catalyst for the stock. Additionally, the company's strong financial position, as evident from its recent Form 8.3 filings, suggests that it is well-equipped to navigate the current market conditions. The absence of any negative news or concerns in the recent filings further supports the positive sentiment surrounding the company.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Canada’s ABC Technologies acquires TI Fluid Systems

Apr -16

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Form 8.3 - Direct Line Insurance Group plc

Apr -15

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Form 8.3 - Aviva plc

Apr -14

Source:

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Form 8.3 - Greencore Group, PLC

Apr -11

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Form 8.3 - Greencore Group, PLC

Apr -10

Source:

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Form 8.3 - Direct Line Insurance Group plc

Apr -09

Source:

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Form 8.3 - Greencore Group, PLC

Apr -08

Source:

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Banks Postpone Loans as Tariffs Stoke Fears of ‘Hung’ Debt

Apr -07

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.93%)

6. Segments

Fluid Carrying Systems

Expected Growth: 2.5%

TI Fluid Systems' Fluid Carrying Systems segment growth of 2.5% is driven by increasing demand for fuel-efficient vehicles, rising adoption of electric vehicles, and growing need for advanced fuel management systems. Additionally, the segment benefits from the company's strong relationships with major OEMs, continuous innovation in lightweighting and material science, and expansion into emerging markets.

Fuel Tank and Delivery Systems

Expected Growth: 3.5%

TI Fluid Systems plc's Fuel Tank and Delivery Systems segment growth of 3.5% is driven by increasing demand for lightweight and fuel-efficient vehicles, stringent emission regulations, and rising adoption of electric vehicles. Additionally, growth in emerging markets, particularly in Asia, and the company's focus on innovation and cost reduction initiatives also contribute to the segment's growth.

7. Detailed Products

Fuel Tank Systems

TI Fluid Systems plc designs and manufactures fuel tank systems for passenger vehicles, including fuel tanks, fuel pumps, and fuel level sensors.

Fluid Carrying Systems

TI Fluid Systems plc provides fluid carrying systems, including brake lines, fuel lines, and air conditioning lines, for passenger vehicles.

Exhaust Systems

TI Fluid Systems plc designs and manufactures exhaust systems, including exhaust pipes, mufflers, and catalytic converters, for passenger vehicles.

Electrification Systems

TI Fluid Systems plc provides electrification systems, including electric pumps, electric compressors, and thermal management systems, for electric and hybrid vehicles.

8. TI Fluid Systems plc's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for TI Fluid Systems plc is moderate due to the presence of alternative fuel systems and components.

Bargaining Power Of Customers

The bargaining power of customers is low due to the specialized nature of TI Fluid Systems plc's products and the lack of substitutes.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate due to the presence of multiple suppliers and the company's ability to negotiate prices.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry, including the need for significant capital investment and technological expertise.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of several established competitors and the need to constantly innovate and improve products to remain competitive.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 62.72%
Debt Cost 3.95%
Equity Weight 37.28%
Equity Cost 10.14%
WACC 6.25%
Leverage 168.27%

11. Quality Control: TI Fluid Systems plc passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Autoneum

A-Score: 5.7/10

Value: 7.1

Growth: 4.4

Quality: 4.4

Yield: 2.5

Momentum: 8.0

Volatility: 7.7

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Kendrion

A-Score: 5.4/10

Value: 7.9

Growth: 1.6

Quality: 3.6

Yield: 6.2

Momentum: 8.0

Volatility: 5.3

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Akwel

A-Score: 5.2/10

Value: 9.0

Growth: 3.1

Quality: 4.4

Yield: 6.2

Momentum: 4.0

Volatility: 4.3

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Inter Cars

A-Score: 5.0/10

Value: 6.1

Growth: 7.7

Quality: 3.8

Yield: 0.0

Momentum: 6.0

Volatility: 6.7

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Bertrandt

A-Score: 4.3/10

Value: 9.8

Growth: 2.6

Quality: 5.3

Yield: 2.5

Momentum: 3.0

Volatility: 2.3

1-Year Total Return ->

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TI Fluid Systems

A-Score: 4.0/10

Value: 5.9

Growth: 4.0

Quality: 2.2

Yield: 1.2

Momentum: 6.0

Volatility: 4.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

2.0$

Current Price

2.0$

Potential

-0.00%

Expected Cash-Flows