A little add-on to the London Stamps portfolio today, with write up before buying for once.

Titon Holdings is a little window fittings manufacturer, seemingly on a good enough path, especially relative to its valuation. It passes all my small caps criteria and there’s really not much to say about it, which is fitting. The main risk seems that their products or sales fall behind the competition, mitigated by down to earth management.

It’s particularly illiquid (7% on the LSE, 3.5% according to my broker’s live quotes) which I like as that can be unlocked if the company grows gently or is taken over — which seems pretty plausible here given the market segment and unchallenging valuation. Maybe it is worth a TON.

Unusually it’s an AIM style stock listed on the main market (thus stamp duty applies). I wonder if that might help making it less visible, although it shouldn’t matter. Quick scan with a screening tool finds half a dozen companies (>£1m profit, <£20m market capitalisation, LSE Main Market). Nothing on racy valuations here. Might be a dusty corner worth monitoring (although with Creightons and now Titon I’m well exposed to this segment now).