gretel
02 Mar 2017
Another acquisition today..... Another acquisition - this time for £1m in cash. Earnings-enhancing once integrated, and still more acquisition news likely soon if the third of the three mooted acquisitions comes through:[link]
gretel
02 Feb 2017
Re: RNS:earnings-enhancing acquisition Finncap today point out that this is just the first of three potential acquisitions referred to in the December statement.Their forecasts are unchanged at 3.8p EPS for the year ending next month, and 4p EPS for the coming year, with 0.4p dividends in each year.
gretel
02 Feb 2017
RNS:earnings-enhancing acquisition Good to see another earnings-enhancing acquisition today - small, but they all count in bulking up the business and there are likely to be decent synergies in terms of admin cost-cutting:[link]
gretel
22 Dec 2016
RNS : Oryx buy another 3m+ shares Another RNS, this time showing that Oryx have bought another 3m+ shares since their last holdings RNS and now have 4.26m, or 9.55%:[link] like Oryx and the Business Growth Fund took almost the entire 5.5m placing shares between them short of 1m shares or so.
gretel
16 Dec 2016
Excellent RNS today Rather exciting news with a potential £4.4m of acquisitions 
)) And a part-placing at the 37p mid-price too, so a very good price achieved. Hopefully the three acquisitions will proceed smoothly. They'll be earnings-enhancing per the RNS, and will be a decent step up in size for HMLH.Nicely done.
gretel
25 Nov 2016
RNS : Business Growth Fund buy 5% Encouraging to see the Business Growth Fund buying from LTC over 5%, or 2.2m shares, in one block:[link]
valuemanbuyer
23 Nov 2016
Re: Up again, new recent high Think they will beat 3.8p - made 2.1 in first half and there is no seasonality . Can see 40p+ in next six months
gretel
22 Nov 2016
Up again, new recent high Moved up another 1p on just 10k of buys.....new recent high now.At 37p it's still on a single-figure P/E given 3.8p EPS forecasts for this year and 4p next year.
gretel
21 Nov 2016
RNS : Oryx buying, over 3% now Great to see Oryx becoming an new major shareholder with 1.192m shares - hopefully they'll continue buying more![link]
gretel
18 Nov 2016
Moving up - not much stock around Yesterday saw a tick up after just a 5k buy, and HMLH is up another 1p today on just £2k of buys! Seemingly stock is rather scarce....
gretel
17 Nov 2016
Re: Finncap increase their forecasts Here's Finncap's key investment considerations FYI:"Investment considerations´Our EPS estimate for 2016/17 of 3.8p adjusts for amortisation of acquired intangible assets and SBP. At 32p, the group's diluted equity is valued at £12.7m on an adjusted forward P/E of 8.4x for forecast EBITDA of £2.1m after central costs. ´Tight cost control saw staff costs rise 11% in the period against revenue growth of 13%. Premises cost increases at over 20% incorporate acquisition activity but also reflects the rising impact of London weighted rent and rate reviews.´Last year, group property management operating profit margins were 6%, compensated for by a much stronger contribution from insurance activity, and that structure remains intact. Underlying group operating profit margins therefore equate to 14.5% before corporate overheads. ´Free cash generation of c.£1.5m+ pa supports acquisitive growth but expansion also generates funds to support investment into the business. While free cash flow could support a higher dividend, the market opportunity justifies increasing group scale to drive longer-term EPS growth.´Net debt of £1.4m may increase given bank support of up to 2x EBITDA to facilitate growth. The group has access to a £1.5m overdraft facility aside from a term loan as part of this arrangement. However, in the absence of acquisitions, cash balances would grow quickly.´Acquisition formula: HML is paying just over one times revenue for acquisitions (on average less than £300/unit) with an element of consideration deferred for a year (the group paid £0.3m def. con. in 2015/16). Target price: At our 45p TP, the EV/EBITDA multiple is 9.2x and the adj. P/E is 11.8x based on 2016/17 adjusted earnings estimates. Without acquisitions and therefore allowing for some debt reduction, the EV/EBITDA multiple would become 7.8x at our TP, based on 2017/18 EBITDA of £2.3m." "Forecasts and conclusion We have allowed for revenue growth into 2017/18 based on the expectation of organic growth rather than fee increases. The assumption also remains that acquisition-driven growth will continue, although the timing and benefit is difficult to predict. EPS growth is anticipated. The dividend policy is progressive, but overall we expect the yield to remain modest during the group's expansion. While revenue multiples have declined over the past decade, the value the group is building in its insurance book should not be overlooked, and as the residential property management sector improves its operating quality threshold under better regulation, the value of the group's market share will become more apparent. Forecast EBITDA for FY 2018 of £2.3m is presently valued at £12.5m in the market for a 6x EV/EBITDA multiple and 0.68x revenue."
gretel
16 Nov 2016
Finncap increase their forecasts They now go for 3.8p EPS for this year ending in 4 months (with a 0.37p dividend), and 4p EPS for next year (plus a 0.4p dividend), HMLH is looking pretty cheap imo.They also have a 45p target price, which would represent over 30% upside from here.
gretel
28 Jun 2016
Good results today Results out - looks to me like the adjusted EPS is nicely ahead of expectations (though as usual HMLH have left us to work it out for ourselves).HMLH made 3.76p adjusted EPS if you add back the £390k amortisation and £22k share-based expenses. This compares to the 3.3p forecast.The 0.33p dividend is a full 10% ahead of the 0.3p forecast.Confident comments about growing organically and via acquisition, though no specific outlook comments.Pretty good then overall. Finncap have a 45p price target today, so there's good upside:[link]
Simbrad
28 Jun 2016
finnCap note out this morning on research tree "Leasehold ownership underpins much of the UK residential property market and, based on HML’s service platform, provides the group with a long-term growth opportunity. Although market complexity restricts simple economies of scale, with 60,000 units under management and capable of double-digit unit annual growth, HML’s growing national presence promises many years of progressive growth."
gretel
03 Jun 2016
Rising nicely into results The slow-burn rise into the results later this month, which we already know will be nicely in line, continues.Finncap have retained their 45p target price (current share price is 34.5p).
