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http://www.investegate.co.uk/Article.aspx?id=20120412070000PD087
Jefferies has raised its earnings per share (EPS) forecast for recruitment firm Hays after better-than-expected results in the third quarter. "In our view, net fee growth has bottomed out at a higher level than feared at the end of 2011, and consequently we have raised our Q412E estimate to 5% (from 2%) and FY13E to 5% (from 0%)," the broker said.
Credit Suisse reiterates outperform on Hays, target price raised from 80p to 96p
This is going north soon, get on board for a sure 10%
I'd say those figures are predominately very good for Hays. I'm disappointed the share price is so subdued on those results the company will come good and 63.7p is a bargain given the dividends that these pay, one for the future buy and hold
Commenting on trading for the second quarter, Alistair Cox, Chief Executive, said: "This quarter we delivered a good performance in the context of an increasingly difficult macro-economic environment, which has particularly impacted candidate and client confidence in the permanent recruitment market around the world. Our International business, which delivered strong growth of 15%*, now represents 70% of Group net fees and we are the market leader in both Australia and Germany, the two most attractive specialist recruitment markets in the world today. In the UK, the environment remains difficult, especially in our Banking and Public Sector-related specialisms. Looking ahead to 2012, the macro-economic outlook is increasingly uncertain. We will therefore focus on maximising our profitability and cash generation until the outlook is more positive, taking advantage of our flexible cost base to react to changes in each of our markets as they occur. With our global footprint and market leadership in so many countries, we are well positioned to manage through this period of uncertainty and take advantage of the long term opportunities available to us around the world."
Highlights · Good Group net fee growth of 8%* versus prior year, despite market conditions becoming increasingly challenging as a result of heightened global macro-economic uncertainty · Continued strong performance of our International business, which grew by 15%* and represented 70% of net fees in the quarter · Strong growth of 20%* in Continental Europe & Rest of World, driven by Germany and France, which grew net fees by 28%* and 20%* respectively · Robust net fee growth of 11%* in Asia Pacific, which included 10%* growth in Australia & New Zealand, and 16%* growth in the rest of Asia · Net fees decreased 7% in the UK & Ireland, with private sector net fees declining 4%. Public sector net fees declined 16%, and remained broadly stable on a sequential basis · Group consultant headcount increased 1% in the quarter
http://www.investegate.co.uk/Article.aspx?id=20120110070000PD356
There's a lot of buys coming in at the end of play today, is that takeover on the cards again from Adecco?
There's some funny goings on here guys, lots of those small shares, spread going up and down. This shares have taken a battering in the last few months, again yesterday on Michael Page news too. Something is up so I topped up by 1500 shares, was I right dunno we shall see, but I think there's some mileage in HAS and juicy dividends too!
The general gloom and current sentiment (and post xd ) are affecting share price today yet even better times to come in second part of financial year.
I am supprised at such a low volume trading wit xd date being tomorrow and the share predictions by most brokers in an excess of 100p/share.
Yield is a rare commodity in today's economic climate and even 5 per cent seems impossibly rich, but Hays offers a prospective 9 per cent, according to the Investment Column in the Independent. Of course, unusually high yields are often matched by high risks, and this is very much the case with Hays. Britain's biggest recruiter has been under a cloud as far as its share price is concerned because of the potential impact of the prevailing economic turmoil on its prospects. The fear is that companies will stop hiring and employees will sit tight and stop moving. That is already the case in Britain. On the upside, Hays' overseas operations account for 68 per cent of the business. And, despite pressures closer to home, Hays does have opportunities in the UK, where 80 per cent of vacancies are filled by recruiters. The US and the Netherlands boast similarly high rates. Still, even if the divvy does face a cut next time round, Hays shares look cheap at just 8.5 times September 2012 earnings. Hays is a risky bet, but could just be worth a punt in light of the valuation. Buy, recommends the Independent.
UBS has reiterated its buy rating on recruitment firm Hays, after its first quarter “confounded gloomy expectations”. However, the target price is cut from 105p to 100p, after accounting for foreign exchange movements in the last five weeks. Nevertheless, the broker says that its underlying growth and margin assumptions are unchanged, since Hays reported strong growth in the first three months of the year, “including the key post-holiday late August and September period”.
Positive article from Edmond Jackson: http://www.iii.co.uk/articles/19353/stock-watch-hays
Seymour Pierce cuts target from 70p to 60p and maintains reduce recommendation.
This is such a strange world, today city group have come out with a price target for hayes of 70p, while bloomberg have just issued a buy for hayes with 1 st qtr rise of 15% and big up-side. well at least the shares are up some 8% so far. come on 77p-80p
Should now start to see a rise back up to 75p-77p for ex divi date of 12 Oct.
Commenting on these results Alistair Cox, Chief Executive, said: "This is a strong set of results with operating profits up by 42%**. Our International performance was excellent, delivering 31%* net fee growth with the majority of our overseas operations trading at record levels. We have invested heavily in those businesses and will continue to do so, where market conditions remain appropriate, as the long term structural growth opportunities are excellent. Our strategy of international diversification is delivering returns and two thirds of our Group's net fees are now generated outside the UK. The UK market has been tougher, particularly as recruitment activity in the public sector has dropped significantly over the year. The UK private sector grew strongly in the first half but growth slowed as the year progressed. Consequently, we took early action to both reduce costs as well as focusing our resources on those areas offering the best opportunities. Whilst we remain mindful of the continuing economic and fiscal uncertainty around the world, we continue to see good levels of momentum across most of our markets. In Asia Pacific we continue to see good growth in Australia & New Zealand and strong growth in Asia. In Continental Europe & Rest of World growth remains strong across the division, led by our German business. In the UK we have seen slowing levels of growth in the private sector business, with continued tough but broadly stable markets in the public sector. Looking ahead, we remain focused on taking advantage of the many opportunities available for Hays to grow a more profitable and diversified business."
Highlights · Strong International performance driving Group net fee growth of 18%* and operating profit growth of 33%* · Continued diversification of the business with 64% of Group net fees generated outside the UK · Excellent performance in Asia Pacific with 30%* net fee growth - Australia & New Zealand net fees up 27%*, with exceptional 51%* growth in Asia · Excellent performance in Continental Europe & Rest of World division with 33%* net fee growth - Division operating at record levels driven by 37%* growth in Germany, 60%* growth in Brazil and a further 14 countries growing net fees by more than 20%* · UK net fees down 1%, with 19% growth in private sector net fees offset by 35% decrease in public sector - Actions taken to reduce cost base and defend profitability going forward · Continued investment in the International business with 27% increase in consultant headcount and 12 new offices opened including launch of US and Mexican operations, with Colombia launched in July 2011 · Good cash performance with working capital increase driven by growth in temporary placement net fees · 60% growth in basic earnings per share** to 5.19p with full year dividend unchanged at 5.80p
http://www.investegate.co.uk/Article.aspx?id=20110901070000P740B
UBS upgrades Hays from neutral to buy, target price unchanged at 105p.
Merchant Securities raised its recommendation for Hays (HAS) from "hold" to "buy", with a target price of 100p. The broker reports that the recent deterioration in share price has led to the dividend, currently standing at 5.8p, amounting to an attractive yield of 8.35%. This is expected to be relatively safe as Merchant notes that the recruitment agency has a progressive dividend policy, maintaining the dividend in weak trading periods and raising it in times of growth
Seymour Pierce reduces Hay target from 100p to 90p;
JP Morgan Cazenove downgrades Hays from overweight to neutral, target price cut from 149p to 108p.