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Yes, v interested in update - if ok, then this a "strong buy" imv...& I'll probably be topping up Opinion only
To have an update of the fraud and hopefully revise the figure downwards. All this cold weather can be good for sales however not good for opencast mining!
Hargreaves Services plc (AIM: HSP), the UK's leading supplier of solid fuels and bulk material logistics, announces that it will report results for the six months ended 30 November 2012 on Thursday 28 February 2013.
Hargreaves Services: Westhouse Securities upgrades from add to buy with its target price at 927p.
you could have mentioned HSP in your impressive list on RPO - or JKX Or it may be too soon to be sure (and that goes for CEY, AQP......) Jolly amused
all
Difficult to tell if they are buys or sells. If they were all sells I would have expected SP to change significantly. GLA
£10m worth? Anything we said?
Generally positive with key aspect that targets are expected to be met, so hopefully we will see a nice bounce back up to where the SP should be. Guess we will have to see what the open price is in the morning. GLA
shame as was doing so well. I dipped in here back in Sep and made a nice profit in a short period but regretted not staying in longer. Now back in. Hopefully news soon will see the SP back where it should be. GLA
Prudential plc group of companies have increased their holding today to 5%. They must see the great value here!
Hargreaves Services: Jefferies reduces target price from 1085p to 1035p and reiterates its buy recommendation. Westhouse Securities reduces target price from 927p to 829p, while maintaining an add rating. WH Ireland downgrades from buy to hold.
Well I should have held off a little longer, cracking value for those yet invested
sub £6 seems imminent...but who knows with this share investing lark
22% (equiv of £42m) on a bad stock take worth max £15m. Market is a funny old place. Full of fools with too much money. Is a buy at this level.
the choc
Been a h/torrid few months for the co and sp Given sp formation mildly chaotic at times, I am really eyeing up sub £6.... but couldn't resist a little nibble at these levels
seems to build in considerably more pain than Board's "conservative" max £15m "balance sheet write off" DYOR & fairly bafflliiiing as that politico puts it Jolly intriguing
I'm back in too, I think the Belguim issue effect has been clarified, hopefully it's not worse than they've stated, this is a good value share based on current f/c market expectations and existing fundamentals
For immediate release 4 December 2012 Hargreaves Services plc ("Hargreaves" or the "Company") Irregularities in Belgium Subsidiary Hargreaves Services plc (AIM: HSP), the UK's leading supplier of solid fuel and bulk materials logistics, announces that following routine investigation of anthracite stock levels and records in our Belgium subsidiary, we have identified a serious overstatement of stock values and credit notes due from major suppliers. Two people with management contracts in Belgium have been immediately suspended and KPMG have been appointed to carry out an urgent forensic investigation. We have no reason to suppose that the implications of this event extend beyond our Belgium operation which contributed £2m of operating profit in the last financial year. It is difficult for the Board to evaluate the potential financial impact of this event at this early stage but for conservative guidance purposes the Board does not believe that the potential impact of this balance sheet write off could exceed £15m. The Group is due to provide a routine interim pre-close trading statement within the next two weeks. In the meantime, the Board can confirm that the remainder of the Group is trading well and in line with its expectations. The decision process at Maltby Colliery is also likely to be concluded in the short term.
Couldn't resist - bought 100 @ 655.6
If the mine is closed, the shares trade on a bit over five times 2013-14's forecast earnings; if it's kept open, the earnings multiple drops below 5. Given that there also seems to be huge scope for the dividend to rise, either rating seems pathetically low.
If the mine is closed, analysts from broker N+1 Brewin forecast there will be a £50m non-cash write off. The cash-flow impact will be positive, with £8m of redundancy costs offset by up to £20m inflow from the sale of equipment and assets. This would mean a reported loss for 2012-13, but, excluding the exceptional items, underlying pre-tax profit for the continuing business of £55m (giving EPS of around 133p), with pre-tax profits rising marginally in 2013-14 to £56m. The best case is for the mine staying open. In which case, N+1 Brewin thinks there is £30m-worth of coal left in the pit. So, after this year's hiccup, Maltby would generate £8m of profit in 2013-14, giving the group adjusted pre-tax profits of £64m. Either way, the shares are deep in value territory.
Shares in coal supplier Hargreaves Services (HSP) crashed after mining was halted at its Maltby deep pit in South Yorkshire. But the sharp fall is overdone and there is value in Hargreaves whatever its bosses do with Maltby. That's because Hargreaves is a lot more than just one mine. True, it's really only a glorified coal merchant, but that's driving sales and profit decently. For those who can see through the turbulence, we think the shares are a buy. Problems at Maltby arose as the mine exhausted one coal seam and started to develop a new face. The problems could be terminal for the mine. Final geological results are due next week and Hargreaves has begun redundancy talks with around 530 employees. A decision is due on 31 October. Sure, the Maltby decision, whatever it is, will have a big impact on the next two years' results. But the Hargreaves share price halved when Malty production was stopped, and that looks overdone for a mine that only had an economic life of eight years when it was bought in 2007 and for a group that generates 74 per cent of operating profit from other activities. One description of Hargreaves as 'the Glencore of coal' may be a little generous; however, there is more to it than just mining. The Energy and Commodities division buys coal globally to supply the UK power and steel industry; it generates two-thirds of the group's sales and over half its profits, both of which rose smartly in 2011-12. The Industrial Services division also reported significant contracts wins in the steel industry and £30m-worth of work helping UK power stations convert to burning biomass. The transport side reported tough but stable markets, with rising profits. So closing Maltby would not be a disaster. Indeed, take deep coal mining from the group's activities - and the related capital spending - and the shares might be less risky.
The 'Citywide' piece points to the fact that should the problems at Maltby prove economically unsurmountable-there is such a value of kit, much of which was bought from the previous owners UK Coal that the disaster the market assumed when hastily marking the share price down will turn out to be an opportunity for the Board to realise value. Rarely has a Board been tested by harsher obstacles, but instead of sucumming they continue to produce record results from apparently unpromising situations-a class act deserving shareholder of support.