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Japanese acquisition extends reach across Asia Harvey Nash, the global executive recruitment and professional services group, is pleased to announce that it has completed the acquisition of Beaumont KK ("Beaumont"), an executive recruitment company based in Tokyo, specialising in executive recruitment, leadership consulting and assessment services throughout Japan, Singapore and the Asia Pacific region. This small but strategically valuable bolt-on acquisition enhances the Harvey Nash Group's international capabilities and complements existing Asia Pacific operations in Hong Kong, Vietnam and Australia, as well as more than forty offices throughout the US and Europe. Albert Ellis, CEO Harvey Nash Group, said: "The acquisition of Beaumont consolidates our presence in the third largest economy in the world and builds on our existing office in Tokyo, expanding the portfolio into executive recruitment and consulting services. The acquisition of a strong team of consultants with expert experience in the technology and industrial sectors is highly complementary to our growing software development business. With the reform of Japan's labour markets, including promoting more women into the workplace and Japanese corporations adopting an increasingly international outlook, this acquisition enhances the Group's opportunity to grow both in Japan and the broader Asia Pacific region." Beaumont will trade as Harvey Nash Japan.
The Buy recommendations are flooding in - here's another one, which forgets to mention that Numis' target price is that rather nice 160p.... Http://www.shareprophets.advfn.com/views/7306/harvey-nash-group-half-year-trading-update-buy "Harvey Nash Group – half-year trading update - Buy! By Steve Moore | Wednesday 20 August 2014 At a current 103.5p, shares in international executive recruitment and professional services group Harvey Nash (HVN) remain well ahead of the 70p I noted they looked to be decent value at last year but down on the 116.25p of my previous update. The following reviews with the company having today updated on its performance for its half year ended 31st July 2014. With Asia having “performed well”, the UK, Ireland and USA “robust” and “strong” contracting activity in mainland Europe offsetting subdued demand for permanent recruitment, particularly in Germany, the company expects interim results to be in line with expectations, despite currency headwinds. More specifically, gross profit is expected to be increased by 1% (6% on a constant currency basis) to circa £43.6m, with adjusted pre-tax profit up by circa 5% (circa 12% in constant currency) to around £4.2 million. Broker to the company, Numis, has maintained forecasts – expecting a pre-tax profit for the full-year of £9.8 million, up from a prior year £9 million, generating earnings per share of 9.4p. With 10.4p pencilled in for next year, it notes “the shares are trading on a calendar 2015E PE of 10x, and have underperformed by 13% over the past three months as part of the wider cyclical small/ mid-cap sell-off… Overall, we believe the underlying recruitment recovery continues, and we would view the recent pull-back in the share price as a buying opportunity”. With the last balance sheet solid (with net cash) and an attractive, progressive dividend (circa 3.4% yield currently), I too remain positive here ahead of a 30th September expected interim results statement. Buy."
Numis retain their Buy and 160p target for HVN: Http://sleekmoney.com/harvey-nash-group-plc-receives-buy-rating-from-numis-securities-ltd-hvn/2828/
Tipped as a Buy in today's Times - should bring in some interest: Http://www.thetimes.co.uk/tto/business/columnists/tempus/article4182265.ece "Harvey Nash Revenue £356m Increase 8% Recruitment companies have a unique perspective on the strength of the global economy. Harvey Nash, which recruits professionals, especially in the IT sector, said that it was on track to hit first-half forecasts, despite unfavourable foreign currency movements. Revenue for the first half is expected to increase by 8 per cent to about £356 million, up 8 per cent on last year. Gross profits are expected to rise by 1 per cent (6 per cent excluding the impact of currency movements) to £43.6 million. Harvey Nash has the strength of the economic recovery in the UK, which accounts for 35 per cent of its revenues, to thank. London is the standout performer, with Scotland doing well despite the uncertainty caused by next month’s independence referendum. Recruitment for digital, technology and senior executives was strongest. Benelux, Sweden and the United States also did well. Elsewhere in Europe, the picture is weaker, as employers prefer to hire staff on a short-term basis. This means lower fees for recruiters, but Harvey Nash thinks that the market will pick up in the third quarter. My advice Buy Why Harvey Nash earns more revenues from Britain than bigger rivals"
A good trading statement out - trading is in line with 10p+ EPS recent consensus forecasts and a 3.5p dividend, so HVN remains excellent value imo at 117p: Http://www.investegate.co.uk/harvey-nash-group--hvn-/rns/interim-management-statement/201406050700058600I/ "Summary Overall, the previously reported momentum gained in the second half of last year, and particularly the final quarter, has continued with the result that performance in the first quarter has been in line with the management's expectations." Encouraging to see the cash pile is also increasing nicely too, with debtor days reducing. Numis have a Buy and 160p target: Http://www.mideasttime.com/harvey-nash-group-plc-stock-rating-reaffirmed-by-numis-securities-ltd-hvn/154164/ And HVN are expanding in Tech City: Http://www.standard.co.uk/business/business-news/increased-jobs-demand-lifts-harvey-nash-9491315.html "Increased jobs demand lifts Harvey Nash Jamie Dunkley Published: 05 June 2014 Demand for full-time workers in the US, UK and Hong Kong today boosted profits at recruitment specialist Harvey Nash. The company said its like-for-like revenues rose 12% in the three months ending June 4 while its operating profits were 12% higher than in 2013. Harvey Nash said the US offshore market had been particularly buoyant although conditions in Norway and the eurozone remained weak. Harvey Nash moved its headquarters from Mayfair to Heron Tower in the City in 2012 and said it plans to open more offices around Silicon Roundabout to plug into London’s tech sector. It now employs 7,000 workers in 40 offices across the world, including Vietnam. “Demand for recruitment services continues to improve in our key markets although there is variation in the pace of that improvement across the markets in which the group operates,” it said today. “Overall, the momentum gained in the second half of last year has continued with the result that performance in the first quarter has been in line with the management’s expectations.”"
Panmure Gordon have tweeted that HVN are the cheapest recruiter.... Https://twitter.com/HPanmureGordon "PanmureJonesP @PanmureJonesP On-going recovery in UK Recruitment bodes well for others, with Harvey Nash looking the cheapest play at current levels" And HVN have issued an RNSNON which gives significant and encouraging clues about how HVN's markets in tech recruitment are doing: Http://www.investegate.co.uk/harvey-nash-group--hvn-/rns/harvey-nash-cio-survey-2014/201405200944555650H/ "As the global economy begins to recover, organisations are ramping up their investment in digital, mobile and online which has had a further knock on effect in the growing skills shortage, with almost two-thirds of companies reporting that lack of access to the right technology talent is holding back their digital strategy." ""After six years of sluggish activity, this report clearly shows that 2014 is a watershed year. CIOs and Technology leaders are seeing growing budgets and growing prominence in their organisation as CEOs are turning to technology to drive growth."
New highs now - and just tipped in the IC too. This should be in Friday's print edition to ensure more attention. I notice it doesn't mention Shore Capital's forecast of 11.2p EPS this year: Http://www.investorschronicle.co.uk/2014/04/29/shares/news-and-analysis/harvey-nash-breaks-the-mould-GVvV37IPyeIBojAJ2zrAnI/article.html "Harvey Nash breaks the mould Harvey Nash (HVN) is not like other recruiters. Yes, a large chunk of its business involves the typical activity of finding candidates for its clients' hiring needs. But it is also the largest British software developer in Vietnam. Harvey Nash employs over 2,500 software professionals in Vietnam to provide offshore software development and outsourced IT services for the likes of Honda and Prudential. Vietnam was chosen as it has a large number of science graduates that can do from Ho Chi Minh City just what an IT worker in London can do, but at a much lower cost. Harvey Nash is also taking a leaf out of its clients' books. The recruiter has found that it too can save money by moving some of its workload out to Vietnam. The recruiter now has a team of people in Vietnam doing desktop research such as scouring the company's databases and social-media sites to compile candidate lists for roles back in the US. Chief executive Albert Ellis describes this as a "game-changing" development for the recruiter. Reported profits went backwards last year due to the costs of restructuring the business in Europe. Adjusting for this, however, pre-tax profit rose 4 per cent to £9m. Broker Numis is expecting £9.8m this year, giving earnings per share of 9.4p (from 8.8p). NET ASSET VALUE: 89p* NET CASH: £3.8m Ex-div: 18 Jun Payment: 11 Jul IC view: The shares have doubled in the past year as recovering job markets have been priced in. But trading on just under 13 times forward earnings, the shares leave enough value on the table to keep us keen. Buy."
Good interview with the very bullish CEO - note in particular new contracts with Deutsche Telecom, IBM and ING: Http://www.recruiter.co.uk/news/2014/04/mainland-europe-drives-17-rise-in-revenues-growth-at-harvey-nash/ Extract: "Revenue in Harvey Nash’s US business rose 3% to £47m, while Asia-Pacific revenue grew by 17% to £5.5m. Referring to the company’s performance in mainland Europe, Albert Ellis, chief executive officer, says the company was able to pick up marketshare because it was seen by clients as more financially stable than its competitors. “We were seen as a safe haven,” Ellis told Recruiter. He added this helped it to pick up some big contract wins, including contracts with Deutsche Telecom, IBM and ING. “That is what is driving the turnover,” said Ellis. An improvement in the financial services sector in Switzerland in the second half of the year also boosted performance. While revenue in mainland Europe roared ahead, gross profit failed to keep pace, rising by only 6%. This reflected the fact that 90% of the company’s business in Europe is lower margin contract recruitment, Ellis explained. He added: “The permanent [higher margin] recruitment market is quite weak.” However, Ellis predicted that margins will begin to improve in the next six to 12 months as the company takes advantage of a recovery in the permanent market in Europe. He said there were already tentative signs of recovery in Sweden and “early green shoots in Northern Europe”. Ellis said the company’s UK performance, where revenue increased by 6% to £224m, was buoyed by “a robust” digital and technology sector. “There has been a surge in digital demand,” he added. In conclusion, Ellis said he was optimistic about the future: “I really think we are the beginning of a three to five-year growth path as the world economy recovers, and that is good for recruitment.”
Numis today reiterate their Buy and 160p valuation for HVN: Http://www.mideasttime.com/harvey-nash-group-plc-receives-buy-rating-from-numis-securities-ltd-hvn/124842/ "Harvey Nash Group plc (LON:HVN)‘s stock had its “buy” rating reiterated by investment analysts at Numis Securities Ltd in a note issued to investors on Friday, AR Network reports. They currently have a GBX 160 ($2.69) price objective on the stock. Numis Securities Ltd’s price target points to a potential upside of 33.33% from the company’s current price. Separately, analysts at Panmure Gordon raised their price target on shares of Harvey Nash Group plc from GBX 135 ($2.27) to GBX 139 ($2.33) in a research note on Thursday, February 20th. They now have a “buy” rating on the stock."
The Times says Buy - note firstly HVN's niche in that 80% of revenues come from the IT and tech sector, and also that the article doesn't even mention HVN's strong Balance Sheet, with a cash pile which is likely to be put to work on acquisitions at some stage: Http://www.thetimes.co.uk/tto/business/columnists/article4073178.ece "Full-year figures from Harvey Nash confirm what we have already heard in trading updates from Hays and Michael Page International. The recovery in confidence among employers and employees is continuing apace, which means that the recruitment specialists are placing a lot more permanent staff, as opposed to temporaries. Nash says that the number of permanent places filled in the fourth quarter of its financial year, to the end of January, was up by 16 per cent year on year. However, the company is a little different to its peers and the pattern of recovery, geographically, is a little more mixed. It gets four fifths of its work in the IT and tech sector. There is still reluctance among companies in parts of the eurozone to take on permanent staff and so its business is more based on contractors. The effects of this are mixed; such work offers lower margins but an extended revenue stream. In America and Britain, the recovery is well under way. In the former, Nash achieved its biggest headcount increase, of 29 per cent, in the second half as it geared up for the extra business. In the UK and Ireland, operating profits were up by 17 per cent at £3.2 million. Across the group, pre-tax profits before one-off costs such as reorganising parts of the European business in the year to the end of January were ahead by 4 per cent to £9 million. Nash has not suffered the sharp downturn elsewhere in the sector because of its reliance on tech jobs, but profits are now close to their 2008-09 peak again. A final dividend of 1.974p makes a total 10 per cent higher at 3.21p. The shares, off 5p at 115p after a strong performance over the past year, change hands on 12 times’ earnings, which is relatively low for the sector. Buy for the long term."
Good results today as expected. In particular 8.76p EPS is better than the consensus, which I calculate at 8.48p (though slightly less than the highest forecast which is Shore's at 8.9p). The dividend at 3.21p is also slightly better than the forecast of 3.2p. The £3.8m cash pile should increase nicely as working capital unwinds. Most importantly, the outlook statement is extremely positive.... ""This is a strong set of financial results, which reflect the significant market share gains we have made during the year. Momentum gathered pace in demand for permanent recruitment in the final quarter, particularly in the USA, UK and Nordics, whilst a number of contract management wins during the year boosted revenue. Our investment in Asia is also beginning to show tangible results. "The significant upturn in trading which the Group enjoyed in the final quarter has continued into the new financial year and I am confident that Harvey Nash is well positioned to capitalise further on the improving market conditions." "
Today's RNS is the second excellent major appointment in the last month - having a main Board director of Babcocks on the team will bring in a massive contacts list. And I notice the emphasis is on his experience of growth both organically AND via acquisition: http://www.investegate.co.uk/harvey-nash-group--hvn-/rns/directorate-appointment/201402280702381548B/ I also see that Panmure's have increased their current year forecast to 9.25p EPS (from 8.9p), with a 3.63p dividend. Shore Capital still show 11.2p EPS. Finally, Hays reported H1 results on Wednesday. They're on a current year P/E of 24.5, and MPI are on a P/E of 33.1, with divi yields of roughly 2%. HVN are by comparison on a current year P/E of consensus 11.6, with a much higher divi yield. Which gives over 100% upside on a similar basis.
From the Mail - great to see the highly respected Giles Hargreave backing HVN (and CRE, which I also hold): Http://www.thisismoney.co.uk/money/investing/article-2565525/Back-best-British-profit-recovery-As-economy-booms-share-success-home-grown-businesses.html "SMALL COMPANIES The FTSE 250 Index – consisting of the 101st to the 350th largest companies – has outperformed the FTSE 100 in recent years. Giles Hargreave of investment manager Hargreave Hale says: ‘Smaller firms are best placed to benefit from the UK recovery. There are so many to choose from with huge scope to outperform.’ Hargreave is backing recruitment company Harvey Nash as well as marketing services company Creston. He says: ‘Both of these firms will flourish as the jobs market improves and companies spend more on marketing and advertising.’"
The trading statement looked fine to me, with results in line with roughly 8.6p EPS expectations. Nice to see a £4m cash pile which is likely to grow. Numis have a 160p price target, and Panmure's have just increased theirs to 139p, so plenty of upside from the current 108p. Excellent write-up on Shareprophets too - particularly Shore Capital noting that momentum is with HVN in achieving their 11.2p EPS forecast for the current year: Http://www.shareprophets.advfn.com/views/4105/harvey-nash-full-year-trading-update-well-ahead-on-my-share-tip-but-still-a-buy "International executive recruitment and professional services group, Harvey Nash (HVN) has updated on its final quarter of the year to 31st January 2014. It said that “results for the full year are expected to be in line with market expectations”. However, having risen to 116.25p, from the 70p at which I previously tipped the shares HERE, is Harvey still a buy? For the recent quarter, the company reported a, compared to the corresponding prior year period, 16% increase in gross profit from permanent recruitment, a 9% increase in gross profit from contracting and, due to a reduction in its outsourcing project pipeline in Germany, as a result of a slowdown in investment in the mobile telecoms market, a 2% decline in gross profit from outsourcing. These helped the full-year numbers to respectively +10%, +8% and -5%. Overall gross profit for the quarter was 9% up on the corresponding prior year period, with this figure +7% on a full-year basis. There were encouraging performances in the quarter from the UK & Ireland, US and Asia-Pacific, with ‘Mainland Europe’ and the Nordics the relative laggards – respectively posting 3% and 2% gross profit increases. From ‘Mainland Europe’ 16% gross profit growth from contracting was achieved but overall performance was held back by a 2% decline in permanent recruitment and 27% decline in outsourcing whilst the Nordics business, from which gross profit is mainly derived from permanent recruitment, could only deliver a “stable” result. The company added that group net cash as at the year-end was “circa £4 million”. On the back of the update brokerage Shore Capital, noting “an improving trend”, commented that it now “do(es) not see it to be too much of a stretch for the group to meet our demanding adj. profit before tax estimate of £11.4m for the year to January 2015F”. Against a current sub £85.5 million market cap, with the current macroeconomic backdrop of recovery and a prospective approaching 3% dividend yield, the valuation still looks relatively undemanding. Shore Capital continues to rate the shares a ‘buy’, as does Panmure Gordon – the latter with a current 139p target price."
The good news seems to keep coming with this very quite small undervalued stock Here's their conclusion. Interesting that they foresee upside to 15p-18p of EPS in a recovery. This would give a 200p share price on a P/E of 12 with a midpoint of 16.5p EPS, or 330p on a P/E of 20 approaching that of its comparators: "Outlook - We note management's comments that the staffing recovery appears to be taking hold in the US and UK, and while the preference for employers remains in favour of temp/contracting, we believe there are clear signs that perm demand is improving. With Q3 trading in-line, we make no changes to our forecasts, but believe that themomentum is en couraging. Valuation - The shares are trading on a calendar 2014E PE of 10x, at a discount to its UK staffing peers. While the shares have outperformed by 43% over the past 12-months, the shares have been largely in-line over the past one and three months.
Terrific trading statement today. "Continued momentum", good cash flows - and also increasing traction in the USA as well as the UK. I've bought a few more first thing. HVN is 100% undervalued against some of its sector comparators - and it has a healthy Balance Sheet. HVN is still almost on a single-figure P/E. Plus the business cycle is turning HVN's way. Its time has come!
Interesting!
Numis' forecasts to go with their increased 120p target are 8.2p EPS this year and 9.1p EPS next year, with 3.2p and 3.5p dividends respectively, so still on a single-figure forward P/E at present. Interesting article from yesterday: http://www.theaustralian.com.au/australian-it/it-business/social-media-digital-drivers-of-employment/story-e6frganx-1226700107169 "Social media, digital drivers of employment by:Jennifer Foreshew From:The Australian August 20, 201312:00AM DIGITAL opportunities and social media marketing are driving the next wave of technology roles, according to a global hiring expert. Harvey Nash global chief executive officer Albert Ellis said in every industry the focus would be on digital technology. "Wherever there is a digital opportunity, companies are grasping at that as a channel to market," he said. Mr Ellis, who was visiting Australia last week, said engineering-related technology jobs would be popular globally. "We have teams of technology people that are actually creating embedded software to improve systems in cars," he said. "It is all about digitising the consumer and the citizen's experience whether it is in the car, in the home or at work." Mr Ellis, who is based in London, said other hot jobs would be related to developing software and code for social media either as a leisure activity or as a business model. Those with skills in languages such as PHP and HTML5 were already in high demand. "Increasingly, companies are looking for developers who have commercial sense and understand how consumers interact with their mobile devices, be it the iPhone, the BlackBerry or the tablet." Mr Ellis said employees who could empathise with the experience of the customer were also sought after. "Industry knowledge and the experience and passion for the business are now very much a part of the skill set." The recent Harvey Nash CIO Survey 2013 found the classic technology skills of business analysis, enterprise/technical architecture and project management still remain the most in demand globally. Mr Ellis said advertising, marketing and channel marketing would evolve around social media. "It is all around people who don't actually watch a TV ad any more to go out and buy a product," he said. "They rely more on their friends recommending something, sending a referral, a good YouTube video that is subtly promoting a product and has got a sense of humour, is clever and been circulated virally." Mr Ellis said on the west coast of the US social media experts were already in demand. "They are looking for these crossover marketing technology individuals," he said. "It is going to be all about social media and how the business uses those new channels, which are growing at the expense of old channels that are shrinking, and the sorts of individuals that understand h
This is a very tightly held share only five trade,s today on the back of this excellent update , interim dividend at xmas to look forward to , If the goverment policy of reducing unemployment is actually working then HVN will make a lot of money out of it a share for the long term with little downside, A good job i picked it out two years ago in the low 50,s in hindsight i should have bought more .
IMS out today - trading in line with around 8.5p EPS consensus. Numis have kept their Buy rating and upped the the target price to 120p from 90p. H2 is always stronger than H1, so the current strong trading should lead to a very good year end result, though H1 will be slightly down on last year given the slow start which we knew about (say sround 3.8p EPS). Momentum is increasing everywhere, except for the German pipeline slowdown with a commensurate restructuring, and even this will have a quick payback. Net cash of £1m is great compared to last year's £14m net borrowings, though reduced against the year end cash of £5m - I suspect this is seasonal (including payments of dividends and tax) and means the year end cash should be much improved again. The key is the excellent outlook: "The Group is continuing to secure market share gains in its key geographies. Revenue and profit momentum has continued into the second half with cash flow substantially better than expected. Accordingly, the Board remains confident of delivering results for the current year, pre-restructuring charges, in line with its expectations." Given the momentum into this H2, at worst we should see consensus EPS this year of 8.5p+, although Shore Capital are going for 8.9p EPS. At best, the momentum could see a very good H2 leading to an achieving or topping of that 8.9p EPS forecast. With of course a nice 3.2p dividend on top, from a growing cash pile. Either way, HVN remains valued at half or less than half the ratings afforded a number of its sector comparators.
Good news this morning on the UK jobs front...once the cycle turns HVN's earnings could be transformed - yet it's still only on a single-figure P/E, less than half of many of its comparators. An interim trading statement is due imminently, and HVN was tipped here: http ://www.iii.co.uk/articles/107684/share-sleuths-august-watchlist "Share Sleuth's August Watchlist By Richard Beddard (Money Observer) | Thu, 1st August 2013 - 00:00 Each month Richard Beddard trawls through annual corporate results in search of viable candidates for his Watchlist - the companies that satisfy his key valuation metrics such as earnings yield and return on capital - and profiles the five top candidates. Harvey Nash Harvey Nash (HVN) wants to have it both ways. If an organisation has a job and no-one to do it, a Harvey Nash company will recruit the staff or, for certain technology-related jobs, one of its companies can take on the job. That flexibility served it well in 2012, a difficult year for recruitment but a great year for outsourcing. Companies tend to take on permanent staff when business is good, and switch to cheaper outsourced alternatives when they need to cut costs. Like other recruiters, Harvey Nash places temporary employees, which can help replace some lost profit when companies are cutting back, but judging by 2012's results it's better at smoothing the cycle than rival recruiters. The company grew revenue and profit, while reducing debt. Harvey Nash, in common with other recruiters, has expanded: geographically, 56% of revenue is from continental Europe, and it has also moved into other sectors including sales, human resources, finance and engineering. It provides software and services from a wholly owned software development centre in Vietnam, manages customers' IT systems, and runs a telecommunications research and development business that serves the big networks. Although it looks like a complicated mix of companies, in one sense it's not. Companies outsource recruitment, and Harvey Nash has just diversified to offer more services. Since its earnings yield is 9% and those earnings seem robust, it may well be good value." Here's this morning's good employment news: http://www.morningstar.com/advisor/t/79153427/uk-employment-opportunities-rise-in-july-survey.htm?pageid=648353 "UK Employment Opportunities Rise in July - Survey 08/08/2013 LONDON--The U.K.'s employment outlook brightened in July as the number of agency vacancies rose to a six-year-high and earnings growth edged higher, a survey showed Thursday. The monthly Report on Jobs from KPMG and the Recruitment and Employment Confederation showed that the number of employment positions registered at recruitment agencies rose to its highest level since July 2007. At the same time, the number of positions filled also increased and staff availability fell which put upward pressure on wages. Earnings growth for permanent placements in July
big trade...
showing az a sell....
Shore Capital issued new forecasts last Friday: - this year : 8.9p EPS, 3.2p dividend - next year : 11.2p EPS, 3.5p dividend Quite a jump..... It's easily possible to see HVN at 150p imo if 11.2p EPS comes into view given a re-rating to a P/E of 13.4 - still well below the ratings of a number of its comparators.
See very good set of results on HVN RNS button.Share Divs upped 10% to 1.795p.Also see Broker Ratings.Call me a 'Ramper' but this is buy for me.