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by the MM`s always a good sign. Nice gap between 79-77p to be filled.
I sold first thing this morning in a few trades, including at around 77p. The outlook is pretty cloudy, particularly in the UK, and although trading is seemingly in line I can see this worsening sharply pre-Brexit vote. Above all though, I just simply got fed up with this share! I talked to someone in the industry this weekend who said everyone is aware that the company is run for Albert's benefit - including his huge salary/package. It's no wonder the company seems to lack any decent institutional support to provide ballast for a decent re-rating. I really can't see the share price moving up anywhere fast any time soon, whereas I do see risk of further downside. Plus my patience finally snapped. Good luck all.
Positive interest today and Robert Walters have come in with a good update. I think HVN have their figures next week and I still feel we should see a rise to £1 plus which will still be on a modest pe for the sector
I have not seen any Broker notes but a valuation of 110p would suggest a more realistic yield with a pe that is very attractive for the industry sector. We shall see how the market reacts to the forthcoming finals but in the meantime this is a solid company that deserves a higher rating.
It's good to have some long-needed publicity for HVN: http://www.iii.co.uk/articles/308234/stockwatch%3A-stars-align-share However, I believe the 105p valuation is far too conservative. For a start, we now know that HVN had net cash of £0.2m at 31st January, compared to the £15.7m net debt quoted by EJ at the interims which is now thoroughly out of date and was caused by one-off billing and contractor timings. As an expanding global operation, particularly in the USA and Far East, and focused on the growing tech sector, HVN's prospects are surely much more favourable than to merit a P/E on acquisition of only 11. And his figures are slightly understated too - the latest forecast for the current year is 9.59p EPS from Panmure Gordon (with a 4.04p dividend), compared to his quoted 9.4p EPS.
I think the market at 75p greatly understates the potential in HVN. The results are due at the end of April so I understand, by when I feel we could see the sp nearer the £1 plus level. The yield is attractive, the management is proven and the economic prospects and currency swings are now in our favour.
Can someone tell me how many times a year the dividend is paid out ? And to confirm that it is 3.88p and rising to 4..1p Holding stoch of 20,000 for 105.00 will be holding for a long time jumped in with my 2 feet in stead of testing the water with my toe,,
Numis reiterate their Buy and 110p target price: Http://www.risersandfallers.com/2016/02/26/harvey-nash-group-plc-lonhvn-receives-buy-rating-from-numis-analysts-2/
An extremely good update too considering the share price performance, which appears to have got things wrong. Trading is nicely in line with expectations, which are for 9.2p EPS, with a 3.88p dividend. And HVN are in net cash too. Currency movements should now be helping HVN this year, with expectatiuons of 9.6p EPS with a 4.1p dividend. Back to 100p now - or more.
As another seasoned investor & keen watcher of HVN I will answer your question in 2 points.1 } Massive jump in debt.2] Large writeoffs for sold & discontinued business { larger than a years whole profit}. Hope that helps.
Could anybody out there please tell me why the HVN share price is where it is? As a `seasoned investor` and a reasonably intelligent person (I think!) and having studied the fundamentals here, I just cannot figure it out. If mid 70`s for a company like this (P/E, yield, dividend growth etc, etc) ain`t a bargain, I don`t know what is!!
Part of their services business has been carved off. Why is this going down? Great time to buy :-)
The IC features HVN positively, saying Hold, and noting Numis' 9.1p EPS forecast and the 4.3% divi yield. Panmure Gordon have higher forecasts now, with 9.38p EPS for the year ending in 3 months' time, and 10.3p EPS next year: Http://www.investorschronicle.co.uk/2015/10/02/shares/news-and-analysis/strong-us-growth-at-harvey-nash-ZOsr8tuRUmIsNXntDz0FXL/article.html
Http://www.thetimes.co.uk/tto/business/columnists/tempus/article4572412.ece "Harvey Nash Revenue £337m Dividend 1.49p It is boom time for those who let themselves out for short-term IT contracts in the UK and the United States, and a good time, too, for specialist recruitment companies, such as Harvey Nash, that find and place them. The company is keen to expand its American business — less than 10 per cent of the total — to take advantage of those hirings on the West Coast and outplacements being carried out by Microsoft. This comes with the odd disadvantage. Because of how such placings are paid for, Nash and other recruiters see a strong outward cashflow as the business picks up, and this was a feature of some otherwise strong halfway numbers that puzzled some analysts. In fact, that cash outflow is a measure of the strength of the business, even if it does leave the company with debt of £16 million. Nash is also having much success placing staff in the UK financial services sector, to cope with the switch to contactless and mobile payments, for example. Gross profit was up by 6 per cent to £46.3 million in the six months to July 31. The shares added 3¼p to 98p. They sell on 11 times earnings, which looks like good value long term. My advice Buy long term Why Company is gaining from booming market in IT staff"
Interesting interview with the CEO, in which he talks in particular about an "acquisition strategy" being kick-started after the German restructuring - now this would really get the share price moving: Http://www.recruiter.co.uk/news/2015/09/financials-technology-skill-shortages-boosts-harvey-nashs-bottom-line/ Extract: "Ellis told Recruiter the “strongest performance” came from the firm’s US operations, where revenue increased year-on-year from £22.2m to £26.9m and GP increased from £5.3m to £7.2m. “We’ve got tremendous exposure on the West Coast to the technology boom and on the East Coast to the recovering financial services market.” The company also experienced “stunning” performance in the Asia-Pacific region, which has seen a 50% increase in net fees in executive search, a market “that quite frankly hasn’t been booming worldwide”. The region contributed revenue of £4.3m, up from £2.4m in the same period last year, and GP of £2.5m, up from £1.7m last year".
Surprised not to see it tick higher on results so added slightly to my position.
Numis certainly believe there's lots of upside from the present 98p - they say Buy with a 160p target price: Http://www.dakotafinancialnews.com/harvey-nash-group-plc-stock-rating-reaffirmed-by-numis-securities-ltd-hvn/471725/
Panmure have reiterated their Buy and 129p valuation: Http://www.dakotafinancialnews.com/harvey-nash-group-plc-given-buy-rating-at-panmure-gordon-hvn/471482/ HVN looks cheap to me at 98p. With the seasonally better H2 coming up, HVN are in a decent position to match or exceed expectations of 9.42p EPS, with a 3.71p dividend. Currency headwinds are also receding somewhat with both the Euro strengthening slightly and the pound weakening against the dollar. At constant currency rates this H1 could have been an absolutely terrific half for HVN rather than just a pretty decent one - with HVN being so confident for H2, perhaps this half could be really good.
:-)
I strongly agree with both of you. Good 1/2 year results should push the price back up, especially with the sector picking up in general.
Yes Rivaldo. Obviously all those chunky buys which have shown up after 16.30 daily over the last couple of months. Will add myself pre-interims - still completely baffled by HVN though. The more I study the fundamentals the more confused I become as to why this is not much nearer to those broker targets of 160. SH
Late RNS yesterday shows Hargreave Hale going above 15% with 11.04m shares - they've bought 700,000 shares since their last holdings RNS: Http://www.investegate.co.uk/harvey-nash-group--hvn-/rns/holding-s--in-company/201509171707574407Z/ In particular, Marlborough Fund Managers within that holding have increased from 9.64m shares to 10.385m shares. Tempted to add myself before the interims, which will be on 30th September (2 weeks' time), given the positive/trading in line AGM statement.
Promising news from HVN's NashTech: Http://www.finextra.com/news/announcement.aspx?pressreleaseid=61055 "Cashfac partners with NashTech for offshore development 23 hours ago | 922 views | 0 Source: Cashfac Cashfac Technologies, the market leader in Bank-to-Corporate Cash Management solutions, today announced a partnership agreement with NashTech’s IT outsourced development and test operations. NashTech will provide offshore development and test resources for a number of Cashfac’s non-core capabilities from their base in Vietnam. The NashTech resourcing complements Cashfac’s UK based development team and is supporting the expansion of Cashfac’s cash management solutions. NashTech is a division of global IT outsourcing and professional recruitment company Harvey Nash Group. Cashfac continues to expand its core technology development and deployment capability while NashTech will provide additional capacity for non-core external components and test services in order to accelerate time to market. This news follows the announcement by Harvey Nash of its plans to establish a new Tech Hub virtual network to enable UK tech enterprises to meet, share best practice and collaborate with partners from Asia’s dynamic technology sector. The initiative has the backing of Prime Minister’s in both the UK and Vietnam and will help to unlock millions of pounds of value through the development of new technologies. Richard Cummings, CEO of Cashfac, said: “NashTech has developed a reputation for innovation and process excellence. These values combined with their stable, highly educated and experienced team in Vietnam offers Cashfac a tremendous partnering opportunity. NashTech are enabling Cashfac to expand in a controlled and scalable manner that supports our considerable growth and the increasing demand for our solutions. We are already seeing the benefits of this working relationship.” Paul Smith, Chairman of NashTech, said: “As the second most popular investment destination in Asia Pacific, behind China, Vietnam presents huge investment and collaboration opportunities for the UK technology sector. This partnership with Cashfac demonstrates the positive impact that relationships with the UK technology sector can have on Asian business. We look forward to our continued work with Cashfac and to helping support their continued growth.”
Big growth plans in Vietnam, with plans to expand further throughout Asia:: Http://www.businesswire.com/news/home/20150731005749/en/UK-Southeast-Asian-Companies-Benefit-Collaboration-Tool#.Vb28ek3bKUk "UK and Southeast Asian Companies to Benefit from New Collaboration Tool Harvey Nash Group announces tech hub platform development July 31, 2015 02:24 PM Eastern Daylight Time NEW YORK--(BUSINESS WIRE)--Harvey Nash, a global IT outsourcing and professional recruitment company, today announces plans for a new tech hub enabling collaboration between UK and Vietnamese technology companies - news welcomed by Britain’s Prime Minister David Cameron and Vietnam’s Prime Minister Nguyen Tan Dung. The UK is renowned for its digital technology innovation and Harvey Nash, in partnership with the UK Trade & Investment (UKTI), intends to facilitate the establishment of new networks in ASEAN (nations in South East Asia) through the launch of the tech hub virtual network. David Cameron’s office made the following announcement during the UK premier’s recent visit to Vietnam this week: “Both Prime Ministers welcomed the announcement by Harvey Nash, the largest foreign investor in the Vietnamese technology sector, that it would launch a UK-Viet Nam tech hub this year to facilitate dialogue and potential collaboration between Vietnamese and British companies, with strong political support from the UK government. “Both Prime Ministers further welcomed the leadership shown by the Viet Nam Chamber of Commerce and Industry and the Viet Nam Business Forum in taking forward the Business Integrity agenda and supported future business-led action.” This new digital platform will serve as a unique environment for UK tech enterprises to meet, share best practices and collaborate with partners from the ASEAN’s dynamic technology sector, helping to unlock millions of pounds of value through the development of new technologies. Harvey Nash plans to create and launch the pilot platform in Vietnam in the coming months, with the ambition to extend the initiative to engage other ASEAN countries. Paul Smith, Chairman of Nash Tech, a division of the Harvey Nash Group, says, “As one of the largest technology companies in Vietnam, Harvey Nash believes it is important to lead the way and build on the technology industry’s entrepreneurial drive. By developing a new platform that supports and encourages links between the UK and ASEAN, we believe the technology communities will find many new ways to interact, trade, and innovate. “The development of Tech Hub, which is supported by Lord Francis Maude, UK Minister of State for Trade and Investment, will significantly increase the export of services from Vietnam over the next two years, bringing valuable new jobs for the ICT and consulting industry and bringing new skill sets and experience to the workforce.” Vietnam presents a hu