Share Name Share Symbol Market Type Share ISIN Share Description
H&t Group LSE:HAT London Ordinary Share GB00B12RQD06 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -9.75p -2.87% 330.25p 330.25p 340.00p 330.25p 330.25p 330.25p 12,806 12:02:07
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 94.2 9.7 20.9 15.8 123.64

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Date Time Title Posts
28/11/201712:22Harvey and Thompson Pawnbrokers598
11/8/201607:30*** Harvey and Thompson ***-
16/4/201215:55Trading Story21
24/5/201006:39H&T - Growth in recession and credit crisis times173
17/1/201013:15H&T with Charts & News13

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H&T Group Daily Update: H&t Group is listed in the General Financial sector of the London Stock Exchange with ticker HAT. The last closing price for H&T Group was 340p.
H&t Group has a 4 week average price of 290p and a 12 week average price of 290p.
The 1 year high share price is 360.75p while the 1 year low share price is currently 253.25p.
There are currently 37,437,760 shares in issue and the average daily traded volume is 26,850 shares. The market capitalisation of H&t Group is £123,638,202.40.
aleman: Zopa's default rates for 2016 and 2017 are now running higher than the 2008 peak. (Why is the stockmarket so late reacting to recessionary trends in credit this time?) This will be sharply pushing up (UK) interest rates for new loans in the market, especially amongst subprime. The rising defaults will tend to act as a drag on profit on the way up but will tend to lead to bumper profits once the recessionary cycle is worked through and defaults fall back before market rates fall again. (Now go check HAT's share price from 160p in 2009 to 390p in 2011.) Https:// Lending Club's graphs of rates charged show the top 3 grades broadly flat over the last decade but D to G have risen markedly in the last 3 years after a few years stable. The histogram of mix also shows D to G dropped from 30% to 20% of loans as higher rates saw lending dry up for those with poorer credit ratings. It is this tightening of credit markets that has been slowing economies. Defaults and interest rates started creeping up in grades B and C since Q1 2016. This is ominous for the (US) economy, given that they make up 65% of originations. If you look at Lending Club's Q1 2016 issuance for F/G subprime, they are running at a -3.4% return on loans issued at 25% due to exploding defaults. Q2 was -1.3% on loans issued at 26%. Q3 was -0.3% on 27%. Have they now got on top of the trend? Q4 2016 was running at a 6% return on 29% and Q1 2017 at 13% return on 30%. Q2 2017 is running at an estimated 15% return on 30% interest charged. Https:// Now these more recent tranches could still sour a lot more more if the (US) economy tanks, which is looking increasingly likely, but they show how defaults go up, rates rise and lenders can become very profitable once they get on top of it. Lenders lending for shorter periods tend to get on top more quickly. Lenders lending for long periods can strain balance sheets and get into lots of trouble before things get better. Historic experience is that pawnbrokers see more business for shorter loans and become very profitable more quickly than other lenders but it will vary from company to company, depending on tactics. Some directors get it wrong and defaults sink the company. HAT should have the experience to thrive in this environment as they did last time. We already saw profit rise in personal loans in the results despite the higher impairments. Their interest rates should be adjusting upwards and they should be using this recent experience to be more selective about the greater number of subprime customers coming through the door after being rejected by banks and credit card companies. It is an opportunity if they are careful. Let's hope they take it
junior21: Well that was a nice surprise, just opened a small spreadbet on these at lunch as share price was showing good strength on such a down day overall.
scotches: The higher gold price gave a turbo boost to a business that was already motoring at pawnbroker H & T Group PLC (LON:HAT). Profit before tax in the first half of 2017 rose 62.2% to £6.0mln from £3.7mln the year before. ..... The interim dividend has been hiked by a little more than 10% to 4.3p from 3.9p. ... Meanwhile, broker finnCap said the results were ahead of its expectations and it expects to upgrade its full-year profits and earnings per share estimates by around 5%. “This has been a milestone year for the company and the outlook statement is confident; however, this is not reflected in the share price, which has declined 6% while Ramsden has appreciated 68%. This is an opportunity for investors in a neglected stock,” the broker said. See rest at proactive investors site - link not permitted
walbrock82: For those who want to understand the H&T business, you may find these interesting factual questions: - 1. Why their cash cycle is around 400 days? 2. What is the cause of their wage bill rising to 25% of revenue? 3. Is there a problem with trade receivables and inventories accounting for 94% of revenue? 4. What is a pledge book? 5. Finally, is the company’s share price on the high-side of valuation? The explanation is here:
jeffcranbounre: H&T is mentioned in today's ADVFN podcast. To listen click here> In today's podcast: - Technical Analyst and PR at Zak Mir Alan will be charting, Quindell, LGO Energy, Tesco and Nanoco. Zak on Twitter is @ZaksTradingCafe - And the micro and macro news including: Tesco #TSCO LGO Energy #LGO Quindell #QPP Gulf Keystone Petroleum #GKP Nanoco #NANO The Restaurant Group #RTN Laird #LRD Unite Group #UTG SSP #SSPG Trainline Jardine Lloyd Thompson #JLT H&T Group #HAT Morgan Sindall #MGNS Zoopla Property #ZPLA Rightmove #RMV LSL Property #LSL Countrywide #CWD Taylor Wimpey #TW. Redrow #RDW Persimmon #PSN Crest Nicholson #CRST Bovis Homes #BVS Berkeley Group #BKG Bellway #BWY Barratt Developments #BDEV Every Tuesday is Ten Bagger Tuesday on the podcast. If you know of a stock, whose share price has the potential to increase ten fold, just click the link below. Ten Bagger Tuesday (All it involves is filling out a form that will take you around 5 minutes and you don't personally appear on the podcast). Once a week, on a Friday, I feature a tip from a listener to this podcast, if you'd like to suggest a stock click the link below: Suggest a stock (Again all it involves is filling out a form that will take you around 5 minutes and you don't personally appear on the podcast). You can subscribe to this podcast in iTunes by clicking HERE To follow me on Twitter click HERE As a listener to the ADVFN podcast you can take advantage of some exclusive first year discounts on popular subscriptions: Bronze - £50 (normally £73.82/year) Silver - £145 (normally £173.71/year) Level 2 - £350 (normally £472.94/year) Call 0207 0700 961 and ask for the ADVFN Podcast discount to take advantage of these reduced rates or just CLICK HERE for more information. Please DO NOT buy any stock recommended in this podcast basely solely on what you hear. The opinions in this podcasts are just that, opinions. Please do you own research before investing.
chalky: looks like h&t have consolidated well in a terrible market,we knew the numbers were not going to play out well but there are some good indicators that make these a good hold. I like increased cash flow to nearly 11mill, decreased debt to under 19 mill and a share price at buy 180 on a net asset value of about 245p a share and still paying a dividend,also more products available to customers and a market in gold that seems to have some life in it so far.buying something for 180p which is possibly worth 245p seems a good idea to me,looks like there is a fair bit of value there.also someone else may see that too as a possible take over target.
rohkap: Disappointing to see these results given all the previous management chat about not being reliant on gold prices, reinvesting gold profits blah blah. Turns out the whole business is massively correlated to gold prices (apart from financial services)!!! Whats worrying is that gold was only £300 approx 7 years ago ie still could a long way to go before it bottoms out completely Struggle to see why ABM hasnt been clobbered in sympathy. Surely it has the same issues as HAT with a similar sized estate with high reliance on gold selling plus significantly higher net debt and goodwill balances? Looks like an obvious short to me. Assuming there is no M&A activity, where does HAT bottom out? Looks cheap on balance sheet basis but assuming £3-4mm annualised net income for short term then share price decline may have a while to go before stabilising (current market cap around £47mm). I worry for the divi even at the slashed levels. They need to put a hold on expansionary capex as they need to get a grip on costs. Saying that, its going to be hard to reduce costs when the estate has been expanded so aggressively over past 6 years. That brings with it high fixed costs -salaries + shop rentals
gj2: Also agreed - it never ceases to amaze me that the lower a company's share price goes (particularly into single pence), the more the posts appear - and the more personal they seem to get. Happy to continue holding these (4 years so far). Just gutted about selling ABM over 10 years ago for tax reasons.....
scotches: I had also been wondering if the forecast big drop in EPS was now accurate. The assumption was that the increased costs of new store openings and their early stage development when they did not contribute would markedly reduce profits. However I still like that Red Tom article in the header post above which although a year out of date gives various ideas for how to value the company. That article makes much of the idea of valuing pawnbrokers in relation to size of pledge book. That isn't divorced from the surge in gold prices since of course a lot of the pledge book will be gold related. However unless I am getting the decimal point in the wrong place it still makes little sense for HAT to have such a low rating in relation to its main competitor ABM. ABM recent pledge book was £37m and current market cap is £185m. So that's about 5 times the pledge book. HAT has a pledge book of £39.5m and a market cap of 123m. On that valuation method alone HAT should be £5.50 so there must be some other factor suppressing HAT price - I guess a perceived lower quality of earnings.
scotches: The level of gold profits is distorting an easy comparison between ABM and HAT. That article mentions another method by using value of company in relation to size of pledge book. However I get a HAT price of about £5 using that comparison - I wonder what is wrong with these calculations. ABM pledge book 39.1m - market value £175m - a multiple of 4.47. (Shares in issue 55.51m) HAT pledge of 39.5m - market value £117m - a multiple of 2.96. (Shares in issue 35.63m) HAT reported a much smaller % rise in pledge book compared to ABM - but can the vast gap between valuations really be justified. Anyway that recent period where it was sitting available for purchase at 280p was another great opportunity to add.
H&T Group share price data is direct from the London Stock Exchange
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