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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Harvey Nash Grp | HVN | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 128.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 128.50 |
| Top Posts |
|---|
Posted at 26/9/2018 17:44 by mongrels3 Does anyone on here subscribe to Investors Chronicle?There is a feature on HVN today I believe. |
Posted at 29/8/2018 12:44 by dangersimpson2 The most likely outcome is that DBAY take them for 130p but the option value is small. You can sell in the market now for 130.5p or get 130p + 1.75p dividend by holding. So the only real cost of holding is the opportunity cost of having a better short term investment idea that has a higher chance of delivering a return than a competing offer. |
Posted at 29/8/2018 11:07 by dangersimpson2 I doubt DBAY will come back with an improved offer. However that doesn't mean that an industry player won't make an offer. DBAY are investors so they are not desperate to get into the recruitment industry, all they care about is generating the highest risk adjusted return so if someone makes a higher offer they are highly likely to take it. Doesn't mean it will happen though - maybe the larger recruiters don't see significantly higher value in HVN than the DBAY offer. There is an argument to be made though that the larger recruiters could offer shares on a P/E of 20 to buy earnings on a 10 times multiple and if they could remove central costs and get HVN's net margins from their current 1% to 4% then they would be getting it for 2-3x future earnings. |
Posted at 10/8/2018 11:54 by dangersimpson2 There's a few trades on NEX. You can sell in reasonable size around the offer price (incl. dividend) if you want but I guess most people who wanted the short-term liquidity to sell did so on the day of the offer. Not a buyer willing to chase the price though so just a case of waiting to see if DBAY get it for 130p or a trade buyer thinks it's worth more. |
Posted at 07/8/2018 13:16 by dangersimpson2 I think if we do get a counter-offer from an industry player then you are right a lot of other smaller listed recruiters look vulnerable to being taken over, removing the board costs and delivering earning enhancement to the more highly rated larger recruitment companies.However if we don't see a counter offer for Harvey Nash then the likelihood of other sector consolidation could be overstated. I see GATC has already gone up 9% this morning which is more than half of the premium that DBAY are paying for HVN. Having already lost Creston to DBAY takeover a few years ago and now HVN I will certainly be keeping an eye out for their name appearing in RNS in the future. |
Posted at 07/8/2018 10:36 by davidosh I think this is a lowball offer but it probably needs another trade buyer to come in and shake it up or I fear DBay will have done all the necessary work and incentives to management to get enough votes in a weak market especially with the Brexit woes clouding over investors. It is the Summer so a perfect time to catch things whilst the larger investors are sunning themselves on extended hols !I will be amazed if this does not get others casting their net on the sector at GATC has been a sitting duck with a ship that appears rudderless and RTC Group where I have a large holding is on a P/E of 5.5 and yields a whopping 7% with directors paid as much as HVN so if the admin costs and central overhead can be slashed or absorbed then it makes a great albeit smaller catch... Just my view but I suspect this will kick off more action in the sector. |
Posted at 07/8/2018 09:05 by dangersimpson2 DBAY are value investors so they were never going to pay a high price, and while the offer doesn't look generous at all part of the rise in share price of the last year has been them buying & putting pressure on management to stop taking all the returns of the growing business in salaries.Being investors though means that if a reasonable counteroffer comes through I'm sure DBAY would accept. HVN should make a nice, earnings enhancing bolt-on for one of the larger recruiters, just hope one comes through with an acceptable offer in time. |
Posted at 07/8/2018 07:23 by cwa1 Recommended offer!!· Under the terms of the Acquisition, each Harvey Nash Shareholder will be entitled to receive 130 pence in cash for each Harvey Nash Share (the "Harvey Nash Offer Price") and one interim dividend of up to 1.75 pence for each Harvey Nash Share which may be declared prior to the Effective Date (the "Interim Dividend"). Disappointing price IMHO |
Posted at 09/6/2018 09:54 by thorpematt I am sure i have posted comments previously on my on view of HVN. From my perspective I have viewed it as a business which generates good cashflows, a large proportion of which is returned to shareholders. It has been one which has failed historically to grow too much which given its geographical spread and relative small size has given some a dim view of it.More recently the Market has, I think, written it down as a bit of a basket case because of the failure to grow, coupled with some concerns around movemets in working capital and thin margin. Increasingly the market appears to be turning its view. Those working-capital issues aren't there now and they are revealed to be what the BoD said they were (and not some sort of red flag against some creative accountancy). The company trades with a lack of gearing and debt and depsite its thin margin (which is a feature of the sector) it continues to provide a very solid dividend with enough spare to aquire also. (Its SII is flat too). Looking forward the company has made some recent transitions and aqcuisitions which pit it firmly on a footing for the exploitation of some growing opportunties within specialist recruitment and to this end its growth prospects look strong. As far as a valuation is concrned its hard to justify a PER for such a stock as anything less than 12 and probaly more like 15. With the recent upgrade from brokers calulatied in this insinuates a target of between 170p and 210p Personally I have always found the best strategy to utilise in June to be a FTSE short (excpet the last trading day and then you go long), but in HVNs case I had to buy more this week because there is a compelling story here. Incidentally I also hardly ever take notice of "talking heads" but I think Zeus made some good points here:- |
Posted at 07/6/2018 09:57 by davebowler Zeus;Capital markets day Harvey Nash hosted a Capital Markets Day yesterday in which it updated investors on its Group strategy and gave an overview of its key operating regions and divisions. Following its transformation plan, Harvey Nash is now a focused technology recruiter with a portfolio of complementary brands that enables it to provide a one stop shop for its clients. Current strong trading momentum is backed by a solid balance sheet and a highly cash generative model that has enabled the group to return c.£24m in dividends over the last decade. Yesterday’s positive Q1 trading update saw shares close at five-year highs last night. We believe its current valuation continues to be highly compelling relative to its listed recruiter peers. On a current year EV/EBITDA of 5.5x and a P/E ratio of 8.4x supported by an attractive 3.9% dividend yield. § Key takeaways: Harvey Nash is positioned in the growing technology recruitment space where acute skills shortages are driving demand for its services. The Group operates through a range of leading brands that are well-recognised by both candidates and clients. It is able to offer an end-to-end service, placing candidates from the bottom to the top of its clients’ companies. The financial strength of the business is reflected in its strong current trading and conservative balance sheet gearing with forecast FY19 net debt of just 0.1x EBITDA. It is a highly cash generative business model which has enabled the Group to deliver 10 years of sustainable and progressive dividend distributions, returning c.£24m to shareholders over that period. § Region & divisional: The Group operates a federal structure with strong, long serving regional management teams able to make autonomous decisions relevant to their local markets. The capital markets day presentation included updates from a number of regional and divisional heads, the key takeaways of which are summarised in the note. § Forecasts: We remain comfortable with our full year forecasts which are underpinned by Q1’s budget outperformance. We leave our numbers unchanged but continue to see upside potential to our projections going forwards § Valuation: The shares rose on yesterday’s positive trading update, reaching five-year highs. We believe Harvey Nash continues to represent good value relative to its listed peers. Contribution from successfully executed acquisitions alongside ongoing gains from its internal transformation plan are helping it to deliver solid results. The shares trade on an FY19 PE of 8.4x yielding an attractive 3.9%. |
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