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HVN Harvey Nash Grp

128.50
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Harvey Nash Grp LSE:HVN London Ordinary Share GB0006573546 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 128.50 125.50 131.50 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Harvey Nash Grp Share Discussion Threads

Showing 3926 to 3947 of 4000 messages
Chat Pages: 160  159  158  157  156  155  154  153  152  151  150  149  Older
DateSubjectAuthorDiscuss
07/8/2018
06:23
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

cwa1
24/7/2018
22:32
this explains reason for recent fall





hxxps://www.energyvoice.com/promoted/177280/more-costs-on-their-way-for-contractors-service-companies/


Following the public sector changes introduced in April 2017, responsibility for compliance with the IR35 legislation has been shifted from the individual contractor, to the public body or recruitment agency. As predicted, this has reportedly triggered an exodus of IT contractors within the public sector, as well as an increase in day rates to compensate for the reduction in take home pay. In spite of this, HMRC have stated that “the available evidence shows that the public sector reform has been effective in tackling non-compliance with the off-payroll working rules”.


very bad news for IT contractor sector as margins being squeezed even more

opodio
24/7/2018
11:30
EMR looks a good comparable.
davebowler
11/7/2018
09:51
I've gone back in for more on the dip. I saw the share price drop as simple top slicing.
heapos
09/7/2018
14:43
Steady buying , could break 130p soon
its the oxman
21/6/2018
18:04
Have analysed this company again and something is definitely changing.

Look at the CMD presentation; they have never done anything so clear and well presented. HVN seems to be in a good spot at the moment: Brexit risk seems to be nicely offset by their strong business in Benelux. Their EU business is already making more money than the UK.

But there is something more, which has come I think with the entry of DBAY.
Look at the difference between the announcement of the new CFO last year and how he is now presented in the CMD

Last year: "Mark has extensive experience as a finance director in the staffing and recruitment sector. Most recently, he was Global Chief Financial Officer of Ingeus Group, a human services outsourcer to governments in 12 countries. Earlier in his career, Mark was Chief Financial Officer of Cordant Group plc, a provider of recruitment and technical services, and Group Finance Director of Reed Health Group plc, an international recruitment business in the health and care sectors. Mark has also served as Group Finance Director of the private equity backed National Fostering Agency".

June 2018:
"Mark Garratt.
Successful disposals to Private equity, etc.
Completed 20+ M&A transactions...."

I don't know what others think, but to me this is a sign that DBAY + Miton and perhaps other shareholders are actually working to create shareholder value perhaps through a major transaction.

sophia1982
18/6/2018
11:30
Looks poised to break 120p. Provided we don't get taken out first. Must be getting noticed now. Good times continue.
its the oxman
09/6/2018
08:54
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:-

thorpematt
07/6/2018
08:57
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%.

davebowler
07/6/2018
08:43
Very positive update, scope to rise much higher if this growth continues.
its the oxman
07/6/2018
08:29
Capital markets day presentation link below:

hxxps://www.harveynash.com/group/mediacentre/2018/06/capital_markets_day_presentation/index.asp

mongrels3
06/6/2018
21:41
I don't think it's been posted yet...they need to get some IT people in to sort that out.

I thought the TS was very postive indeed. As I have comented before, when the market sees this as a growth stock instead of a stock with flat prospects and thin margins it will re-rate. The PER is looking silly now. I'll be looking to buy a lot more if I get any sort of opportunity.

I also thought that the KPMG survey really detailed the tailwinds for HVNs future growth business model.

thorpematt
06/6/2018
15:17
Does anyone have access to the materials presented at the capital and markets day today? or a link?
mongrels3
06/6/2018
09:22
Zeus;
Harvey Nash has released a trading update covering the first quarter ended 30 April 2018, ahead of its Capital Markets Day to be held this afternoon. Performance has been robust, with the strong organic growth seen in the second half of FY17 continuing into Q1. Group gross profit is +7% YOY, driven by robust performances in the UK & Ireland and Benelux, whilst the US market remains more challenging. Today also sees the release of the KPMG Harvey Nash CIO Survey showing an improvement in the proportion of respondents reporting budget increases and an intention to hire additional headcount. A solid first quarter of trading is supportive of our investment case with results tracking ahead of budget, underpinning our full year forecasts and providing upside potential going forward. At last nights close price, the shares trade on an FY19 PE of 7.7x yielding an attractive 4.3%.

§ Q1 trading: Group gross profit is up 7% YOY in Q1. In the UK & Ireland, the largest of the Group’s regions, gross profit rose 20% YOY, benefitting from robust growth in contractor volumes despite Brexit uncertainty, as well as contribution from Crimson IT acquired in September 2017. In Benelux, gross profit was 13% higher YOY with strong organic demand for contract recruitment and managed services. Gross profit is 7% higher in the Nordics region YOY including contribution from PAT Management acquired in July 2017 and Central Europe saw a 5.0% increase in gross profit in Q1. Trading has been more challenging in the Rest of World region, where exceptionally strong prior year comparatives have contributed to a 23% decline in gross profit YOY. Management has already announced a transformation programme at full year results (27th April) to address the headwinds faced in this market.

§ Business confidence is returning: Today also sees the release of the KPMG Harvey Nash CIO Survey 2018, with the proportion of companies reporting budget increases at a record high since 2005; 84% of survey respondents expect to maintain or increase their budgets whilst the proportion reporting a positive intention to hire additional headcount was up to 47% from 44% over the last three years.

§ Forecasts: We remain comfortable with our full year forecasts which are underpinned by Q1’s budget outperformance. We leave our numbers unchanged today reflecting low earnings visibility in the sector but continue to see upside potential to our projections going forwards.

§ Valuation: Harvey Nash has performed strongly since its move to AIM last July. The completion of three complementary acquisitions alongside annualised gains from its internal transformation plan are helping it to deliver solid results. The shares trade on an FY19 PE of 7.7x yielding an attractive 4.3%.

davebowler
06/6/2018
09:14
Ex dividend for 2.652p next week. Yield still around 4% even after the rise so far, and likely at least 5% in two years' time on past performance.

I have held this for over ten years now, with a total return (dividends and capital gains) of over 14% per annum compound (excluding any gains from selling and buying back since then), so probably my best long term hold (CMS is also up there but only held that for 7 years). And it still hasn't yet reached the point where I want to sell!

edmundshaw
06/6/2018
08:33
Very nice TU today; profits +7% on the quarter.
deadly
31/5/2018
11:34
Some good price strength over 100p. This looks like going up further all else being equal.
edmundshaw
11/5/2018
09:09
Alexander Mann Solutions just been sold for £820m! Interesting development in the recruitment industry.
heapos
02/5/2018
14:22
Should move up to 110-120p area soon
its the oxman
30/4/2018
13:22
I can't remember when HVN last did a Capital & Markets Day. Maybe I'm mistaken, but not in the last few years. Perhaps a sign of increased confidence and bodes well??
mongrels3
27/4/2018
11:20
If you go back far enough there was if I recall a discussion some of were having on the restructuring and the fact that there really needed to be belief that the management were
a)capable of making the right changes and
b)being honest and transparent with the numbers.

I was so convinced that this one one was cheap that I was willing to take a long term (for me anyway) view and hold through that un-certainty. It now appears that the cost saving, closures and repositioning are now bearing fruit. The market generally does not like uncertainty and obviously the previous rating was a result of that fact.

Moving forward with a more transparent view I suspect the market will start to see the benefots and potential for strong returns here.

If I am not mistaken the normalised EPS are significantly ahead of the consensus forecasts and thus I suspect future forecasts will be revised up. The forward PEG is going to look pretty cheap I suspect.

In the meanwhile we do have a potential significant technical breakout also very much on the cards. Breaks above a £1 are also quite significant but HVN has recently seen the level as significantly resistive so a breakout here would be doublely positive.

thorpematt
27/4/2018
08:29
Good chance it could attract a bid for as well given its low price and prospects.
its the oxman
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