Hat Pin Share Discussion Threads

[heartless112] 28/12/2005 14:14

But

15. Dividend policy The declaration and payment by the Company of any future dividends on theOrdinary Shares and the amount will depend on the results of the EnlargedGroup's operations, its financial condition, cash requirements, futureprospects, profits available for distribution and other factors deemed to berelevant at the time.

--------

Looks like dividends are on hold for the while

[heartless112] 28/12/2005 14:07

interesting disposal by a Stephen Raven- private investor or linked to company?

also interesting that the CEO has trebled her stake in the company.

may well follow suit myself- this is a well run business, that had plenty of organic growth prospects for me to invest in it pre-acquisition

wondering what other shareholders think?

[cambium] 11/12/2005 21:37

Interesting point in the share price graph, I have held these many times b4 and have waited and waited. Good luck to holders.

[leopold555] 29/11/2005 09:11

Nice tickup this morning

Leo

[lafiamma] 28/11/2005 16:47

Daz,

Yes, acquisition looks good, price seems reasonable. I haven't looked at anything below £50m market cap in a long time, last such stock I owned was this one about a year ago in fact, and back then you'd struggle to buy and sell 5,000 shares, but it was fairly liquid this am so just grabbed 10k at the open while they were available. Small punt

[njp] 28/11/2005 11:50

Daz

Have not studied the announcement in detail but, from memory, your estimate as to the overall p/e sounds about right. Still, the deal does find a use for surplus cash, should be earnings enhancing because it was only part funded by new shares and does give us a large engine for growth and scope for synergies.

Incidentally, I see that the share swap talked about seems to have happened at an share price of 57.5p, which sounds encouraging.

[leopold555] 28/11/2005 10:47

only dipped me toe in on the news might add more later. Funny thing is I could not buy 2 grands worth online so tried £1500 no joy then finally got a grands worth

Leo

[daz] 28/11/2005 10:44

On my figures, the company is paying a multiple of 12 at the full acquistion price for a 70% stake. So would imagine it's relying on cost synergies and cross selling opportunities to justify the takeover. Doesn't look like a bargain on the face of it, the companies justification seems to support this

'...The Acquisition significantly reduces Hat Pin's dependence on the revenues generated by KTW and its exposure to the cyclical nature of the marketing and communications sector. Furthermore, the Directors believe that the Enlarged Group could benefit from the cross-fertilization of ideas and best-practice as well the involvement of SBH's highly experienced management team in its future growth plans...'

Still though not expensive, maybe a less cyclical company could command a higher rating.

Laf, did you buy on the acquisition news?

[leopold555] 28/11/2005 10:19

Just bought in

Leo

[lafiamma] 28/11/2005 08:05

Looks good to me. I'm in for a speculative long term punt @ 55.25p

[kennerland] 30/9/2005 12:01

daunker.
ditto.Been a long term holder now for 18months.Problem is share price doesnt move very much!Still a very solid growing company.Will wait just a little longer.
d.c

[daunker] 28/9/2005 15:38

I will have held this for two years come february, zzzzzzzzzzzzzz!

[glasshalfull] 28/9/2005 14:45

Have all the PI's left ??

Nice tick up over the last few days and good to see Bob Mortons Southwind up their stake.

I've also added.


Regards
GHF

[daz] 22/9/2005 09:49

6p EPS is asking too much.

The company only paid 2k in tax in the second half last year compared to 124k in H1 this year.
Also the split in profits last year favoured the H1 even pre the exceptional H2 charge, however that could be different this year.

On a same again H2 of 2.6 to give EPS of 5.2, the company isn't expensive.

[njp] 22/9/2005 09:35

I guess the only other issue is that the cash is being retained for acquisitions rather than dividends. No problem with that if spent wisely, but might sound distant alarm bells for some.

[albcamus] 22/9/2005 08:53

Hear, Hear

[glasshalfull] 22/9/2005 08:49

Hi

Very pleasing results.
On a quick scan through it appears that China and the Americas are beginning to drive growth although business seems "buoyant" across the company.

At 54p the Cap is £5.9M with net cash on the balance sheet of £1.7M (up from £1.2M in the last 6 months !) so Enterprise Value of £4.2M.

Forecasts are for EPS of 6p and PTP of £800k for the full year. They've just done £399k so I would say with the growth exhibited and positive message released here then this is certainly achievable.
Prosp. PER is 8.75 (even by ignoring the cash balances, which would make it significantly lower on the enterprise value basis).

The only negative I can see is only the marginal increase in EPS which is flagged up by the note that the tax losses brought forward are now at an end.

This is now a LTBH for me.
One to tuck away IMO. I'm not expecting fireworks but feel that the strong business model, strong cash generation and strong cash balances will lead to a gradual rerating.


Regards
GHF

[njp] 22/9/2005 08:07

Agree with you, nurdin. Had a small 5k nibble fist thing this morning.

[nurdin] 22/9/2005 07:59

''With that backdrop, we are confident that our full year performance in 2005 will
meet our expectations...'' suggests 6p is on cards

[nurdin] 22/9/2005 07:55

Good results.PE around 11 if they just repeat H1 in H2..but suspect H2 would be stronger

[glasshalfull] 20/9/2005 11:13

Hi

This has been on my watch list for a while and I finally decided to buy a small tranche this morning.
Don't see too much downside with the AGM statement very bullish re. Q1 and very good cash flow and cash balances over the last couple of years which certainly limit any downside.

A good risk/reward play.....I hope !!!


Regards
GHF