Share Name Share Symbol Market Type Share ISIN Share Description
Hml Holdings LSE:HMLH London Ordinary Share GB00B16DFY89 ORD 1.5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 33.00p 32.00p 34.00p 33.00p 33.00p 33.00p 10,000 07:54:47
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 18.6 1.2 2.7 12.2 12.91

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Date Time Title Posts
23/9/201615:51HML, expanding residential property management company 296
11/9/201516:40HMLH The ability In financial Outsourcing.17
17/3/200918:51HML with Charts & News92

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HML Holdings Daily Update: Hml Holdings is listed in the Real Estate Investment & Services sector of the London Stock Exchange with ticker HMLH. The last closing price for HML Holdings was 33p.
Hml Holdings has a 4 week average price of 33p and a 12 week average price of 32.68p.
The 1 year high share price is 42p while the 1 year low share price is currently 29.75p.
There are currently 39,119,346 shares in issue and the average daily traded volume is 11,777 shares. The market capitalisation of Hml Holdings is £12,909,384.18.
shanklin: AdamB To be fair, at least HMLH are using cash rather than paper to fund their acquisitions. Given the weak (IMHO) share price, issuing shares to fund acquisitions would be a major problem.
adamb1978: I also cannot make it on Tues 20th, though would very much like to. Main reason would be (i) to try to make the point which Shanklin makes above - the way they present their results does not help get the share price up and (ii) why the buy and build strategy doesn't seem to be working
davidosh: Revenue growth is really gaining momentum now. Note the two large acquisitions which brought in 3000 properties were in the second half of the year just ended so add little to the top line but do add to year end props under management. They also bought another three companies since the year end so must be at about 64,000 by now and with new builds coming in from that new team on top. They should reach 70,000 this year but we need to know how these economies of scale can really deliver for shareholders. I am expecting revenue to hit £20.5m and possibly £21m this year with that big growth in acquisition activity late in the year and very early in this financial year. So based on their own valuation method the target share price should be at least 60p per share if using the 1.25x revenues model to value the group as a whole with a bit on top for doing all the work having put the group together. Then a bit more for the economies which should now begin to come through after all the investment in systems and people.
mcfly79: Thanks for the posts Graham1TY,Do you know if the company looks at many potential acquisition targets that are more sizeable than the recent acquisitions?When I spoke to Robert Plumb some time ago he suggested that Barclay's were keen to lend to HMLH and imo it makes sense to debt finance a large acquisition if the price was right.You'd think that the company should be able to borrow at least £3m (perhaps substantially more) at a fairly low rate. A long term revolving facility may best meet the company's needs and allow flexibility on negotiations.A company I track called Adept Telecom negotiated a £15m revolving facilty last year and used a large chunk to fund a sizeable acquisition. The share price has done very well since the acquisition was announced. Adept are about 4 times the market cap of HMLH and are in a completely different sector but have some similarities in that they convert almost all of their earnings into cash and had been using that cash to fund smaller acquisitions.Adept pay 2.3% above libor for drawn funds on the facility and 0.9% for the undrawn element. Very cheap money!
shanklin: I guess it has the benefit of suppressing the share price!!
graham1ty: One comment on acquisition cost, and insurance. They are tied together. HMLH have their own inhouse insurance broker. A non group block will have insurance and will pay a broker a handsome premium to arrange it. An acquisition is moved to that insurance broker. HMLHs broker, because of its buying power can go to the client block and offer a LOWER overall cost for their insurance. The client block likes it and thinks what a great job the new managers are doing. But, the brokimg premium ( and this is all disclosed) now stays in house and is not paid away to a third party broker. Win, win all round. So, the pre acquisition revenue may not be relevant is HMLH can immediately add a hugely profitable ( but still, for the client cheaper) insurance revenue stream to each acquisition. The uplift is not disclosed but I suspect immediately changes the apparent economics of each deal. So, the worries about insurance. Does HMLH have a conflict of interest, or is it ripping off the clients or doing something illegal ? No. First all this is disclosed to the clients. Under all the ARMA codes there is way more disclosure from HMLH than rival, dodgy, "bloke over the corner shop" managers. Second, the client will end up paying LESS for their total insurance package than before. The difference being that the arranger is HMLH using its scale and buying power to get the deals ( and keep the fee). Third, might there be a regulatory nightmare where insurance and management are split ? This is the Armagedon scenario. Well, no, not at the moment. This has been raised before in the various Inquiries, White Papers, etc with regard to managing agents. And each time it is dismissed as not an issue. There are bigger fish to fry in this pool: primarily the conflict of interest in owner managers, providing overinflated services effectively to themselves; second the unregulated bandits. So HMLH has been at the forefront of ARMA ( Association of Residential Management Agents) calling for MORE regulation. HMLH used to sit on the Board of ARMA, have made submissions to Parliamentay Committees etc. They want disclosure, client decision making, no conflicts of interest. All,of which put the worries about insurance into context. HMLH are not doing anything dodgy. They are just lucky to,own their own insurance broker. Lastly, acquisitions, organic growth and profits. HMLH had got themselves in a good place c2012-2014. Every acquisition, small forecast upgrade ( and just as an aside HMLH have done almost all,of this out of free cashflow. HMLH throws off cash). So for two years there were always creeping upgrades. HMLH were always going to beat forecasts and the end eps was 25% above where it had been at the beginning of the year. I Like that in an investment. But 2015 was time to "grow up" and put in place systems, IT, costs more suited to a larger company. They recruited regional managers, set up a proper HR department ( gulp, pre 2014 HR was,done on the back of an envelope), jazz up the IT. And these costs hit operating costs, operating profits and margins. Not badly, but just interrupting the nice smooth line of growth they had managed for years. Is it the end of growth ? A change in business model ? No, not in my opinion. It cost a bit more than they expected to get ready for the next period of growth. They have been quite open about this. I think also the management team six months ago was getting a little bored/bothered by short term demand for profit growth and explaining the investment they have made. So, I think they have withdrawn into the business with a " just let us get on with it and the numbers will speak for themselves attitude". There had been a lot of investor contact for a couple of years, and as soon as the share price drifted down below 40p, everyone was on their back. I hope Rob and the team have just let that background noise go away, and justmfocused on getting HMLH back to where it was: a growing,cash generative, forecast beating growth Comapny. Let us see when the results come out
mcfly79: I've bought in recently. I've been waiting for an entry point for the past few years after having missed the opportunity to buy in before the large share price rise in late 2013. I believe the recent pull back to the low 30s presents good value. I attended the AGM back in Sep 2014 as a visitor and hope to attend again this year as a shareholder. Thanks to Graham1TY, rivaldo and others for their contribution to the board. I hope to be a more regular contributor now I am a shareholder.
graham1ty: Rivaldo, that is the fourth acquisition since the Finals last June ( one had no RNS). Units managed are up from 51,000 to today's 60,000. Forecasts are for revenue growth of 7%, yet that looks more like 15% to me. I hope that the "fear" that has been hanging over the share price now lifts and that they have got something up their sleeve for the Finals this year
rivaldo: HMLH holding at these levels, but still on a single-figure P/E. Anyone any thoughts on why the share price has slipped? I'd have thought the housing market would be pretty busy in advance of the stamp duty increases coming in (on 1st April from memory?).
b3842517: Share price reaction looks odd given a strong set of results.
HML Holdings share price data is direct from the London Stock Exchange
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