Hss Hire Share Discussion Threads

[deanroberthunt] 02/9/2015 09:03

can't compare this with Ashtead, their mgt are the best of the best....

[seball] 02/9/2015 09:00

Ashtead released some solid results. This bodes well for HSS, Hopefully sector is picking up steam. Good luck

[deanroberthunt] 02/9/2015 08:49

ex div tomorrow, but still little buying interest...

[deanroberthunt] 01/9/2015 15:24

yep, they should be done by tomorrow

[tsmith2] 01/9/2015 14:58

Kames now below 3%...suspect v little left...

[tsmith2] 01/9/2015 14:43

Exponent's v large holding makes this v illiquid

[tsmith2] 01/9/2015 14:41

Waiting for intraday reversal Kames I believe are selling out

[battlebus2] 01/9/2015 13:12

I hope they don't as that's kinda rude...

[deanroberthunt] 01/9/2015 13:10

fallen over 50% on the profit warning.....stick that up ya they say

[deanroberthunt] 01/9/2015 08:27

still have a seller...

[deanroberthunt] 01/9/2015 07:19

Karma

NCT is the place today, 500boped from LM20 well, was expecting 60-100!!!

[karmastuartra] 01/9/2015 07:13

Let's see wat today brings!

[deanroberthunt] 31/8/2015 18:55

that would help...or Ashtead buy it out for 132p/share :) ..they have great mgt, the best...

[gasman10] 31/8/2015 14:22

Would not be surprised to see the CEO getting replaced with this performance.

[deanroberthunt] 31/8/2015 08:30

Covenants are well covered at the moment unless EBITDA falls off a cliff.....12 mth level was almost covered in H1

Senior Bond notes aren't due for nearly 4 yrs

Mean buyout share price taking debt into account is 132p/share, assuming fy EBITDA of £50m, 15% less than forecast (using 15 yr historical multiple figures and debt of £197m)

Pays a dividend

CEO + Mgmt will now be under severe pressure to perform after a dreadful post IPO performance

[seball] 30/8/2015 09:17

Should see strong bounce next week as seller probably done by now as that level was crossed 26th . Good luck

[tsmith2] 30/8/2015 09:02

Kames capital overhang...See holding RNS.

[karmastuartra] 30/8/2015 07:58

Ipo was steep,but current share price low,due a technical bounce next week to 80p range

[my retirement fund] 29/8/2015 21:39

They are replacing their inventory as well as opening new stores. I rathere suspect the entire hire fleet got hammered for 2 years prior to float to enable them to claim the stupid ipo price.I hired a rotorvator from Luton and it was totally worn out.I noticed someone posting about a HSS opening in Halsowen. However there used to be one there prior which shut down next to Tescos at the crossroads down from the Town Ctre.HSS private equity partners were not stupid, they sweated the assets and boned the animal down for the ipo.Now those holding the shares are waking up to the fact they bought the bathwater whilst the baby is sleeping safe n snug.

[deanroberthunt] 29/8/2015 16:45

Last 15 yrs have seen EBITDA buyout multiples range from a low of 6 to a high of 9.7 on average....

so I'll take a conservative stance on EBITDA of £50m for full yr

6 x £50m = £300m - £197m debt = £103m .....or 67p /share

10 x £50m = £500m - £197m = £303m ...or 197p/share

[seball] 29/8/2015 16:04

Next update in October for Q3 trading. Any sign of improvment and this will rerate. At this price excellent risk reward IMO. I'm in for some more Tuesday. Good luck

[deanroberthunt] 29/8/2015 15:52

Losses & Covenants

Losses per share are lower year on year, but savvy investors surely have noticed that its net debt was £197.2m at the end of June, down £109.2m from £306.4m one year earlier.

“The financial covenant in place on the group’s revolving credit facility at 27 June 2015 is a minimum Ebitda of £35m on a rolling twelve month basis,” HSS says.

Bank covenants set how much debt a borrower can keep on its books depending on certain financial metrics — Ebitda, in this instance. So, assuming annualised 2015 Ebitda of £60m — which could be lower — its implied net leverage would be above 3x.

HSS should be safe on this basis, but I really need to check its next quarter’s performance before committing to it. I also need more clarity about the exit strategy of its owner, Exponent.

Of course, this is a blow for the arrangers of its IPO. HSS was listed on the stock market in early 2015, when its shares were priced at the low end of the 210p-262p guidance. Then, its implied market cap was £325m. Now, its equity value is £123m.

[karmastuartra] 29/8/2015 13:14

Sorry in that case I wasn't listening.

[deanroberthunt] 29/8/2015 13:12

in.

seems to be doing a debenhams

[karmastuartra] 29/8/2015 13:09

Are you in or just trolling?