Share Name Share Symbol Market Type Share ISIN Share Description
Myhome LSE:MYH London Ordinary Share GB0031249856 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 5.00p 0.00p 0.00p - - - 0.00 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - - 3.18

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Date Time Title Posts
28/6/201000:27MyHome Plc - Life after the Acquistions416.00
10/1/201010:15Myhome Plc-Clean up with this multibagger!!3,022.00
09/9/200819:33Sensible discussion thread649.00
04/6/200815:43Sensable discussion thread-
06/8/200713:14myhome3.00

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DateSubject
23/7/2008
11:17
gsands: Myhome International Our view: Avoid Share price: 4.875p (-3p) Myhome International seems to belong to a different age. The group came up with the idea of franchising domestic services such as oven and carpet cleaning, window cleaning and lawn cutting for "cash-rich, time-poor" customers. The shares hit the giddy heights of 106p. One credit crunch later and it is a very different story. The dash for growth left an awful lot of costs needing to be taken out while at the same time the number of franchisees it has signed up has fallen short of expectations. The AIM-listed company, which is in breach of some of the covenants within its £8m bank facility, crashed 38 per cent yesterday after announcing it was discussing plans for a possible equity fund raising at a major discount to the current share price. Some of the larger investors will be asked for their support. In the meantime, it said trading for the third quarter to the end of September is in line with expectations. Trouble is, a long cash-squeezed summer could derail what, after all, are pretty flimsy arrangements between franchisees and customers. Potential franchisees are also finding it tougher to raise finance. Only those with good credit records stand a chance. The board says talks to restructure debt with Lloyds TSB are at a constructive stage. On the plus side, the company can point to near trebled sales during the first half. Even so, avoid. http://www.independent.co.uk/news/business/sharewatch/the-investment-column-hold-on-to-great-portland-at-this-demanding-time-874879.html
30/6/2008
13:12
doughboy66: 30th June 2008 Analyst: Wenyi Liu wenyi.liu@t1ps.com 020 7562 3377 Myhome International* – Interims, Site Visit and Forecast/Price target Reduction Key Data EPIC MYH Share price 19.75p Spread 19.5p – 20p NMS 2,000 Total no. of shares 63.546 million Market Cap £12.55 million Cash £200,000 Net debt £8 million 12 Month Range 14p – 103.5p Market AIM Website www.myhome.com Sector General Retailers Contact Russell O'Connell 01372 471 573 Myhome International has announced its interim results for the period ended 31st March 2008 which contain an unexpectedly large re-organisation charge. As a result of this, and a cautious note on the effect of a macro-economic slowdown, we have reduced our full year forecasts and our target price. A recent visit to the company's headquarters in Esher has reassured us that the longer term growth story is on track but the benefits will only start to be seen in the year to 30th September 2009 rather than in the current year. It is on the basis of the outlook for next year that we continue to see enough upside to justify a recommendation of buy. In the first half of this year, revenues increased by 151.4% from £1.84 million to £4.63 million, largely as a result of November's acquisition of ChipsAway, but also reflecting steady growth across the "old" Myhome businesses. At a headline operating level, a loss of £2.81 million compared poorly with the £0.74 million profit reported in 2007. However the adjusted operating profit before reorganisation costs of £3.3 million, was £479,000 - which equates to underlying earnings per share of 0.79p - compared to £742,000 and 1.83p for first half of 2007. Myhome believes that its restructuring programme will deliver future annual savings of at least £500,000 per annum. The company generated £300,000 of operational cashflow but after the restructuring costs and some acquisition costs the outflow was £2.4 million and period end net debt was £8.6 million. The aggressive acquisition strategy pursued between 2005 and 2007 which culminated in the £16 million purchase of ChipsAway saw a dramatic increase in the size of the Myhome business but this inevitably added costs to management – moreover the company was, historically, failing to deliver the cross-selling benefits between its various operations which it had hoped for. The closure of two subsidiary offices and the creation of two distinct business divisions, each with its own managing director will bring greater efficiencies and is also resulting in more effective group-wide marketing and cross-selling. The restructuring programme resulted in a number of redundancies, the closure of non-core offices and also included write-downs in the carrying value of certain assets. The first half numbers are quite clearly disappointing but the company stresses that the initiatives being taken are already bearing fruit. In the first half of this year 77 new franchises were recruited – so far in April, May and June 50 have been signed up. However Myhome flags that the credit crunch is making it harder for some potential franchisees to obtain the £30,000 needed to purchase a franchise and this may slow second half recruitment. Myhome also states that there are some signs that job insecurity among its cash-rich but time poor clientele could affect franchise revenues in the second half. We forecast revenue for the year to September 30th 2008 and 2009 respectively of £10.4 million and £12.7 million but we have reduced our underlying pre-tax estimate for this year from £2.5 million to £1.1 million and for next year we have reduced our forecast from £3.25 million to £2.4 million. The disappointing performance of the ChipsAway business means that there should be no deferred earn out consideration so Myhome is in a position to start reducing its debt steadily and its balance sheet is not under threat. By 2009 if Myhome can deliver on its revised forecasts it will again be seen as a growth play and as such we would value this company on 10 times forecast 2009 earnings. As such we are reducing our price target from 68p to 45p but at 19.75p that is enough upside to justify a maintained stance of buy.
10/6/2008
21:15
brando69: good day for MYH share price today... congratulations to all holders
29/5/2008
14:22
lgpixels: I think ServiceMaster in the US is rated on 25x earnings, so do not think it is unreasonable for Myhome to be rated on a similar basis. Equity Development currently have a price target of 80P! This was issued when the price was 36.5p, with an 80p price target set. VALUATION Myhome is currently trading on around a 2008E PER of around 9X, while Homeserve is on 19X and 15.6X 2008E and 2009E respectively, and Domino's Pizza is on 21.2X 2008E EPS. Clapham House, although a different business, has clearly been impacted by consumer spending concerns, but is on around 37X 2008E earnings. Myhome has demonstrated a significant degree of dynamism over the past 3 years since we began coverage, and has become one of the largest franchisors in the UK, with over 750 franchisees and around 1,000 vehicles on the road. While we expect to see a digestion phase while the two profit centre structure beds down, the enhanced management team, the streamlining of the businesses and associated cost savings should result in a very efficient and effective operation. Consequently, we feel that the underperformance of the share price is unwarranted, and would expect to see a PER multiple of around 20X restored on positive news flow from the second quarter of the current year. Consequently our target share price is 80p.
28/5/2008
08:29
gsands: I have a reply to my email this morning re. the statement the company put out the other day. The company said this: As you have noted, the share price did bounce recently. The AIM team (and now the Plus team also) monitors rapid rises in share price and can ask the company to explain why the share price has risen in order to maintain an orderly market. The company knew of no reason for the share price change and hence the Plus team and our broker forced us to put out an announcement to that effect. It was not the company's choice to make such an announcement.
27/5/2008
15:04
lgpixels: Looks like we will see the share price tick up over the coming weeks. Have just read the research from Equity Development that gives me strong confidence in the long term success of Myhome Plc. "THE CURRENT YEAR The first quarter (October 2007 to December 2007) of the year to 30 September 2008 suffered from the longer-than-expected completion of the ChipsAway deal as a result of turmoil in the financial markets, resulting in an 11-month year for ChipsAway and PCC in 2008. Consequently both franchise fees and royalties for these brands are expected to be lower than our previous forecast. Similarly, the preoccupation of senior Myhome and ChipsAway executives in the protracted deal has effectively seen a quarter in which management was not focussed on franchisee recruitment. Myhome International plc Taken with the strategic decision not to push franchisee recruitment in Ferrum (an ironing, dry cleaning and laundry franchise business ) and Surface Doctor, and the strategic drive to increase royalties as a proportion of revenues, this is expected to result in a lower turnover for the current year than we forecast in October 2007. However, we believe that any forecast shortfall arises out of the absorption of management time in completing the ChipsAway deal, and that the market for Myhome's services is resilient despite fears of consumer cutbacks. While the core Myhome customer base – the dual-income, professional and managerial household - is likely to make other economies before taking on the domestic chores themselves, the UK household expenditure has shown a continued growth (in current money) since records began. This has continued through the first three quarters of 2007. Thus we see the main challenges facing Myhome being the effective use of its managerial resources (now substantially strengthened), and execution on its strategic review and marketing strategy. The developments outlined above should address marketing, increasing brand awareness and increasing the turnover of the franchisees (and hence royalty income to Myhome) FORECASTS Myhome's turnover comprises new franchise fees, royalties and a third stream, predominantly materials sales. Franchise fees range from the average of £33,000 for a ChipsAway franchise to around £13,000 for a PCC franchise. Royalty rates likewise vary across the brands, with some on fixed fees and others as a percentage of franchise turnovers. There is potential to raise these fees in the future. While the first quarter is below expectations both from the delays in the ChipsAway acquisition and lower than expected franchise recruitment in the quarter, recruitment was up by 60% over the previous year's first quarter, and over 200 new franchisees are expected to be recruited for the whole of the current year. This should stem from two franchise exhibitions in the second quarter and from the rebranding exercise. The Board is still considering a maiden dividend at the end of the current financial year. VALUATION Myhome is currently trading on around a 2008E PER of around 9X, while Homeserve is on 19X and 15.6X 2008E and 2009E respectively, and Domino's Pizza is on 21.2X 2008E EPS. Clapham House, although a different business, has clearly been impacted by consumer spending concerns, but is on around 37X 2008E earnings. Myhome has demonstrated a significant degree of dynamism over the past 3 years since we began coverage, and has become one of the largest franchisors in the UK, with over 750 franchisees and around 1,000 vehicles on the road. While we expect to see a digestion phase while the two profit centre structure beds down, the enhanced management team, the streamlining of the businesses and associated cost savings should result in a very efficient and effective operation. Consequently, we feel that the underperformance of the share price is unwarranted, and would expect to see a PER multiple of around 20X restored on positive news flow from the second quarter of the current year. Consequently our target share price is 80p."
20/5/2008
21:33
abc125: The MYH statement re share price movement was unneccesary in my view....the share price would have run up much further otherwise. After all, it was only recovering recent losses. I don't think they were obliged to issue it.....SEO quadrupled recently but I don't recall them issuing a share price movement RNS.....and they're on the main list! Managemant effectively put a lid on the share price....for whatever reason.
20/5/2008
07:25
lgpixels: Research issued by Equity Development when the share price was 35p. "VALUATION Myhome is currently trading on around a 2008E PER of around 9X, while Homeserve is on 19X and 15.6X 2008E and 2009E respectively, and Domino's Pizza is on 21.2X 2008E EPS. Clapham House, although a different business, has clearly been impacted by consumer spending concerns, but is on around 37X 2008E earnings. Myhome has demonstrated a significant degree of dynamism over the past 3 years since we began coverage, and has become one of the largest franchisors in the UK, with over 750 franchisees and around 1,000 vehicles on the road. While we expect to see a digestion phase while the two profit centre structure beds down, the enhanced management team, the streamlining of the businesses and associated cost savings should result in a very efficient and effective operation. Consequently, we feel that the underperformance of the share price is unwarranted, and would expect to see a PER multiple of around 20X restored on positive news flow from the second quarter of the current year. Consequently our target share price is 80p. "
19/5/2008
12:50
gsands: Bit of an unecessary statement from the company. Talk about a waste of an RNS: RNS Number : 7788U Myhome International PLC 19 May 2008 For immediate release 19 May 2008 Myhome International plc ("Myhome" or the "Company") Statement regarding share price movement The Company notes the recent share price movement and recent press coverage. At this time the Board is not aware of any reason for the price movement. The Company shall release its interim results for the 6 months ended 31 March 2008 in due course.
05/8/2007
10:02
maxbubble: http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/08/05/ccreal105.xml Myhome International provides domestic services such as oven cleaning and lawn mowing to the time-poor and money-rich. Jonathan Jenkins, the chief operating officer, looks tired, as if he has spent the whole night spring cleaning and tidying up. He has, but it relates to the documents for the group's third acquisition in six weeks, which has just been announced. "That's it for a bit now," he says. "It is all about bedding down the companies we have and delivering on what we have promised." His comments may be the stock market equivalent of taking one match at a time, but there is nothing banal about the underlying businesses. Myhome began life as a bright spark's idea at Unilever in the late 1990s. The Anglo-Dutch giant invested £6.5m with a vision to develop new avenues to promote its brands, such as a residential cleaning service. But Unilever wrote off the money in 2001 when it sold part of the business - following a strategic U-turn - to Chores Group for £300,000 and some shares. Russell O'Connor was the opportunistic entrepreneur who had launched Chores in 1999. He floated the company on Ofex in 2002 and the focus has shifted to running a franchise operation across Britain. Today the business is on Aim and has 410 franchisees, split across nine businesses. These include Stainbusters, Ovenclean and Nicenstripy to cut lawns. The average cost of becoming a Myhome franchisee is £25,000 plus a 10pc tax on your revenue thereafter. The economics are excellent. Myhome is forecasting revenues of £4.65m and pre-tax profits of £1.86m in the year to September 2007. The numbers are expected to rise to £8m and £4m in 2008, justifying the current share price, 99p, which values the business at £50 m. "It depends whether you look at today's numbers or next year's to decide if we are expensive or cheap," says Jenkins, before telling his PR man and me that he curses the day he sold his first tranche of shares at 25p. Do not shed too many tears for Jenkins - he bought them at 5p. Myhome's growth prospects remain huge. "The potential number of UK franchise territories across all the businesses is 2,100," says Jenkins. "We want to become the AA of the home and the people who are called for every possible domestic chore." The "Domestic Staff Index" from Gumtree, the online jobs board, came out last week and valued the British market for household chores at £20bn per year. It said one in two people employ an average of three outside helpers. If Myhome International is to succeed in realising its potential and become the AA of the home, it needs to start consolidating its own brands and develop Myhome as a single point of contact for potential customers Brent Hoberman, an icon of the dotcom world as the co-founder of Lastminute.com, approached Myhome about buying its domain name for a new business venture. Myhome said no but struck up a rapport with Hoberman, gaining access to his contacts book to find the online experts who will help turn its existing website - rather a sprawling and flat experience - into one that acts as a conduit for all the different services under the Myhome brand. As long as management stay focused, Myhome should develop into a £100m business. This will please serial small-cap investors Nigel Wray and Stephen Hemsley, the franchise guru, who built up Domino's Pizza in Britain, who own more than 20pc of the company between them. When Myhome reaches the £100m valuation it may become a tidy acquisition opportunity for a major company looking to diversify. Maybe Unilever, maybe not, but you get the idea. Richard Rivlin is managing director of Bladonmore www.bladonmore.com
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