Harvey Nash Grp Share Discussion Threads

[abcurtis] 13/7/2017 10:56

Yield is 4.17% at this price, there are other bond proxies offering this yield. So new buyers will be looking at it for capital growth. Low unemployment should help but low growth GDP won't. Does the management have exceptional abilities to grow the business? Don't know, but they did write off/dispose of something last year. Hopefully Hays comes along with a bid in my view or DBay are active on the board and improve productivity.

[jon123] 13/7/2017 08:32

mmmm motoring this am my short term bowl target is 110 but there is a longer larger bowl to 125 which is an all time high I'm in no rush to sell I like the income too much lol

[topvest] 10/7/2017 15:43

I've decided to take a profit. Bought at just below 60p and sold at 98p. Not bad for 9 months given there's been dividends as well. I bought it as a QVM Stockopedia trade with a view to holding 6m or so. Was going to sell before it went XD but the price was holding up well. Think it may be looking a bit overbought after today's strong rise. It's not a sector that I want to hold long term, but its a good solid company. Will keep watching as may be worth buying back if it drops to low 80s and the upward price trend holds-up. Think there is a relatively high possibility of a bid from DBAY and I would guess that 125p or so is a likely price.

[thorpematt] 10/7/2017 13:21

YES! well spotted.

This give us a remarkably low forward PER and consequently a very low forward PEG

[topvest] 10/7/2017 12:55

Looks like broker forecasts have recently been upgraded from 9.1p to 10.4p.

[thorpematt] 05/7/2017 09:38

Yep that looks nicely priced...but then again it depends on the exchange rate you use when converting your numbers.


No-one else noticed the errors? I was rather hoping for a correction RNS.

I suppose I could ring em up.

[edmundshaw] 03/7/2017 21:13

Nice little bolt-on, price seems very reasonable on the face of it.

[mongrels3] 03/7/2017 14:40

A small acquisition for HVN in Sweden just announced.

[thorpematt] 29/6/2017 20:47

I thought that was a positive statement today. Good indications for outlook, confident earnings narative and potential for acquisitions (which given the strong balance sheet is not a bad thing at all).

Growth here is always steady but the divi payouts even through tough economic environments, proves the cash generating ability of the model. The margin always looks low but that's the nature of the business. When you look at the ratios for price to sales of course (one of the least-known but best-predictors of share price perfomance)it is stupidly low (because it's a low margin business). Other key markers such as EV / PBT and price to book and PER itself are all rather dandy.

I incidentally really like EV / PBT as it gives me a valuation for if I was to buy the whole of the business (I wasn't going to BTW... but someone might).

As I believe I may have discussed here prior, this is a stock which is valued for a business with problems - as opposed to one with good opportunities in front of it. I think today's statement rather indicated it was closer to the latter then the former and I think a re-rating is highly likely.

[malc999] 29/6/2017 14:23

Looks like Panmure Gordon have upgraded their forecasts following today's AGM statement, at least according to this link on Research Tree:

hxxps://www.research-tree.com/companies/uk/training-recruitment-services/harvey-nash-group

I don't have access to this yet, does anyone know what the revised forecasts are?

[touche] 29/6/2017 14:23

Dbay at 26.1% ownership - from aim listing document

[zoolook] 29/6/2017 13:53

Positive write up from Paul Scott hxxp://www.stockopedia.com/content/small-cap-value-report-29-jun-2017-utw-hvn-purp-196687/

[mongrels3] 29/6/2017 08:16

Seems like a pretty positive AGM statement this morning. Also, good that they are addressing the central overhead level. If HVN can start to leverage better profitability from their strong turnover, the share price ought to respond positively.

I wonder if DBAY has had any influence yet? It seems like they might.

[mongrels3] 06/6/2017 15:16

Many thanks to both dangersimpson2 and speedsgh.

[zoolook] 06/6/2017 14:33

Thanks for responses. Win win each way. HVN get a long overdue kick up the backside and improve preformance or PIs get taken out most likely at a premium.

[dangersimpson2] 06/6/2017 13:29

They definitely have form for building up a large stake in an unloved company and then making an offer. See Creston.

When they have the large stake I would imagine they would approach management about changes they would like to see, e.g. better cost control, lower management pay, improved strategy. If they engage and the business performs better they get their return through dividends & share price appreciation. If they management refuse to implement their suggestions then they make a takeover offer for the whole of the share capital and manage the business directly. As long as the business is sufficiently undervalued and responsive to change then they get a good return either way.

[mongrels3] 06/6/2017 13:28

Someone on this board had a very good insight in to what DBAY did when they took over Creston Group. From what I recall (admittedly sketchy)it was a similar pattern to what is going on here.

Perhaps whoever that expert was might be able to post again?

[zoolook] 06/6/2017 13:09

Anyone care to speculate on DBAY's game plan? Whilst they took over TDG that doesnt mean they will takeover HVN. Their website doesnt give much away. They say they are value investors but not how they intend to realise value from their targeted investments.

[edmundshaw] 06/6/2017 09:39

Thanks abc.

[abcurtis] 05/6/2017 19:48

A bit out of date but interesting background reading

[phillis] 02/6/2017 12:16

i'm out as share price rises before going xd

Low quality earnings and zero growth in net equity over last four years or so

[hpcg] 31/5/2017 20:37

Progessive price action today mostly; some offloading at 85 so possibly some resistance there. Still cheap by every metric, cash in the bank and phenominal free cash generation, so I'm sure attractive to most investors if they can find it.

[jon123] 31/5/2017 13:23

if the bowl plays out 110 is the target price

[gleach23] 31/5/2017 09:25

So the 1.7m trade of last Fri was Hargreave Hale reducing below 5%. They have 2.8m shares left. I wonder if DBAY bought the 1.7m and whether they will buy the 2.8m too? I think that would take them over 30%. All just speculation on my part of course.