Harwood Wealth Management Share Discussion Threads

[thelongandtheshortandthetall] 23/12/2019 09:42

Yeah. Doesn't smell right does it.

[luckymouse] 23/12/2019 08:50

sh*tshow offer - can we have an RNS revealing if/what the dirs got in return for a deeply discounted offer pls?

[thelongandtheshortandthetall] 23/12/2019 08:03

That is very odd Saucepan. I was hoping to buy in here at some point. Unlucky mate. I thought they had a clear strategy buying up small local outfits etc.

[saucepan] 23/12/2019 07:15

Harwood bought out for 145p, when Friday's mid price was 157.5p. Very disappointing indeed.

[edmonda] 09/12/2019 11:35

Another interesting one in the sector...

[saucepan] 04/12/2019 22:11

Thanks, bluesky. Gateley looks interesting.

[bbluesky] 04/12/2019 20:05

Well, no. I needed the cash, I had parked a tax rebate here which was only £2k but thankfully made money. I now fear looking at the share price! I think this is a long term goer for all the reasons you said for value. It is a consolidating sector, so I see steady eddie, which may light up at some point. I am also a fan of GTLY which has similar rational, consolidating sector,(5% yield!) this time legal, also fab numbers. Both are imo suprb Christmas presents for the kids, grandkids, godchildren imo. Curretly ignored as most of AIM are day trippers. Think Hughie Green. GL.

[saucepan] 04/12/2019 12:51

I have taken a starter position here. I suspect HW. is a bottom drawer tuck-away as the stock is very illiquid. I just felt the turnover, profit and eps growth patterns were too good to ignore.

I also liked the fact that the Company is debt free, with cash on its books, has a Piotroski F score of 8 (suggesting it is very solid). Additionally, forecast eps growth is 336%. HW. has a Slater PEG of just 0.6, and pays a dividend.

That is rather a lot to like.

No posts since June. Is anyone else still around?

[davydoo] 27/6/2019 13:10

Glad they've been able to borrow to fund more acquisitions rather than issuing more equity down here. Last fund raise was at 150p

[davydoo] 27/6/2019 08:55

And so it was.

Good set of numbers today, and looks like more acquisitions that will feed through to the full year numbers

[davydoo] 28/5/2019 07:48

AFH results were very positive today.

They have been more aggressive with acquisitions than here, but reading across looks good

[henryatkin] 07/2/2017 16:34

Reminds me more of MTW.

[luckymouse] 06/2/2017 23:51

True - but this caught my eye - big %s - small free float

What we can't easily know as a new listing is this the start of an aggressive new cycle (by looking at old results) - I guess the cycle kick started in apr 15 with pension reforms - then had a second acquisition led spree with the IPO - so nearly 2 yrs in - 1yr in from the IPO new lease of life - so could be another yr or two of big %s.
I presume they are mostly buying small groups of IFAs & their 'book' - CR wasn't a fan of this style of people orientated buy to build (Auwkett? Architects was it?) because the good ones can just leave & perhaps start up elsewhere after a time. But HW do seem to have a rigid process that works (a bit like a franchise formula) and a new technology platform to centralise access and acc management I presume - if a very good system package it may make each newly acquired 'book of clients' & teams of IFAs more sticky. ie if they get access to better compliance, IT systems, easy reporting, better visibility, cross selling, wider product ranges etc than before. The pension advice/release mkt is particularly ripe for expansion. If the franchise style formulaic expansion really works they could just keep relentlessly pushing it out.

Reminds me a little of DPP (pizza lol) took a while but they just kept expanding the formula through thick n thin - 5 bagged.

Assets under influence (AUI) up 75% to GBP2.1bn (2015: GBP1.2bn)
-- Revenue up 47% to GBP11.6m (2015: GBP7.9m) of which more than 75% is recurring
-- Gross margin of 61% (2015: 56%)
-- Adjusted EBITDA* is up 42% to GBP2.7m (2015: GBP1.9m)

[modform] 26/1/2017 12:59

Someone finally opened a thread, this is no IT LMfar too illiquid to buy on news

[stopps] 25/1/2017 16:43

Spread and illiquid puts me off Lucky.