Haynes Publishing Share Discussion Threads

[stewjames] 31/7/2002 22:08

As posted on the other thread, isn't the market cap 16M rather than 7M?

[stewjames] 31/7/2002 22:03

I'd be inclined to agree but ADVFN gives the market cap as 16M. Are you sure your figures are right?

Added on edit: perhaps the share structure is the source of confusion. Only 6.68M ordinaries but there are a further 9M 'A' shares.

[hartley1] 31/7/2002 19:02

Haynes is valued at 50% of its net current assets and 30% of its net assets.

With pre tax profit of £3m before goodwill, it should command a market cap of £10m to £14m, which is 50% to 100% higher than its present market cap of £7m. So there is easily some considerable upside, and time to catch it before the MMs ratchet up the price.

[hartley1] 31/7/2002 18:27

There has got to be some considerable upside in Haynes at 104p, which issued preliminary results today. Haynes has a market capitalisation of only £7m, but is supported by net current assets of £14m and net assets of £23m.
Furthermore, the group has become profitable again, making £2m pre tax profit (£3m before amortisation of goodwill).
At 150p, the shares would still offer good value.

Added on edit:
The net assets per share, using 15.6m shares, is 153p, and the eps before goodwill is 13.2. That gives a p/e of 7.8. So even on this basis, the current price of 104p look too cheap.

[michaeld] 31/7/2002 14:17

Great results eh? and the future is looking good for growth in profits and dividends ? I agree that the share structure is somewhat offputting and think that the shares would trade much higher if the Haynes Family simplified it to one class of share and reduced their stake to enable more democratic control?
I have increased my stake (via SIPP) in hopes of restructuring and increased divdends.

[charlie] 29/7/2002 17:31

It's about 10% of the company that they've placed. Will be interesting to see if there are any announcements of holdings in the company (ie who has taken the placing) over the next few days.

If there are some alert outside shareholders who have done their due diligence to take shares at 105p then I agree it looks good.

More generally I've thought for some time that it looks a good business but the family control aspect has put me off. (Again this could be alleviated if there are some new alert outside large shareholders, who will stick up for outside shareholders and prevent the family from doing anything odd.)

Will watch the results.

[balcony] 23/7/2002 10:07

well if haynes can raise money at 105p when the shares are only 93p the results on the wedensday of next week must be going to be good

[balcony] 26/6/2002 16:31

well i talk to myself on this bb but the share just keeps rising and a bolt on company purchased today , full year results in 4 weeks and i think people should be buying

[balcony] 18/5/2002 00:15

i wonder if recent 25,000 share purchase was by a director

[balcony] 19/12/2001 09:56

haynes shares, half net asset value, director buys 50,000 shares interims soon .