Henderson European Share Discussion Threads

[shieldbug] 22/11/2024 12:29

I dumped FEV a while ago when the manager admitted to not owning any of FEV's shares. Pathetic.

JEGI have nearly 100 holdings. I think they just screen and buy - no thought to it at all.

Much preferred HEFT because of their cost of debt. Then they merged and cost of debt increased. Still holding and would like to add but still think it might get cheaper.

[thamestrader] 12/10/2024 10:32

Four weeks in and here are the scores on the doors in my simplistic little tournament.

JEGI: -2.7% (+3.3% YTD plus 4.1% yield = 7.4%)
FEV: -3.4% (+4.8% YTD plus 2.1% yield = 6.9%)
Artemis OEIC: +1.8% (+16.7 YTD)
HET: -0.6% (+1.1% YTD plus 2.3% yield = 3.4%)
EUE: +2.7% (+6.2% YTD plus 2.5% yield = 8.7%)

Europe isn't a happy place right now, and tbh all but the OEIC and EUE are on the danger list. FEV already dumped and will be removed from the contest.

BGRE was not included as I only recently dumped it following lacklustre performance. No doubt it has done well, but I haven't looked.

[spangle93] 29/9/2024 20:56

Thamestrader - BRGE would be another obvious comparison point in your unofficial contest. I found that FEV, HET, and BRGE all held Novo Nordisk and ASML as their two top contributors.

It would also be interesting to add a couple of smaller company focused trusts, such as MTE, ESCT,or JEDT, to see whether there is a systematic disconnect

[thamestrader] 29/9/2024 11:51

So, two weeks into my European fund/trust fight-off:

JEGI: -0.7%
FEV: 0%
Artemis OEIC: +1.4%
HET: +1.7%
EUE: +3.5%

Obviously two weeks' data means very little, and over the longer term, I suspect my biggest holding, Artemis (17% YTD) will thrash the others (EUE 7.5%, HET 3% plus divis).

[thamestrader] 15/9/2024 11:56

This has not got off to a flying start since its re-birth as HET. While Europe in general has been lacklustre recently, others funds & trusts do seem to be faring slightly better.

As well as HET, I also hold an Artemis OEIC plus an iShares tracker (EUE). This week I added FEV and JEGI, making me overweight in Europe. Unless the region goes into hyperdrive in the next few weeks, I will restore the balance by dumping whichever I consider weakest. At the moment they would be HET and EUE, but watch this space.

[spangle93] 19/8/2024 19:45

Henderson European (HET)
Rating: Positive

At the start of July, Henderson European Focus Trust and Henderson EuroTrust merged to form a combined trust called Henderson European.

The enlarged trust is on a slightly wider discount than the sector average at 10% versus 7.3%, which Stifel reckons is ‘fair’ giving the imminent retirement of Citywire + rated manager John Bennett at the end of this month to focus on chairing Rangers Football Club.

He has presided over a 77.7% share price total return over five years, according to Deutsche Numis figures.

‘We’ll keep a close eye on performance under the newly combined team,’ said Stifel.

[steve3sandal1] 19/8/2024 10:40

Thank you.

[thamestrader] 19/8/2024 08:20

I have created a new thread, with charts, under the HET.

[thamestrader] 19/8/2024 08:19

New thread for the former Henderson European Focus Trust (HEFT) which is now the Henderson European Trust (HET), following its merger with Henderson EuroTrust. Enjoy!

[steve3sandal1] 18/8/2024 19:43

So by some oddity this old thread has not been used since 2006 for a share with a ticker of HET. It's now tracking the share price of Henderson European Trust formerly Henderson European Focus Trust . I do t know how to add share price charts or news. Any help gratefully received.

[jtcod] 09/6/2006 12:44

Done it GT.

Well spotted.

THOSE INVESTORS LOOKING FOR 'HET', Please follow new Choices UK link CHUK:

[edmundshaw] 09/6/2006 07:51

Yup. CHoices UK

[zooshare] 09/6/2006 07:47

CHUK is not recognised...is this the new ticker?

[goonertone] 09/6/2006 07:39

JTCOD

Looks like HET has been switched this morning to CHUK I think we should put a redirection on this thread as the last post and just copy your opening to a new thread.

Thats of course if you have time.

GT

PS Looks like one of the mm's got lost on the way to the new ticker

PPS Whats your thoughts as to the change in year end

[jtcod] 09/6/2006 06:54

Hi Fordtin
Price just been dragged down by the market imo.

I wonder how easy it would be to buy 50,000 shares though. Probably same as usual. i.e. They will quote something like 80-82p

[jtcod] 08/6/2006 07:36

Cheers Sporticus
The £3-4m down doesn't worry me. The management will throw everything but the kitchen sink into costs for this year just to draw a line under it ready for next year. I expected that.

I'd like to know exactly when Sainsbury's contract ceased if you know. i.e. Sainsbury's could make a decision today for instance but there's a 1mth or 3 mth run-off.

tia
JT

[sporticus] 07/6/2006 18:39

JTCOD and GT
Does ICT = Information and Computer Technology? Yes. A marketing director and some web people who were supporting the web / marketing function have gone as has one of Musprats sons from the TV fiasco. Theyve had problems getting the new website up and when Sainsburys dumped them for THE I think, its been all hands to the pumps. I dont know how they will manage without these people. The web stuff is still miles away. They recently dumped ten or more perms from the warehouse on redundancy then contacted the agencies to bring in temps a couple of weeks later. ?? alegedly £3-4m down looks like a loss to me rather than a profit, not sure about exceptionals but remember its only a rumour.

[jtcod] 07/6/2006 08:02

3-4m down sounds like it could be net profit after exceptionals to me. The first half was £3.131m loss after exceptionals.

Sporticus
Can you explain please?

Does ICT = Information and Computer Technology?

[jtcod] 07/6/2006 07:48

GT
I use the term cash cow when something is used to just throw out money rather than eat investment. They milk it of cash. It may not be massive but they are going to milk it.;)

Regarding the Andromeda purchase. Do you have the split of T/O for the company? I haven't been able to dig anything up. I thought £40m was cautious in order to allow for the unknown.

[goonertone] 06/6/2006 22:07

JTC

I agree with most of what you say but I think you may be overcooking the Andromeda turnover as we only took over part of the business and I dont think you can really describe mosaic as a cash cow more a gradually reducing cashflow asset that on a discounted cashflow model is probably worth a couple of hundred k at most.

Sporticus

More of your insider inf!! Can you please elaborate as to:

Is your 3 to 4m down turnover or profit?

What is ict?

What do you term as "lots"?

Not condescending as your info is usually quite accurate. just trying to understand your post fully

GT

[sporticus] 06/6/2006 18:52

I was hopeing for a good divi at the end of this year abd it might be bad info but the rumour mill inside says the picture is big time scarlet. 3 to 4m down and lots of lay offs in ict.

[jtcod] 06/6/2006 13:58

Apart from the fact that trading for the second half to the 8th May 2006 was still 'encouraging' with only 6 weeks left to the financial year end, the next financial year will benefit from significant cost savings, plus Andromeda with it's potential £40m+ turnover (imo) and Mosaic which will require pretty much zero capex going forward as it will be run using existing rights as a cash cow.

I believe 6/2007 EPS could be nearer 20p per share, leaving the management the comfortable option of paying say an 8p dividend (10 %) of current price. If they do this, I can still see the share price through 150p certainly by this time next year (regardless of current market concerns).

The management are doing all the right things imo.

As ever all IMHO and DYOR
JT

[jtcod] 06/6/2006 13:45

Thought I'd just remind any shareholders who may be worried about the drop from 90p, of the last operating update.


Press Release
IMMEDIATE, Monday, 8 May 2006

Home Entertainment Corporation PLC- Strategic Update

Since the company announced interim results on 24 January 2006, Home
Entertainment Corporation has traded in line with market expectations, in a
challenging business environment.

So far, in the second half of the current financial year, which includes the
Christmas and Easter periods, the company sales levels have been encouraging,
reflecting the restructuring of the company's product range and re-branding of
ChoicesUK stores, as well as continuing progress in the convenience store sector
and fulfilment activities.

In addition management has acted decisively to eliminate loss-making activities,
reduce costs and improve cashflow through streamlining the organisation.

The latest phase of its central overhead reduction programme has resulted in
annualised savings of approximately £2 million. In addition, the company is in
the process of disposing of the leases of a number of unopened non-trading
stores, expecting, in due course, to achieve a further annualised saving of
approximately £600,000.

ChoicesUK TV, the company's teleshopping business launched in August 2005, has
been closed following a poor sales performance. The Channel is currently being
operated in association with a third party and all related costs will cease by
the end of July 2006. The total losses incurred will be no more than £1.35
million, of which £833,000 was provided in the first half of the year.

The decision has been taken to exploit the existing film rights of Mosaic
Entertainment and cease further programme acquisitions. It now operates as part
of the ChoicesUK Local business which supports convenience stores and other
retailers.

On 13 April 2006, the company acquired the stock and certain tangible assets
from the receiver of Andromeda Entertainment PLC. As a result, the company has
significantly strengthened its position in computer games, particularly in the
fulfilment market with mail order companies.

................................................

[jtcod] 29/5/2006 17:20

Cheers GT for your spin on the idea. I was thinking along the lines of pure distribution synergies. Like you, I don't see any special sales benefits.

I think if traditional lines to market are going to retain a sizeable place in the overall long term future of the industry, distribution costs will need to be screwed down tight and thats where volume counts.