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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Hexagon Human | LSE:HHC | London | Ordinary Share | GB00B12G3G91 | ORD 1P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
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| 0.00 | 0.00% | 8.00 | 0.00 | 01:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
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| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
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| - | O | 0 | 8.00 | GBX |
Hexagon Human (HHC) Share Charts1 Year Hexagon Human Chart |
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1 Month Hexagon Human Chart |
Intraday Hexagon Human Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 02/2/2012 | 13:38 | Hexagon Human Capital - Buy & Build Thread with Charts | 14 |
| 27/6/2008 | 17:30 | One for 2007 | 31 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
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Posted at 05/8/2009 17:16 by glasshalfull Hi Cambium,Through the years we have shared many similar investments but in the last month or so I'm at the opposite sides with regards to IGP and HHC. Today's announcement has alarm bells and whistles for me. I've been looking closely at this one for over 2 months now. Prior to recent results I contacted Carl Thompson, FD, and asked a series of questions as I was worried about the debt position of the company. Understandably Carl was unable to clarify matters and thus assuage my fears. Following a mixed bag of results....business fell off a cliff in the 2nd half.....I initially thought that the debt position manageable but on receiving Brewin's note was astounded to see the forecast debt at the end of the this financial year (2010) was forecast to have climbed to £10.9m (earlier forecast was for £9.7m debt in 2009, falling to £6.8m in 2010) and thus the precarious nature the company was in. So, even after the issue of the convertible loan notes we were looking at a £4m increase in net debt hence I think that they must be struggling to remain within covenants. Please note this is conjecture on my part. The issue of the loan notes bought them time and alleviated short term cashflow concerns as there were loan repayments due in June and December. When this popped out at me I felt (all IMHO) that the company would struggle to survive intact without a material increase in Executive Search business and interim management side continuing to hold up in the current climate. Best scenario IMO was a bid for the company or divestiture of part of the business as it has to be remembered that they have a portfolio of attractive businesses. Main concerns:- * Banking covenants (potentially) stretched and funding issues currently unresolved * NFI forecasts reduced to £16.3m for current year (was £24.3m forecast previously). I expected a downgrade but this was fairly savage compared to my own thoughts of reduction to £20m (approx 20% I'd penciled in). * Unable to anticipate a recovery timescale in the Executive search market. * Interim management not as resilient as hoped * EPS forecast at 5.6p (reduction of 66% on previous forecasts) * Founders of Robert Corr left unexpectedly during the year * Founders of BIE exited (although company appear to have weathered this) The pro side:- * When markets turn they now have a model that should reap the benefits of operational gearing and the debt / funding issues will be left way behind. * Excellent portfolio of companies, especially BIE which is market leader. * From previous point - Potential bid interest * Euromedica performing well. * Oxygen performing well * Outlook statement in prelims mentioned that last 2 months have seen an improvement. I will not be joining you with an investment in HHC but watching from the sidelines in the hope that bank funding issue is resolved swiftly and for the first signs of a recovery in the companies respective markets. Only then will i take the plunge. Please remember this is simply my take on things and I may well be factually incorrect over many of the issues. Kind regards and best wishes, GHF EDIT Brewin note dated 29th June had following price target, "We retain a BUY recommendation based on a 12 month view, with the caveat that this depends upon the successful conclusion of discussions with the banks and an improvement in the market in 2010." |
Posted at 16/12/2008 18:54 by glasshalfull Dear diary,Merely providing quick update for my research later on. Shareprice has fallen 35% since my last update above and what seemed to be a decent set of figures. Price now 42.5p (40-45) It appears that forecasts have been reduced by Brewin for both current year and 2010. 2009 £6.20m 20.50p 2010 £6.60m 20.50p So EPS reduced by 12% this year (2009) with similar reduction forecast for 2010. With much of their growth emanating from the financial sector and looking back previous updates in June 2007 I noted:- ".... I'm surprised to see that the majority of the revenues generated are down to 5 key employees and the success of HHC (for the time being) is aligned to their retention by the company. It suggests to me that this is a riskier proposition than I had first anticipated. "The group depends entirely on 5 fee earners within the interim business (which represents 61% of 07E EBIT)." (per Daniel Stewart initiation of coverage). -------------------- I will require to give this a long hard look when time permits as the price now indicates this an extremely good long term buying opportunity (PER 2) or perhaps business/ key employees is simply not there anymore. Regards, GHF |
Posted at 26/11/2008 08:36 by glasshalfull Merely updating the thread.............rAdj EPS 11.92p for 6mths ended Sep '08 Current Trading and Outlook Performance across the Group since the end of the period has been in line with management expectations; however, the continued economic uncertainty makes accurate trading predictions conditions very difficult for the coming months. Whilst continuing to focus on delivering growth in NFI and EBITA, the Group as indicated in this report, has taken a conscious decision to focus on margin improvement whilst limiting the hiring of new consultants. This decision will protect our average production levels - probably the best in class - as well as to limit increases in fixed costs and protect our high NFI to EBITA conversion and consequently our strong cash flows. The Board is confident of delivering a strong full year performance and points to the following key characteristics of the Group...." Share price up 4% initially.....66p mid (63 vs 69). Regards, GHF |
Posted at 24/7/2008 08:05 by glasshalfull Morning Tole and apologies to aldi1 (forgot to add threads to "my favourites" and didn't see your post until now.Tole - Not in at present and until the credit crunch abates not likely to dip a toe in as I believe the recruitment sectors will continue to experience further declines in this protracted downturn. Don't think Dan Stewart are following....haven't seen forecasts from them. aldi1 - As above, still think the sector as a whole will show further weakness but with the price dipping below 110p it has come off considerably but could remain depressed until sentiment changes. Only brokers forecasts are from Brewin who indicate fairly static EPS growth between 2009 and 2010. Brewin Dolphin 27-06-08 BUY 2009 £6.70m 23.50p EPS 2010 £7.20m 23.70p EPS Regards, GHF |
Posted at 29/6/2008 22:54 by aldi1 i seem to share quite a few shares with both you and rivaldo, ghf.i split my portfolio between long term value stocks and a trend following system. i've looked at this one b4 but with recent results and possibly the bottom of the down trend may look to start buying if this can break 130. this sector has been bashed recently and i pulled out of bdi at about 160 when the down trend was established. just curious - what is your entry point(as you say its on your watchlist)? matt |
Posted at 27/6/2008 16:35 by glasshalfull Arrived on AIM in 2007, synopsis below:-Hexagon Human Capital, a holding company which buys and builds businesses in the interim management and recruitment sectors, has listed on AIM, raising £8.9 million. The company was established in 2004 and owns a profitable portfolio of recruitment firms. Hexagon listed 18.2 million shares at 165p each, giving it a market capitalisation of £30 million. The funds raised will be used to repay acquisition debt (£3.9 million), to settle deferred considerations (£2.8 million), and the remaining will be used for working capital (£2.2 million). Hexagon recently completed the acquisition of BIE Interim Executive and, upon completion of the merger, will be the UK 's leading provider of senior executive management. In the past two years, Hexagon has completed four acquisitions and has made an investment in a 70% majority-owned joint venture. It was founded by its current chief executive, Jonathan Wright, and Dr Swee Lip Quek, and employs a similar business model to the one that Mr Wright used as group managing director at Alexander Mann Group (AMG), although it is more of a recruitment-process outsourcer than a conventional recruitment agency. During his time at AMG, Mr Wright oversaw an increase in revenues from £0.9 million to £128 million. Since its inception, Hexagon it has made a number of deals similar to its current agreement with Acusearch, a joint venture with the management team to provide partner and director-level staff to the management consultancy market. Hexagon has also acquired Oxygen, which offers recruitment services to senior personnel in the retail, financial services and industrials market; Euromedica, an executive search company for the life-sciences and healthcare industries; and Roberts & Corr, which is focused on the international market for human capital in the media, communications and technology sectors. The takeover of BIE Interim Executive has enabled Hexagon to offer interim management executives to UK and overseas public and private-sector companies. Hexagon now has in excess of 200 clients, and among its blue-chip customer base there are 25 FTSE-100 companies and three out of four of the world's largest accountancy and professional services groups. In the year to 31st March 2006, Hexagon reported operating profits of £3.6 million on turnover of £14.67 million. For the six months to 30th September last year, it recorded operating profits of £2.28 million on turnover of £7.9 million. And, for the six months since September 2006, Hexagon has encountered surging demand, especially from the financial services and consulting sectors. So, following the acquisition of BIE Interim Executive, it claims that it will announce a strong set of results for the final year to 31st March 2007. Hexagon looks to acquire profitable businesses that have a market share in geographical areas likely to exhibit strong growth. By doing so, the company expects to enter new sectors and take advantage of post-acquisition growth to help the value of its investments appreciate further. What's more, the targets must demonstrate strong profit margins and cash flows. And this strategy of diversification should help Hexagon create more sustainable revenues streams and avoid the impact of an economic downturn in a particular region. Hexagon also plans to consolidate its market-leading position in the provision of interim management not only by developing its business, but by creating quality consulting teams. As a result, its acquisitions are considered for the cross-synergies they can offer its different subsidiaries - the companies in its portfolio have specific clients that they can promote to the other subsidiaries. In addition, Hexagon intends to generate additional revenue and establish longer-term relationships with clients by offering additional services such as organisational design, board effectiveness and assessment, and human capital research. An additional advantage comes from the fact the specialist staff and senior executive sector has always been short of supply, while the company's executive assignments bring in revenues for nine-month periods, creating earnings visibility. Hexagon is a growth story. Both through acquisitions and organic development, it has established a premier position in the UK market, reflecting the talent of its management team in selecting suitable targets for acquisition and the ability to expand successfully. However, in the past two years it has merged with four companies while adding BIE Interim Executive last December, so there are complications in trying to value the business and assess whether a market price of £30 million discounts future growth or not. Hexagon's consolidated profit-and-loss statement is not detailed and offers no additional information other than the company's operating profitability. However it looks pretty obvious that this is a company which could easily achieve operating profits of £5-6 million this year and more next time. With no debt left on the balance sheet a £30 million valuation looks far from demanding. |
Posted at 08/6/2007 17:00 by glasshalfull The following note appears to be an initiation of coverage from Daniel Stewart. Clear and consise guidance on the company.Of course the excellent margins enjoyed by the company are highlighted but I'm surprised to see that the majority of the revenues generated are down to 5 key employees and the success of HHC (for the time being) is aligned to their retention by the company. It suggests to me that this is a riskier proposition than I had first anticipated. "The group depends entirely on 5 fee earners within the interim business (which represents 61% of 07E EBIT)." HHC is apparently on a PER of 12.6 for 2008 @196p. -------------------- Unique growth exposure, concentrated risk We met Hexagon management last night. We were impressed by management and liked the story, but believe that the current valuation discounts much of this while risk is relatively concentrated given a dependence on a few key fee earners. The company specialise in leadership recruitment - exec search and interim management (where they are UK #1 with a fairly unique exposure to this exciting arena) Positives: Very good margins - 30% conversion ratio across the group (top quartile - only Morson, Matchtech, Healthcare Locums & Hays do better) with a 55% conversion ratio in interim management (only HCL can top this that we are aware of) Interim management a high growth arena that has little price competition; candidate supply fuelled by increasing numbers of 45-55 year olds who have "made it", who want interesting projects but also want a significant amount of leisure time between projects. On the demand side, fuelled by a need for experience project managers to drive change. There is likely to be some upside to consensus numbers from earn outs and from cross selling between the 2 sides of the business (recently put together), plus we sense that consensus numbers have been set at a beatable level. We like the twin invoicing model in interim management - Hexagon's fee is billed to Hexagon, while what would normally be their cost of sales (the interim's salary) is billed direct to the interim - Hexagon therefore does not have to carry the payroll cost within working capital on its Balance Sheet Investment issues: We see the acquisitive strategy as a risk; management understand the risks involved in making acquisitions and address some of these by retaining separate brands and by requiring management to retain significant minority stakes. However the length of earn outs appears to be relatively short at 2-3 years, which deferd rather than eliminates the risk of key staff departures. The group depends entirely on 5 fee earners within the interim business (which represents 61% of 07E EBIT). These individuals are locked in with equity, but these lock ins seem relatively short, and further significant equity may be required to continue to retain them. Any departures could prompt significant loss of business. This is a significant asymmetric risk in our opinion. The valuation multiple is fair but offers only modest upside on 12.6x 08 in our opinion given the risk - as the group broadens out and diversifies, our view on this could moderate. Regards, GHF |
Posted at 17/5/2007 14:12 by tole Hexagon Human Capital - SPECULATIVE BUYCompanies: HHC 02/04/2007 Acquisitive executive search counter Hexagon has pleased followers with an upbeat pre-close trading update, nudging its share price higher. Steered by co-founder and chief executive Jonathan Wright, the recent AIM entrant expects results for the year to March to come in slightly ahead of market expectations following a trading flourish in the final quarter of its financial year. Analysts were looking for a rise in pre-tax profits from £3.7m to £4m from improved sales of £14.3m (£12.7m), with the numbers prepared on a pro-forma basis, assuming ownership of all group businesses for the entire year. Hexagon was apparently successful in hiring more experienced fee earning consultants towards the end of the year and continues to scout for further acquisitions. Founded by Wright, previously managing director of Alexander Mann Group (AMG) which flourished during his tenure, and Dr Swee Lip Quek, the group's stated mission is to buy and build businesses within the interim management and 'human capital services' sectors. Four acquisitions have been completed over the past two years (and Hexagon has a 70% stake in a joint venture), with the most recent deal being BIE in December, an acquisition turning Hexagon into the number one provider of senior level interim executives in the UK. This part of the recruitment sector, insists Wright, offers 'significant' revenue visibility, high margins and is growing 'substantially' faster than the permanent recruitment sector. Hexagon floated on AIM in February, having raised £10m of new money from institutions at 165p. Its still early days, but given Wright's track record, supposed bumper demand for the shares pre-float and the group's diverse portfolio of profitable companies providing a degree of insulation against cyclicality, this looks a story worth following. Watch out for the figures, which should be issued in early June. James Crux Market cap: £31.98m Share price: 176p |
Posted at 17/5/2007 13:43 by tole Snippet from the Independant - citing their market report April 5 2007 "Brewin Dolphin inititated coverage of Hexagon Human Capital, the executive search group that listed at 165p in February. Having risen to 190.5p on the first day of dealings, the shares have fallen back on steady selling pressure. Brewin points out the stock trades at an undeserved discount to its peer group and set a target of 200p" Looks more like it suffered a bout of profit taking after its initial surge - now looks more likely that they have been cleared this should move back towards a more decent rating. Also noted this extract covered elsewhere - "Brewin Dolphin started coverage of Hexagon Human Capital, an executive recruitment specialist, with an "add" recommendation. It noted that shares were on around 12 times earnings, compared with immediate peers such as Hatpin, Hydrogen and Empresaria which were at between 11 and 15 times. "Given the strong current trading and above sector average growth prospects, margins and visibility we believe that Hexagon should trade at least at the midpoint of its nearest peer group range," Brewin said. It set a 200p share-price target, compared with a 176p closing price yesterday." |
Posted at 17/5/2007 13:33 by tole Okay - lets bring this thread up to date witha few of the recent articles here on HHC.Hexagon recruited to Aim 15 February 2007 Aim's gaggle of recruitment companies got a new member this week with the floatation of Hexagon Human Capital. The company, which has only been trading since 2005 and has been built up through acquisition, targets the top end of the market - executives and senior management. Most of the acquisitions have been in permanent recruitment, where Hexagon works in the health, media, consumer and management consultancy sectors. But the most recent addition, BIE, finds senior personnel to manage companies over a period of change. Interim recruitment is high margin work and, according to Hexagon, the market is growing at 30 to 40 per cent per year. Hexagon is looking for more acquisitions in this area, and raised £10m of new money at the float. The money will be used to pay down debt that was taken on for acquisitions, and also to fund new deals. None of the existing shareholders sold any shares in the float which,according to chief executive Jonathan Wright, was 40 per cent oversubscribed. At the float price, Hexagon has a market capitalisation of £30m. At the placing price of 165p, Hexagon trades at 11 times earnings. Given the growth opportunities, that's good value. |
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