Hml Share Discussion Threads

[graham1ty] 04/7/2017 08:16

The disappointing phrase is "balance the growth of our business with the need to improve the infrastructure necessary to support it". That is flagging the need for yet more spending on IT and overhead.

There is also virtually nothing in the statement about how the 1Q has gone. It actually says "the Board enters the upcoming year with confidence". It is not upcoming, it started three months ago......

[buffetteer] 04/7/2017 08:08

Disappointed with only a 5.5% eps increase ( adjusted , diluted).

[rivaldo] 04/7/2017 08:02

Ah - thanks Graham1TY. At least 3.8p EPS is in-line anyway.

I note Finncap have 4.3p EPS pencilled in for this year. With a following wind and decent performance by the acquisitions we could see a 55p share price at some point if that forecast is met or slightly bettered.

[graham1ty] 04/7/2017 07:56

Rivaldo, I am going to email you

[cockerhoop] 04/7/2017 07:55

Adjusting out interest charges........really?

[graham1ty] 04/7/2017 07:52

And note, all this adjusted stuff can be very misleading. Statutory eps FELL from 2.6p to 2.5p

[graham1ty] 04/7/2017 07:52

No, they have misled us again. The headline 3.9p is undiluted. FinnCap forecast is diluted. Very naughty !!

[rivaldo] 04/7/2017 07:36

Agreed - though 3.9p EPS is actually a tad ahead of expectations (which were 3.8p)!

The big acquisitions will benefit this year, which will hopefully be extremely exciting by HML's standards :o))

[graham1ty] 04/7/2017 07:33

Results look ok, if a little dull. Pretty much in line. Most of the benefit from acquisitions to come through next year.

[mcfly79] 03/7/2017 12:48

Thanks Graham,Was that new date reported to the market?

[graham1ty] 03/7/2017 10:46

Results tomorrow. That date was fixed a couple of weeks ago, so no ominous delay ( famous last words). I am seeing them tomorrow and will report back asI can

[mcfly79] 03/7/2017 08:07

Has anyone contacted the company about the delay?I'll try and call them later if not.

[b3842517] 30/6/2017 09:34

I was expecting the results today. Always get a little edgy when results are delayed.

[rivaldo] 28/6/2017 10:08

Moving up again - I wonder if there's a little interest coming in due to the above and to the health and safety building services HMLH provide:

[rivaldo] 16/6/2017 10:58

Good to see a keen 24k buy at 42p this morning - that's 2p above this morning's 40p offer price.

Interesting comment on the HMLH web site regarding the appalling Grenfell House fire, which reinforces the need for professional and properly organised property managers:



"Fire Safety

The dreadful events at Grenfell Tower on the 14th June remind us all how critically important it is that we as property managers fulfil our duties in advising our clients on the fire risks inherent in blocks of flats.

As the circumstances that gave rise to this tragic event are revealed in the coming weeks and months, we anticipate they will reflect mostly on the safety design and fabric of the building. There is however so much that can be done procedurally and organisationally to reduce fire risks. HML as professional managing agents will re-double our efforts to ensure that fire risk is professionally assessed and mitigated wherever possible.

Our thoughts and prayers are with the victims and their friends and families who have so unfairly been affected by this tragedy."

[rivaldo] 15/6/2017 12:12

Agreed igoe104.

And we have signs of life :o))

[igoe104] 13/6/2017 13:38

Looks like Oryx have taken advantage of bored holders and topped up via a 2nd holding of 125,000 shares.


This to me is a solid investment, which I will hold for years as part off my portfolio.

[shanklin] 09/6/2017 10:09

Blimey looks like I exited here just in time, albeit I know no reason for the fall. Indeed it might be a good opportunity to buy back in.

[davidosh] 22/5/2017 15:05

Who are the major shareholders here now ?

[graham1ty] 22/5/2017 14:16

I am dying of boredom. At least results in June. Let us see how exciting is exciting

[graham1ty] 27/4/2017 15:05

But the only trade today is a sell at 39.5p......

No one believes them ( or is interested)

[rivaldo] 27/4/2017 11:11

Good to see Paul Scott opined positively yesterday:

"HML Holdings (LON:HMLH) - a trading update for y/e 31 Mar 2017.

Earnings are anticipated to be in line with market expectations.

This property management company is expanding with lots of small acquisitions.

It looks good value, with a forward PER of only 9.42.

Although bear in mind that it's an illiquid stock"

IMO the next year will be key and could be transformational for HMLH given all the acquisitions. With investment and infrastructure now in place I suspect this is the reason for the director's comment about the excitement to come.

[cockerhoop] 27/4/2017 09:55

Still think you guys are missing the elephant in the room.........they have a highly acquisitive business model but pay too much for their acquisitions which create the integration headwinds and lack of economies of scale.

If they were able to pay a comparable rating to their own, then roll out the high margin insurance to the acquired companies everyone would be happy.

[briangeeee] 27/4/2017 09:26

"They seem unable to run a substantially larger group with less overhead."

That is indeed the problem, and has been demonstrated over a long period. Recently, they spent heavily (and one hopes wisely) on new IT infrastructure. So, holders no doubt hope or expect to see operational efficiencies flow from that investment.

It's now time for the CEO to prove his competence and significantly increase productivity by improving operational efficiency. If he can't, then it's time to look for a replacement. Maybe one who's less excited and more capable.

[graham1ty] 27/4/2017 07:06

Martin, I have been in HMLH probably 6/7 years now. I first was attracted to the cash flow, as they throw off cash, all of which gets recycled into acquisitions. There has also been continuing eps growth.

What has been most disappointing is the absence ( apparently) of any economies of scale. The acquisitions seem to cause more problems integrating than they should ( despite the fact they have made over 20) so each time they have ( in the past) said "immediately earnings enhancing", that has just not been the case. We gave them a hard time about that and they now say "earnings enhancing once integrated" which is meaningless.

So in 2006 there were 94 employees and £4.2m revenue ( or £44,900 per employee). Last year 389 employees and £18.6m revenue ( £47,700 revenue pre employee). Revenue has quadrupled, but so have the number of employees. They seem unable to run a substantially larger group with less overhead.

The two recent acquisitions Gordon ( revenue £1.1m) and Faraday ( £1.9m) between them add over 15% to revenue growth. If they were earnings enhancing, forecasts would have risen. Maybe the "excitement" is that there is lots of upside to come, yet it has not been factored in yet ???