Hml Share Discussion Threads

[davidosh] 28/7/2015 10:31

Don777.....HML do not buy or hold the freeholds. They simply manage the blocks of flats or houses on behalf of the freeholder or resident companies.

There are additional fees earned by HML when vendors sell flats or leases are extended but merely for the admin and documents required

[don777] 27/7/2015 23:16

David,
thank you very much for your sharing.

i am completely layman at this business, one thing i am not sure, can you explain?

if HML holds the freehold of flat block A, which are 50 individual flats in it, apart HML collects the annual rent from those flats, when those flats lease are 10-20 years left, and those lease holder want to extent another 20-30 years, do they have to pay tens of thousands to HML?

if so, then it will be a main income in the future from it's portfolio?

TIA


D.

[davidosh] 27/7/2015 12:29

This is a business and sector that I know extremely well. I have a very decent size holding here so I am obviously biased but I do think this will be an excellent all round, all market conditions and economy weathering investment.

[don777] 27/7/2015 12:23

Davidosh.

many thanks

it's you mentioned at the ShareSoc at that event drew my attention,

it seems it's a very good long term investment.


D.

[davidosh] 24/7/2015 16:59

Don777....This is the new thread that everyone uses...

[don777] 24/7/2015 16:05

can any one tell me what's the last line: other operating expense
means

it's the cost to buy other assets?

TIA

Set out below is an analysis of other operating expenses;

2015 2014
GBP'000 GBP'000
Employee salaries and expenses 11,859 10,001
Management costs 318 303
Travel costs 190 182
Advertising costs 56 27
Communications 421 371
Premises costs 1,624 1,436
Professional fees 580 546
IT costs 388 348
Depreciation 210 154
Amortisation 355 280
Share based payment charges 20 17
Other expenses 46 40
Other operating expenses 16,067 13,705
---------- ----------

[traderabc] 01/7/2015 21:49

I wish this one would finally breakout. This is about the tenth time it has tested this area in the last couple of years.

[b3842517] 01/7/2015 14:44

Topped up a little this morning, thankfully timed it just before the increase.

[davidosh] 01/7/2015 14:35

HML are one of three companies I intended focussing on at tomorrow evenings ShareSoc MasterClass event so this pre event increase is rather annoying.

[rivaldo] 01/7/2015 13:39

Bought a first tranche of these at just under 35p on the silly post-results dip and was hoping to add more at around that price. Which seems unlikely now :o((

[davidosh] 26/6/2015 18:23

HML were discussed on the radio .....Ensor, HML Holdings, Quindell, Telecom Plus, female investors & the next @ShareSocUK Masterclass all discussed on @ShareRadioUK show …

[britishb] 24/6/2015 09:49

Anyone asked why capex items increased so much?

Purchases of property, plant and equipment gone from 237k to 539k. Seems out of kilter with level of growth. One off stuff?

[davidosh] 24/6/2015 09:37

Yes steady as she goes perfectly sums this one up I think. Lord John Lee joined us at the results presentation last week and he certainly likes steady long term well managed companies so I am sure our shareholder base continues to widen and strengthen as the company grows and we get more attention.

At some point of course we may get the wrong sort of attention and a consolidator or estate agency group may be looking for a large scale property management business to diversify and minimise their risk as freehold management is not cyclical of course.

HML are still actively looking to buy up lots of the smaller operators themselves.

[rp19] 24/6/2015 07:57

Thanks also for your information Graham, much appreciated.

[jaws6] 24/6/2015 07:28

Graham
Thanks for info.

[graham1ty] 24/6/2015 07:19

RP yes it is still 3.6p. I had a meeting with the company last week and am way behind on writing up notes. All on track, though fractionally disappointed that no upgrades at this stage. Five acquisitions last year, but all small. Organic growth still good. Only "issue" was the higher central costs, mainly on IT and HR. That will not rise again but should provide stepping stone to new levels. HMLH needed slightly enhance systems to move up from being a small company to being a big company. So revenue growth good. Gross margin maintained, hence gross profit well ahead. But £270,000 higher costs knocked operating margins. This is still INCREDIBLY cash generative: acquisitions are always paid from cash ( so no dilution for shareholders). Look at the cash line for the past five years. Amazing.

The other thing unnoticed is the exchange between the CMA and the government endorsing the work of ARMA ( Assoc of Residential Managing Agents) where HMLH is a leading light. Taken away the immediate threat of a blooming great investigation of sector practices and again shows HMLH as "best in class'. Look at the ARMA website for all the press releases.

I wrote a piece after the AGM for here and Stocko called Steady Progress. And after last week, firmly conclude "more of the same". I am not sure what will trigger the next rise up to 40p and beyond, but is only a matter of time ( IMHO)

[rp19] 23/6/2015 20:10

Does anyone know if the FinnCap adjusted EPS figure for 2016 is still forecast to be 3.6p? Thanks.

[stemis] 20/6/2015 13:24

Results were pretty much in line with my expectations. Profit was slightly higher but debt was also. The later was partly down to higher than expected spend on acquisitions so should be good for future profit growth. Shares have largely traded sideways for last 18 months but with a rising support level and narrowing channel so hopefully a decent set of interims should see price breakout to the upside. More of a slow burner than exciting......(as can be seen by the level of posts on this board)

[mrx9000] 18/6/2015 11:31

Having had a look through the results I can see no cause for concern. The price has gone down probably due to the lower EPS figure. A forecast of 3.20 was forecast, however they have not used the adjusted EPS in the figures. At the end of the day it looks a steady company that will steadily grow, whilst at the same time may potentially be subject to a bid down the line.

[b3842517] 18/6/2015 11:12

Share price reaction looks odd given a strong set of results.

[shanklin] 18/6/2015 08:22

Thank you Graham

[graham1ty] 18/6/2015 08:14

FinCapp confirm results bang in line with forecasts and adjusted eps of 3.2p. Forecast is for 15% increase in EBITDA tto £2m. FinCapp leave their target price at 45p, 22% above this level

[graham1ty] 18/6/2015 07:59

I think thatbis what you get with HMLH, prudent, boring growth. But I am perfectly if they "boringly" grow at 10-15% per annum !!!!

[shanklin] 18/6/2015 07:51

Graham

Well there's certainly no harm in taking a prudent approach.

Cheers, Martin

[graham1ty] 18/6/2015 07:45

S hanklin, I am glad they do not show adjusted eps. So many companies show adjusted, normalised, normalised normalised, that it is impossible to see what they are actually doing ( and the adjusted numbers are always, surprise surprise much higher). HMLH just give the statutory numbers. FinnCap can give the adjusted number ( was forecast at 3.2p, then 3.6p for the year coming up)