Share Name Share Symbol Market Type Share ISIN Share Description
Hml Holdings LSE:HMLH London Ordinary Share GB00B16DFY89 ORD 1.5P
  Price Change % Change Share Price Shares Traded Last Trade
  +0.00p +0.00% 32.50p 0 08:00:00
Bid Price Offer Price High Price Low Price Open Price
31.00p 34.00p 32.50p 32.50p 32.50p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 25.97 1.46 2.60 12.5 14.9

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Date Time Title Posts
08/3/201909:17HML Group - Property management company4
22/2/201908:23HML, expanding residential property management company 599
11/9/201515:40HMLH The ability In financial Outsourcing.17
17/3/200918:51HML with Charts & News92

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HML Holdings Daily Update: Hml Holdings is listed in the Real Estate Investment & Services sector of the London Stock Exchange with ticker HMLH. The last closing price for HML Holdings was 32.50p.
Hml Holdings has a 4 week average price of 32.50p and a 12 week average price of 29.50p.
The 1 year high share price is 35.50p while the 1 year low share price is currently 29.50p.
There are currently 45,830,135 shares in issue and the average daily traded volume is 27,936 shares. The market capitalisation of Hml Holdings is £14,894,793.88.
davidosh: With no shares traded and such a wide spread the management need to stop this failed business strategy of buying up smaller companies on big multiples of profit and with the basis of 1.25x revenues. Investors are clearly not interested in this failed strategy so they need to start building the dividend and paying back the cash thrown off in the way of dividends and occasional buyback to deliver a better return and boost the capital value of the company. If the share price does not at least return to the levels of two years ago then Mills or an external group will simply offer to take this future cash flow away from current shareholders. For that reason I am putting HMLH on my bid alert watchlist. I would like to meet management again to ask what their plans are to protect shareholders from losing the company at too low a takeout price and one which would deliver a dire return on investment over the last five years of acquisitive growth where revenues have more than doubled ?
graham1ty: Interest builds ahead of the interims. Just over 2000 shares traded in the last week, or £400 worth !!! Until HMLH can show real progress in integrating acquisitions, and then rebuilding operating margin and profitability, these will continue to be written off. The share price is 15% below where it was 5 years ago today and the company is worth less than they have spent on acquisitions. Until they can be shown to have been worthwhile and that they will add to profitability, the Board is not really going to be believed. So, let us hope the interims are good and there are no further costs ( which seem to crop up every period) that are used to explain why life is tough out there.
graham1ty: HMLH are just round the corner from where he lives. Despite getting to know them quite well, he did not have faith that they could deliver. At the current share price......he was right. Until they show some margin benefit from all the acquisitions, and that they can bolt together such a diverse bunch, all on the same systems, until they can do that it remains a mess and gross margin and operating margin will continue to fall. Who wants to be invested in a business when, our time, it gets more and more costly to run the show ?
rivaldo: For my sins I've bought a few more at 31p. With the AGM statement confirming a positive start to the year, plus the CFO transferring his shares into a SIPP, I'm hoping the November interims will signal fresh impetus and the start of a re-rating. With 4.3p EPS (and a 0.4p dividend) forecast this year a 50p share price is certainly justifiable. So fingers crossed that integration costs are ending and synergies finally being realised. I'm not holding my breath :o))
graham1ty: Igoe, they did a big MELLO presentation in Beckenham about three or four years ago ( when the share price was higher than now, and HMLH was seen as a growth stock). Since then they have disappointed. Until they can show that the acquisitions add value, and can show economies of scale working through the business, then people are being cautious. From their presentation last week, costs continue to rise faster than revenue. So margins fall.
rivaldo: Looks like a 25k buy at 35p reported late was the catalyst for the rise. Imagine what just a little attention here would do for the share price.
igoe104: Target raised finn cap. The business model continues to deliver a consistent growth profile and the company remains well placed to benefit from any further tightening of industry legislation. We raise our target price to 53p, implying potential share price upside of 61%
graham1ty: SteMis, they do have a lot to prove. I have added up the gross cost* of all acquisitions since listing and it is £15.7m. With the current market cap at c£15.5m, and HMLH IPOing at £2m, the acquisitions have “lost value” under HMLs tenure (* that is gross, assuming all earnouts paid). The reported gross margin in 1H (12.6%) was at its lowest level since 2012. Margins improved 2010-15, but have collapsed since. Combine those two paras, and in the last three years, HMLH have spent £7m on acquisitions, adding £4.4m in revenue, but generating less than £100,000 in operating profit ( £616,000 up to £713,000). That means that of additional revenue, only 2.2% has been converted to operating profit, and at a cost of £7m !! As a % of the money spent, 1.3% has been converted to operating profit. Of course this is not a problem just in the acquisitions, but represents a deterioration across the whole group. However, the question does remain: was it worth spending £7m to add just £97,000 to the bottom line ? Staff numbers have soared, so revenue per employee was £45,200 in 2010 and is now £47,800. This is a real fall when adjusted for RPI. So HMLH cannot run the enlarged group with fewer people. They just keep adding headcount. With the current c500 employers, that is c£2500 pre tax profit per employee. How do you run a business when margins are so tight ? As they have been so acquisitive, they report an adjusted eps, stripping out amortisation (ie the depreciation charge of all those acquisitions). Then you can get a rising eps number. However, statutory, reported 1.2p for 1H are the same level as 2013. Despite all those acquisitions, statutory eps are flat. And all of this is higher cost within the business. They flagged HR, then IT, then Compliance. All additional costs. Now they have warned of GDPR cost and reorganisations costs. So, there are more to come. I cannot see gross margin, or operating margin getting back on track in the near future. The only plus is that HMLH is so cash generative. It throws off cash ( all used though for these acquisitions). They have produced £1.76m, then £1.9m, then £2.1m of free cash flow in the last three years. However, ask the question again: would Shareholders be in a better place of the last three years of cash flow (c£6m) had been retained on the balance sheet, or even paid out as a special dividend ? Spending £7m has added nothing ( yet). I hope I am wrong in all of this and they shoot the lights out at the results. The problem is, it is a while since HMLH surprised on the upside.....which is why the share price is down where it is
stemis: Just to put flesh on that. When I bought in Jan 2015 at 34p, H1 2014 profit (before amortisation, options, interest) was £795k. They had net borrowings of £441k and about 37m shares. Now 2.5 years later, according to the trading statement they will make £1,192k (same basis as above) in H2 2017. Debts are probably about £2.2m and there are 45.5m shares. At 34p that's about a debt free multiple of 9.15 So they've spent all the retained cash profits for the last 2.5 years (c £3.0m), plus £1.75m in extra debt, plus another 8.5m shares (= £2.9m at 34p) on acquisitions. About £7.65m to raise profits by about an annualised £800k (before tax). If we hadn't have bothered, we'd be making £1.6m profit (assuming zero growth), have around £2.5m cash in the bank and only 37m shares. Even on an 9.15 times taxed multiple we'd be looking at a share price of 39p.
stemis: Yes, I'd probably take an offer at 45p. I hoped for more originally (having bought at 34p) but I'd take some convincing now by management that we were going to see economies of scale feed through to margins. All they seem to be doing is borrowing and issuing shares to buy companies which turn out to be worth no more than they paid for them. If they just kept the cash/didn't issue the shares instead I'm not sure the share price would be any different...
HML Holdings share price data is direct from the London Stock Exchange
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