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% 33.00p 0 08:00:00
Bid Price Offer Price High Price Low Price Open Price
31.00p 35.00p 33.00p 33.00p 33.00p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 20.9 1.3 2.6 12.7 15.01

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Date Time Title Posts
18/5/201812:02HML, expanding residential property management company 501
11/9/201516:40HMLH 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 33p.
Hml Holdings has a 4 week average price of 30.50p and a 12 week average price of 30.50p.
The 1 year high share price is 42p while the 1 year low share price is currently 28p.
There are currently 45,488,635 shares in issue and the average daily traded volume is 18,133 shares. The market capitalisation of Hml Holdings is £15,011,249.55.
rivaldo: You forget SteMis, it takes time and effort to realise fully all those acquisition synergies. Or so they keep telling us.... I'm happy to hold, and likely add some more, as I can't see much if any downside, whereas it's just possible we could see a 45p-50p share price quite quickly if the upcoming results are bullish and Finncap's forecasts show a decent increase over the now historic 4.1p EPS.
rivaldo: The H1 results are pretty underwhelming. I do consider that HMLH are substantially undervalued - and have good upside potential. But once again there's no catalyst for a re-rating, and once again integration and other investment/costs are the apparent reason for the masking of decent revenue and operating profit growth. However....a glimmer of hope from today's Finncap update. They retain their Buy and 45p target. And they have upgraded their revenue forecast for the year by 6% to £25.5m, whilst conservatively leaving their EBITDA and PBT forecasts unchanged at £2.6m and £2.2m. In particular, the "record pipeline of 17,000 units, compared with 8,000 the previous year, is very encouraging". Given forecast 4.1p EPS for this year - with a 0.4p dividend - HMLH remains cheap imo, especially with pretty high revenue visibility. A 45p-50p share price is justifiable, but how long it will take to get there is another matter.
graham1ty: 45p now that would be a dream. At 33p bid the share price is below where it was four years ago ( and in 2007,pre the crisis). Part of the trouble is operating margins have been squeezed so c15-20% revenue growth has translated into eps up only 12% in the last three years ( fully diluted statutory eps is now 2.49p v 2.22p in 2014 Acquisitions adding c10% revenue each year are all very well, but if IT, HR, Compliance, H&S and now Data Protection add layers of cost then margins will suffer. Operating margin had risen from a low base up to 7.2% in 2014, but has subsequently fallen to 6.7%,then 6.6%, then recently to 6.4% ......or diseconomies of scale. Awful. If operating margin had continued to improve ( ie economies of scale)from 7.2% to say 7.4%,to 7.6% and now maybe 7.8% ( a gradual improvement) .....if so, the eps would be 22% higher than they are now. The reduction from 7.2% to 6.4% sounds little, but actually represents nearly £200,000 of additional cost. So, may be a while
graham1ty: The absence of trading statement means an interminable wait for an update. No wonder the share price is weak
stemis: Cute how the share price falls just in time for the company to issue another wad of options to its directors/senior managers (more likely vice versa). The drop of 6p results in a benefit to the recipients of £56,580 on the 943,000 of options issued
rivaldo: Wake up everyone! Today's RNS shows the CFO transferring £24,000 of shares into his SIPP. Logically one can infer this means he believes the share price will increase and he wants to protect any gains. Let's hope so. The AGM is on 19th September. Excitement is building - it's only a month away now :o))
rivaldo: Finncap retain their Buy and 48p price target. I suspect this may be increased after the results are out: "HML Holdings* (CORP) Positive trading update Ticker: HMLH Market Cap: £18.3m Price: 40.5p Target Price: 48.0p The group has issued a positive trading update for the year to March 2017 confirming earnings in line with market expectations. The group has a very high visibility to revenue and a predictable cash flow profile. We believe its strategic mix of organic and acquisitive expansion is capable of sustaining double-digit unit annual growth in a large and fragmented market. We retain our 48p target price, implying potential share price upside of 19%."
graham1ty: Shanklin, I think a read of some of the 2012-14 announcements were pretty positive. In that period forecasts rose during the course of the year, then HML beat them ( 2014 forecast 2.6p, actual 2.9p, 2015 forecast 3.1p, actual 3.2p). Then they hit a wall of costs and overhead that was the reverse of economies of scale: real teething problems in growing up to be a big company. For the year to March 2016 forecasts started at 3.6p, but they reported 3.3p. FOr this year to March 2017, the first forecasts were for 3.7p, then downgraded to 3.5p, then downgraded to 3.4p. Only at the interims in November, were they pushed up again to 3.8p. At the AGM last year there was a lot of discontent. The share price was low 30s, down from a high of mid 40s. In JAn 2015, the major shareholder LTC sold a block at 33p, then in Aug 2016 a block at 30p. By the AGM in September there was a lot of grumbling. Let us hope the new found excitement is justified. However the price remains at roughly the same level it was in 2014 when HML was a lovely Growth stock. The June 2014 FinnCap note was headed "Acquisitive Growth in prospect" with a target price of 45p. Their March 2017 note upped the target price from 45p to 48p.......just three years later.
rivaldo: Good to see the trading in line for historic 3.8p EPS forecasts. HMLH now enter a year with forecast 4.3p EPS - with more acquisitions likely - which makes a 40.5p share price pretty cheap. I too did a double-take when I saw the word "exciting" as regards prospects for 2018 :o)) Hopefully this signals HMLH is finally entering a step-change in prospects after the 3 recent acquisitions.
graham1ty: One comment on acquisition cost, and insurance. They are tied together. HMLH have their own inhouse insurance broker. A non group block will have insurance and will pay a broker a handsome premium to arrange it. An acquisition is moved to that insurance broker. HMLHs broker, because of its buying power can go to the client block and offer a LOWER overall cost for their insurance. The client block likes it and thinks what a great job the new managers are doing. But, the brokimg premium ( and this is all disclosed) now stays in house and is not paid away to a third party broker. Win, win all round. So, the pre acquisition revenue may not be relevant is HMLH can immediately add a hugely profitable ( but still, for the client cheaper) insurance revenue stream to each acquisition. The uplift is not disclosed but I suspect immediately changes the apparent economics of each deal. So, the worries about insurance. Does HMLH have a conflict of interest, or is it ripping off the clients or doing something illegal ? No. First all this is disclosed to the clients. Under all the ARMA codes there is way more disclosure from HMLH than rival, dodgy, "bloke over the corner shop" managers. Second, the client will end up paying LESS for their total insurance package than before. The difference being that the arranger is HMLH using its scale and buying power to get the deals ( and keep the fee). Third, might there be a regulatory nightmare where insurance and management are split ? This is the Armagedon scenario. Well, no, not at the moment. This has been raised before in the various Inquiries, White Papers, etc with regard to managing agents. And each time it is dismissed as not an issue. There are bigger fish to fry in this pool: primarily the conflict of interest in owner managers, providing overinflated services effectively to themselves; second the unregulated bandits. So HMLH has been at the forefront of ARMA ( Association of Residential Management Agents) calling for MORE regulation. HMLH used to sit on the Board of ARMA, have made submissions to Parliamentay Committees etc. They want disclosure, client decision making, no conflicts of interest. All,of which put the worries about insurance into context. HMLH are not doing anything dodgy. They are just lucky to,own their own insurance broker. Lastly, acquisitions, organic growth and profits. HMLH had got themselves in a good place c2012-2014. Every acquisition, small forecast upgrade ( and just as an aside HMLH have done almost all,of this out of free cashflow. HMLH throws off cash). So for two years there were always creeping upgrades. HMLH were always going to beat forecasts and the end eps was 25% above where it had been at the beginning of the year. I Like that in an investment. But 2015 was time to "grow up" and put in place systems, IT, costs more suited to a larger company. They recruited regional managers, set up a proper HR department ( gulp, pre 2014 HR was,done on the back of an envelope), jazz up the IT. And these costs hit operating costs, operating profits and margins. Not badly, but just interrupting the nice smooth line of growth they had managed for years. Is it the end of growth ? A change in business model ? No, not in my opinion. It cost a bit more than they expected to get ready for the next period of growth. They have been quite open about this. I think also the management team six months ago was getting a little bored/bothered by short term demand for profit growth and explaining the investment they have made. So, I think they have withdrawn into the business with a " just let us get on with it and the numbers will speak for themselves attitude". There had been a lot of investor contact for a couple of years, and as soon as the share price drifted down below 40p, everyone was on their back. I hope Rob and the team have just let that background noise go away, and justmfocused on getting HMLH back to where it was: a growing,cash generative, forecast beating growth Comapny. Let us see when the results come out
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