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% 30.00p 6,520 08:00:00
Bid Price Offer Price High Price Low Price Open Price
28.00p 32.00p 30.00p 30.00p 30.00p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 25.97 1.46 2.60 11.5 13.7

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Date Time Title Posts
28/9/201809:46HML, expanding residential property management company 549
11/9/201516:40HMLH The ability In financial Outsourcing.17
17/3/200918:51HML with Charts & News92

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HML Holdings (HMLH) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2018-10-19 14:00:3931.5028389.15O
2018-10-19 11:49:0431.426,2371,959.80O
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HML Holdings (HMLH) Top Chat Posts

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 30p.
Hml Holdings has a 4 week average price of 29.50p and a 12 week average price of 29.50p.
The 1 year high share price is 38p while the 1 year low share price is currently 28p.
There are currently 45,713,635 shares in issue and the average daily traded volume is 10,500 shares. The market capitalisation of Hml Holdings is £13,714,090.50.
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...
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: 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
HML Holdings share price data is direct from the London Stock Exchange
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