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 Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 41.00p 40.00p 42.00p 41.00p 41.00p 41.00p 0 07:52:02
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 20.9 1.3 2.6 15.8 18.48

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Date Time Title Posts
04/7/201716:01HML, expanding residential property management company 412
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
2017-08-17 12:26:0539.657,7763,083.42O
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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 41p.
Hml Holdings has a 4 week average price of 41p and a 12 week average price of 31.50p.
The 1 year high share price is 42p while the 1 year low share price is currently 31.50p.
There are currently 45,084,535 shares in issue and the average daily traded volume is 3,306 shares. The market capitalisation of Hml Holdings is £18,484,659.35.
rivaldo: 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.
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.
rivaldo: Cheers Graham - with 3.8p EPS now forecast for this year ending in 4 months, and 4p EPS for next year (plus a 0.4p dividend), HMLH is looking pretty cheap imo. A 45p share price would represent over 30% upside from here. Chinahere, correct, amortisation is almost always the main difference.
shanklin: AdamB To be fair, at least HMLH are using cash rather than paper to fund their acquisitions. Given the weak (IMHO) share price, issuing shares to fund acquisitions would be a major problem.
adamb1978: I also cannot make it on Tues 20th, though would very much like to. Main reason would be (i) to try to make the point which Shanklin makes above - the way they present their results does not help get the share price up and (ii) why the buy and build strategy doesn't seem to be working
davidosh: Revenue growth is really gaining momentum now. Note the two large acquisitions which brought in 3000 properties were in the second half of the year just ended so add little to the top line but do add to year end props under management. They also bought another three companies since the year end so must be at about 64,000 by now and with new builds coming in from that new team on top. They should reach 70,000 this year but we need to know how these economies of scale can really deliver for shareholders. I am expecting revenue to hit £20.5m and possibly £21m this year with that big growth in acquisition activity late in the year and very early in this financial year. So based on their own valuation method the target share price should be at least 60p per share if using the 1.25x revenues model to value the group as a whole with a bit on top for doing all the work having put the group together. Then a bit more for the economies which should now begin to come through after all the investment in systems and people.
mcfly79: Thanks for the posts Graham1TY,Do you know if the company looks at many potential acquisition targets that are more sizeable than the recent acquisitions?When I spoke to Robert Plumb some time ago he suggested that Barclay's were keen to lend to HMLH and imo it makes sense to debt finance a large acquisition if the price was right.You'd think that the company should be able to borrow at least £3m (perhaps substantially more) at a fairly low rate. A long term revolving facility may best meet the company's needs and allow flexibility on negotiations.A company I track called Adept Telecom negotiated a £15m revolving facilty last year and used a large chunk to fund a sizeable acquisition. The share price has done very well since the acquisition was announced. Adept are about 4 times the market cap of HMLH and are in a completely different sector but have some similarities in that they convert almost all of their earnings into cash and had been using that cash to fund smaller acquisitions.Adept pay 2.3% above libor for drawn funds on the facility and 0.9% for the undrawn element. Very cheap money!
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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