Share Name Share Symbol Market Type Share ISIN Share Description
Hogg Robinson Group LSE:HRG London Ordinary Share GB00B1CM8S45 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  +0.00p +0.00% 120.50p 0 05:00:01
Bid Price Offer Price High Price Low Price Open Price
119.50p 120.00p - - -
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 335.10 33.10 6.90 17.5 395.0

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Date Time Title Posts
09/2/201814:38Time to buy HRG ?1,576
24/11/201517:40Home Retail Group1
13/4/201510:42HRG Hogg Robinson109
16/6/201017:48HRG bound to fall on pension debt worries1
20/6/200709:28HRG Charts-

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profdoc: Hogg Robinson qualifies for my modified PER portfolio: •Averaging its earnings per share over the last 7 years produces either 6.8p or 5.5p (depending on whether you accept adjustments to reported earnings – see later). With a share price of 47.1p (MCap of £152m) the cyclically adjusted PER is either 6.9 or 8.6, significantly below average. •Its Piotroski score is 6 out of 9. •Business prospects are OK, if pedestrian. •Managers have plenty of experience and loyalty to the firm. No evidence of lack of integrity, even if their reputation with staff is not the best. •Generally stable: business operations remarkably stable over the last few years in terms of activity, revenue and earnings per share; financial structure is just about OK, but has some large liabilities in the BS. ......They do far more than book flights: •Lend their expertise and experience to reviewing client travel policies, help tighten cost controls and implement processes that maximise staff compliance with company rules, e.g. reclaiming expenses, payment processing. •Supply an online booking platform to allow client staff to self-book. About half of HRG’s income comes through this route. •When travel is delayed or complications arise HRG’s experienced travel consultants help and reassure, 24/7. •Tailor-make unusual travel arrangement, e.g. oil service companies need staff in awkward corners of the world •In North America HRG manages the redemption of credit card loyalty programmes for financial institutions. •Large meetings and events logistics, e.g. travel services for Cardiff NATO conference last year. Now has larger NATO contract. •The Fraedom (originally Spendvision) division provides white-label expense and data management software for corporate clients to overlay with their own logos and specific characteristics. The business model is to collect fees from the client company, acting as their agent, rather than receiving commission from airlines, etc. They rarely act as the principal when buying travel. Clients stick with them for a long time. I imagine that there are high switching costs for them once their staff are used to using HRG systems. Thus HRG has multiyear contracts and consistently high client retention rate. No single client accounts for more than 3% of client revenue. HRG staff numbers rose from 4,868 in 2013 to 5,219 in 2014 because it won the contract to provide the Canadian government with end-to-end travel and expense management solutions (travel authorisation, online booking, expense claims and payment processing). It turns out that the Canadian government do not need the quantity of activity that HRG anticipated and so profits in 2014/15 have been hit by excessive staff, which are now being released or reassigned. In tomorrow’s Newsletter I’ll discuss the profits history( That will be followed by Piotroski factor analysis. The following day I'll look at the dreaded pension deficit (not as scary as it seems at first). Another day I'll look at prospects for the business, manager quality and stability. Glen
neilyb675: from buller (on LSE): So anyone who thought the profit warning was the beginning of a slide down which caused a nearly 50% drop in share price are coming back and the price is creeping safely and surely back up. I assume the market expectations are revised after the profit warning but it was very mild warning so I think the results will be inline with last year when the share price was around 70 and in the meantime the cost base has been substantially reduced which promises well for future years. all in all steady as it goes and I can really only see the good trend over the last few weeks continue. Expect to be above 60 when it comes to results, remember the high dividends we get here
junglee: Thanks northernlass. Let us hope this landmark China deal will be noticed by the City and the slide in share price reversed. Servicing Unilever in 70 countries should also be starting now. Quite thread and quite company.
junglee: I also thought that L&G may be getting rid of its holding but volumes since June-end have been pretty low. May be it is acting as depressant to the share price because 56p for an eps of about 9p is too low considering HRG has various government departments (has always been like that)and blue chip multinationals as its major customers. Their international travels in business class hardly stop whatever may be the macro environment!
junglee: any reason for its continual decline over the recent days? The share price has now fallen by over 15% on no news and low volume and looks cheap on eps and yield considerations. Perhaps AGM on 25th would change the sentiment.
isis: Buy Hogg Robinson (HRG) at 37.25p Says The Small Cap Shares Team Hogg Robinson (HRG) was originally tipped in the October 2010 issue of Small Cap Shares. Since then, the share price has increased by almost 38%! But with an attractive earnings multiple and improving conditions in the firm's markets, the team believes there is still further to go. In the latest issue of Small Cap Shares, out this Thursday, the team will reveal 3 brand new recommendations like this on small cap companies they believe have fantastic potential, as well as providing updates on previously tipped stocks and lots more. To see these brand new tips on the website next week, and receive the latest issue of the newsletter by first class post - join Small Cap Shares now. The Business Hogg Robinson is a specialist provider of outsourced travel services to multinational companies. It is entirely focussed on serving the requirements of corporate clients and provides a range of services designed to help multinationals reduce travel costs and to manage their complex requirements in a more efficient manner. At present the business has over 5,000 employees located in 25 growth markets in North America, Europe and Asia-Pacific, from which it provides travel services to about 120 countries. Revenues consist of fees paid by clients for the provision of services such as online booking tools, consulting services, events and meetings management, data analytics and traveller tracking facilities. These managed services are customised to each client's needs. For example, some companies require a dedicated team of its employees whereas others with less pressing needs can use the company's systems to book travel themselves or only use its consultancy or tracking services. All of these operations are conducted by the Corporate Travel Management division, which accounted for 97% of the £326.8 million of group turnover earned in the last financial year. In addition, the group holds a 58% stake in Spendvision – a leading provider of expense management automation services. The division's services help clients manage employee-controlled expenditure made through the use of personal credit cards, expense forms or other means such as mobile phones or fuel cards. This division accounted for the remaining 3% of group revenues over the 2010 financial year. Current Trading Following a tough year to 31st March 2010, the firm's results for the six months to 30th September showed a significant improvement across all geographic regions as client confidence improved. Revenue for the period was £169.2 million, an increase of 9% on the same period a year earlier, and with a virtually flat cost base, this translated into a 104% increase in underlying pre-tax profit to £15.3 million. These figures came on the back of a 22% increase in client spend, while the client retention rate remained above 90%. Meanwhile, underlying earnings per share increased from 1.6p to 3.3p and management announced that it was upping the interim dividend payment by 25% to 0.5p. Less encouraging was the increase in the company's pension deficit from £65.3 million at the 2009 year-end to £155.1 million in September 2010 due to a lower discount rate and higher inflation assumptions. Largely as a result of this, the group showed net liabilities of £16.2 million, compared to net assets of £0.7 million in March 2010 and £47.7 million in March 2009. Meanwhile, net debt as at 30th September 2010 stood at £85.8 million, down from £96 million a year earlier.
titeuf_int: Do not get fooled by the apparent low valuations of the group ( trading less than 5x PE) as 2010 is set to become more challenging than 09. Moreover the group has lots of off the balance sheet liabilities and if we include the pensions charges the group has been heavily loss making in the last two years. Recent economic problems will put a strain on company spendings and the company might have more difficulties in refinancing itself. The group has built its forecast in a progressive recovery of the economy which might be optimistic given the recent macro economic problems we are facing. More worrying is the huge debt that HRG has to face : 1/ The Group's pension deficits under IAS 19 have increased by £61.1m to £126.4m before tax. The UK scheme deficit increased by £64.6m to £115.9m. that is a doubling and exceeds the group current market cap of 93 m !! I expect the deficit to increase dramatically in 2010 as the value of the stock market plunged 20% since march 2010 ( date which the report was published). Expect further losses on this side and the worst is that these losses are accounted off balance sheet. In 2009-2010, the group lost 66m pounds which went off balance sheet. The year before it was 20 m much more than the profit the group can generate and it continues like this the group will have to recapitalise itself as the debt is growing at a steady pace. 2/ this situation is not sustainable and this reminds me of a company called Uniq which is quite profitable and had quite lots of cash but had a whopping pension deficit. The PE is low but the share is in free fall as the group had to give all their cash flow to the pension trust. 3/ if you include on top of this the banking debt you will see that the group is highly indebted hence the low pe. => do not be fooled by the low valuation as the group is extremely indebted and is not economically profitable ( when you deduct the comprehensive loss from the pensions scheme). With the economic climate showing signs of subdued growth, the company will have difficulties refinancing itself and the group will have no choice than increase its contributions to the pension scheme which will shrink profits. I personnally think the group has much more downside left and we saw that it did not rally after the results.As long as investors will shun risky assets the share price will go lower that is for sure. remember how it collapsed in 2008. I personnally expect a capital increase at some point as teh group situation is not vaible in the long term.
grahamburn: So I was right (in 1368) - well almost, excep that only 6%+ of the share capital was involved. Not quite a rollover, but all the shares sold by Permira have found a new home. Look at trades 7 through to 14 and, ignoring the 9,000, trades 7 to 10 and 14 virtually cancel out the Permira sale. Wonder if they all went to the same home or there is now a more diverse shareholder register. Have to wait for the next holdings announcement - tomorrow maybe, unless all the new holders are below the threshold. Either way, the share price performance after these transactions (at a discount to market price) was reasonably impressive. Question is: what will the next few days bring?
cockneyrebel: she-ra, what's different here is that 'Beaver Wierd' were once in merger talks and they have also had joint ventures. I don't know about you but if I wanted to merge with another business that suggests it has to be pretty much 50/50 or there abouts. With HRG share price so low and Beverweerd acquiring 13% they are on the way to getting the merger but on their terms and paying a lot less, only this way it will be a take-over rather than a merger imo. Beverweerd won't comment which says more than it doesn't imo. If they were prepared to buy HRG @ 60p odd a few months ago then even now, if they were only averaging down they will drive the price up imo, which underpins the price here at least, to a great extent. Agree what autobhanned says about business. Business is being affected by the slow down far less than the public imo. Sportsdirect own around 29% of BSLA and I think Ashley will bid eventually. A bid for HRG might be months off, but I bet you see regular bouts of chunky buying or weakness as BW acquire more. CR CR
autobhanned: MAY 12, 2008 -- With BCD Holdings shareholder John Fentener van Vlissingen becoming Hogg Robinson Group's largest single shareholder by increasing his ownership stake to 13.14 percent late last month, the BCD founder also is planning to make further investments in Asia/Pacific and other emerging markets and diversify BCD Travel's client base by putting an increased emphasis on the midmarket. On April 29, Beverweerd Investments, the Zeist, Netherlands-based wholly owned subsidiary of van Vlissingen's Boron Management investment firm, increased its share from more than 10 percent, which it acquired in March following the initial mid-December buy into Hogg Robinson, parent company of travel management company HRG (BTNonline, March 6). The latest purchase surpassed institutional investment firm and previous largest shareholder F&C Asset Management's 11.25 percent share in Hogg Robinson. Van Vlissingen would not discuss further Hogg Robinson investment plans, saying that talking about his intentions "would limit my flexibility." In March, Boron and BCD Holdings spokesperson Mario Bruna said the share acquisitions were "purely a long-term investment." According to van Vlissingen, all non-travel operations formerly within BCD Holdings have been moved to Boron, and that the only thing the two have in common is their shareholder. According to Kean Marden, capital markets head of research at London-based investment bank Kaupthing Singer & Friedlander Group, London Stock Exchange regulations state that if van Vlissingen "comes out and says that he is building a stake and wants to bid, he will be required to bid. You can't sit there and destabilize a business by claiming you might bid for it." Marden said Hogg Robinson remains profitable despite the cyclical nature of its business and the slumping economy. However, a previous seven-year relationship between BCD and Hogg Robinson in the BTI joint venture, ongoing joint clients, differences in market presence-with BCD larger in the United States and HRG larger in the Far East and some parts of Europe-and van Vlissingen's latest investments could suggest a new tie-up in the future. "We know that the two businesses have operated together harmoniously in the past and there is merit in the combination," according to Marden. Despite the links between the two TMCs, van Vlissingen's stock buys do not affect HRG's future, HRG CEO David Radcliffe told Business Travel News this month. "Good for John. He knows a good investment when he sees it," Radcliffe said. "At the end of the day, we are not working any less or more with BCD than before the investment and that's the bottom line. We are still an independent company. He may hold a fair slug of shares, but it's not sufficient enough for him to be able to control the company. Whatever his long term plans are, best of luck." Along with investment firms, Radcliffe and other management team members own a significant number of HRG shares. The share price has been cut by more than half since the company issued its initial public offering in 2006, but the company outlook is better than its share price indicates, according to Radcliffe. "It's pretty well known out in the market that since the split HRG's done pretty well," Radcliffe said. "Not talking about share price, but in terms of growth, global footprint, etc. I don't know how BCD has been operating, but possibly John feels the need to protect it." Separate from the HRG investment, one of van Vlissingen's top priorities for BCD Travel is to increase ownership in Asia/Pacific, where former BCD Travel CEO and soon-to-retire Mike Buckman is mustering a regional strategic plan for mid-year delivery to the company's board. The plan could include a larger stake in Hong Kong-based Jepsen Travel, in which BCD bought a 20 percent stake in 2005. Van Vlissingen also wants to become a top-five player in India and Australia, where there are better margins than in most countries, he said. In October, BCD took a majority ownership stake in its Sydney-based partner. "Without any doubt, we must get stronger in the Far East," said van Vlissingen. "We have to be one of the top three. Our investment there in Jepsen was clearly a very good move." Jepsen ownership is a key asset for BCD as it operates a mainland subsidiary in China, where 50 percent of Far East business resides, van Vlissingen said. "India is growing, but it's not the same," he said. "Even Thailand or Vietnam might look exciting, but it's all less than 1 percent. So is it wise to go in all of these countries? That's part of what we'll look at. Without any doubt, we have to be strong in China, India and Australia." The souring economy and decline in acquisition prices has the company also looking at investments in Latin America, where the company is soon to increase its ownership in Brazilian partner Avipam. In June 2007, BCD took an undisclosed ownership stake in the Rio de Janeiro-based company, giving it equity in all of its top Latin American markets, which in addition to Brazil are Mexico, Peru, Argentina and Chile. Buoyed by the billionaire pockets of van Vlissingen, acquisition is not BCD's only area for increased revenue growth. "The first quarter was very strong. What I liked was that it saw us getting the middle clients. In the beginning, our focus was on the big clients and the global accounts and we became very strong on that. That's good and bad news at the same time. The good news is that they are growing. The bad news is the margins for the major clients. We have moved a little to get a better base in the middle clients.
Hogg Robinson share price data is direct from the London Stock Exchange
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