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HSS Hss Hire Group Plc

0.18 (2.47%)
Last Updated: 10:21:19
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Hss Hire Group Plc LSE:HSS London Ordinary Share GB00BVFD4645 ORD GBP0.01
  Price Change % Change Share Price Shares Traded Last Trade
  0.18 2.47% 7.48 106,053 10:21:19
Bid Price Offer Price High Price Low Price Open Price
7.22 7.48 8.00 7.48 8.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Equip Rental & Leasing, Nec 349.11M 4.24M 0.0060 12.47 51.89M
Last Trade Time Trade Type Trade Size Trade Price Currency
10:45:43 O 45,000 7.4595 GBX

Hss Hire (HSS) Latest News

Hss Hire (HSS) Discussions and Chat

Hss Hire (HSS) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type

Hss Hire (HSS) Top Chat Posts

Top Posts
Posted at 23/7/2024 15:26 by master rsi
There was talk not so long ago, that predators like Travis Perkins or Speedy Hire could pounce on the stock, taking advantage of their share price rise in the last 3 months, while HSS hire has been lower by the same time.

Share prices during the last 3 months TPK +34% SDY +66% HSS - 8%
Posted at 16/7/2024 17:57 by kingston78
The rentals business is big and fragmented in the UK. There are thousands of small rental companies serving their local communities.

The big rental companies obviously want to win big long term contracts with large companies, but these tend to be low margin in my opinion, but nevertheless is good to have.

Anyway, I don't understand why HSS has sunk from 11 p to 7 p whilst during the same period Speedy Hire has risen from 24 p to 40 p. Granted, Speedy Hire has somehow managed to pinch a contract with Amey from HSS. That should not be a fatal blow. The market has over-punished HSS for the loss of that Amey contract.
Posted at 08/7/2024 15:21 by fevertreeman
Impressive performance from the Board & executive team, whichever way one looks at it!

1. Share price Performance (solo or vs peers) has been little short of appalling
2. Directors' purchases: zero this year. Ashmore & Co. absent
3. Stability of Exec team: CFO throws in towel in May after 8 largely fruitless but remunerative years
4. Reshaped, go-getting business: who knows? Ashmore has hacked off big chunks of profitable business; and now lost the huge Amey account to Speedy.
5. Throwing money at digitalisation....
Posted at 26/6/2024 13:28 by fevertreeman
Very poor communications from the Company. CEO talks a big game but so far the market doesn't want to hear it. And what with CFO throwing in the towel,the Amey contract loss bolt from the blue, and now this less than adequate AGM update, I for one am starting to wonder if Ashmore is ever going to produce the goods beyond chucking money at Brenda, flogging off/losing large chunks of revenue and earnings, and trying to tell us that everything is hunky dory, when the share price tells us it clearly bloody isn't!
Posted at 22/6/2024 09:19 by kingston78
A 10% loss in EBITA should not translate into a 36% loss in share price from nearly 11p to 7p. On the other hand Speedy Hire was already rising from 24p before the announcement of the Amey contract. It would appear to me that some investors were selling HSS and buying Speedy Hire in the last few months.
Posted at 20/6/2024 14:49 by fevertreeman

I actually disagree- the share price has dropped because no one was aware how big the Amey contract was. And 10pc EBITDA is a bloody big number in the context of this sector
Posted at 20/6/2024 10:37 by kingston78
Speedy Hire must have tendered a lower price in order to win the contract. HSS will have to look for new customers to replace this lost contract.

Speedy Hire's share price has recently risen from 24p to 32p today. HSS has fallen from 14p to 7p level in the same period. The loss of the Amey contract (10% EBDITA to HSS) does not warrant such a huge drop in its share price.
Posted at 19/6/2024 10:39 by fevertreeman
Market seems to like Speedy Hire's FY results today, despite IMO being nothing to shout about bar decent cash and a held dividend and yet there continues to e a stark difference in performance, despite our CEO's vaunted tech heavy, asset lite model supposedly being the way forward. its all very well him trumpeting how much progress he has made flogging off revenue and profits, but seriously the market continues to be mightily unimpressed doesn't it? He's going to have to explain why his bullishness is not shared by investors, esp in light of the shock loss of Amey contract (who even knew it was this bloody big)

The lack of support for HSS is stark in terms of recent share price performance vs Speedy:
1 month -18.6% +2.1%
3 month + 1.0% +18%
6 month -29% -7%
1 Year -39% -5%
Posted at 14/6/2024 09:56 by baddeal
They sold the power business (and got very little for it) because over the last 8 years they failed to invest in new fleet and don't want to prioritise the cash into generators.Amex was 90% rehire contract so will hit mainly their services numbers - it's the area they have always trumped as being the growth story - not any more!Worry is they will now chase another large volume deal on price and get caught up with more poor margin business.Quested - I guess he had enough. Ashmore - 7 years (longer than any previous ceo) share price 70p to 7p. Sold off all the best parts of the group leaving the rump tools business which makes no sense money, and pocketed 2m bonus last year!Rest of the board -dinosaurs....
Posted at 07/4/2022 21:16 by cravencottage
For those that haven't seen the IC Article from Last set of numbers...

A cheery sequel for HSS
Overhaul of branch network and move into builders' merchants provides a lower-cost route to market
November 18, 2021
By Michael Fahy

The slew of private equity-backed companies that have come to market this year suggests investors remain willing to buy into a well-presented growth story. Building equipment hire company HSS is a reminder that such stories do not always have happy endings. However, investors may be set to enjoy an altogether more cheery sequel.

Tip style
Risk rating
Bull points
Costs cut
Debt cut
Interest bill cut
Bear points
Uncertain end markets
Disposals reduce scale
All too often, companies that are brought to market by private equity players prove to have debt levels that fuelled past performance but impinge future progress. HSS Hire (HSS) falls into this category. The prospectus for its IPO in January 2014 cited a compound annual growth rate of 17 per cent between 2011 and September 2014, with an earnings growth rate of 19 per cent over the same period. The float at 210p per share valued the company at £325m. The prospectus pledged to use £85m to repay some of the debt that had been loaded onto the business, with the company carrying £275m of loans and other borrowings. Most of the rest of its £419m of total liabilities were trade payables relating to money owed equipment bought to hire out.

HSS Hire Group PLC

Today change
2.76%Price (GBP)
Getting borrowings, and the accompanying substantial interest bill, under control proved difficult. The company’s revenue increased only marginally over the four years before the pandemic and fell back below pre-IPO levels last year. Although HSS has made an operating profit in all but two of the years since float, the burden of servicing its debt meant it has declared a pre-tax loss from continuing operations every year.

By 2017, net debt (£234m excluding leases) stood at a hairy 4.8 times cash profits in 2017. But some breathing room was won in 2018 with the £60.5m sale of its UK Platforms business and at the end of last year it managed to raise a very welcome £53m by selling new shares at 10p a pop.

Cutting back
Although Covid-19 presented challenges, with revenue declining by 18 per cent as HSS was forced to close many branches, it also provided the opportunity to step up transformation plans.

HSS decided to close 134 out of its 234 branches last year and lay off 300 staff. This led to it incurring £7.4m in property-related costs and £4.6m of associated charges, including £1.6m of redundancy expenses. However, the company estimates the move will reduce its overheads by £15m a year.

It is also confident of being able to substitute sales lost through shuttered branches. It has improved its online offer, with remote sales teams driving more business to click-and-collect locations.

A trial that began in 2019 to house HSS concessions within builders’ merchants was also stepped up, with 24 concessions operating at the end of last year.

By the end of the third quarter of 2020, sales had returned to 90 per cent of pre-pandemic levels with just a fifth of its pre-Covid branch network open. As a result, it managed to generate positive adjusted earnings throughout the year.

The builders’ merchants’ trial has been extended this year to 43 locations by the end of the first half. Operating profit for the six months came in at £22.6m compared with a £700,000 loss last year and revenue grew by 22 per cent to £150.5m. Online revenue grew by 75 per cent year on year and stood at 24 per cent of total transactions.

The increased profit and the sale of an Irish business unit, Laois Hire, for £10m after expenses (on which it made a £3.2m profit) helped to bring its net borrowings down to £98m, or 1.7 times last year’s cash profits. The debt reduction has continued apace with the sale of All Seasons Hire at the end of September for £55m. Adjusted for the lost profits associated with the disposal, this puts the company's net debt-to-cash profit ratio at just one times. That's a major transformation of the balance sheet (see graph).

Profit without the kit
HSS has agreed deals with the companies it has sold off to continue to offer their equipment for hire through its online platform. Although rehire agreements won’t be as profitable, it means the company can still make some money from these businesses without having the same hefty capital commitments.

Utilisation rates for specialist kit such as access platforms and lifting gear is also typically higher than for smaller tools, but they’re also a much bigger drain on profits when not being used.

By the end of last year, the number of product lines HSS offered had been slimmed down to around 1,000. Utilisation rates stood at 56.5 per cent in the first half of this year.

HSS’s reduced borrowing requirement has allowed the company to refinance its remaining debt. It agreed a new £70m term loan and £25m revolving credit facility with HSBC (HSBA) and NatWest (NWG) earlier this month. It will be charged interest rates of between 275 and 350 basis points over the interbank rate, which means last year’s interest charge of £16.3m should fall to about £3m. A £12.7m saving on top of the £15m taken out of operating cost.

HSS’s share price is up almost 75 per cent since the start of this year – just after the company completed the equity raise. Most of the gains were in the first few months of the year, though, and the share price has remained largely flat over the past six months.

It’s easy to understand why investors who endured years of losses and declining valuations may be reluctant to buy back in. HSS’s move from the main market onto Aim in January this year will preclude some from doing that.

There’s also no guarantee that the positive momentum experienced by the company over the past 18 months or so will be maintained.

The home improvement market has witnessed double-digit growth this year, but this rate is likely to slow in 2022, according to the Construction Products Association. Other sectors, such as the fit-out market for retail and hospitality sectors as well as infrastructure and energy services, are likely to post stronger growth, though.

A crowded market
HSS estimates the size of the UK hire industry to be around £4bn, and prior to this year's disposals it had a share of about 8 per cent. That concurs with estimates by Ashtead (AHT) , which regards its Sunbelt Rentals brand as the market leader with a 9 per cent share, ahead of Speedy Hire’s (SDY) 7 per cen and VP Group (VP) at 6 per cent. This shows how fragmented the market is, with the remaining 72 per cent split between independent operators.

The four big national players enjoy some competitive advantage given their nationwide coverage, but their pricing power is limited. The Office for National Statistics said there were 4,165 companies registered in the sector last year, with a lack of differentiation leaving most firms to compete on price. The annual growth rate for hire services was 1.5 per cent in the third quarter, which was well below the overall construction output price index growth of 5.1 per cent – the highest since records began in 2014.

The sector is therefore unlikely to provide runaway growth, but HSS’s reduction in overheads and significantly lower finance costs should provide the opportunity for better returns. Recent forecast upgrades bode well. Broker Numis last week upgraded its earnings forecast for next year by 147 per cent, to 2.6p a share. By this metric, HSS’s shares trade at only seven times next year’s earnings – below peers such as Speedy Hire and VP and significantly below high-flying Ashtead, which now makes most of its money from the US market. Numis also increased its price target on HSS’s shares from 28p to 33p.

The company is in much better financial shape now than when it floated, but with investors losing faith over many years, its valuation has sunk – its current market capitalisation stands at £125m, which is only just above its net asset value of £121m. Exponent Private Equity, the firm that brought HSS onto the London Stock Exchange, is still its biggest shareholder with a stake of almost 34 per cent. If the company’s share price continues to languish below peers, it wouldn’t be such a shock if either its biggest backer or one of its peers sees an opportunity to take it out of shareholders’ hands.

Last IC View, Sell at 31p, 6 April 2018

Company Details Name Mkt Cap Price 52-Wk Hi/Lo
HSS Hire (HSS) £129m 19p 25.0p / 9.5p
Size/Debt NAV per share* Net Cash / Debt(-) Net Debt / Ebitda Op Cash/ Ebitda
15p -£151m - 61%
Valuation Fwd PE (+12mths) Fwd DY (+12mths) FCF yld (+12mths) EV/Sales
10 - - 1.0
Quality/ Growth EBIT Margin ROCE 5yr Sales CAGR 5yr EPS CAGR
- 6.3% -2.9% -
Forecasts/ Momentum Fwd EPS grth NTM Fwd EPS grth STM 3-mth Mom 3-mth Fwd EPS change%
510% 20% -2.6% 45.5%
Year End 31 Dec Sales (£m) Profit before tax (£m) EPS (p) DPS (p)
2018 353 5.1 2.39 nil
2019 328 3.1 1.65 nil
2020 270 -6.3 -2.03 nil
f'cst 2021 292 6.8 0.63 nil
f'cst 2022 303 19.2 1.99 nil
change (%) +4 +182 +216 –
Source: FactSet, adjusted PTP & EPS figures
NTM = Next 12 months
STM = Second 12 months (ie, one year from now)
*Includes intangible assets of £696m, or 23p a share
Hss Hire share price data is direct from the London Stock Exchange

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