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HRL Hurlingham

40.00
0.00 (0.00%)
20 Dec 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Hurlingham HRL London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.00 0.00% 40.00 00:00:00
Open Price Low Price High Price Close Price Previous Close
40.00 40.00
more quote information »

Hurlingham HRL Dividends History

No dividends issued between 23 Dec 2014 and 23 Dec 2024

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Posted at 25/10/2010 14:09 by jambo172
Raised from the dead

The admission of the enlarged share capital of Manroy Plc to AIM will facilitate the raising of capital to finance the acquisition of Manroy by Hurlingham Plc, pay down debt and provide working capital. It will also assist the development of the business by providing a source of capital and acquisition currency. This would allow management to capitalise on Manroy Plc's position as the only UK-based manufacturer of machine guns, leverage its long-standing relationship with the UK MoD, and explore strategic opportunities at the partner, product and geographic level.

Year to Sales PBT EPS EPS DPS Dividend P/E EV/EBITDA FCF
Sep £m £m p % p yield % x x yield %
2009A 11.7 2.1 na na na na na na na
2010E* 12.0 2.6 14.3 na 0.0 0.0 5.3 4.9 4.5
2011E* 13.2 2.9 15.7 10.3 2.0 2.7 4.8 3.3 23.1
2012E* 14.5 3.2 17.6 12.0 2.5 3.3 4.3 1.5 26.0
Source: Arbuthnot estimates, company data. Valuation ratios based on Placing price of 75p.
*Throughout this document, any reference to figures for FY2010E onwards assume the combination of Hurlingham Plc, Manroy

Systems Limited and Manroy Engineering Limited for the entire period and are therefore stated as being pro forma• Established market position and depth of relationship with UK Ministry of Defence:

Manroy is a well-established name in the UK weapons fraternity, reflected in the key supplier relationship it has with the UK Ministry of Defence (MoD). The depth of this relationship delivers multiple benefits in terms of industry reputation and customer referencing, as well as offering scope to feed additional product and services into the relationship. However, the extent of the current level of revenue contribution generated from this relationship may be perceived by some parties as a risk.

• Significant scope to mine partner relationships, expand offering and increase
geographical footprint: historically, Manroy has had a relatively narrow product range and market focus. We believe there is a significant opportunity to increasingly monetise partner relationships, generate new revenue streams through broadening of the product offering, and expand into new territories. The development of a revenue stream based on long-term spares replacement contracts should also enhance revenue visibility and help mitigate any risk
attached to customer concentration, potential order slippage or revenue lumpiness.

• Strong cash generation and attractive dividend potential: the business generates significant cash flow (we estimate £2.2m for FY2011), creating opportunities for industry consolidation as well as a future incentive for investors of a significant and progressive dividend stream.

• Valuation: we assume a market capitalisation on flotation of £9.7m, reflecting the agreed terms of the acquisition of Manroy Systems Limited and its subsidiary Manroy Engineering Limited by Hurlingham Plc. This puts the shares of the enlarged group on FY2010E and FY2011E PE multiples of 5.3x and 4.8x, and FY2010E and FY 2011E EV/EBITDA multiples of 4.9x and 3.3x.
These metrics represent a material discount to other UK-quoted defence industry participants. Management's intention to institute a dividend policy (we assume a 2.0p payment in FY2011, increasing to 2.5p in FY2012) also offers a potential income incentive.
Posted at 09/10/2000 09:01 by temelco
today monday saw not one but TWO new market makers in HRL - Peel Hunt have joined Teathers and Winterflood. Interesting
Posted at 08/10/2000 10:49 by temelco
As from monday, Teather and Greenwood will be making a market in HRL. This doubles the number of MMs at work and is a very positive signal in terms of developments at the company. T&G are the company's NOMAD, and would be very unlikely to be doing this for a small company unless they expected the number of shares traded to increase sunstantially. In the last year only some 165,000 shares changed hands out of 1,552,000, so T&G must expect that this will rise dramatically. Just a thought.

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