Hyder Consulting Share Discussion Threads

[sleveen] 22/6/2010 16:51

some chunky sales after hours today...does somebody know something?

[cambium] 18/6/2010 10:00

well it made the £3 by September LOL

[cockneyrebel] 15/6/2010 20:24

Cheers - yep, bought at 60p and sold at about 130p right at the bottom of the market when these bounced. Was struggling between my own valuation and what I thought they were worth while fighting aqgainst broker notes that constantly piled doom and gloom on the valuation! I'll never trust a broker note again. Anyway - I probably put the money to good use elsewhere but that's besides the point.

Been watching these for weeks but wanted to see that breakout before wading in but now the breakout has occured I think these can put on a fair old bit going forward now. Agre they are cheap and with bid approache for SWG that just highlights the value further imo.

CR

[rivaldo] 15/6/2010 14:34

Good to see you here CR. HYC is just too cheap and should continue to be re-rated imo, with or wothout any bid activity a la SWG.

[qs9] 14/6/2010 10:06

Looks like 38p FY March 11 and 40p following on consensus for next year as far as I can see on Barclays? Given their conservatism, me thinks these are undercooked IMO/DYOR etc so looks cracking value IMO..just wish they would up the divi!

[grigor] 11/6/2010 20:29

Far too cheap

[cockneyrebel] 11/6/2010 17:31

That was a breakout today - both on an intraday and closing highs it went through the October highs.

CR

[qs9] 11/6/2010 08:55

Looks like upgrades on consenus I can see which is nice, hopefully yield will also improve over next year as it throws off more cash.

All in all, p.e 10 sees it at £4....

[rivaldo] 09/6/2010 11:18

Thx ohisay. The Times today is confident too:



"From The Times June 9, 2010

Hyder Consulting

This month's emergency Budget should hold little fear for Hyder Consulting. Unlike most of its London-listed peers, this small-cap consulting engineer has only a modest exposure to its home turf - only 30 per cent of sales and 20 per cent of profits are booked in Britain and only 9 per cent of sales are from the UK public sector. That suggests that any cutback in the new Government's capital expenditure on Hyder's areas of expertise (transport, property and environmental services) should have relatively little effect.

It also explains the resilience of yesterday's full-year figures, which showed a 7 per cent rise in adjusted operating profits and a 33 per cent increase in the full-year dividend for the 12 months to March 31. Hyder also did better than expected in generating cash, such that last year's £5.7 million of net debt has become a £3.6 million balance sheet surplus.

The company's operations in Australia did especially well, helped by the company's short-lived dip into recession and a government programme to refurbish 500 schools. Its pipeline of prospective work in Australia also looks strong, with Hyder well placed to pick up contracts for designing new road and water projects. In the Middle East, its second-biggest region, Hyder continues to shift its focus away from indebted Dubai to stronger Gulf states, such as Bahrain and Qatar.

Hyder's shares are not as lowly rated as those of its rival Scott Wilson, which on Monday said that it had received multiple bid approaches. However, at 278p, less than eight times current-year earnings, Hyder looks too cheap, given the scope for further strong growth overseas. Hold on."

[ohisay] 09/6/2010 10:04

HB comment .

The group has done well to keep an order book of £346m (£384m) with the majority of the decline attributable to Dubai, and some 60% of the current budgeted revenues already covered. Although this year is still going to be challenging the group's exposure to long term projects, such as in transport, suggests it will show resilience.
Results ahead of expectations encourage us to look for a PBT around £17.4m, 37p EPS with 6.5p DPS, putting the group on 7.6x PER with a 2.3% yield. We still see upside to around a 8.5x PER – or a target of 314p and so maintain the BUY.

Recommendation: BUY

[rivaldo] 09/6/2010 07:28

Fund manager sees HYC as attractive in M&A terms:



"M&A to hot up among small-caps
By on June 04 2010
Manager of the Henderson UK Smaller Companies fund, Neil Hermon, expects plenty of M&A activity among small-caps

Companies with an international eye remain very much the flavour of the month for Neil Hermon, manager of the Henderson UK Smaller Companies fund. 'We like overseas markets generally,' he says. 'We think that companies that are exposed to the emerging markets, particularly Asia-Pacific, are very attractive.'

He cites Full List venture Hyder Consulting as one to watch. 'The share price has been hit by the UK market, but this firm actually has 80 per cent of its business overseas, and with a new management team installed, it certainly has good prospects in terms of real growth.'"

[rivaldo] 08/6/2010 12:43

And from FT Alphaville today, Altium consider HYC a potential takeover candidate:



"After SWG, the more obvious remaining valuation plays include the consulting groups with the lowest levels of UK exposure, notably WSP (mkt cap: £217m, SP: 340p, Buy), which boasts two thirds of its earnings or more overseas, and which is well diversified internationally, with European and global earnings in equal measure. Hyder Consulting (HYC, mkt cap: £104m, SP: 276p, Buy), with 80% of its earnings overseas, and which reported a strong set of results this morning, is also a potential candidate."

[rivaldo] 08/6/2010 11:36

Excellent results with over 35p adjusted EPS. And very good cash generation too, with a nice cash pile now.

Plus a bullish outlook and excellent order book, with bid prospects thrown in (or at least perhaps sone of the funds invested in SWG will find their way here soon...).

From Citywire today - 379p would do me fine:



"Numis has...a buy and 379p target for Hyder Consulting"

"Panmure Gordon...upgrades Hyder Consulting to buy from hold, raising target to 313p from 291p"

[qs9] 08/6/2010 10:08

So debt free, highly profitable, decent outlook statement....SWG in takeover talks, at what point IMO does HYC become an even better target?

Am in for the ride....

[sleveen] 08/6/2010 08:04

nice results today :-)

[spot1034] 07/6/2010 15:43

Moving higher presumably in response to news from rival SWG that they have received 'approaches'.

[royaloak] 07/6/2010 15:04

Bid now 265.

[royaloak] 04/6/2010 08:29

I have been nibbling away at these, a bit like buying 'hens teeth' at the moment.

[cambium] 04/6/2010 08:26

up again today, looks good for next week, good luck all holders

[sleveen] 03/6/2010 12:45

should be a cracking set of results

[ohisay] 03/6/2010 09:59

Results due Tuesday .Should confirm previous preclose statement from March .

"Adjusted profit before tax for the year ending 31 March 2010 is expected to
be ahead of both market expectations and the prior year, after absorbing
redundancy and other one-off costs of more than GBP3m. Approximately 80% of
operating profits are derived from overseas and the weakness of sterling will
lead to foreign exchange gains of c.GBP2m this year.

Asia Pacific operations have continued to perform well, benefiting from strong
sales performance and improved operational efficiency. In the Middle East, our
businesses are also trading well and winning work in broader geographical areas.
In Europe, results have improved in the second half, following further
restructuring in the utilities and environment sectors.

Our order book and bid pipeline remain strong as a result of our key client
initiatives and strategic project wins. "

[rivaldo] 17/5/2010 07:38

HYC are architects to another large Middle Eastern project to be completed in 2011:



"High Voltage
by Gerhard Hope on May 16, 2010

MEP Middle East speaks to newly-appointed Ducab HV Cable Systems CEO Jon Vail about the JV's plan to make the UAE self-reliant in terms of its HV requirements.

At present, DEWA is contracting out most of the UAE's high voltage (HV) cable requirements to international players like ABB of Switzerland, Areva of France, Siemens of Germany and Riyadh Cables of Saudi Arabia. Ducab HV Cable Systems – a joint venture between DEWA, ADWEA and Ducab – aims to slash supply-chain costs and lead times by meeting all the UAE's requirements locally.

Its products will range from 66 kV to 400 kV, covering the highest voltage used in the GCC at present, and hence becoming the region's first dedicated high-voltage facility. "We will focus on 66 kV and 132 kV cables in our initial start-up, and then move gradually onto 400 kV, where the test cycle is about one-and-a-half years," says Vail.

"Ducab currently supplies 50% of the UAE's low- and medium-voltage requirements. Once fully operational, Ducab HV Cable Systems plans to sell over AED1 billion worth of cable and associated services annually, of which about 60% will be consumed in the UAE. The remainder will be exported to the GCC and nearby Asian and North African areas," says Vail.

The total cost of the new facility is AED500 million, including working capital. It is being built on a 22 000 m² area adjacent to Ducab's existing facility in Jebel Ali.

The groundbreaking ceremony was in November 2009, with Khansaheb as the main civils contractor and MACAir as the main MEP contractor. The piling contractor was Dutco Balfour Beatty, while the new facility was designed by Holfords, the architectural division of Hyder Consulting."

[rivaldo] 16/5/2010 09:18

HYC win an award:



"Hyder wins prestigious BSVI 2010 award in Germany for work on the A113 motorway

A joint venture comprising the Berlin Senate Department for Urban Development, Hyder Consulting and a.gu - Landscape Architecture and Environmental Planning has won the BSVI Award (Bundesvereinigung der Straßenbau- und Verkehrsingenieure e.V.) for Sustainable Road Design 2010. This award recognises our innovative sustainable road design and landscaping work on the A113 from Neukölln junction to Rudow-Altgliencke.

Established in 1984, these prestigious awards take place only once every four years....

[rivaldo] 12/5/2010 15:31

HYC has been hit in the recent downturn due to its volatility, but will hopefully recover back to 300p prior to results on 8th June.

Panmure's still go for a historic 34p EPS and 36.4p EPS this year.

A P/E of only 10 would see a 364p share price.