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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Myhome | MYH | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 5.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 5.00 | 5.00 |
| Top Posts |
|---|
Posted at 10/2/2009 22:16 by argy2 lol................. |
Posted at 03/9/2008 20:14 by esrimeur knowsleyman - 1 Sep'08 - 20:33 - 2959 of 2973The ones I feel sorry for are the locked in vendors of Chips Away. They were very good at shafting the greedy management of MYH on price and have, it would appear, finished up being the ones shatfted. This debacle has been on the cards since the management started paying over the odds for nothing business on the conceited thought that they could turn them into a gravy train, that is BEFORE the Chips away purchase. ____________________ Erinaceous (ERG) revisited. Another outfit involved in franchising and deferred consideration. And plenty more companies still to go to the wall which 'overpaid' for acquisitions funded by debt. Two points though: 1 Why would these outfits overpay? Did all of the proceeds remain with the vendors? 2 What sane vendor would agree to deferred consideration, knowing, as they must have, that MYH was on an overpaying spree which had to end? |
Posted at 23/7/2008 15:20 by mikey_b From what I can see SM/RO and the other directors hold 33.2% of the shares worth £1.65m. RO/SM have options over I think 1.9m shares between them. MYH raised money and bought 27.42% of FIS. FIS has a market cap of £1.9m so you could say MYH paid £100k for £512k of equity in FIS.Looking at the FIS shareholders SM/RO have 4m shares each,equivalent to 22% of FIS so they used MYH money to buy shares in their own company. In the companies I've worked for this would be potentialy in conflict with corporate governance. The investment was to "allow MYH access to franchise opportunities". FIS have recently bought 50% of DTT an HGV driver training company in which again SM/RO are directors. I'm not sure how DTT fits with the MYH main strategy in home services?If I look on the upside MYH paid £100k for £512k of FIS shares and own 27.42% of DTT worth £548k. So MYH have used £100k of its shares to buy £1069k of FIS/DTT shares. Mind you DTT made a loss in their latest accounts and FIS are just starting up in investment so to be worth their M.Cap (MYH investment) they have to deliver in the future as they are not generating profit today. Not my words. Copied. DYOR. |
Posted at 22/7/2008 14:50 by gsands Read this in the context of the market valuing MYH at c£2.5m (plus £8m of debt)Commenting on the Acquisition, Russell O'Connell, Executive Chairman of Myhome, said: "I am delighted to welcome the ChipsAway management and franchisees to the Myhome group. After this acquisition, the Enlarged Group will have over 800 franchisees, a combined network turnover in excess of #80.0 million, over 1,000 vans in use and franchisees in 14 countries, making Myhome one of the biggest franchisors in the United Kingdom. I believe the Enlarged Group now has all the necessary infrastructure, personnel and brands in place to accelerate the development and growth of the Group's proven franchise concepts. " |
Posted at 30/6/2008 17:06 by gsands I think the company have communicated very poorly with the market and now there is probably some ill feeling.The research note from ED talked about recruiting 250+ franchisees this year. Frankly, that number is ridiculous when you consider the work involved in getting each frachisee off the ground. The support given to each one is huge. In addtion to an intense week long induction course, they are then immediately put into business start up mode, and for the next 3 months have daily support from MYH head office to get their businesses off the ground. I was told that so far there have been no failures. This is because MYH are careful about who they award franchises too and due to the comprehensive start up support they give to each franchisee. Do not expect rocket fueled growth here. We don't want it. What we want is good steady organic growth with each franchisee starting from a strong base. Remember - franchisee success is MYH success, via the royalty scheme. Also, the building of a quality brand is critical to the success of MYH. The company stated they had recruited 50 franchisees in three months. This must surely be about as much as they would want to recruit. I will be very happy if they are able to recruit 150 each year (£4.5m in revenue) and then make sure each one hits their 3 year business plan of £500m in turnover. With royalties of 12.5% of turnover, that is a very healthy income stream. As the company gain market position and the brand gains strength, the growth could go exponential within 2/3 years. |
Posted at 30/6/2008 14:12 by doughboy66 30th June 2008 Analyst: Wenyi Liuwenyi.liu@t1ps.com 020 7562 3377 Myhome International* Interims, Site Visit and Forecast/Price target Reduction Key Data EPIC MYH Share price 19.75p Spread 19.5p 20p NMS 2,000 Total no. of shares 63.546 million Market Cap £12.55 million Cash £200,000 Net debt £8 million 12 Month Range 14p 103.5p Market AIM Website www.myhome.com Sector General Retailers Contact Russell O'Connell 01372 471 573 Myhome International has announced its interim results for the period ended 31st March 2008 which contain an unexpectedly large re-organisation charge. As a result of this, and a cautious note on the effect of a macro-economic slowdown, we have reduced our full year forecasts and our target price. A recent visit to the company's headquarters in Esher has reassured us that the longer term growth story is on track but the benefits will only start to be seen in the year to 30th September 2009 rather than in the current year. It is on the basis of the outlook for next year that we continue to see enough upside to justify a recommendation of buy. In the first half of this year, revenues increased by 151.4% from £1.84 million to £4.63 million, largely as a result of November's acquisition of ChipsAway, but also reflecting steady growth across the "old" Myhome businesses. At a headline operating level, a loss of £2.81 million compared poorly with the £0.74 million profit reported in 2007. However the adjusted operating profit before reorganisation costs of £3.3 million, was £479,000 - which equates to underlying earnings per share of 0.79p - compared to £742,000 and 1.83p for first half of 2007. Myhome believes that its restructuring programme will deliver future annual savings of at least £500,000 per annum. The company generated £300,000 of operational cashflow but after the restructuring costs and some acquisition costs the outflow was £2.4 million and period end net debt was £8.6 million. The aggressive acquisition strategy pursued between 2005 and 2007 which culminated in the £16 million purchase of ChipsAway saw a dramatic increase in the size of the Myhome business but this inevitably added costs to management moreover the company was, historically, failing to deliver the cross-selling benefits between its various operations which it had hoped for. The closure of two subsidiary offices and the creation of two distinct business divisions, each with its own managing director will bring greater efficiencies and is also resulting in more effective group-wide marketing and cross-selling. The restructuring programme resulted in a number of redundancies, the closure of non-core offices and also included write-downs in the carrying value of certain assets. The first half numbers are quite clearly disappointing but the company stresses that the initiatives being taken are already bearing fruit. In the first half of this year 77 new franchises were recruited so far in April, May and June 50 have been signed up. However Myhome flags that the credit crunch is making it harder for some potential franchisees to obtain the £30,000 needed to purchase a franchise and this may slow second half recruitment. Myhome also states that there are some signs that job insecurity among its cash-rich but time poor clientele could affect franchise revenues in the second half. We forecast revenue for the year to September 30th 2008 and 2009 respectively of £10.4 million and £12.7 million but we have reduced our underlying pre-tax estimate for this year from £2.5 million to £1.1 million and for next year we have reduced our forecast from £3.25 million to £2.4 million. The disappointing performance of the ChipsAway business means that there should be no deferred earn out consideration so Myhome is in a position to start reducing its debt steadily and its balance sheet is not under threat. By 2009 if Myhome can deliver on its revised forecasts it will again be seen as a growth play and as such we would value this company on 10 times forecast 2009 earnings. As such we are reducing our price target from 68p to 45p but at 19.75p that is enough upside to justify a maintained stance of buy. |
Posted at 24/6/2008 13:25 by happygolucky To me, selling the franchises is a way to pay down debt and give the co. working capital and profit in the early years. As the number of franchisees grows, the number of available franchises must go down (assuming that each franchise has exclusivity from other Myhome operatives for a geographical area). For example, the master franchise for Australia (referred to on this BB a few weeks ago) can only be sold once!The long term business model of MYH surely depends on the growth of royalty payments as each franchise develops its business, has organic customer growth etc. Although there is some safety in numbers, I think MYH is a little bit of a hostage to the fortunes of the individual franchisees - having said that, if each franchisee pays 25k up front, they will definitely have the incentive to grow the business. I still think that MYH is a good business (especially as the sale of franchises will probably allow MYH to pay off sizeable chunks of debt fairly quickly) - I suppose we will find out soon enough if I'm right!! |
Posted at 13/6/2008 17:41 by master rsi MYH was the best performer of the dayTop Lists of pocentage gainers - EPIC - Name - % 1 MYH Myhome 46% 2 DSY Dawmed S 40% 3 CNP Clinphone 36% LUCKY for MYH |
Posted at 27/5/2008 16:04 by lgpixels Looks like we will see the share price tick up over the coming weeks.Have just read the research from Equity Development that gives me strong confidence in the long term success of Myhome Plc. "THE CURRENT YEAR The first quarter (October 2007 to December 2007) of the year to 30 September 2008 suffered from the longer-than-expected completion of the ChipsAway deal as a result of turmoil in the financial markets, resulting in an 11-month year for ChipsAway and PCC in 2008. Consequently both franchise fees and royalties for these brands are expected to be lower than our previous forecast. Similarly, the preoccupation of senior Myhome and ChipsAway executives in the protracted deal has effectively seen a quarter in which management was not focussed on franchisee recruitment. Myhome International plc Taken with the strategic decision not to push franchisee recruitment in Ferrum (an ironing, dry cleaning and laundry franchise business ) and Surface Doctor, and the strategic drive to increase royalties as a proportion of revenues, this is expected to result in a lower turnover for the current year than we forecast in October 2007. However, we believe that any forecast shortfall arises out of the absorption of management time in completing the ChipsAway deal, and that the market for Myhome's services is resilient despite fears of consumer cutbacks. While the core Myhome customer base the dual-income, professional and managerial household - is likely to make other economies before taking on the domestic chores themselves, the UK household expenditure has shown a continued growth (in current money) since records began. This has continued through the first three quarters of 2007. Thus we see the main challenges facing Myhome being the effective use of its managerial resources (now substantially strengthened), and execution on its strategic review and marketing strategy. The developments outlined above should address marketing, increasing brand awareness and increasing the turnover of the franchisees (and hence royalty income to Myhome) FORECASTS Myhome's turnover comprises new franchise fees, royalties and a third stream, predominantly materials sales. Franchise fees range from the average of £33,000 for a ChipsAway franchise to around £13,000 for a PCC franchise. Royalty rates likewise vary across the brands, with some on fixed fees and others as a percentage of franchise turnovers. There is potential to raise these fees in the future. While the first quarter is below expectations both from the delays in the ChipsAway acquisition and lower than expected franchise recruitment in the quarter, recruitment was up by 60% over the previous year's first quarter, and over 200 new franchisees are expected to be recruited for the whole of the current year. This should stem from two franchise exhibitions in the second quarter and from the rebranding exercise. The Board is still considering a maiden dividend at the end of the current financial year. VALUATION Myhome is currently trading on around a 2008E PER of around 9X, while Homeserve is on 19X and 15.6X 2008E and 2009E respectively, and Domino's Pizza is on 21.2X 2008E EPS. Clapham House, although a different business, has clearly been impacted by consumer spending concerns, but is on around 37X 2008E earnings. Myhome has demonstrated a significant degree of dynamism over the past 3 years since we began coverage, and has become one of the largest franchisors in the UK, with over 750 franchisees and around 1,000 vehicles on the road. While we expect to see a digestion phase while the two profit centre structure beds down, the enhanced management team, the streamlining of the businesses and associated cost savings should result in a very efficient and effective operation. Consequently, we feel that the underperformance of the share price is unwarranted, and would expect to see a PER multiple of around 20X restored on positive news flow from the second quarter of the current year. Consequently our target share price is 80p." |
Posted at 21/5/2008 11:53 by lgpixels The company has only issued two comments: 4th Feb saying that it produced a pre tax profit of £1.4m and expected the 2008 financial performance of the company to be "lower than initially expected. 31st March it expects results for the full year to be significantly ahead of last year after seeing stronger trading in the second half (i.e. it expect to produce a pre tax profit significantly higher than £1.4m). I agree the group has made a large number of Acquisitions over the past few years, with now around 10 franchise businesses. It is quite likely that the group will write down the good will of some of these acquisitions and their costs will impact profitability in the first half (i.e. the ChipsAway purchase for £16m involved costs of over £1m). The underlying profits of the group should be very strong over the coming years with strong cash flows. Don't forget there are a lot of people who understand the value of this business better investing in the company at 40p, 76p and 80p last year. 04/02/2008 LONDON (Thomson Financial) - Myhome International PLC said its 2007 full-year pretax profit almost doubled on higher turnover, but expects the 2008 financial performance of the company to be "lower than initially expected". The provider of franchised operations in the UK said its pretax profit for the year to end-September rose to 1.46 mln stg from 733,787 stg last year. Revenue grew 90 pct to 5.07 mln stg from 2.66 mln a year ago. The company said it is not recommending a dividend at this stage, but is considering the payment of a maiden dividend if the results for the year to Sept 30 2008 meet expectations. 31/03/2008 Myhome International sees full year results significantly ahead of last year LONDON (Thomson Financial) - Myhome International Plc, the provider of franchised operations in the UK, said it expects results for the full year to be significantly ahead of last year after seeing stronger trading in the second half. In a statement ahead of its AGM, the company said trading in the first quarter was below its previous expectations but has improved in the first two months of 2008 due to a rise in the number of new franchisees recruited. For the half year ending March 31, 77 new franchisees have been recruited across the group, Myhome said. |
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