BOWOOD
06 Apr 2016
Interest Seems to have been a little interest recently, no doubt ahead of results in a couple of weeks. Still cheap in my view relative to other quality stocks in the sector
BOWOOD
19 Mar 2016
Recruiters Had a read of the IC yesterday and three recruiters had buy ratings and we're all on a pe of 15 plus. HVN is a leader in the sector yet sells at less than 9. I don't beleive there is any worries with HVN and would expect them to receive very positive comments following their forthcoming finals. A pe for them would put a value of more than 130p.
BOWOOD
17 Mar 2016
Re: Worth a tickle? Yes, I think HVN is about the cheapest quality stock in its sector which is beginning to do well. Most other quoted recruiters are on much higher p/e ratios but not all enjoy the yield. Fair value of 95p would be less than fair IMO and as we move towards the results in April I think we will be seeing a sp nearer the £1 mark which I also understand has been mooted by some brokers.
Blanketstacker
12 Mar 2016
Worth a tickle? PER = 7.8Yield = c4.5%Div cover = x2Gearing = -3%ROCE = c30%A loss-making section of the business was recently sold off, and the recent trading update gave an 'in line' projection. This suggests EPS of 9p. Miton increased their holding to 10% in January, since when the price has fallen c10%. Results for the year are due on 28 April. Fair value seems to be about 95 or so to me, so possibly a 20% margin to be made here. Any opinions please?
idontwanttolose
27 Feb 2016
Gretel: Good trading update today My thoughts are similar to yours, I sold out at 106 to pay for another investment, but have been buying the stock back mostly in the 72-76p range recently which shows a 5% plus return on the capital invested.One strange thing I have noted over past months is that when the market goes up the HVN SP goes backwards and when the Market goes down HVN SP goes up.I just cant see the logic???????
MRBIG
26 Feb 2016
much better than its peers - onwards and upwards
gretel
26 Feb 2016
Good trading update today An extremely good update too considering the share price performance, which appears to have got things wrong.Trading is nicely in line with expectations, which are for 9.2p EPS, with a 3.88p dividend.And HVN are in net cash too.Currency movements should now be helping HVN this year, with expectations of 9.6p EPS with a 4.1p dividend.Back to 100p now - or more.
biker1
08 Feb 2016
Re: Numis have 160p target Ummm what happened 'again'?
MRBIG
07 Dec 2015
on balance good news
Oxtrader
07 Dec 2015
Re: Trading Update and Disposal I've re-read this proposal a couple of times now, so lets correct me where I may be wrong - The buyer "NT Group's own CEO" Udo Nadolski to purchase the company for an initial cash down payment of £19,800.- If in the event NT does well, it will profit share with HVN of up to £6.5m. I suppose there is no 'timelimit' for this, just only until it reaches the £6.5 million 'cap'.- Provision for a loan with the condition that if the company folds, it receives the same amount back. Well.. Good luck to Udo !
idontwanttolose
07 Dec 2015
Trading Update and Disposal TRADING UPDATE AND DISPOSAL The Board of Harvey Nash announces a trading update and the disposal of Nash Technologies GmbH. Trading update Trading for year to date is in line with the Board's expectations. For the nine months to 31 October 2015 both gross profit and PBT, adjusted for non-recurring items, increased by 7% (10% on a constant currency basis) against the comparable period in 2014. This performance has been driven by strong trading in the USA and Germany, solid results from the UK and progress in Asia. Despite the third quarter being seasonally the strongest trading period in the year, net borrowings at 31 October were similar to the net balance at 31 July 2015 stated in the half yearly results. Disposal The Group announces that the sale of its German telecommunications outsourcing business Nash Technologies GmbH ("NT"
and its two fully owned subsidiaries, Nash Technologies Stuttgart GmbH ("NTS" and Nash Innovations GmbH ("NI" ("NT Group" was completed on 6 December 2015. NT Group was identified as non-core in a strategic review of the Group's operations in 2014 and a disposal process was initiated. On 30 September 2015, the Group reported that the revenues of this business had declined further, as a result of the merger involving its largest client, Alcatel-Lucent, and that the business was loss making. Following a full review of the disposal options, the Board has agreed the sale of NT Group to Udo Nadolski, Chief Executive Officer of NT, by way of a management buyout (the "Buyer". The disposal will have no effect on the Group's core recruitment business in Germany, which is trading strongly with gross profit for nine months to 31 October 2015 up 18% to €5.6m (2014: €4.8m) and business contribution (before shared services) up 69% to €1.3m (2014: €0.7m). Albert Ellis, CEO of Harvey Nash, said: "This transaction provides a clean exit from a non-core loss making activity and lowers the Group's financial risk profile, whilst retaining upside potential from any future success of the NT Group. We wish the management team every success with its venture." Transaction details The aggregate consideration from the disposal of the NT Group payable at completion is €27,600 (£19,876) with the Buyer assuming working capital liabilities capped at €2.3m (£1.7m). In addition, the Buyer has agreed to pay additional cash consideration to Harvey Nash by way of earn-out, based on the performance of the NT Group, subject to a maximum aggregate amount of €9.0m (£6.5m) plus the amount of restructuring and other costs borne by Harvey Nash as described below. In respect of certain restructuring and other costs to be borne by the NT Group, Harvey Nash has agreed as follows: · to indemnify the buyer in relation to certain liabilities of NT Group up to a maximum of €5.75m (£4.1m) (net excluding VAT). These are anticipated to be incurred over the next nine months; and· to provide a loan to the NT Group of €2.3m (£1.7m) (net excluding VAT) in respect of product investment and property costs. The Buyer has also agreed that, should it dispose of the NT Group prior to 31 December 2022, it shall pay Harvey Nash up to the first €2.3m (£1.7m) of any net proceeds arising from such disposal, in satisfaction of any outstanding amount of the loan by Harvey Nash to the NT Group (as described above) and shall pay 50% of any proceeds in excess of such amount to Harvey Nash, subject to the overall aggregate cap of €9.0m (£6.5m) set out above. As at 31 January 2015, the gross assets of the NT Group were approximately €11.8m (£8.8m) and, during the financial year ended 31 January 2015, the NT Group made a loss before non-recurring items and tax of €0.4m (£0.3m). Excluding the effect of the earn-out or the share of any future disposal proceeds, the one off exceptional charge on disposal falls into two parts: (1) the non-cash loss of €8.6m (£6.2m), representing the differe
MRBIG
30 Nov 2015
randstad bid for proffice - Harvey trash next ?
gretel
01 Oct 2015
The Times' Tempus says Buy today [link] Nash Revenue £337m Dividend 1.49p It is boom time for those who let themselves out for short-term IT contracts in the UK and the United States, and a good time, too, for specialist recruitment companies, such as Harvey Nash, that find and place them. The company is keen to expand its American business — less than 10 per cent of the total — to take advantage of those hirings on the West Coast and outplacements being carried out by Microsoft. This comes with the odd disadvantage. Because of how such placings are paid for, Nash and other recruiters see a strong outward cashflow as the business picks up, and this was a feature of some otherwise strong halfway numbers that puzzled some analysts. In fact, that cash outflow is a measure of the strength of the business, even if it does leave the company with debt of £16 million. Nash is also having much success placing staff in the UK financial services sector, to cope with the switch to contactless and mobile payments, for example. Gross profit was up by 6 per cent to £46.3 million in the six months to July 31. The shares added 3¼p to 98p. They sell on 11 times earnings, which looks like good value long term. My advice Buy long termWhy Company is gaining from booming market in IT staff"
gretel
01 Oct 2015
New "acquisition strategy" Interesting interview with the CEO, in which he talks in particular about an "acquisition strategy" being kick-started after the German restructuring - now this would really get the share price moving:[link] Extract: "Ellis told Recruiter the “strongest performance” came from the firm’s US operations, where revenue increased year-on-year from £22.2m to £26.9m and GP increased from £5.3m to £7.2m. “We’ve got tremendous exposure on the West Coast to the technology boom and on the East Coast to the recovering financial services market.”The company also experienced “stunning” performance in the Asia-Pacific region, which has seen a 50% increase in net fees in executive search, a market “that quite frankly hasn’t been booming worldwide”. The region contributed revenue of £4.3m, up from £2.4m in the same period last year, and GP of £2.5m, up from £1.7m last year".
gretel
30 Sep 2015
Numis have 160p target Numis certainly believe there's lots of upside from the present 98p - they say Buy with a 160p target price:[link]
