H & T (HAT)

H & T HAT Logo

A Pawnbroker engaged in providing secured loans against collateral, Personal loans (which comprises income from its unsecured lending activities) and other services including foreign exchange.

13-Mar-2018 – 353p – £132.2m – PER 11.0

Preliminary Results For The 12 Months To End December 2017 – Nice, PBT up 45.4% to £11.3m (2016: £7.6m) and Diluted EPS is up 48.2% to 30.94p (2016: 20.88p). Final dividend of 6.2p (2016: 5.3p), full year will be 10.5p (2016: 9.2p). 2018 in-line at present.

Still like this but just preferring Ramsdens Holdings (LON:RFX), which I hold. Tempted but with RFX I already have sector exposure.

14-Aug-2018 – 310p – £116.7m – PER 8.68

Interim Results For The 6 Months To End June 2018 – PBT up 10.9% to £6.1m (H1 2017: £5.5m), Basic EPS of 13.51p (H1 2017: 11.70p) and the Interim dividend is 4.4p (2017: 4.3p). Trading continues in-line.

Down almost 20% from it’s ATH this is starting to look even more attractive now (especially as I have now also sold out of RFX). I will however remain Neutral as I suspect there’s maybe room for more weakness still.

12-Mar-2019 – 285p – £107.3m – PER 10.1

Results For The 12 Months To End December 2018 – PBT up 13.4%, Diluted EPS up 12.7% and the Dividend is up 4.8%.

Reasonably attractive but I reckon it’s about fairly valued at this level – For the income.

13-Aug-2019 – 341p – £135m – PER 9.5

Interim Results For The 6 Months To End June 2019 – PBT up 7.9%, EPS and InterimDividend up almost 10%, Net Debt down £2.1m from 2018 FY (now £11.6m), Pledge book is up 3.8%. Current trading is in-line with management expectations.

Looks overvalued here to me.

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