Haynes Publishing (HYNS)

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Haynes Publishing HYNS Logo

Publishing Group.

2-Oct-2017

Acquisition – Fair play to those that spotted the value and potential in Haynes, the share price having almost doubled this past 12 months. This acquisition, funded from existing Cash and banking facilities feels like a good move. The Chairman has this to say “this acquisition will significantly strengthen the Group’s professional data solutions offering in the UK and provide cross over benefits for Haynes’ consumer division.”

Even with this latest news, on a PER of 17.2 here, I am still not converted, I remain NEUTRAL.

25-Jan-2018 – 204p – £30.8m – PER 15.7

Results For The 6 Months To End November 2017 – Revenue up 21% and PBT up 120%. Interim Dividend unchanged.

Many have done well this past year here and well done. Even though it seems to keep surprising me, I can’t get myself committed here for some reason.

1-Jun-2018 – 232p – £35.1m – PER 15.5

Tradiing Update For The 12 Months To End May 2018 – A bit of a tricky one this (but I think the end story is, things look good)! Expecting to report Adjusted PBT (excluding adjusting items and acquired intangible amortisation) up c. 10% from the prior year and ahead of current market forecasts by circa 7%” – And, “the net impact of adjusting items is expected to increase Reported PBT by circa £0.6m to leave the group approximately 30% ahead of the prior year”. However, “as reported at the interim results in January, the changes to the US federal tax rate will reduce the US net deferred tax assets and liabilities by c. £0.8 million. Therefore, Group profit after tax and adjusting items will be c. 5% lower than the prior year”.

On a great run but I remain Neutral here for now – The attraction here is clearly more obvious to others than it is to me.

5-Sep-2018 – 218p – £32.9m – PER 13.3

Interim Results For The 6 Months To End May 2018 – Revenue is up 13%, PBT is up 33% and Basic EPS is up 9%.  Worthy of note is on-line sales are up 42% and they are now 50% of Revenue (versus 40% last time).

Looks OK but not still not enough to change my stance from Neutral at present. Keen to see how the on-line side has progressed in the next update.

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