Hotel Chocolat Group (HOTC)

Hotel Chocolat Group HOTC Logo

Engaged in manufacturing and retailing of chocolate in the United Kingdom and overseas, it offers chocolates under the brand, Hotel Chocolat direct to customers though subscription, online and approximately 83 stores.

24-Jan-2018 – 340p – £383.6m – PER 34.5

Trading Update For The 13 Weeks To End December 2017 – Revenue up 15% and trading continues in-line with management’s expectations.

This is just way too expensive for me at these levels.

21-Feb-2018 – 325p – £366.7m – PER 32.6

Interim Results For The 6 Months To End December 2017 – Revenue up 15% to £71.7m (H1 FY17: £62.5m), PBT up 15% to £12.9m (H1 FY17: £11.2m), Net Cash of £18.3m (H1 FY17: £16.2m), EPS up15% to 9.0p (H1 FY17: 7.8p). Interim dividend, for what it’s worth, is 0.6p.

I liken this to it’s products, well overpriced for what it is.

18-Jul-2018 – 346p – £390.4m – PER 32.7

Trading Update For 12 Months To 1st July 2018 – FY Revenue up 12% to £116m with PBT expected to be in-line.

I still can’t see any value here.

25-Sep-2018 – 337.5p – £378.0m – PER 32.3

Preliminary Results For The 12 Months To 1st July 2018 – Revenue up 11% to £116.3m (2017: £105.2m), PBT up 13% to £12.7m (2017: £11.2m), EPS up about 12% to 8.8p (2017: 7.8p), Annual Dividend will be 1.7p (2017: 1.6p).

I still can’t see why people are paying up for this on a PER of 30+, I remain Neutral until it’s at least half this price.

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