Research from Hardman & Co, Hardman & Co

Hardman & Co

Research from Hardman & Co

Investment research on quoted companies and funds

Hardman & Co is a multi-disciplinary financial consultancy and investment research firm, employing highly experienced analysts and professionals with a broad range of capital markets expertise. Our clients are public and private businesses as well as fund managers, ranging from start-ups to £1 billion+ market capitalisations. Hardman & Co offers corporate research & consultancy, serving the needs of both public and private companies. We produce gold-standard research with a global reach for trading and investment companies, as well as providing market commentary and analysis. In addition, we carry out a number of bespoke investment-related assignments, including due diligence on bond listings, assessments of private company valuations and other corporate advisory services. We engage with the market through traditional and digital media, offering illuminating video content on corporate management strategy, results communication, interviews and in-house sector discussion.

Equity Bottom-Up

<ul><li>H&T’s 2024 results were reassuringly in line with expectations, delivering 10% PBT growth, with the pledge book capital value up 26%, retail sales up 27% and forex profits up 11%.</li><li>The outlook remains positive, with i) strong demand in the core pawnbroking business where H&T is taking share and may have increasing acquisition opportunities, ii) consumer trends favouring its multi-channel, value-for-money, new and used product retail offering, iii) an expanding range of currencies helping forex growth, iv) a continued high gold price, and v) growth in store numbers helping all product lines.</li><li>Economies of increasing scale will help mitigate cost growth that is outside management control.</li></ul>

H&T’s 2024 results were reassuringly in line with expectations, delivering 10% PBT growth, with the pledge book capital value up 26%, retail sales up 27% and forex profits up 11%.The outlook remains positive, with i) strong demand in the core pawnbroking business where H&T is taking share and may have increasing acquisition opportunities, ii) consumer trends favouring its multi-channel, value-for-money, new and used product retail offering, iii) an expanding range of currencies helping forex growth, iv) a continued high gold price, and v) growth in store numbers helping all product lines.Economies of increasing scale will help mitigate cost growth that is outside management control.

H&T (HAT) - 2024 results: reasons to be cheerful 1, 2, 3, 4 and 5

External reports (aggregated public sources), Value Investors Club

Value Investors Club

External reports (aggregated public sources)

Key points<ul><li>H&amp;T plc is the UK's largest pawnbroker with a focus on pawnbroking and scrapage services</li><li>They offer additional services such as precious metal buying, jewelry and watch sales and repair, and FX-travel money</li><li>Economic and regulatory factors have driven growth in their pawnbroking business, filling a need for short-term loans not available through traditional banks</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key pointsH&amp;T plc is the UK's largest pawnbroker with a focus on pawnbroking and scrapage servicesThey offer additional services such as precious metal buying, jewelry and watch sales and repair, and FX-travel moneyEconomic and regulatory factors have driven growth in their pawnbroking business, filling a need for short-term loans not available through traditional banksThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

H&T Group PLC Group Plc (HAT:LN) - Wednesday, Jun 12, 2024

<ul><li>H&T 1H’24 results saw pre-tax profits rise 12.5% from 1H’23 to £9.9m.</li><li>We have identified five key ongoing business messages, four of them favourable and one unfavourable.</li><li>The scale of the latter, though, means we have reduced our FY’24 estimates by £3m, but still forecast double-digit profit growth.</li></ul>

H&T 1H’24 results saw pre-tax profits rise 12.5% from 1H’23 to £9.9m.We have identified five key ongoing business messages, four of them favourable and one unfavourable.The scale of the latter, though, means we have reduced our FY’24 estimates by £3m, but still forecast double-digit profit growth.

H&T Group (HAT):1H’24 results: Four-one at half time, but the one wins

<ul><li>In this note, we put pawnbroking into a global and historical context: i) the global market is large, ca.$40bn, UK just ca.5%; ii) pawnbroking is widely adopted across a range of cultures/geographies from China, India, Islamic countries to US, Europe and UK; iii) many UK immigrants are comfortable with pawnbroking from experiences in their country of origin; iv) the largest listed pawnbrokers trade at over 2x the PER rating of H&T with similar forward earnings growth; iv) it is generally a regulated business with largely favourable regulators’ comments, as in the UK.</li><li>Pawnbroking has been available globally for centuries, debunking the misconception some have of it as a UK Dickensian practice.</li></ul>

In this note, we put pawnbroking into a global and historical context: i) the global market is large, ca.$40bn, UK just ca.5%; ii) pawnbroking is widely adopted across a range of cultures/geographies from China, India, Islamic countries to US, Europe and UK; iii) many UK immigrants are comfortable with pawnbroking from experiences in their country of origin; iv) the largest listed pawnbrokers trade at over 2x the PER rating of H&T with similar forward earnings growth; iv) it is generally a regulated business with largely favourable regulators’ comments, as in the UK.Pawnbroking has been available globally for centuries, debunking the misconception some have of it as a UK Dickensian practice.

Hardman & Co Research - H&T Group (HAT): Pawnbroking: the global perspective for H&T

Oxford Nanopore Technologies / Equity Bottom-Up

<ul><li>Feature article: Hardman & Co Healthcare Index, 2024 – Tough year for Life Sciences By Dr Martin Hall The main function of the HHI is to monitor the performance, and to highlight the attractiveness, of life sciences investments over the long term, and to try to identify those stocks that have disruptive technologies that consistently allow them to outperform both the index and the markets.</li><li>Many of the 53 constituents of the index are high-risk, with micro-capitalisations and a long way from profitability.</li><li>Despite this, some companies can still make extremely attractive returns for investors.</li></ul>

Feature article: Hardman & Co Healthcare Index, 2024 – Tough year for Life Sciences By Dr Martin Hall The main function of the HHI is to monitor the performance, and to highlight the attractiveness, of life sciences investments over the long term, and to try to identify those stocks that have disruptive technologies that consistently allow them to outperform both the index and the markets.Many of the 53 constituents of the index are high-risk, with micro-capitalisations and a long way from profitability.Despite this, some companies can still make extremely attractive returns for investors.

United Kingdom

H&T Group plc primarily provides pawnbroking services in the United Kingdom. It operates in six segments: Pawnbroking, Gold Purchasing, Retail, Pawnbroking Scrap, Personal Loans, and Other Services. The company also offers gold purchasing, jewelry retail, cheque cashing, unsecured lending, buyback, foreign exchange, money transfer, and prepaid debit card services. As of June 30, 2016, it operated 186 H&T Pawnbrokers stores and est1897 second hand jewelry retail stores. The company was incorporated in 2004 and is headquartered in Sutton, the United Kingdom.

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H&T Group Plc (HAT LN)

H&T (HAT) - 2024 results: reasons to be cheerful 1, 2, 3, 4 and 5

H&T’s 2024 results were reassuringly in line with expectations, delivering 10% PBT growth, with the pledge book capital value up 26%, retail...

Hardman & Co

H&T Group PLC Group Plc (HAT:LN) - Wednesday, Jun 12, 2024

Economic and regulatory factors have driven growth in their pawnbroking business, filling a need for short-term loans not available through...

Value Investors Club

H&T Group (HAT):1H’24 results: Four-one at half time, but the one wins

H&T 1H’24 results saw pre-tax profits rise 12.5% from 1H’23 to £9.9m. We have identified five key ongoing business messages, four of them...

Hardman & Co

Hardman & Co Research - H&T Group (HAT): Pawnbroking: the global perspective for H&T

In this note, we put pawnbroking into a global and historical context: i) the global market is large, ca.$40bn, UK just ca.5%; ii) pawnbroking is...

Hardman & Co

Hardman & Co Monthly: January 2025

Feature article: Hardman & Co Healthcare Index, 2024 – Tough year for Life Sciences By Dr Martin Hall The main function of the HHI is to...

Hardman & Co

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