Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
These are exciting times for Hogg Robinson (HRG). The distribution of airline bookings for business travel is undergoing fundamental change and technology developed by HRG is at the forefront of this evolution. *Whitman Howard acts as equity advisor to Hogg Robinson
Hogg Robinson (HRG) has combined a strong set of financials with a declaration of medium-term growth initiatives in both travel management and FinTech. Importantly, their implementation should be facilitated by the success of management’s largely completed restructuring and deleveraging programme. While there will be a short-term cost (we are reducing our current-year PBT forecast by 17%), this is wholly related to stated opex investment rather than any business deterioration (our revenue foreca...
Synopsis Hogg Robinson Group plc - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360Ëš view of the company. Summary - Detailed information on Hogg Robinson Group plc required for business and competitor intelligence needs - A study of the major internal and external factors affecting Hogg Robinson Group ...
Hogg Robinson Group (HRG) has again delivered, with management confident that it should continue to brave headwinds to meet full-year expectations. Moreover, work on key initiatives continues apace, notably growth in managed travel and technology (Fraedom) as well as restructuring and cash generation. The financial position is “robust” (net debt/EBITDA of just 0.5x over the 12 months to September), allowing potentially lucrative investment and a progressive dividend policy (FY17e cover of almost...
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Hogg Robinson (HRG) continues to please with 12% growth in trading profit in the half to September. Currency boost apart, there was a further solid underlying advance (7%) by its main activity, travel management, despite 4% lower revenue in testing conditions. Increasing payoff from restructuring and technology-driven efficiencies reinforces confidence in HRG’s ability “to do things smarter” and in our forecasts, which are maintained on a constant currency basis but increased now owing to FX. Ca...
A director at Hogg Robinson Group bought 50,000 shares at 68p and the significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years cle...
Hogg Robinson Group (HRG) recently provided insight into its technology business, Fraedom, which offers payments, expenses and travel software tools. We explore Fraedom in more depth, looking at the growth strategy, competitive positioning and financial prospects for this part of HRG’s business. This well-established, profitable business looks set to contribute to the group’s growth over the medium term.
IMS confirmation of Q1 trading resilience is backed up by reassurance that Hogg Robinson (HRG) is in good shape to weather potential Brexit uncertainty. Strong finances, a fast-developing Fraedom technology business and increasing benefits from corporate restructuring should mitigate market pressures, while in a downturn HRG has been seen to benefit from a corporate desire to use professionals to cut travel costs. We reiterate that low net debt (FY17e net debt/EBITDA of just 0.5x) allows for pro...
Hogg Robinson’s (HRG’s) development of software-as-a-service (Fraedom) is paying off impressively with “excellent†performance in the year to March. A near-doubling in technology trading profit more than made up for relative softness in travel management and looks set to continue to drive HRG’s growth in addition to likely increasing benefits from corporate restructuring. Bumper cash generation (FY16 net debt/EBITDA of just 0.6x) offers ample scope for profitable investment and returns...
Confirmation of second-half trading resilience should not surprise as Hogg Robinson Group (HRG) proved its mettle in the recession thanks to its predominantly managed income and strict cost control. Management is continuing to deliver on key initiatives despite market pressures, notably growth in managed travel and software-as-a-service (Fraedom) as well as restructuring and cash generation. The company is securely funded and committed to a progressive dividend policy (FY16e cover of 2.8x).
A 10% rise in half-year trading profit backs up clear H215 recovery. Hogg Robinson (HRG) is delivering positive signs of meeting key objectives, ie reduced cost base (annualised savings of £7m) and net debt (-5% y-o-y), as well as growth in its managed travel business. Meanwhile, its enhanced technology offering, boosted by the new Fraedom brand, is being well received. However, the current uncertain environment of the travel industry suggests caution. We are slightly shading our expectations o...
Hogg Robinson (HRG) is making good progress adjusting to a changing corporate travel market by addressing the cost base and strengthening its ability to serve the wider travel industry and expense sectors with an enhanced technology offering. Recent IMS confirmation of momentum after clear H215 recovery is encouraging, even if structural pressures persist. Despite marked outperformance since May’s results, the rating is low and strong cash generation backs a generous dividend policy.
IMS confirmation of continued momentum after a clear H215 recovery is encouraging, even if structural pressures persist. Hogg Robinson (HRG) is responding well to a changing corporate travel market, with further good progress in ensuring a suitable cost base, while its enhanced technology offering strengthens its ability to serve the wider travel industry and expense sectors. Despite marked share price outperformance since May’s results, the rating is modest and cash generation (confirmed by t...
After H1 disappointment Hogg Robinson (HRG) successfully addressed immediate pressures with a clear second-half recovery (trading profit -6% against -23% in H1), despite little help from conditions. However, by its own admission the challenge remains “to get ahead of the curve†in a changing corporate travel market, marked by continuing headwinds – notably competitor pricing and internet-driven business. Encouragingly, HRG is increasingly well financed (1.0x net debt/EBITDA in FY15) and co...
IMS confirmation of maintained expectations for the full year is reassuring in the face of continued market pressures and after H1 earnings disappointment. Not only is Hogg Robinson (HRG) making the most of mixed conditions, it is also delivering on restructuring, which will be key to success in a changing industry. Our maintained forecasts reflect a company that is securely funded, highly cash generative and committed to a generous dividend policy (FY15e cover of 2.7x).
23% lower trading profit in H1 confirmed the sustained mix of pressures, highlighted in July’s cautious IMS. While absorption of the major new Government of Canada contract was an exceptional factor, increased client online self-booking, a weak Continental European SME market and aggressive competitor pricing underline challenges facing Hogg Robinson (HRG). We are therefore encouraged that restructuring is now being accelerated by management, which has a proven ability to adjust costs effectiv...
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