Feature article: Is silver the cheapest asset on the planet? Silver is a precious metal, a monetary metal and an industrial metal with a surprisingly wide range of uses. It’s not that well understood by investors and tends to get overshadowed by gold – but, perhaps, not for much longer. We think that the provocative title of this article is justified by silver’s attractive fundamentals. The “official figures” from the Silver Institute estimate that the silver market has been in deficit for the...
Hardman & Co Research Q&A on H&T Group (HAT): 2023 results – strong core growth 22-Apr-2024 / 12:15 GMT/BST The issuer is solely responsible for the content of this announcement. Analyst interview | Financials Q&A on H&T Group (HAT) | 2023 results: strong core growth H&T Group Plc (LON:HAT) is the topic of conversation when Hardman & Co analyst Mark Thomas joins DirectorsTalk Interviews. Mark's recent report highlights H&T’s strong position in the pawnbroking market, showing significant growth in its pledge book and net pawnbroking revenue. Mark explains how H&T is well...
Hardman & Co Research Hardman & Co Research on H&T Group: Core franchise build, short-term retail noise 04-Apr-2024 / 16:57 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co Research on H&T Group: Core franchise build, short-term retail noise In our 15 March 2023 initiation, Pawnbroking royalty, with strong, profitable growth, and subsequent notes, we have highlighted the strong market for pawnbroking and why H&T, as the market leader, is uniquely placed to take advantage of these opportunities. These results reconfirmed both, with...
In our 15 March 2023 initiation, 'Pawnbroking royalty, with strong, profitable growth', and subsequent notes, we have highlighted the strong market for pawnbroking and why H&T, as the market leader, is uniquely placed to take advantage of these opportunities. These results reconfirmed both, with the pledge book up 28% and net pawnbroking revenue up 36%. Like many in the retail space, H&T faced the challenge of customers focusing on lower-value, lower-margin items in the key run-up to Christmas 2...
Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets. The measurement of liquid asset availability to a market or company is a way of gauging a market’s health. This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space. We analyse liquidity for ICs as a whol...
A director at H & T Group maiden bought 2,503 shares at 399p and the significance rating of the trade was 67/100. 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 clearly ...
Feature article: Streamed content takes over…after the Great Correction of 2022 Streaming is a disruptive, content-led, subscription-based technology. Challenging all video distribution business models, it opens up global opportunities for a growing variety of content, including gaming and sport. The Great Correction of 2022 saw the share prices of streamers plunge after market leader Netflix reported slowing subscriber growth. The slowdown in growth of subscribers led investors to refocus on ...
21st February 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obj...
Hardman & Co Research Q&A on H&T Group (HAT): Long-term pawnbroking growth, short-term cost and retail pressure 21-Feb-2024 / 11:10 GMT/BST The issuer is solely responsible for the content of this announcement. Analyst interview | Financials Q&A on H&T Group (HAT) | Long-term pawnbroking growth, short-term cost and retail pressure H&T Group plc (LON:HAT) is the topic of conversation when Hardman & Co Analyst Mark Thomas joins DirectorsTalk Interviews. Mark talks through his report entitled . He highlights the strong market for pawnbroking and H&T’s unique position to ...
Feature article: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy - Consolidation is the new mantra. The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and t...
In our 15 March 2023 initiation, Pawnbroking royalty, with strong, profitable growth, and later notes, we have highlighted the strong market for pawnbroking and why H&T, as the market leader, is uniquely placed to take advantage of these opportunities. Subsequent to the initiation, we had raised our pledge book forecast twice, and we do so again with the latest trading statement. In this note, we explore how pawnbroking growth is a key driver to the retail offering, pawnbroking scrap and gold pu...
Hardman & Co Research Hardman & Co Research on H&T Group (HAT): Growing pawnbroking core will drive other services 23-Jan-2024 / 17:47 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co Research on H&T Group (HAT): Growing pawnbroking core will drive other services In our 15 March 2023 initiation, , and later notes, we have highlighted the strong market for pawnbroking and why H&T, as the market leader, is uniquely placed to take advantage of these opportunities. Subsequent to the initiation, we had raised our pledge book forecast tw...
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 52 constituents of the index are high-risk, still being in the development stage, with micro-capitalisations and a long way from profitability. Despite this, some companies can still make extremely...
This month's feature article is entitled 'Gold and a Chinese Credit Event'. A Western phenomenon? If you own, or are considering owning, gold or gold equities, it’s likely that you’re concerned about protecting your wealth, or the performance of your fund, in the expectation of some kind of financial instability. Maybe your confidence in policymakers is ebbing, or you’ve researched debt bubbles in history and concluded that physical gold and silver have been the safest places to be invested whe...
Feature article: Liquidity – shrinking when it’s most needed A review of liquidity in London since 2016 Summary ► Liquidity is the lifeblood of equity markets. ► Following the events at the Woodford Equity Income Fund (WEIF) in 2019, professional investors, increasingly, focus on liquidity when making investment decisions. ► However, this paper shows that liquidity declined significantly between 2016 and 2022. Our work demonstrates that, in 2016, the total value traded of trading companies lis...
Hardman & Co Research Hardman & Co Q&A on H&T Group (HAT): Seizing the pawnbroking opportunity 07-Sep-2023 / 14:50 GMT/BST The issuer is solely responsible for the content of this announcement. Analyst interview | Financials Q&A on H&T Group (HAT) | Seizing the pawnbroking opportunity H&T Group Plc (LON:HAT) is the topic of conversation when Hardman & Co Analyst Mark Thomas joins DirectorsTalk Interviews. Mark talks us through his recent note on the company entitled ‘’, explains what is driving the growth in the pledge book, why pawnbroking is a low-risk form of financi...
Feature article: Equity Income – UK or Global? Should investors widen their horizons? Introduction: ► The UK Equity Income sector (UKEI) is the fourth-largest investment company (IC) sector in the Association of Investment Companies’ (AIC) universe, with £12.5bn of assets (as at August 2023), and is the traditional home for investors looking for income in the equity market. ► The UKEI not only provides investors with a better dividend yield than the ge...
In our 15 March initiation, Pawnbroking royalty, with strong, profitable growth, we highlighted that H&T’s core is pawnbroking and related retail services operations. The 8 August interim results confirmed that H&T is delivering on the opportunities, with i) gross pledge book lending up 22%, to £128m, and the end-period pledge book up 14%, to £115m (December 2022: £101m) – with this growth achieved across the customer spectrum, ii) retail sales up 11%, iii) scrap volumes particularly strong, wit...
Hardman & Co Research Hardman & Co Research on H&T Group (HAT): Delivering the pawnbroking growth opportunity 25-Aug-2023 / 09:15 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co Research on H&T Group (HAT): Delivering the pawnbroking growth opportunity In our 15 March initiation, , we highlighted that H&T’s core is pawnbroking and related retail services operations. The 8 August interim results confirmed that H&T is delivering on the opportunities, with i) gross pledge book lending up 22%, to £128m, and the end-period pledge book u...
Feature article: UK interest rates and “risk-free” gilts at their peak? Infrastructure stocks struggle Executive summary Infrastructure/Renewable Energy Funds ► The share price performances of the nine Infrastructure Investment Companies (IICs) and of the 22 Renewable Energy Infrastructure Funds (REIFs) have been dire over the past year. Undoubtedly, the sharp rise in interest rates has presented the sector with serious challenges, especially since the yield on “risk-free” 10-year gilts has r...
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