Haynes Publishing Discussion Board http://www.iii.co.uk/investment/detail?code=cotn:HYNS.L&display=discussion http://www.iii.co.uk/icons/logos/uk_logo.gif http://www.iii.co.uk tag:iii.co.uk,2003:tst.9342084 http://www.iii.co.uk/investment/detail?code=cotn:HYNS.L&display=discussion&id=9342084&action=detail Thu, 23 Feb 2012 16:23:00 GMT mnamna tag:iii.co.uk,2003:tst.9341610 http://www.iii.co.uk/investment/detail?code=cotn:HYNS.L&display=discussion&id=9341610&action=detail Thu, 23 Feb 2012 15:27:00 GMT northumbrian-piper tag:iii.co.uk,2003:tst.9331214
Don't get me wrong, I am quite happy with that. I don't want the Haynes family to sell out, nor a bunch of short term shareholders to try to 'maximise' shareholder value.

In the medium term sales of paper manuals will continue to fall. The key to future growth will be how Haynes manage the online version and the technology that they acquired with Vivid. If they can make the appeal wide enough it will make more money.

In the meantime you can collect 8% a year tax free (to a basic rate tax payer) whilst you wait to find out, not a bad deal imo

cheers

Mark By mnamna ]]> http://www.iii.co.uk/investment/detail?code=cotn:HYNS.L&display=discussion&id=9331214&action=detail Wed, 22 Feb 2012 08:56:00 GMT mnamna tag:iii.co.uk,2003:tst.9329150 http://www.iii.co.uk/investment/detail?code=cotn:HYNS.L&display=discussion&id=9329150&action=detail Tue, 21 Feb 2012 19:11:00 GMT northumbrian-piper tag:iii.co.uk,2003:tst.9297545 However with the Haynes family still major stake holders i doubt it will fall massively as they will find the opportunity of regaining total control hard to pass up?
By northumbrian-piper ]]> http://www.iii.co.uk/investment/detail?code=cotn:HYNS.L&display=discussion&id=9297545&action=detail Wed, 15 Feb 2012 16:57:00 GMT northumbrian-piper tag:iii.co.uk,2003:tst.9219970 27 January 2012
http://bit.ly/zdIBE3 By SpikeyDT ]]> http://www.iii.co.uk/investment/detail?code=cotn:HYNS.L&display=discussion&id=9219970&action=detail Fri, 27 Jan 2012 22:45:00 GMT SpikeyDT tag:iii.co.uk,2003:tst.8822854 http://bit.ly/rasGwz
BY
David Holding
Published in Investing on 7 October 2011

A bunch of small caps whose value isn't recognised by the market.
I've been trying to find a few small caps with limited downside and at least a little potential excitement. But a small cap doesn't need to be a world-beater. Its sheer size, or lack of it, is often sufficient thrill.
I believe this group of five offers an interesting each for different reasons, but always with what I see as real underlying value. They won't all come good, but as a basket with one egg in each, I think the aggregate result will be positive from here.
But the usual warnings apply. Four of the five are AIM-listed which is quite enough to deter many sane investors.
To provide a counter-balance to such risk, the directors have substantial stakes in all five businesses. Aligning your investments with directors' is a great help with small caps.
So in descending order of size…
Morson
In mid July, I thought Morson (LSE: MRN) to be a quality small cap at a bargain basement price. At the time, the shares were 101p. They're now 75.5p.
Thankfully, I concluded: "I'm going to watch, wait and hope that the next update talks of tough conditions and takes the share price a little further into bargain basement territory."
The company supplies engineering and technical personnel, whilst another area of the business provides engineering and project management design services.
The recent interim results saw an increase in turnover but a drop in profits. I thought this was an excellent performance in testing times. The government's strategic defence review and associated cut in public spending hit Morson's largest division; Aerospace and Defence.
But other areas of the business fared better. Morson's business is high volume, low margin, and is very susceptible to the highs and lows of the UK economy. But it isn't dependent on a single sector as it operates in several different markets with differing economic cycles. The company also believes that the future will see "demand for scarce engineering talent".
If Morson can make first half earnings of 5.2p per share in such challenging times, and the forecast 12.4p for the full year, then the shares are too cheap on a P/E of 6. Such a performance would be down on each of the previous five years.
Around two-thirds of the market cap is accounted for in net tangible asset value. The current yield, meanwhile, of almost 8% suggests it can't be maintained. I think that it can and tentatively dipped my toe in the water at 80p before the shares went ex-dividend by 2p.
Inland
In May, I thought shares in Inland (LSE: INL) were excellent value at 19.7p. They're now 17p despite very positive final results.
The company reported rising demand for developmental land in the southeast, and said it will look to increase its homebuilding this year.
Inland buys disused industrial land which it develops and submits planning applications for, before selling it to house-builders. But it has plans to increase the scale of its own homebuilding operation to improve margins and cash-flow.
The net asset value per share of 26.5p could see an uplift if the company's planning application for the development of 270 homes and 100,000 square feet of commercial space at its Poole site gets the go-ahead.
Inland's overall strategy was explained to a gathering of fxxls in May.
Haynes Publishing
It's difficult to see growth coming at Haynes Publishing (LSE: HYNS). But at 215p, with net tangible assets of 263p per share, maybe it doesn't need to?
The fully-listed car manuals producer has made a change of gear into electronic publishing. Its final results show a company yielding 7.3% (the shares went ex-dividend by 9.5p this week) and on a P/E of 7.4.
Haynes thinks the digital shift will help it grow. I think the economic woes will see more DIY mechanics buying the company's wares. Whatever way you look at it, it's too cheap.
Michel By SpikeyDT ]]> http://www.iii.co.uk/investment/detail?code=cotn:HYNS.L&display=discussion&id=8822854&action=detail Fri, 07 Oct 2011 12:19:00 GMT SpikeyDT tag:iii.co.uk,2003:tst.8443299 8:39 am by Giles Gwinnett
http://bit.ly/jNYwcw


The company plans to demonstrate and test the product on the US market before refining it for the global market
Car manual business Haynes (LON:HYNS) says it has finally hit the information 'super highway' as it plans to launch its famous DIY manuals online.

Chairman J Haynes said the firm had been "closely watching developments" regarding electronic delivery of its information for quite a long time.

"We believe that Haynes MOL (Manuals Online) can become as successful as the traditional Haynes Manual, which has sold over 150 million copies around the world," he said.

The company plans to demonstrate and test the product on the US market before refining it for the global market.

Haynes wants to make it available through its traditional auto parts store retail account base as well as through its own website, it says.

The firm revealed that once initial prototype demonstrations are complete, it intends to convert the top 50 selling manuals to the electronic format and will make them available for sale by subscription in the USA by this autumn.

"With this new product we have been able to incorporate a great deal of material that it is not possible to provide in a printed product.

"The electronic product includes all of the information in the print version but also includes audio and video clips demonstrating various DIY procedures," said company CEO Eric Oakley.

"The 'Brake Pad' video and the 'Rust Repair' video, for example, really do an excellent job in getting across to our end-user customers how straightforward these tasks really are."

The firm said it had been exploring the move since its acquisition of Vivid Holding BV three years ago and using their expertise with electronic technology. By SpikeyDT ]]> http://www.iii.co.uk/investment/detail?code=cotn:HYNS.L&display=discussion&id=8443299&action=detail Fri, 24 Jun 2011 09:32:00 GMT SpikeyDT tag:iii.co.uk,2003:tst.8320479 UK-Analyst.com is from Small Cap Shares

UK-Analyst.com


Buy Haynes Publishing Group (HYNS) at 244p

Says The Small Cap Shares Team

Haynes Publishing Group (HYNS) was first tipped in the last issue of Small Cap Shares. But despite making good progress since then, with the company in a strong position in a seemingly recession resilient market and offering an attractive dividend yield, the team believes the publisher remains good value.

Each month Small Cap Shares subscribers receive a a 20-page newsletter with 3 brand new recommendations on small cap companies, updates on previously tipped stocks and lots more.

The Business

Still going strong after more than 50 years in business, Haynes Publishing Group
is a specialist in the production and sale of automotive and motorcycle repair manuals. The guides are highly detailed and written by experts, containing step-by-step photographs and information on how to maintain and repair a wide range of vehicles. Since 1960 over 150 million Haynes Manuals have been sold.

The company currently has two editorial facilities, one in Yeovil, England and the other in the US near Los Angeles, with a typical guide taking around 20 to 30 man weeks to write. Guides have so far been published in 15 languages, with there being around 300 UK car manuals, 130 motorcycle manual titles, along with equivalent ranges for the firm's core US, French and Swedish markets.

Haynes has also branched out from the core motor vehicle and motorbike books, offering a vast range of titles on other subjects such as cycling, DIY, health, history and even sex! In addition it distributes certain items from the ranges of Bay View Books and David Bull Publishing. Alongside the core Haynes business is Vivid Holdings, a Netherlands based supplier of digital technical information to the motor trade.

Current Trading

In the six months to 30th November 2010 Haynes saw revenues drop modestly, by 1.6% to GBP15.7 million as conditions in its markets remained challenging. Pre-tax profits slipped by just GBP10,000 to GBP2.74 million, which gave the firm confidence to maintain the interim dividend payment at 6.2p per share. At the period end Haynes continued to have a very strong balance sheet, with net cash of GBP3.76 million up by GBP1.4 million over 12 months. Current assets were almost six times higher than current liabilities, falling to three times if stock is stripped out of the equation, and net cash flow from operations for the period was GBP3.85 million, representing 130% of operating profits and suggesting very high earnings quality.

A more recent update commented that during the 13 weeks to 28th February 2011 revenue was 4% ahead of last year in the UK and Europe. This was driven by a strong Christmas period in the UK and new customer wins at Vivid. However, in the US revenues in the third quarter fell by 12% year-on-year as severe winter weather dampened retail demand. Revenues for the year to date in the US are however 1% ahead on the previous year. Haynes added that it was encouraged by early trading in the first few weeks of the fourth quarter, which is traditionally a stronger period for the core automotive and motorcycle repair manuals.



Risk Warning: The value of investments can go down as well as up. Past performance is no guarantee of future success. Investing in equities can lose you part or all of your capital. The tips given here are of necessity, general. They cannot relate to the individual circumstances of investors. Anyone considering following the recommendations contained here should seek independent advice. By their nature investments in small cap stocks can be relatively illiquid and thus hard to trade. And that makes such investments more of a high risk than larger company shares. Small Cap Shares and UK-Analyst.com define a smaller company share as any stock traded on AIM or PLUS or which has a market capitalisation of less than GBP By SpikeyDT ]]> http://www.iii.co.uk/investment/detail?code=cotn:HYNS.L&display=discussion&id=8320479&action=detail Sat, 28 May 2011 15:12:00 GMT SpikeyDT tag:iii.co.uk,2003:tst.7032728
Thanks for your prompt reply-I was surprised to see your reply has there isn't much acitvity on this board. Thanks. I just checked the plus site and my trade is on that. However, in the annual report, it only says that HYNS is listed on the LSE-not Plus. What's going on?

Anyways, can I ask for your view on this company. I've done the due diligence quite thoroughly and my research indicated a price of £2.35. This is based on their net asset s(x0.9) for prudence and a 3.1x multiple earning based on 2011 £3.6m. I have put 3.1x multiple due to the risk in reveneue going forward (internet threat & double dip) and also the high risk of a delisting. I would welcome your thoughts on this.

My figures are all very cautionary so if profits are higher (i.e. around the 4.5m mark) than 3.6m in 2011, the fair value of the shareprice should be close to £3. Thanks By helen888 ]]> http://www.iii.co.uk/investment/detail?code=cotn:HYNS.L&display=discussion&id=7032728&action=detail Wed, 06 Oct 2010 17:19:00 GMT helen888 tag:iii.co.uk,2003:tst.7032379 http://www.iii.co.uk/investment/detail?code=cotn:HYNS.L&display=discussion&id=7032379&action=detail Wed, 06 Oct 2010 16:29:00 GMT northumbrian-piper tag:iii.co.uk,2003:tst.7029034
I have noticed that within the same 5 mins of my transaction a sell of 6208 shares at £1.95 were sold. Can iii net off our transactions internally (assuming the sold person is an iii customer) and make the difference as profit?

Thanks By helen888 ]]> http://www.iii.co.uk/investment/detail?code=cotn:HYNS.L&display=discussion&id=7029034&action=detail Wed, 06 Oct 2010 10:27:00 GMT helen888 tag:iii.co.uk,2003:tst.5374038 http://www.iii.co.uk/investment/detail?code=cotn:HYNS.L&display=discussion&id=5374038&action=detail Wed, 30 Sep 2009 10:16:00 GMT northumbrian-piper tag:iii.co.uk,2003:tst.5290832
Interesting point TX2 - I probably would have overlooked that had you not pointed it out! So the real market cap is actually circa £35 million (16.3m x 220p) and not £16 million (7.3m x 220p) Hence the P/E is 5 and not 2. Still good value in my opinion!

I don't know as much about the business as I should do considering I have shares in them - so thought I would ask a couple of questions. Do they have any major competitors?

Does anyone have any insight into the industry or know about the long term market potential for their products?

Any help would be greatly appreciated. Thanks.


By Molrey ]]> http://www.iii.co.uk/investment/detail?code=cotn:HYNS.L&display=discussion&id=5290832&action=detail Thu, 10 Sep 2009 23:55:00 GMT Molrey tag:iii.co.uk,2003:tst.5288559 http://www.iii.co.uk/investment/detail?code=cotn:HYNS.L&display=discussion&id=5288559&action=detail Thu, 10 Sep 2009 15:11:00 GMT northumbrian-piper