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  1. #1
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    Default HMY - Harmoney Corp Limited

    https://static1.squarespace.com/stat...prospectus.pdf


    During a recession they are floating a company which exclusively offers personal loans...

  2. #2
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    Quote Originally Posted by huxley View Post
    https://static1.squarespace.com/stat...prospectus.pdf


    During a recession they are floating a company which exclusively offers personal loans...

    Indeed .. $3.75 NZ / $3.50 AU a shot for a piece Loss making Company not in short term
    planning on paying a dividend ?

    Page 98 - showing the Financial & forward nuts & bolts looks interesting

    In particular - Impairment & expected Loss provision total in relation to Interest Revenue

    At $3.75 a piece - one would have to be brave in current times - unless I'm missing something


    I'm leaning towards thanks but no thanks on this one, but may be wrong ..
    Last edited by nztx; 10-11-2020 at 05:56 PM.

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    I cant find an E.P.S ?

    can anyone see this ?

    my eyesight is not as good as it used to be and there are 236 pages ...

    The 4 month forecast isnt loss projecting but annually their figure would represent about 3 million profit so I guess I just need to look at the capital structure and work it out myself...
    For clarity, nothing I say is advice....

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    Quote Originally Posted by peat View Post
    I cant find an E.P.S ?

    can anyone see this ?

    my eyesight is not as good as it used to be and there are 236 pages ...

    The 4 month forecast isnt loss projecting but annually their figure would represent about 3 million profit so I guess I just need to look at the capital structure and work it out myself...

    We all know what may happen to forecasts if things turn to crap in OZ badly


    This part interests me

    "Dividend policy

    The dividend policy of the Company is to reinvest all cash flows into the business to maximise its growth.
    Accordingly, no dividends are expected to be paid in the near term following the Company’s listing on ASX."


    On completion of offer there seem to be 100.9 Million shares on Issue:

    "The Offer comprises an initial public offering of 26.4 million Shares
    comprising 20.0 million New Shares and up to 6,428,572 Sale Shares
    raising proceeds of up to A$92.5 million22 at the Offer Price of A$3.50
    per Share.

    The Offer is an invitation to apply for:
    • 20.0 million New Shares offered by the Company to raise proceeds
    of A$70.0 million; and
    • up to 6,428,572 Sale Shares offered by SaleCo to raise proceeds
    of A$22.5 million.

    The Shares being offered under the Offer will represent 26% of the
    Shares on issue at Completion.

    The total number of Shares on issue at Completion will be 100.9 million
    and all Shares on issue will rank equally with each other."


    from Pt 1.8 of Offer Section

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    The total number of Shares on issue at Completion will be 100.9 millionand all Shares on issue will rank equally with each other.
    so a 4 month estimated profit of 1.2 mill as per page 21 of the prospectus so thats about 1.2 cents every four months. 3.6c annualised, so thats a PE of about 100.

    I always hate it when companies talk about the size of the sector they are entering as if that is a positive and as if it is relevant. Just because other people are selling widgets, or in this case originating loans, doesn't mean you can.


    edit
    thx ntx
    For clarity, nothing I say is advice....

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    and whoever started the thread spelt the name wrong so if they can fix it ...
    Everything is better with an E including Harmoney.
    For clarity, nothing I say is advice....

  7. #7
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    Quote Originally Posted by peat View Post
    The total number of Shares on issue at Completion will be 100.9 millionand all Shares on issue will rank equally with each other.
    so a 4 month estimated profit of 1.2 mill as per page 21 of the prospectus so thats about 1.2 cents every four months. 3.6c annualised, so thats a PE of about 100.

    I always hate it when companies talk about the size of the sector they are entering as if that is a positive and as if it is relevant. Just because other people are selling widgets, or in this case originating loans, doesn't mean you can.
    A prospective PE of 100 in this sell down would suggest that the ideal time to get into this investment was earlier in the business development process when the capital invested was at a somewhat less lofty prospective PE ratio. Oh wait I did that. Heartland was in at the beginning and I am a Heartland shareholder! I think this float will be good for Heartland shareholders, once those Harmoney share escrow provisions expire.

    SNOOPY
    Watch out for the most persistent and dangerous version of Covid-19: B.S.24/7

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    Quote Originally Posted by Snoopy View Post
    . Heartland was in at the beginning and I am a Heartland shareholder! I think this float will be good for Heartland shareholders, once those Harmoney share escrow provisions expire.

    SNOOPY
    Hello Snoopy - I can see you again ;+)

    Yes thats right and so am I a Heartland shareholder so I will just sit back on this one and enjoy.
    Escrow release dates are staggered over 2021 (50% being 25% June and 25% end of calendar year), and the final 50% after results in Jun 2022 .

    So payday comes pretty slowly.....


    what multiple would you consider acceptable on this one ?
    For clarity, nothing I say is advice....

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    I saw somewhere in prospectus that IPO price is 3.5 times income

    That applied to HGH would put them at $1.70 odd
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

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    Quote Originally Posted by peat View Post
    Hello Snoopy - I can see you again ;+)

    Yes thats right and so am I a Heartland shareholder so I will just sit back on this one and enjoy.
    Escrow release dates are staggered over 2021 (50% being 25% June and 25% end of calendar year), and the final 50% after results in Jun 2022 .

    So payday comes pretty slowly.....


    what multiple would you consider acceptable on this one ?

    Bear in mind that Companies Office filings suggest that some share parcels in Harmoney
    near the entry point of Trade Me & after Heartland's initial investment were priced @ approx NZD 0.325c
    back in 2014 / early 2015. If initial holders were selling down - then would they be getting their
    initial ingoing back, or close to it fairly quickly?

    See my post #13941 in the HGH thread -

    https://www.sharetrader.co.nz/showth...ldings/page698

    The additional over that is cream on the top for being on the Harmoney Share Register early
    Last edited by nztx; 10-11-2020 at 07:19 PM. Reason: add more

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