HGH - Heartland Group Holdings

[percy]

Yes that channel went on for a very long time.At times so more sellers than buyers, even I got nervous.!!
And the old saying" time is the good company's friend" turned out to be so true.

[janner]

Yes that channel went on for a very long time.At times so more sellers than buyers, even I got nervous.!!
And the old saying" time is the good company's friend" turned out to be so true.

Time to accumulate IMHO :-))

[noodles]

I surprised no one on this forum(not even snoopy) has commented on the half year result, 16.5 million.

This does not even put them on target for the lower end of the target range, 34 million.

Are hnz seasonal? If not, i fear a profit warning coming.

[winner69]

I surprised no one on this forum(not even snoopy) has commented on the half year result, 16.5 million.

This does not even put them on target for the lower end of the target range, 34 million.

Are hnz seasonal? If not, i fear a profit warning coming.

Stop upsetting the faithful ...they will get mad

HNZ said - Net profit after tax is expected to be around $16.5 million and in line with the forecast full year outcome of $34-$37 million for FY2014.

[janner]

Has there been a half year result ??

[Master98]

I surprised no one on this forum(not even snoopy) has commented on the half year result, 16.5 million.

This does not even put them on target for the lower end of the target range, 34 million.

Are hnz seasonal? If not, i fear a profit warning coming.

I think at least PGW Finance is seasonal most of profit is from second half.

[Snow Leopard]

I surprised no one on this forum(not even snoopy) has commented on the half year result, 16.5 million.

This does not even put them on target for the lower end of the target range, 34 million.

Are hnz seasonal? If not, i fear a profit warning coming.

Given the historical seasonality of Heartlands profit (over the last two years at least) we are surprised you have commented on the tentative first half result.

If the prior years 43%/57% profit split is maintained then the full year would be expected to be about $38m on this basis.
But of course we will have 3 months of this new stuff and 'one-offs' around the acquisition to muddy the waters a little .

As for the first half dividend this will be paid on a larger number of shares (the $15M equity placement and effectively through the reduced price of the SPP shares) so I consider $0.02 to be the most likely amount.

Best Wishes
Paper Tiger

[noodles]

Stop upsetting the faithful ...they will get mad

I thought i was part the faithful. Hnz is one my my longer held stocks. More than 6 whole months!

I also wish they would narrow the range. They made that forecast ages ago. Surely they must have a better idea now.

[noodles]

Given the historical seasonality of Heartlands profit (over the last two years at least) we are surprised you have commented on the tentative first half result.

If the prior years 43%/57% profit split is maintained then the full year would be expected to be about $38m on this basis.

I'm not sure if the last 2 years can be relied on. There have been significant costs being taken out of the business including the banking licence effect. Obviously i need to dig into this a bit more.

EDIT: Ok digging more
Here are the last 2 year "Profit before impaired asset expense and income tax"

1h12	9400
2h12	19937
1h13	20200
2h13	16340

Definitely seasonality in FY12, but the opposite seasonality on FY13. It's all over the place.

EDIT:
Do I need to add 6.1 back to 2h13 to reflect the "prepaid expenses written-off as a result of the Change in Strategy. Specifically, the termination of the RECL management agreement as part of that Change in Strategy"?

Thus the new table is

1h12	9400
2h12	19937
1h13	20200
2h13	22440

This could indicate a seasonal bias, growth, or cost savings.

We can compare 1H14 (16500) with 1H13 by taking off tax 20200*.72= 14544.

This is good growth in profit. However, HNZ were not a bank until the end of 1h13.

There is also seasonality in Net Interest Income (NIO)
1h13 46,760
2h13 48,694
Fy13 95,454

This is slightly seasonal.

[noodles]

I think at least PGW Finance is seasonal most of profit is from second half.

Thanks. Can anybody quantify this from a profit perspective? i've seen no comment on this in recent annual reports etc.