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Hargreaves Services - Rock-bottom forward PE of 5.3

August 2014

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • HSP
  • Price:
  • 758p
Hargreaves’ year-end update noted that profits within its energy & commodities (E&C, 57% ’13 profits) and smaller transport (7% profit) and industrial services (5% profit) divisions are anticipated to be in line, with E&C benefiting from increased UK bulk coal demand year on year. However, the production division (31% profit) was negatively impacted by adverse weather and weak global coke prices, while contract renewals have seen continued pricing pressure during the second half. As a result, profits from this side will reduce by between £3m-£5m. Separately Hargreaves has announced that it is withdrawing its offer of loan finance for UK Coal and has withdrawn from its managed wind down and closure program. ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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