Hi there,

any hope for hyns?

depends what you mean by hope I guess?

EPS fell this year by 7% from 36.4 to 34p. A further fall to around 32p would seem reasonably based upon the current director speak.

Thats the bad news. Is there any good news?

The management team has shown its ability to turn the company around over the last few years. So I doubt that they are going to lose control. It will take time to bring forward new products so I'd see further progress in a 1 to 2 year timescale.

In the meantime the share price may well languish - and represent a good buying opportunity.

But for those holding (like myself) the dividend looks safe at 15.5p and indeed may be raised again slightly, which makes the wait worthwhile.

PtBV is around 1.8 and price to sales around 1.5, not cheap. Yet! P/E is around 9.5, which seems a tad low for a quality company with a valuable brand and market niche.

For me the key is HYNS ability to keep generating cash. Last year operating cash flow was 8.3M, better than I'd expected and HYNS held net cash of 3.1m at the last results. I'd expect that to increase to around 4.5m at the next full year results.

since the Haynes family effectively controls the company I don't see any corporate excitement on the horizon. But with the cash generating ability of the company its one to tuck under the bed and come back to in a few years time for a pleasant surprise,

cheers

Mark