HYNS – can’t be fixed

HYNS – Haynes – is an £11m market company which publishes car repair manuals.

Its IMS for Q1 released on 28-Sep-2012 made for grim reading. It reported revenue decreases of 10% across all geographies. HYNS does have slightly higher margins than others in the publishing sector, and is on a PER of 9.1 and yield of 8.6%. The dividend is covered 1.3 times, and may be vulnerable. It has net cash of 4.8m. Its ROE is 8% – a poor figure.

As a company, it hasn’t gone anywhere in a decade. EPS has declined for the years 2006-2010, although it did manage a 1.4% increase in 2011 over 2010.

Given the news of revenue problems, poor track record, and poor returns on equity, I don’t see any upside in the share price from hereon out.

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About mcturra2000

Computer programmer living in Scotland.
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One Response to HYNS – can’t be fixed

  1. Lewis says:

    Poor Haynes.

    Still can’t weigh them up. The RNS alludes to their customer concentration, which I guess is pretty massive. I wonder if their ‘death knell’ will be when one of them stops stocking. I’m not sure internet manuals will ever replace the physical versions – just thinking about it doesn’t seem to make sense. I say this as a person about technical enough to check his oil..

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