Hargreaves Lansdown IPO set at 160p
MoneyAM
Hargreaves Lansdown, the UK private client investment manager and stockbroker, said its forthcoming initial public offering will be priced at 160p per share.

This is at the top of the 140p-160p range announced earlier this month.

At that price, the company will be valued at about 760m, and the flotation will deliver a windfall gain of about 76m to each of its co-founders, Stephen Landsdown and Peter Hargreaves.

Landsdown, the group's chairman, and Hargreaves, its CEO, both hold a 40% stake in the company, and are expected to sell a quarter of their holdings at the IPO.

'We look forward to Hargreaves Lansdown being a publicly quoted company and to continuing to take advantage of the growth opportunities available to us,' Stephen Landsdown said in a statement.

Conditional dealing in Hargreaves Landsdown shares is expected to start today, with unconditional dealing to begin on May 18th.

Thought this lot might be worth following.

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For those seeking an income from a stock. HL. soon to pay a special divi alongside the interim:

Ex-Div special 10-Mar-10 interim 10-Mar-10 - Paid 26-Mar-10 - Amount 1.60p + 8.00p

Interim Management Statement.

To join the FTSE100 on March 21st.

James Hamilton at Numis;
We see nothing structurally new from the latest FSA pronouncement on RDR. In a worst case scenario we would expect to see HL increase the fees that they charge for the services they provide. Clearly until there is clarity as to the final wording of RDR and the impacts of it are known there remains a risk to all that are covered by it. We believe HL is strategically well placed dominating the direct to retail offering in the UK and providing a high level of service to its customer base.
The RDR is not without the potential to help HL grow with providers like Barclays shedding thousands of clients and many advised customers pre-RDR are expected to chose direct investment post-RDR. There are high barriers to entry with a very significant industry minimum efficient scale particularly for those who chose to compete on price. We expect the direct to retail platform sector to gain very substantial market share over the next few years, assisted not hindered by the RDR. With a very high marginal margin we would expect any volume growth to more than offset any potential revenue pressure from a lower overall yield on the groups AuA.
The company does not expect its yield on AuA to decline post RDR but the mix in terms of how it is made up and who pays what may change. Our valuation does assume yield compression (to be conservative) and should the yield be maintained with the customer growth we expect investors should see the operating margin improve further and profitability increase substantially more than our valuation assumes.
The model: Under the current model HL gets paid by the fund management groups for providing the service platform and introducing business to them. RDR IS NOT RETROSPECTIVE. If the payment of fees from fund manager to platforms was banned (and this is far from certain) it would undoubtedly lead to a change in the way the model would work. HL already charges fees to its clients and we would expect these to increase while the group would be expected to continue to exert pressure on the fund management groups to provide a better deal for their customers.
The current 20bps loyalty bonus would probably be scrapped in this scenario and net net we would expect customers to be better off. We would also expect a change to how the group charges its customers with for example the possibility of a flat fee for providing the account service. This would make their offering to higher net worth clients more competitive.

They have changed their charging structure from 1st August. Hargreaves Lansdown.

Final Results.

Highlights

-- Strong organic growth

-- Total assets under administration up 41% at GBP24.6 billion

-- Revenue increased by 31% to GBP207.9 million

-- Underlying profit before tax up 42% at GBP129 million

-- Profit before tax up 46% at GBP126 million

-- Active Vantage clients increased by 50,000 to 380,000 since 30 June 2010

-- Total net business inflows of GBP3.5 billion, up 6% on last year

-- Total dividend of 18.87 pence per share, up 59% on last year

Think I may have a bite at this one for the divi (5.1p). Not convinced there is much immediate upside, but hope to get out with a little profit.

Harry - one of my regrets was not buying these when they floated - especially as I've used them for over 25 years!

Interim Management Statement

Summary


· Record level of Assets Under Administration ("AUA"), increasing by £2.2 billion in the three months to 30 September 2012 to £28.5 billion.

· Pleasing start to the year given challenging economic and market conditions for retail investors.

· Revenue £68.7m, a record for any quarter and up 20% compared to Q1 2011.

· Continued growth in assets - net new business inflows of assets of £0.55bn (Q1 2011: £0.68bn).

· Active Vantage client numbers rose by 7,000 (Q1 2011: 8,000) to 432,000. 10,000 new accounts.

· Corporate Vantage scheme member numbers doubled in quarter to over 9,400.

Excellent start to October.

Update tomorrow.

Interim Management Statement

Highlights


· Continued growth with record revenue (up 24% to £140.3m) and record profit before tax (up 30% to £93.7m)

· Total net business inflows for the 6 months of £1.65 billion, up 42% (H1 2012: £1.16bn)

· Total assets under administration of £30.4 billion (up 30% on 31 December 2011 and 16% on 30 June 2012)

· Continued growth in active Vantage client numbers, now 446,000, an increase of 21,000 since 30 June 2012 (H1 2012: 16,000)

· Total interim dividend up 24% to 6.3 pence per share (H1 2012: 5.1 pence)

TMF had them as a sell a couple of days ago. They considered they would be badly affected in the future by forthcoming new commission regs.

Their Vantage service has been poor over the last week. It has been down several mornings now and is down again now. No updates about issues from them as they probably don't want to impact their share price.

I have complained to them and am about to call them again - its not acceptable.

Interim Management Statement

Summary

· Record level of Assets Under Administration ("AUA"), increasing by £2.9 billion in the three months to 30 September 2013 to £39.3 billion (June 2013: £36.4bn).
· Continued strong growth in assets. Net new business inflows of assets of £1.26bn (Q1 2013: £0.55bn).
· Total active client numbers rose by 20,000 (Q1 2013: 7,000) to 528,000.
· Revenue £77.9m, (Q1 2013: £68.7m).

Barclays Capital Overweight 1,423.00 1,405.00 1,145.00 1,560.00 Reiterates

Morgan Stanley Overweight 1,534.00 1,485.00 1,113.00 1,670.00 Upgrades

Broker Recommendations
Galvan expects 'upsurge in business' at Hargreaves Lansdown
24 March 2014 11:23

Galvan Research and Trading has labelled financial services group Hargreaves Lansdown as a 'buy', saying that it should get a boost from George Osborne's 2014 Budget.

The Chancellor unveiled a radical shake-up of the savings markets last week, giving customers unprecedented freedom over how they draw their pensions, whilst increasing the annual ISA allowance to £15,000 per person.

Galvan believes that Hargreaves should see an "upsurge in business" as a result of customers beginning to take advantage of the new measures.

"Hargreaves Lansdown investors have enjoyed a stellar share price performance over the last one to two years, as shares have trebled in value since April 2012," said Head of Trading, Ed Woolfitt.

"Despite the record set of full-year results, the recent pre-budget blip was perhaps understandable given last year's changes by the FCA to fund platform commissions, but the pension revolution and ISA changes announced by the Chancellor will suit HL down to the ground as the UK's largest direct to investor 'Investment Supermarket'."

Woolfitt estimates that the share price will return to its 52-week high of 1,549p in the coming two to three weeks.

The stock was down 1% at 1,400p by 11:40 on Monday.

BC

Hargreaves Lansdown to launch equity research arm
31 Mar 2014 | 08:01
Nick Paler
Categories: Equities Topics: Hargreaves lansdown | Stockbroking gorham-ian



inShare

Hargreaves Lansdown is to expand its business with the creation of a new stockbroking research arm, Investment Week can reveal.
The group is building an equity research team from scratch, having previously only provided general information and news updates on individual UK shares, rather than recommendations.
The new team will provide Hargreaves’ clients with analyst notes on stocks, and a house view.
It will also mean Hargreaves will be giving buy/sell recommendations on UK shares for the first time.
The move will see the business challenge established research teams, including major brokers such as Barclays.
Hargreaves is making the move after becoming the country’s largest execution-only stockbroker this year – the group has placed one in five of all retail trades in this area so far in 2014.
The new team will be based in Bristol and report to a new head of equity research, for which the D2C giant is currently recruiting.
Ian Gorham (pictured), chief executive, said the plans are an extension of the service Hargreaves already provides in the funds space.
“HL Vantage is the leading direct to consumer investment supermarket in the UK, and this is a natural development of our service,” he said.
“It aims to provide our clients with the best combination of information and service on all the investments they choose to buy, whether funds, shares, passives, ETFs, or investment trusts. Clients value our expertise as well as our service.”
Hargreaves Lansdown’s stockbroking arm has seen its revenues grow substantially in recent months, boosted by increasing client numbers, as well as a number of high profile IPOs including Royal Mail and Direct Line.
As a result, stockbroking income for the first half of the 2014 financial year climbed 71% compared to the previous half year, hitting £18.3m.
The percentage of assets in shares held on Vantage is currently 38%, the group said, and the group will aim to build on this with the launch of the research arm.

Interim Management Statement

Highlights

· Record level of Assets under Administration ("AUA"), an increase of £2.3 billion in the three months to 31 March 2014 to £45.7 billion (31 March 2013: £35.1 billion).
· Record quarterly net inflows of £1.83 billion in the three months to 31 March 2014 (2013: £1.80 billion).
· Record cumulative total net inflows of £4.63 billion in the nine months to 31 March 2014 (2013: £3.44 billion).
· Year-to-date total net revenue up by 8% to £216.0 million.

· Net new active Vantage clients up 33,000 in the quarter (2013: 30,000)

· Total active clients as at 31 March 2014 617,000 (31 March 3013: 483,000)

Liberum Capital Sell 1,254.00 1,254.00 - 829.00 Initiates/Starts

Numis Buy 1,036.00 1,033.00 1,263.00 1,220.00 Upgrades

Just bought these hadnt seen the upgrade above...nice.

I too got in at 10.62.

Final Results

Highlights:
· Total assets under administration up 29% at £46.9 billion

· Net revenue increased by 8% to £291.9 million

· Operating profit increased by 8% to £208.0m

· Continued strong organic growth

· Total clients increased by 144,000 to 652,000 since June 2013

· Total dividend up 8% at 32.00 pence per share

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any ideas on the drop this morning?

Half Yearly report

Highlights

· Continued growth, with assets under administration at record levels (up 4.7% since 30 June 2014 to £49.1 bn).

· Total net business inflows for the 6 months of £2.25 billion (H1 2014: £2.80bn).

· Strong new business performance in a sluggish retail environment where UK Net Retail Fund Sales fell 34%1 and the FTSE All Share index fell 1.9%.

· Continued growth in active client numbers, now 675,000, an increase of 23,000 since 30 June 2014 (H1 2014: 77,000, H1 2014 excluding new clients from Royal Mail share offer: 45,000).

· Both client and asset retention remained excellent at 93.1% (H1 2014: 93.3% and 92.3% respectively). Client satisfaction also remains high at 94.4%.

· Interim dividend up 4% to 7.3 pence per share (H1 2014: 7.0p)

"In a muted 6 months for both stock markets and retail investing, Hargreaves Lansdown has managed to buck the trend with £2.25 billion of net new assets and further growth in clients to 675,000. We now look forward to the important tax year end period, and the introduction of exciting new pension freedoms on 6 April 2015."

Ian Gorham
Chief Executive

Questor/Telegraph says: Sell

Final Results

Dividend Declaration

Interim Management Statement: Hargreaves Lansdown enjoyed a strong start to its new financial year, with strong levels of net new business flows and assets under administration swelling 3.5% over the first quarter or 21% over the same period last year. The FTSE 100 pensions and investment provider said new business was driven by winning 30,000 new customers, improved market sentiment, continued investment in digital marketing, while it also benefited from significant transfers from a competitor platform going through operational issues.

Another 5 years on.......

skinny - 27 Feb 2012 11:25 - 10 of 33 edit this post

Harry - one of my regrets was not buying these when they floated - especially as I've used them for over 25 years!

That will be Barclays then...