DJ Hardman & Co Research on H&T (initiation of coverage): Pawnbroking royalty, with strong, profitable growth
Hardman & Co Research Hardman & Co Research on H&T (initiation of coverage): Pawnbroking royalty, with strong, profitable growth 15-March-2023 / 12:15 GMT/BST The issuer is solely responsible for the content of this announcement.
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Hardman & Co initiation of coverage on H&T (HAT):
Pawnbroking royalty, with strong, profitable growth
Founded in 1897, H&T is the UK's leading pawnbroker, with 269 stores, and it has gained a strong pawnbroking market share in recent years. While it is growing ancillary gold buying and forex products, its core is pawnbroking and related retail services. As other small-sum, short-term lenders have withdrawn, H&T's well-capitalised, low-risk proposition has unique growth opportunities, with the pledge book up over 50% in 2022. The lessening of legitimate competition at a time of heightened demand means this increasingly dominant franchise is expected to fuel strong earnings growth, with our 2024E EPS 4.2x 2021 levels. A progressive dividend follows (2024E yield 4.9%).
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Dissemination of a CORPORATE NEWS, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.
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End of Announcement - EQS News Service
1583391 15-March-2023
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(END) Dow Jones Newswires
March 15, 2023 08:15 ET (12:15 GMT)
