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#Broker/Analyst Views
Added 3 weeks ago

11-June-2020:  Taylor Collison: HRL Holdings Limited (HRL): Reasons for Optimism through Uncertainty

TC have an "Outperform" call on HRL, but no price target.

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#Broker/Analyst Views
Last edited 5 months ago

14-Feb-2020:  In this week's email from the ASX containing links to free broker/analyst reports on some of the ASX's smaller companies (all ex-ASX300 companies - i.e. outside of the S&P/ASX300 index - many of whom receive little or no coverage from the larger broking community - other than from those brokers who participate in this ASX Research Scheme) HRL was covered by two different broking houses:

07-Feb-2020:  Taylor Collison:  HRL Holdings Limited (HRL): Stepping Back up the Credibility Curve

08-Feb-2020:  Morgans:  HRL Holdings (HRL): Momentum continuing

TC have an "Outperform" call on HRL.  Morgans have an "Add" call with a $0.16 (16 cps) TP (target price).  HRL closed at $0.15 (15 cps) on Friday (14 Feb 2020).

The TC (Taylor Collison) report also includes a "Peer Comparison Update":

"We compare HRL’s multiples against those of peers below.  We note HRL’s life as an analytical testing business has been relatively short, and that global peers are more diversified by segment and geography and are therefore less prone to specific regulatory, contract, or country risk.  This lower peer risk profile supports an HRL discount.  But the 30%+ magnitude in FY21 remains excessive, and assuming a more acceptable 15-20% discount (with a higher growth profile), HRL remains undervalued."

Access to all of the ASX Research Scheme's included reports can be gained from here (and that's also where you can sign up for their free weekly email containing links to the latest reports - if you wish to).

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#Bull Case
Added 5 months ago

Encouraging outcome from the 1H20 results. Margin from Analytica will continue to improve as their newer testings achieves process improvement. Analytica has also grown by 20% pcp. I'm continually impressed by their Analytica business and it proves that it is the crown jewel of the group.

Their software solutions is also growing strongly, although it is very small at the moment at ~$1-1.5m FY20 rev.

They have also said acquisitions are on the horizon.

FY20 forecast of ~$7m EBITDA, unclear if this is pre-AASB16 or post-it, but in any case it is encouraging.

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#Broker/Analyst Views
Added 3 weeks ago

11-June-2020:  Morgans: HRL Holdings: Add: Up to the test

Morgans have an "Add" call on HRL and a 14 cps TP, up 2c from their previous 12 cps TP.  HRL closed at 10.5 cps on Friday afternoon.  

HRL released this Update on COVID-19 and FY20 Guidance announcement to the market on the same morning that Morgans penned this latest research note (last Thursday, 11-June-2020).

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#Broker/Analyst Views
Added 3 months ago

26-March-2020:  Morgans: HRL Holdings: Momentum halted by COVID-19

Morgans still have a n "ADD" rating on HRL, but they note that there is now higher risk.  Their TP has reduced from 16c to 12c/share.  At 8.5c to 9c/share, that suggests there is 33%+ upside from here if they're right.

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