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The UK's longest established regulated provider of sponsored equity research.

We launched EQUITY DEVELOPMENT in 1997 becoming the first ever  regulated provider of Sponsored Equity Research in the UK.

Our research teams are made up of expert analysts with deep understanding & experience in their sectors.  Our research is distributed to all relevant investment classes & commentators. (at no cost to the reader).

We have made our name by specialising in those companies who are not receiving the attention that they merit, using detailed commentary, appropriate valuation metrics and regular publications to help eradicate undervaluation in the medium term.

 

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H&T Group

H&T (HAT) Group’s operating subsidiary, Harvey & Thompson is the largest British pawnbroker, by size of pledge book, with 93 shops and a pledge book of more than £27m ( Q1, 2008)

Results well ahead of expectations; forecasts upgraded

Better than expected profits

Steady growth in core pawnbroking business

Retail jewellery sales growing strongly

Reliable low risk growth stock

Publication Date:
August 21 2008

Pawnbroking; untouched by financial sector woes

Pawnbroking has proved to be virtually non-cyclical and has seen good growth

‘Credit crunch’ will increase need for small short term loans. Turnover and profit growth set to continue steadily

PFER below 10x is anomalous versus comparator and market. Fair value in short term seen at 240p / share, 30% above current prices

Publication Date:
June 24 2008

Excellent results

Capital reorganisation pays off

12 new stores opened

Lower rating than obvious comparator, yet growing faster

Long term target 300p vs current share price 191p

Publication Date:
March 25 2008

Positive trading update

H&T Group has done “slightly better” than analysts had forecast. After Signet’s mildly disappointing reports on the retail jewellery market, we had expected a similar downturn in H&T’s pre-Christmas jewellery sales, offsetting the benefits to pawnbroking from cutbacks in credit card lending. In the event, H&T saw a modest 3.6% increase in like-for-like retail jewellery sales in December in contrast to Signet’s 3.1% fall in UK jewellery sales: trading down (in terms of price, not quality) from Signet to H&T outbalanced the effect of a shrinking market.

Publication Date:
January 16 2008

Swings and Roundabouts

Pawnbroking not subject to broad retail sector woes

Reduction in unsecured lending to sub prime segment

Rise in gold price

Publication Date:
December 3 2007

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