Previously writing on business events group Hyve (HYVE), in March I concluded the shares are currently down to around 22p, capitalising the company at around £180 million. I thus suggest material upside potential on macro situation improvement, but currently also in “dialogue with our lenders in relation to covenant headroom and facility flexibility”, for now, still at best on the watchlist. The shares are now around 68p – but that follows a 10 for 1 share consolidation with a rights issue, and now it further updates...
Previously writing on events group Hyve (HYVE), early this month with the shares towards 60p I concluded including it does also state in the announcement that its estimates “are based on the current situation and therefore could change if the situation improves or worsens” – though with the current trend and the already governments, authorities and organisations own travel restrictions, I suggest the “improves” there unlikely for it. Possibly one to watch for when the situation does eventually improve, but with also net debt, I’d currently sell / avoid. Today a “Further Coronavirus update”…
A “Coronavirus update” from self-styled “next generation global events business” Hyve Group (HYVE) commences that “Hyve has been taking decisive and rapid management actions to mitigate the potential impact to our business” and includes that it “continues to be highly cash generative and, following the refinancing that the group undertook in December, has material headroom available on the debt facility and expects to operate within the covenants”. The shares, having been above 100p as recently as early last month and last closed at still above 70p, have currently responded towards 60p…
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