Hardman & Co Research on H&T Group (HAT): Pawnbrokings current appeal

Hardman & Co initiation of coverage on H&T (HAT):

Pawnbrokings current appeal

In our 15 March initiation, Pawnbroking royalty, with strong, profitable growth, we highlighted that H&Ts core is pawnbroking and related retail services operations. As other small-sum, short-term lenders have withdrawn at a time of heightened demand, H&Ts well-capitalised, low-risk proposition has unique growth opportunities, which are expected to fuel strong earnings growth (2024E EPS 4.2x 2021 levels). We also note that the dividend is progressive (2024E yield 5.3%). H&Ts AGM trading statement on 10 May confirmed our positive expectations. In this note, we focus on the reduction in competition at a time of heightened demand and the low-risk nature of H&Ts pawnbroking business.

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