Hardman & Co Research on H&T Group (HAT): Pawnbroking’s current appeal

Hardman & Co Research Hardman & Co Research on H&T Group (HAT): Pawnbroking’s current appeal 01-Jun-2023 / 15:45 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co initiation of coverage on H&T (HAT): Pawnbroking’s current appeal In our 15 March initiation, Pawnbroking royalty, with strong, profitable growth, we highlighted that H&T’s core is pawnbroking and related retail services operations. As other small-sum, short-term lenders have withdrawn at a time of heightened demand, H&T’s well-capitalised, low-risk proposition has unique growth opportunities, which are expected to fuel strong earnings growth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&T’s 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&T’s pawnbroking business. Please click on the link below for the full report: https://hardmanandco.com/research/corporate-research/pawnbrokings-current-appeal/ If you are interested in meeting the company, you can register your interest by clicking on the above link To contact us: Hardman & Co 1 Frederick’s Place London EC2R 8AE www.hardmanandco.com Follow us on Twitter @HardmanandCo Contact: Mark Thomas [phone] [e-mail]   Hardman & Co Research can still be accessed for free after MiFID II. Please click here to read the statement. About Hardman & Co: Hardman Research Ltd, trading as Hardman & Co, is an appointed representative of Capital Markets Strategy Ltd and is authorised and regulated by the Financial Conduct Authority; our FCA registration number is 600843. Hardman Research Ltd is registered at Companies House with number 8256259. Attention is drawn to the important disclaimers at the end of the report. Dissemination of a CORPORATE NEWS, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.

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1647627  01-Jun-2023