Haynes Publishing – I’m considering buying some more

PUBLISHED: 08 Oct 2015 @ 20:10 | Comments (0) |

I bought Haynes (LSE:HYNS) at 115.9p for my Modified-PER portfolio in February. If I now wanted to sell them I could get only 107p (£1.10 to buy).
But I’m not thinking about selling them – quite the opposite.
(I posted a fairly full analysis 11th-19th February, so I’ll mostly concentrate here on the news coming with the annual report for the year ended May 2015, just published)
Is it sensible to be so contrarian?
There are many reasons to be pessimistic about Haynes. And, indeed, Mr Market has grown increasingly pessimistic over the decade. The share has fallen from £4 in 2006 to £2.50 in 2011 to £1.10 today.
Many small investors have packed their bags and moved on, saying “it’s doomed, it’s doomed” like Fraser in Dad’s Army.
The company has been hit hard by (a) the increasing complexity of cars leading to more “do-it-for-me”, rather than DIY, and (b) by the availability of free online guidance on car maintenance and repairs.
It is a worry that ……..
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