NasdaqCM:NHLD

Stock Analysis Report

Executive Summary

National Holdings Corporation, through its subsidiaries, provides financial services in the United States.


Snowflake Analysis

Overvalued with worrying balance sheet.

Share Price & News

How has National Holdings's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: NHLD has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-7.4%

NHLD

-4.2%

US Capital Markets

-4.2%

US Market


1 Year Return

-24.5%

NHLD

12.0%

US Capital Markets

14.0%

US Market

Return vs Industry: NHLD underperformed the US Capital Markets industry which returned 12% over the past year.

Return vs Market: NHLD underperformed the US Market which returned 14% over the past year.


Shareholder returns

NHLDIndustryMarket
7 Day-7.4%-4.2%-4.2%
30 Day-15.0%-2.1%-1.8%
90 Day-9.1%1.1%2.6%
1 Year-24.5%-24.5%14.3%12.0%16.3%14.0%
3 Year-19.0%-19.0%35.2%27.6%43.2%34.0%
5 Year-47.0%-47.0%74.5%58.3%65.9%47.6%

Price Volatility Vs. Market

How volatile is National Holdings's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is National Holdings undervalued compared to its fair value and its price relative to the market?

0.67x

Price to Book (PB) ratio


Share Price vs. Fair Value

Below Fair Value: Insufficient data to calculate NHLD's fair value to establish if it is undervalued.

Significantly Below Fair Value: Insufficient data to calculate NHLD's fair value to establish if it is undervalued.


Price To Earnings Ratio

PE vs Industry: NHLD is unprofitable, so we can't compare its PE Ratio to the Capital Markets industry average.

PE vs Market: NHLD is unprofitable, so we can't compare its PE Ratio to the US market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate NHLD's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: NHLD is good value based on its PB Ratio (0.7x) compared to the US Capital Markets industry average (6.6x).


Next Steps

Future Growth

How is National Holdings forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

8.7%

Forecasted Diversified Financials industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as National Holdings has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Next Steps

Past Performance

How has National Holdings performed over the past 5 years?

-58.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: NHLD is currently unprofitable.

Growing Profit Margin: NHLD is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: NHLD is unprofitable, and losses have increased over the past 5 years at a rate of -58.5% per year.

Accelerating Growth: Unable to compare NHLD's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: NHLD is unprofitable, making it difficult to compare its past year earnings growth to the Capital Markets industry (8.4%).


Return on Equity

High ROE: NHLD has a negative Return on Equity (-1.21%), as it is currently unprofitable.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is National Holdings's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: NHLD has a high level of physical assets or inventory.

Debt Coverage by Assets: Insufficient data to determine if NHLD's debt is covered by short term assets.


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: NHLD has been profitable on average in the past, therefore cash runway is not a concern.

Forecast Cash Runway: NHLD has been profitable on average in the past, therefore cash runway is not a concern.


Financial Institutions Analysis

Asset Level: NHLD's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if NHLD has a sufficient allowance for bad loans.

Low Risk Liabilities: NHLD reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if NHLD has an acceptable proportion of non-loan assets held.

Low Risk Deposits: NHLD has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if NHLD has an appropriate level of bad loans.


Next Steps

Dividend

What is National Holdings's current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

companyn/amarketbottom25%1.5%markettop25%3.8%industryaverage2.0%forecastin3Yearsn/a

Current dividend yield vs market & industry

Notable Dividend: Unable to evaluate NHLD's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate NHLD's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if NHLD's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if NHLD's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of NHLD's dividend in 3 years as they are not forecast to pay a notable one for the US market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

1.6yrs

Average management tenure


CEO

Michael Mullen (51yo)

3.1yrs

Tenure

US$2,789,333

Compensation

Mr. Michael Anthony Mullen serves as Chief Executive Officer of National Holdings Corporation and served as its President until July 20, 2018. He serves as Chief Executive Officer of National Securities Co ...


CEO Compensation Analysis

Compensation vs Market: Michael's total compensation ($USD2.79M) is above average for companies of similar size in the US market ($USD522.62K).

Compensation vs Earnings: Michael's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Michael Mullen
CEO & Chairman3.1yrsUS$2.79m1.6% $527.9k
Michael Singer
Executive Vice Chairman & Chief Strategy officer1.7yrsUS$12.50k0.34% $111.0k
Glenn Worman
President & CFO1.6yrsUS$1.53m0.51% $167.3k
John DeSena
COO & Corporate Secretary1.6yrsUS$984.52k0.32% $106.0k
Kurosh Golchubian
Managing Director of Technology0.7yrsno datano data
Jamie Dorrian
Chief Administrative Officer of National Tax & Financial Services0.8yrsno datano data
Jenna Bosco
Investor Relations4.1yrsno datano data
Fred Knopf
General Counsel2.9yrsno datano data
Harold Chaffee
MD & Chief Compliance Officer1.1yrsno datano data
Chelsea Nantz
Senior Vice President of Corporate Communications0yrsno datano data

1.6yrs

Average Tenure

52yo

Average Age

Experienced Management: NHLD's management team is not considered experienced ( 1.6 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Michael Mullen
CEO & Chairman3.1yrsUS$2.79m1.6% $527.9k
Michael Singer
Executive Vice Chairman & Chief Strategy officer1.7yrsUS$12.50k0.34% $111.0k
Robert Fagenson
Vice Chairman3.4yrsUS$110.00k0.54% $179.7k
Jeffrey Gary
Independent Director1yrsUS$214.33k0.13% $41.5k
Barbara Creagh
Independent Director1yrsUS$193.03k0.13% $41.5k
Daniel Hume
Independent Director3.4yrsUS$100.00k0.47% $154.8k
Nassos Michas
Lead Director1.7yrsUS$211.50k0.13% $41.5k

1.7yrs

Average Tenure

53yo

Average Age

Experienced Board: NHLD's board of directors are not considered experienced ( 1.7 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 3.8%.


Top Shareholders

Company Information

National Holdings Corporation's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: National Holdings Corporation
  • Ticker: NHLD
  • Exchange: NasdaqCM
  • Founded: 1947
  • Industry: Investment Banking and Brokerage
  • Sector: Diversified Financials
  • Market Cap: US$33.064m
  • Shares outstanding: 13.28m
  • Website: https://www.yournational.com

Number of Employees


Location

  • National Holdings Corporation
  • 200 Vesey Street
  • 25th Floor
  • New York
  • New York
  • 10281
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
NHLDNasdaqCM (Nasdaq Capital Market)YesCommon StockUSUSDJun 1987

Biography

National Holdings Corporation, through its subsidiaries, provides financial services in the United States. It operates through two segments, Brokerage and Advisory Services, and Tax Preparation and Accounting Services. The company offers retail brokerage services include execution of purchases and sale of stocks, options, bonds, mutual funds, annuities, and various other securities; and investment advisory services for individual, corporate, and institutional clients. It also provides investment banking services, such as underwriting the sale of securities to the public in initial and follow-on offering, and arranging for the private placement of securities with investors; and financial and corporate advisory services comprising mergers and acquisitions, project financing, capital structure, and specific financing opportunities to micro, small, and mid-cap high growth companies. In addition, the company trades in securities, including making markets in micro and small-cap, Nasdaq, and other exchange listed stocks. Further, it provides asset management advisory services to retail clients; fixed insurance products, including life insurance, disability insurance, long-term care insurance, and fixed annuities; and tax preparation services to individuals, primarily in the middle and upper income tax brackets, as well as accounting services to small and midsize companies. Additionally, the company offers licensed mortgage brokerage services; and investment products and services, which comprise stocks, bonds, mutual funds, annuities, insurance, and managed money accounts. The company was formerly known as Olympic Cascade Financial Corporation and changed its name to National Holdings Corporation in March 2006. The company was founded in 1947 and is headquartered in New York, New York. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/25 01:11
End of Day Share Price2020/02/24 00:00
Earnings2019/12/31
Annual Earnings2019/09/30


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.