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Heritage Global

CNSX:HGP
Snowflake Description

Excellent balance sheet with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
HGP
CNSX
$20M
Market Cap
  1. Home
  2. CA
  3. Diversified Financials
Company description

Heritage Global Inc., together with its subsidiaries, engages in the asset liquidation business. The last earnings update was 41 days ago. More info.


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HGP Share Price and Events
7 Day Returns
-
CNSX:HGP
0.5%
CA Capital Markets
1.2%
CA Market
1 Year Returns
8.2%
CNSX:HGP
11.7%
CA Capital Markets
-0.2%
CA Market
HGP Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Heritage Global (HGP) - - 2.2% 8.2% 61.4% -
CA Capital Markets 0.5% 6.1% 8.7% 11.7% 28.2% -3.4%
CA Market 1.2% 4.2% 1.5% -0.2% 8.4% 1.8%
1 Year Return vs Industry and Market
  • HGP underperformed the Capital Markets industry which returned 11.7% over the past year.
  • HGP outperformed the Market in Canada which returned -0.2% over the past year.

Value

 Is Heritage Global undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Heritage Global to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Heritage Global.

CNSX:HGP Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= $0.15 * 5.1%
$0.01
Book Value of Equity per Share Median Book Value from the past 5 years. $0.15
Discount Rate (Cost of Equity) See below 6.9%
Perpetual Growth Rate 10-Year CA Government Bond Rate 1.9%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for CNSX:HGP
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CA Govt Bond Rate 1.9%
Equity Risk Premium S&P Global 6%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.7
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.699 (1 + (1- 21%) (8.15%))
0.829
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.83
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.95% + (0.829 * 5.96%)
6.89%

Discounted Cash Flow Calculation for CNSX:HGP using Excess Returns Model Model

The calculations below outline how an intrinsic value for Heritage Global is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

CNSX:HGP Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (5.1% – 6.89%) * $0.15)
$0.00
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $0.00 / (6.89% - 1.95%)
$-0.05
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $0.15 + $-0.05
$0.09
CNSX:HGP Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in CNSX:HGP represents 1.31428x of OTCPK:HGBL
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
1.31428x
Value per Share
(Listing Adjusted, CAD)
= Value per Share (USD) x Listing Adjustment Factor
= $ 0.09 x 1.31428
CA$0.12
Value per share (CAD) From above. CA$0.12
Current discount Discount to share price of CA$0.92
= -1 x (CA$0.92 - CA$0.12) / CA$0.12
-667.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Heritage Global is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Heritage Global's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Heritage Global's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
CNSX:HGP PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in USD $0.10
OTCPK:HGBL Share Price ** OTCPK (2019-09-13) in USD $0.7
Canada Capital Markets Industry PE Ratio Median Figure of 20 Publicly-Listed Capital Markets Companies 10.64x
Canada Market PE Ratio Median Figure of 538 Publicly-Listed Companies 14.15x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Heritage Global.

CNSX:HGP PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= OTCPK:HGBL Share Price ÷ EPS (both in USD)

= 0.7 ÷ 0.10

6.96x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Heritage Global is good value based on earnings compared to the CA Capital Markets industry average.
  • Heritage Global is good value based on earnings compared to the Canada market.
Price based on expected Growth
Does Heritage Global's expected growth come at a high price?
Raw Data
CNSX:HGP PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 6.96x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
-3.7%per year
North America Capital Markets Industry PEG Ratio Median Figure of 41 Publicly-Listed Capital Markets Companies 1.98x
Canada Market PEG Ratio Median Figure of 246 Publicly-Listed Companies 0.98x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Heritage Global, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Heritage Global's assets?
Raw Data
CNSX:HGP PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in USD $0.34
OTCPK:HGBL Share Price * OTCPK (2019-09-13) in USD $0.7
Canada Capital Markets Industry PB Ratio Median Figure of 166 Publicly-Listed Capital Markets Companies 1.03x
Canada Market PB Ratio Median Figure of 2,452 Publicly-Listed Companies 1.44x
CNSX:HGP PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= OTCPK:HGBL Share Price ÷ Book Value per Share (both in USD)

= 0.7 ÷ 0.34

2.08x

* Primary Listing of Heritage Global.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Heritage Global is overvalued based on assets compared to the CA Capital Markets industry average.
X
Value checks
We assess Heritage Global's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Capital Markets industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Capital Markets industry average (and greater than 0)? (1 check)
  5. Heritage Global has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Heritage Global expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover Heritage Global, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-3.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Heritage Global expected to grow at an attractive rate?
  • Heritage Global's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 1.9%.
Growth vs Market Checks
  • Heritage Global's earnings are expected to decrease over the next 1-3 years, this is below the Canada market average.
  • Unable to compare Heritage Global's revenue growth to the Canada market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
CNSX:HGP Future Growth Rates Data Sources
Data Point Source Value (per year)
CNSX:HGP Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts -3.7%
Canada Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 7.9%
Canada Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 2.7%
Canada Market Earnings Growth Rate Market Cap Weighted Average 12.6%
Canada Market Revenue Growth Rate Market Cap Weighted Average 6%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
CNSX:HGP Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
CNSX:HGP Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-06-30 25 4 3
2019-03-31 24 5 3
2018-12-31 24 7 4
2018-09-30 23 4 3
2018-06-30 23 4 3
2018-03-31 21 -1 1
2017-12-31 20 1 0
2017-09-30 20 2 0
2017-06-30 24 5 -1
2017-03-31 23 7 0
2016-12-31 24 4 0
2016-09-30 23 4 -5

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Heritage Global's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Unable to determine if Heritage Global is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
CNSX:HGP Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Heritage Global Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

CNSX:HGP Past Financials Data
Date (Data in USD Millions) EPS *
2019-06-30 0.10
2019-03-31 0.11
2018-12-31 0.13
2018-09-30 0.10
2018-06-30 0.09
2018-03-31 0.03
2017-12-31 -0.01
2017-09-30 -0.01
2017-06-30 -0.02
2017-03-31 0.01
2016-12-31 0.00
2016-09-30 -0.18

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Heritage Global will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Heritage Global's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Canada market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Canada market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Heritage Global has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Heritage Global performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Heritage Global's growth in the last year to its industry (Capital Markets).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Heritage Global has delivered over 20% year on year earnings growth in the past 5 years.
  • Heritage Global's 1-year earnings growth is less than its 5-year average (8% vs 78.5%)
  • Heritage Global's earnings growth has not exceeded the CA Capital Markets industry average in the past year (8% vs 9.2%).
Earnings and Revenue History
Heritage Global's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Heritage Global Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

CNSX:HGP Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 25.01 2.88 15.26
2019-03-31 24.40 3.07 15.65
2018-12-31 23.66 3.75 15.22
2018-09-30 23.34 2.96 15.16
2018-06-30 22.94 2.67 14.97
2018-03-31 20.91 0.79 13.88
2017-12-31 20.13 -0.25 13.60
2017-09-30 20.42 -0.16 12.82
2017-06-30 24.27 -0.62 12.07
2017-03-31 23.45 0.21 12.13
2016-12-31 23.83 0.01 12.01
2016-09-30 23.43 -5.19 12.58
2016-06-30 18.61 -8.46 12.89
2016-03-31 18.18 -9.77 12.88
2015-12-31 17.43 -10.42 12.77
2015-09-30 21.05 -5.09 12.66
2015-06-30 23.40 -1.64 12.27
2015-03-31 22.67 -1.53 11.83
2014-12-31 19.99 -26.51 10.99
2014-09-30 13.38 -31.09 9.86
2014-06-30 10.16 -31.16 9.24
2014-03-31 9.29 -31.32 9.20
2013-12-31 8.89 -6.40 9.66
2013-09-30 10.62 -2.43 10.44
2013-06-30 10.79 -3.17 11.77
2013-03-31 12.69 -2.85 11.84
2012-12-31 14.13 -1.81 10.98
2012-09-30 12.54 25.07 9.28

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Heritage Global has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • Heritage Global used its assets more efficiently than the CA Capital Markets industry average last year based on Return on Assets.
  • Heritage Global has become profitable over the past 3 years. This is considered to be a significant improvement in its use of capital (Return on Capital Employed).
X
Past performance checks
We assess Heritage Global's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Capital Markets industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Heritage Global has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Heritage Global's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Heritage Global's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Heritage Global's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Heritage Global's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Heritage Global's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 12.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Heritage Global Company Filings, last reported 2 months ago.

CNSX:HGP Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 9.85 0.63 3.75
2019-03-31 8.28 1.52 1.84
2018-12-31 7.60 1.62 4.27
2018-09-30 7.12 0.91 3.23
2018-06-30 6.69 1.14 4.75
2018-03-31 4.84 1.35 1.60
2017-12-31 3.49 1.52 2.11
2017-09-30 3.82 0.54 2.96
2017-06-30 3.68 0.62 2.60
2017-03-31 3.82 0.77 3.85
2016-12-31 3.49 1.01 2.53
2016-09-30 3.77 1.55 3.34
2016-06-30 4.13 4.25 2.04
2016-03-31 3.49 4.22 1.45
2015-12-31 3.39 4.22 2.78
2015-09-30 8.85 4.20 2.66
2015-06-30 12.44 4.10 2.85
2015-03-31 12.98 4.67 3.81
2014-12-31 13.48 6.01 3.81
2014-09-30 13.53 6.03 4.40
2014-06-30 13.60 5.41 2.36
2014-03-31 14.04 4.31 2.82
2013-12-31 39.50 3.99 3.23
2013-09-30 44.14 5.19 4.66
2013-06-30 44.95 5.54 5.70
2013-03-31 45.52 6.26 1.56
2012-12-31 46.01 10.88 5.80
2012-09-30 46.64 4.83 10.08
  • Heritage Global's level of debt (6.4%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (39.8% vs 6.4% today).
  • Debt is well covered by operating cash flow (652.3%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 19.1x coverage).
X
Financial health checks
We assess Heritage Global's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Heritage Global has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Heritage Global's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Heritage Global dividends.
If you bought CA$2,000 of Heritage Global shares you are expected to receive CA$0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Heritage Global's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Heritage Global's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
CNSX:HGP Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
Canada Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 9 Stocks 4.3%
Canada Market Average Dividend Yield Market Cap Weighted Average of 333 Stocks 3.5%
Canada Minimum Threshold Dividend Yield 10th Percentile 1.2%
Canada Bottom 25% Dividend Yield 25th Percentile 2%
Canada Top 25% Dividend Yield 75th Percentile 5.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Heritage Global has not reported any payouts.
  • Unable to verify if Heritage Global's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Heritage Global's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Heritage Global has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Heritage Global's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Heritage Global afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Heritage Global has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Heritage Global's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Ross Dove
COMPENSATION $452,072
AGE 66
TENURE AS CEO 4.3 years
CEO Bio

Mr. Ross M. Dove has been the Chief Executive Officer of Heritage Global Inc. since May 5, 2015 and served as its Managing Partner of Heritage Global Partners Inc. since June 2013. Mr. Dove served as an Executive Chairman of DoveBid Inc. since June 1999 and served as its Chief Executive Officer from June 1999 to August 2005. Mr. Dove served as the Chairman and Chief Executive Officer of Dovebid, Inc.'s predecessors Ross-Dove Company, Koll-Dove and Dove Brothers LLC from 1980 to 1999. His success has been widely chronicled in major publications including Fortune, Forbes, Wall Street Journal, Business Week and the Economist, among many others. He is a frequent lecturer who has spoken at many business schools including Stanford and UC Berkeley, as well as industry events globally. He serves as Director of Heritage Global Inc. He served as a Director of Critical Path Inc. since April 2003. He served as a Director of DoveBid Inc. He has served on boards of several venture funded companies. He has been a long standing member of the National Auctioneers Association and a founding member of the International Auctioneers Association.

CEO Compensation
  • Ross's compensation has increased by more than 20% in the past year whilst earnings grew less than 20%.
  • Ross's remuneration is higher than average for companies of similar size in Canada.
Management Team Tenure

Average tenure and age of the Heritage Global management team in years:

4.3
Average Tenure
57
Average Age
  • The tenure for the Heritage Global management team is about average.
Management Team

Ross Dove

TITLE
CEO & Director
COMPENSATION
$452K
AGE
66
TENURE
4.3 yrs

Ken Mann

TITLE
Managing Director of Heritage Equity Partners
COMPENSATION
$663K
AGE
51

Dave Ludwig

TITLE
President of National Loan Exchange Inc
COMPENSATION
$4M
AGE
61
TENURE
5.3 yrs

Kirk Dove

TITLE
COO & President
COMPENSATION
$406K
AGE
63
TENURE
4.3 yrs

Michael Davin

TITLE
Co-Founder
TENURE
4.3 yrs

Scott West

TITLE
Chief Financial Officer
COMPENSATION
$200K
AGE
50
TENURE
4.3 yrs

Jim Sklar

TITLE
Executive VP
AGE
53
TENURE
4.3 yrs

Marc Swirsky

TITLE
Managing Director of Heritage Global Capital and Director of Heritage Global Valuations
TENURE
3 yrs

Dan Beck

TITLE
Managing Director of Heritage Global Energy & Construction
TENURE
1.5 yrs
Board of Directors Tenure

Average tenure and age of the Heritage Global board of directors in years:

4.3
Average Tenure
69
Average Age
  • The tenure for the Heritage Global board of directors is about average.
Board of Directors

Allan Silber

TITLE
Chairman of the Board
COMPENSATION
$105K
AGE
69
TENURE
14.5 yrs

Ross Dove

TITLE
CEO & Director
COMPENSATION
$452K
AGE
66
TENURE
4.3 yrs

Samuel Shimer

TITLE
Independent Director
COMPENSATION
$43K
AGE
55
TENURE
18.4 yrs

Morris Perlis

TITLE
Director
COMPENSATION
$31K
AGE
70
TENURE
4.3 yrs

J. Ryan

TITLE
Independent Director
COMPENSATION
$29K
AGE
76
TENURE
8.1 yrs

Michael Hexner

TITLE
Director
COMPENSATION
$37K
AGE
65
TENURE
3.1 yrs

Emmett DeMoss

TITLE
Director
COMPENSATION
$44K
AGE
82
TENURE
2.1 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Heritage Global individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
09. Aug 19 Buy David Ludwig Individual 08. Aug 19 08. Aug 19 137,000 CA$0.95 CA$130,744
07. Aug 19 Buy Ross Dove Individual 07. Aug 19 07. Aug 19 14,440 CA$0.92 CA$13,330
13. Jun 19 Buy Ross Dove Individual 13. Jun 19 13. Jun 19 16,500 CA$0.93 CA$15,393
24. May 19 Buy Ross Dove Individual 24. May 19 24. May 19 28,500 CA$0.86 CA$24,541
20. May 19 Buy David Ludwig Individual 08. May 19 13. May 19 88,105 CA$0.78 CA$67,022
21. Mar 19 Buy Emmett DeMoss Individual 18. Mar 19 18. Mar 19 5,000 CA$0.67 CA$3,336
X
Management checks
We assess Heritage Global's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Heritage Global has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Heritage Global Inc., together with its subsidiaries, engages in the asset liquidation business. Its asset liquidation business consists primarily of the auction, appraisal, and asset advisory services; mergers and acquisitions advisory services and the accounts receivable brokerage services; and the purchase and sale, including at auction, of industrial machinery and equipment, real estate, inventories, accounts receivable, and distressed debt. The company also provides value-added capital and financial asset solutions, such as auction and appraisal services, traditional asset disposition sales, and financial solutions for distressed businesses and properties. The company was formerly known as Counsel RB Capital Inc. and changed its name to Heritage Global Inc. in August 2013. Heritage Global Inc. was founded in 1983 and is headquartered in San Diego, California.

Details
Name: Heritage Global Inc.
HGP
Exchange: CNSX
Founded: 1983
$27,158,625
29,253,278
Website: http://www.heritageglobalinc.com
Address: Heritage Global Inc.
12625 High Bluff Drive,
Suite 305,
San Diego,
California, 92130,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
OTCPK HGBL Common Stock Pink Sheets LLC US USD 07. Jul 1989
DB LGC Common Stock Deutsche Boerse AG DE EUR 07. Jul 1989
CNSX HGP Common Stock Canadian National Stock Exchange CA CAD 07. Jul 1989
Number of employees
Current staff
Staff numbers
50
Heritage Global employees.
Industry
Asset Management and Custody Banks
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/09/15 01:18
End of day share price update: 2019/09/13 00:00
Last earnings filing: 2019/08/05
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.