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Reed Elsevier is a leading provider of professional information solutions in the Science, Medical, Risk, Legal and Business sectors. The group came into existence in January 1993. The company is currently divided into five divisions: 1) Elsevier 2) LexisNexis Risk Solutions 3) LexisNexis Legal & Professional 4) Reed Exhibitions 5) Reed Business Information. Reed Elsevier Group plc is owned equally by two parent companies, Reed Elsevier PLC and Reed Elsevier NV. Their shares are traded on the London, Amsterdam and New York Stock Exchanges.
BROKERS' BULLISH RATINGS FOR REED ELSEVIER 12 October 2012 Investec retains it 'BUY' rating for Reed Elsevier with a target price of 725p. Exane BNP Paribas reiterates its 'Outperform' rating for Reed Elsevier and its target price of 700p. Panmure Gordon retains its 'BUY' rating for Reed Elsevier but increases its target price for the stock from 650p to 700p. Nomura reiterates its 'BUY' recommendation for Reed Elsevier and its target price of 700p. Numis upgrades its rating for Reed Elsevier from 'ADD' to 'BUY' increasing its target price for the stock from 705p to 737p. Deutsche Bank reiterates it 'BUY' recommendation for Reed Elsevier with a target price of 690p. Citigroup reiterates its 'BUY' recommendation for Reed Elsevier with a target price of 670p. Societe Generale retains its 'BUY' rating for Reed Elsevier but increases its target price from 620p to 690p. Morgan Stanley reiterates its 'Overweight' rating for Reed Elsevier with a target price of 700p. UBS retains its 'BUY' rating for Reed Elsevier with a target price of 770p. 15 October 2012 JP Morgan Cazenove retains its 'Overweight' rating for Reed Elsevier and its target price of 675p. 17 October 2012 Liberum Capital reiterates its 'BUY' recommendation for Reed Elsevier increasing its target price from 650p to 700p. P.S. Here's some links about SCLP, one of the hottest stocks at the moment: http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=256596&mode=2 http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=255276&mode=2 http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=257550&mode=2
Today's (11 October) investor day on Reed Elsevier's (REL) LexisNexis Legal & Professional business area could be the launch pad for a break-up of the entire group. There are few natural synergies between the various parts of Reed and their value is not being recognised in the current structure. According to a sum-of-the-parts analysis carried out by Liberum Capital, Reed has a 650p per share fair value. Were Chief Executive Officer (CEO) Erik Engstrom to signal he is preparing to hive off the legal operations a powerful rerating could be set in motion, as this would end three years of uncertainty about the £7.3 billion cap's strategic direction. US financial publisher Bloomberg is a mooted buyer of Reed's key legal publishing property, LexisNexis, which has been losing market share to Thomson Reuters' (TRI) competing Westlaw suite. Bloomberg has sufficiently deep pockets to fund the necessary investment to allow the online resource to properly compete in a challenged US legal market where budgets are under pressure. Law firms which have previously taken both LexisNexis and Westlaw are now opting for one or the other. Reed's structural challenges have defeated two of Engstrom's predecessors. Crispin Davis departed in March 2009 half-way through his strategy to target 'workflow' subscription solutions. Having acquired the insurance information group ChoicePoint for £2.1 billion in 2008 his plan to fund the purchase by the concurrent disposal of Reed Business Information (RBI) came unstuck. This left the group overgeared and still saddled with the underperforming legacy print products within RBI. Davis' successor Ian Smith only lasted eight months in the job before his departure in November 2009. Today’s investor day meeting could trigger the decisive change the market has been seeking for some time.
Reed Elsevier is a good defensive play thinks Tempus in the Times. Yesterday’s results are characterised as “reassuringly dull” but the publishing and events giant is seeing growth across all five divisions, despite an attempted boycott of its academic products by some professors who argue they are being overcharged. With the shares at 10.8 times earnings and a dividend of 6p, Tempus says hold.
Citigroup upgrades Reed Elsevier from neutral to buy, target price raised from 535p to 605p.
Positive Points: •The group is currently forecasting another year of underlying revenue and profit growth, founded on organic investment and business portfolio adjustment. •For its LexisNexis Risk Solutions business, the board noted that "good underlying growth in insurance and business services is set to continue." •For its Exhibitions business, the group noted that "Q1 trends, with good growth in most annual shows, are expected to continue. The positive impact of biennial cycling in 2012 will be particularly apparent in the first half." •Management continues to assess its business portfolio, with unit sales and bolt-on acquisitions still being made. •A progressive dividend policy is being pursued. The board previously proposed a 6% rise in the full year 2011 dividend
Negative Points: •The outlook for a number of its divisions remains challenging. At LexisNexis Legal & Professional, the scope for short term underlying revenue growth or margin expansion remains limited given the current market environment. At Business Information, a unit sale will by dilutive, whilst good underlying growth in data services is expected to be offset by print advertising declines. •Reed Elsevier's client base is primarily businesses, many of whom continue to cut or restrain costs. •Competition within the sector remains intense. •The group would be exposed to any potential political change on funding of research papers or academic publishing.
First quarter trading update: Management comments proved to be broadly reassuring. Underlying growth rates had been consistent with 2011 full year trends, with 2012 on track to be another year of underlying revenue and profit growth. For its Elsevier business, subscription renewals progressed well in both Science & Technology and Health Sciences. At LexisNexis Risk Solutions, the insurance data & analytics business continued to perform strongly, while its Legal & Professional business saw marginally positive underlying revenue growth. The Exhibitions business had started the year well, with good growth in annual events in North America, Asia and Latin America, while at its Business Information division underlying growth in data services had been offset by print advertising declines.
Reed Elsevier is a leading provider of professional information solutions in the Science, Medical, Risk, Legal and Business sectors. The group came into existence in January 1993. The company is currently divided into five divisions: 1) Elsevier 2) LexisNexis Risk Solutions 3) LexisNexis Legal & Professional 4) Reed Exhibitions 5) Reed Business Information. Reed Elsevier Group plc is owned equally by two parent companies, Reed Elsevier PLC and Reed Elsevier NV. Their shares are traded on the London, Amsterdam and New York Stock Exchanges.
Jefferies maintains buy recommendation and 635p target; Nomura keeps buy rating and 700p target; Investec maintains buy rating and 640p target.
Reed Elsevier CFO to retire next year By Benjamin Chiou Date: Thursday 06 Oct 2011 LONDON (ShareCast) - FTSE 100 information solutions firm Reed Elsevier has announced that chief financial officer Mark Armour is to retire from the board at the end of next year. Armour, who joined the group in 1995 and took up his current position a year later, said: "After 15 years as Chief Financial Officer I have decided it is right to announce my planned retirement now in order to give the company sufficient time to appoint my successor and arrange an orderly transition." Reed Elsevier, who just two weeks ago acquired US financial services compliance specialist Accuity Holdings for £343m, said it will begin the process of finding Armour's successor. “I would like to thank Mark for his major contribution to the group over the past 16 years. Mark has been tireless in helping drive the transformation of Reed Elsevier into a leading digital solutions business. We wish him all the best for the future," said chairman Anthony Habgood.
Reed Elsevier last week announced the £343m acquisition of Accuity. The firm’s shares have declined 9% since the beginning of the year and the company is resisting pressure for a break-up. RBS puts Reed´s shares at a 30% discount to break-up value - trading on 10 times next year’s forecast earnings. Reed could spin off its Lexis Nexis arm or even split off Elsevier, either could boost its stock, reports The Sunday Times.
The publisher and information provider Reed Elsevier yesterday announced that it had agreed a deal to buy Accuity Holdings from the investment firm Investcorp. The acquisition is a pretty chunky one, coming in at £343m in cash. The companies said the deal would be earnings-accretive immediately. Bank of America Merrill Lynch has done the maths and said the deal implied revenue of about £120m in 2012 with earnings before interest, taxation and amortisation of £36m. In the publishing industry, Reed is among the top investment picks. Buy, says the Independent.
http://www.investegate.co.uk/Article.aspx?id=20110926070000Z1447
Information provider Reed Elsevier (REL) has agreed to buy US online data business Accuity Holdings for 343 million pounds in cash. The target develops data filters and account screening risk reduction software for financial service companies, with over 14,000 clients and will provide complementary services to Reed's existing Bankers' Almanac and LexisNexis Risk Solutions. Post tax returns are expected to cover the weighted average cost of capital by the third year. Reed shares grew 10.7p to 497.3p.
Espirito Santo downgrades Reed Elsevier from hold to sell, target price 380p
Publishing and exhibitions business, Reed Elsevier’s full-year results in February were pretty flat, indicating that further recovery would be gradual. First-half figures confirm this. The shares sell on an unexciting 12 times this year’s earnings — although as one analyst pointed out, their defensive qualities have some attractions in these markets. Hold, the Times says.
S&P Equity Research downgrades Reed Elsevier from sell to strong sell.
Reed Elsevier sees growth across the board Date: Tuesday 19 Apr 2011 LONDON (ShareCast) - Business and academic publisher Reed Elsevier saw underlying revenue growth in each of its business groups once the effects of biennial events in its exhibitions group are taken out of the equation. The company is sticking with its prognosis for 2011, disclosed in February of this year, of a gradual recovery and a continued improvement in performance. In the Elsevier business, growth rates in the first quarter were much the same as they had been for most of 2010. Growth in Health Sciences was held back by weakness in pharma promotion, European markets and cut backs in student enrolment at US career schools. Overall, another year of modest revenue growth is expected in Elsevier, the company said. In LexisNexis Risk Solutions saw “good growth” in the first quarter driven by sales of data and analytics in the insurance business, although the insurance software licence business had a slow start. LexisNexis Legal & Professional's business returned to underlying revenue growth on the back of strong sales growth in the US and, outside the US, healthy demand for online services and solutions. Revenue recovery is expected to be gradual, with the adjusted operating margin broadly flat in 2011. Reed Business Information also returned to underlying revenue growth. The data services and online marketing solutions businesses grew particularly well. While leading brands have stabilised, other business magazines and services continue to be affected by difficult print advertising markets, particularly in continental Europe. Reed Exhibitions' annual shows held in the first quarter averaged mid to high single digit revenue growth rates, including strong double digit growth in emerging markets. Reed Elsevier’s financial position remains strong with good cash generation, the statement concluded.
Financial position: Reed Elsevier’s financial position remains strong with good cash generation.
http://www.investegate.co.uk/Article.aspx?id=20110419070000Z0359
Outlook As we go into 2011, most of our markets are stable or improving and we are building on the actions taken in 2010 to strengthen the business further. Overall, we expect a gradual recovery and a continued improvement in performance. Ø Elsevier: Going into 2011, the budget environment remains constrained in many markets but with variations by geography and customer. The customer by customer subscription renewal process for 2011 is well progressed. Good demand growth for electronic tools is continuing. Another year of modest growth is expected. Ø LexisNexis Risk Solutions: Good growth is expected to continue in insurance with high transactional activity and increasing sales of data and analytics. A strong pipeline of product initiatives continues across the Risk Solutions businesses. Ø LexisNexis Legal & Professional: While law firms, corporations and governments remain cautious in their spending, new sales are higher and the environment is more stable. Revenue recovery is expected to be gradual, with the adjusted operating margin broadly flat in 2011. Ø Reed Exhibitions: The outlook is encouraging, with momentum building in annual shows and significant launch activity continuing. 2011 will see the net cycling out of biennial shows, particularly impacting the first half. Ø Reed Business Information: Data services and online marketing solutions are seeing continued good growth. Portfolio changes and improving markets are also expected to benefit 2011.
Commenting on the results, Anthony Habgood, Chairman of Reed Elsevier, said: "Considerable progress has been made during the year resulting in improvements in trading performance with underlying sales returning to positive organic growth. Reported profits are also strongly ahead with the bulk of our major restructuring programmes now behind us. Management has put in place business unit teams to sharpen the focus on value creation and operational execution. I am confident that the good progress which is being made on individual business priorities will deliver further improvements." Reed Elsevier's Chief Executive Officer, Erik Engstrom, commented: "The year has seen improved trading performance, with 2% organic revenue growth against a 6% decline last year. Increased spend on product development and sales & marketing was largely offset by cost efficiency gains.
Improved trading performance and good business progress Ø Revenue growth of 2% underlying against 6% decline in 2009 Ø Adjusted operating margin 0.2% pts lower at 25.7% Ø Good progress on business unit specific priorities - New content and information solutions launched - Increased product development and sales & marketing - Focus on cost efficiency and process innovation - Portfolio actions taken Ø Strong cash generation Prospects encouraging; recovery will be gradual
http://www.investegate.co.uk/Article.aspx?id=201102170700103800B