Member Info for mulledwine

Interim Results for the six months ended 30 June 2012 Crimson Tide, a leading service provider of mobile data solutions for business, (AIM: TIDE.L) is pleased to announce its unaudited interim results for the six months ended 30 June 2012. Highlights · Turnover and Profit Before Tax in line with expectations · Growth in subscriber numbers · mpro 5 launched on iOS and Android platforms for smartphone and tablet devices and Windows 8 ready. · Potentially significant trials underway

http://www.investegate.co.uk/Article.aspx?id=201209270700142717N

Shore Capital retained its "buy" stance for Millennium & Copthorne (MLC), noting that the hotel chain's shares continue to trade at a 25% discount to its net asset value, while a number of its peers rallied last summer. The broker said that the current share price only accounts for the group's core portfolio and does not account for its stake in CDL Hospitality or its under-performing hotels. On Shore's forecasts, the shares trade on a prospective earnings multiple of 14.7 times for 2012, falling to 14.2 times in 2013

Panmure Gordon reiterated its "sell" recommendation for UBM (UBM), but with an increased target price of 620p, from 450p. The broker approves of the firm's strategy to exit the data services businesses and focus solely on events hosting. Panmure values the firm's data services division at 220 million pounds, noting that the disposal would reduce the group's gearing, but warned that it may be difficult for it to attain this price, due to falling EBIT margins.

Singer Capital maintained its "buy" stance for JD Sports Fashion (JD.) with a target price of 790p. The sporting goods retailer's first half performance was in-line with the broker's forecasts, with revenue growth of 26.4% to 556 million pounds. Singer believes that the successful turnaround of outdoor clothes retailer Blacks would be a major catalyst for the share price and also sees international expansion possibilities for the firm's core business. The broker's earnings forecasts put the stock on a prospective earnings multiple of 13 times for the 2013 financial year

Panmure Gordon initiated coverage of EG Solutions (EGS) with a "buy" recommendation and 115p target price. The broker believes that the operations management software developer is well positioned to benefit from the economic downturn, as companies look to cut costs and improve efficiency. Panmure noted that the group has 41 international customers and that the size of newly won contracts have increased nearly ten fold recently. On the broker's forecasts the shares trade on a prospective earnings multiple of 6.6 times, a 56% discount to the sector.

Westhouse Securities reiterated its "buy" recommendation for Euromoney Institutional Investor (ERM) with a target price of 855p. The financial magazine publisher will release a fourth quarter update on 27th September and the broker expects to see full year revenue growth of 8.4%, benefiting from a contribution from its Ned Davis Research acquisition. Westhouse also forecasted EBITDA growth of 17.5%, reflecting the company's increased focus on cost control and a shift in sales mix to higher margin digital products

Valuation: High end of peer range Although the valuation looks full, it is still within the range of the peer group, which is, by the nature of the industry, truly international. The group trades on 11.9x EV/EBITDA FY12, compared to an average of 8.4x with a range of 4.2x (Cello) to 11.1x (Forrester). On EV/sales, a multiple of 1.6x is in line with the peer average. We feel the rate of earnings growth and the record of delivering on expectations justify this relative positioning.

http://www.edisoninvestmentresearch.co.uk/researchreports/BrainJuicer260912update.pdf

Valuation: Equity holders now share in upside After adjusting for the proposed bond restructuring, Edison’s DCF model yields an enterprise value of £225m for SkyePharma that, after adjusting for net debt, results in an equity value of £116m, or 250p per share on the now enlarged shareholder base

http://www.edisoninvestmentresearch.co.uk/researchreports/SkyePharma260912update.pdf

moljen - good afternoon - hope all is well - rather a muted SP response today although that may be tainted by the overall Market sentiment today ie red everywhere

Valuation: Strong cash flows underpin the growth strategy We have eased our development cost amortisation, which gives a small boost to FY11 and FY12 earnings. The shares trade on 8.2x our cash-adjusted FY12 earnings, falling to 7.1x in FY13, which looks undemanding given the company’s robust cash generation, healthy level of recurring revenues and growth potential. Dillistone has today increased its dividend for the first time in four years, reflecting management’s growing confidence. Our FY12 dividend forecast provides an attractive yield of 5.6%.

http://www.edisoninvestmentresearch.co.uk/researchreports/dillistone260912update.pdf

In the Times, Tempus thinks there is some sense in Close Brothers, the investment bank, focusing on its asset management arm, especially if private clients begin to put their toes back in the market. Its broking and core banking operations are also doing quite well but Tempus thinks the time to buy Close Brothers will be when securities show further progress

Lex in the Financial Times likes drink giant Diageo's move for Indian outfit United Spirits. It gets a platform to sell its own premium branded products like Smirnoff through a battle hardened network well used to navigating the complex state structure of Indian commerce. Diageo may also be help improve United’s profit margin, if a deal can be agreed. Talks are ongoing, but United’s major shareholder needs cash.

In the Telegraph, Questor continues to bat for long time favourite, Petra Diamonds. The company has been hit hard by this year’s 20% drop in diamond prices and technical problems at its Finsch mine. Petra also has a lot of money to raise to pay for expansion projects. On the plus side, demand for diamonds appears to be increasing and once Petra has got all its capital expenditure over and done with it ought to be able to generate significant profits. There is also the fact that new diamond discoveries are very rare indeed. Trading on about 15 times this years earnings but falling to 10 times by 2014, Petra is a buy.

With two parties in government, there are twice as many opportunities for ministers to toss out hare-brained schemes to the conference faithful on how to promote growth, suggests Ian King, the Business Editor at The Times. Most never get off the ground, King believes. He suggests the Chancellor of the Exchequer, George Osborne, should widen the scope of plans for a 'patent box' to include software, a sector in which the UK is historically strong. The sector is largely excluded because it uses other forms of intellectual property to win commercial protection. King notes that Aveva, the engineering software supplier and 'an unsung hero of the sector', says that, with the grants it receives locally, it can effectively open a new office in China at no cost.

Is today the start of a climb back ?

Simon Warburton, Managing Director of Voyager Software, explained: "We believe that Infinity will offer recruiters and recruitment managers the tools they need in the modern recruitment market. With the focus on streamlining traditionally disparate processes, we believe that it will drive efficiency and ultimately help our clients offer a better service to their clients." A client using Infinity, Richard Adamthwaite, Sales Director of Required IT, added: "There are lots of great features but the best thing about Infinity for me is definitely the search facility. It is now far faster, far more flexible and far more accurate, helping us to identify the right candidates more quickly and easily."