Member Info for mulledwine

Bloomsbury Publishing Plc launches Bloomsbury India Bloomsbury was founded in 1986 on the principle of publishing books of the highest quality. In India it will continue this tradition for fiction, non-fiction, academic, business and education with both Indian and international authors. In November 2012, we will publish the first Wisden India Cricketers Almanac 2012, followed in December by the spectacular Return of a King: The Battle for Afghanistan by William Dalrymple, whose previous books have been No. 1 bestsellers in India. On our fiction list, ManilSuri's bold and controversial new novel The City of Devi will be published in January 2013. Bloomsbury has an exceptional list of South Asian writers including Kamila Shamsie, Romesh Gunesekera, Rajesh Parameswaran, Roshi Fernando, Jaspreet Singh and Tishani Doshi. Bloomsbury India's authors include the international bestselling writers J.K. Rowling, Khaled Hosseini and Elizabeth Gilbert; Booker Prize winners Margaret Atwood and Howard Jacobson; Nobel Prize winner Nadine Gordimer; Orange Prize winners Madeline Miller and Anne Michaels, cookery books by the Michelin starred chefs Heston Blumenthal, Atul Kochhar and Raymond Blanc and the bestselling Anthony Bourdain. Bloomsbury India will distribute both UK and US imprints including the critically acclaimed and popular Arden Shakespeare. A rigorous academic list will focus on business, economics and management.

http://www.investegate.co.uk/Article.aspx?id=201209210700097902M

Graham Stewart, Chief Executive of Faroe Petroleum, commented: "We are very pleased to further broaden our production portfolio through the acquisition of the East Foinaven interest which boosts and continues to diversify our oil and gas revenue." "East Foinaven is a good quality producing field which provides significant upside potential from one of our core areas. The transaction is very tax efficient for Faroe Petroleum, providing shelter for both past and future tax losses in the UK and is in line with our strategy to grow our production portfolio to continue the funding of our exploration programme."

Valuation: Sum of the parts $11.2/share Based on a sum-of-the-parts calculation our valuation for GDG is $1.5bn or $11.2/share. This constitutes a downgrade from the November 2011 estimate of $15.6/share mainly reflecting a change in the peer group for the upstream interests. However, we continue to see highly significant scope for upside as development proceeds apace, reserves migrate from 3P to 2P and 1P and assuming production develops as expected over the next two years.

http://www.edisoninvestmentresearch.co.uk/researchreports/GDG210912update.pdf

Valuation: Significant discount to wealth managers We reinitiate our forecasts for IFG in this note. These incorporate the recent strategic changes at IFG and short-term drivers highlighted above. We use a range of valuation approaches. Most UK wealth managers trade on a 2013 P/E of 12-13x and they now constitute the best peer group for IFG. IFG is on a similar 2013 multiple, but we believe it may see a re-rating if the market values the anticipated 2014 growth. Our Gordon’s growth model indicates a value of 119p (€1.50), while the cash-flow model is 122p (€1.54)

http://www.edisoninvestmentresearch.co.uk/researchreports/IFG210912outlook.pdf

JD Wetherspoon has won the praise of analysts at Nomura for its “swift” reaction to the stagnant sales and margin pressures seen in the 2012 fiscal year.

Analysts at Credit Suisse were left scratching their heads after a meeting with Burberry management and a visit to the Spring '13 showroom last night. What has gone wrong in the 2 weeks thru Sep 8? They ask themselves. “Our recent conversations with peers and initial checks with luxury operators makes us guess that Burberry's warning possibly reflects a combination of sector-wide factors (e.g. slowing economy and pullback in gift giving in China, slowing US) and company-specific issues,” they write this morning. Even so they came away with the knowledge that Burberry's merchandising teams are analysing the potential factors above and accelerating initiatives to add more appealing items and greater wow factor to stores in coming months. Thus, for now Credit Suisse opts to maintain its investment outlook (outperform) while it looks for more clarity after extra channel checks, particularly given that the stock has de-rated (to 14.4x the company´s estimated 2013 calendar year price-to-earnings multiple versus the luxury sector´s average multiple of 15x). Nevertheless, its analysts have cut their target price to 1400p fropm 1600p previously.

Valuation: Limited headroom within peer range Consensus estimates have become more realistic in recent months, but may still be too high. Low growth and higher net debt including pension liabilities (£12.5m) limit headroom for Ricardo’s valuation rating compared to its European and UK peers.

http://www.edisoninvestmentresearch.co.uk/researchreports/Ricardo210912qv.pdf

Valuation: Bid premium disappears Since K3 announced it was no longer in a sale process, the share price has fallen 16%. However, on our revised forecasts the company is trading on very depressed multiples: 4.9x FY13e EPS and 4.2x FY14e EPS. Key triggers for share price appreciation would be evidence that debt is being repaid, improving margins in Microsoft UK and customer wins in Managed Services.

http://www.edisoninvestmentresearch.co.uk/researchreports/K3210912update.pdf

Redhall Group Buy 21-Sep-12 £19,425.00 Philip Brierley 30,000 @ 64.75p

Brightside Group Buy 20-Sep-12 £22,000.00 Dr Christopher E Fay 100,000 @ 22.00p

Ashmore Group Buy 18-Sep-12 £500,004.35 Graeme Dell 151,857 @ 329.26p

Arthur Davidson, the Divisional Chairman of Specialist Merchanting at builders' merchant Travis Perkins, sold two lots of 5,000 shares on Friday. In the first tranche, the director sold the shares at 1,085.23p for a total of £54,262, and in the second the other 5,000 at 1,089p for £54,450. Following the sale Davidson holds 36,558 shares in the company, equal to less than 0.1% of the total share capital

Valuation: Revised rNPV of £15m We have removed Ark’s pipeline candidates from our valuation model and revised our estimates for the manufacturing business, giving an rNPV of £15m (previously £22m), which compares favourably with Ark’s £2.1m EV. For 2012 and 2013 we forecast manufacturing revenues of £2.5m and £6.5m respectively, but any revenue shortfall would put pressure on Ark’s £4.9m current cash reserve. Securing multiple, financially substantial contracts could stimulate a re-rating of the shares and our valuation

http://www.edisoninvestmentresearch.co.uk/researchreports/Ark210912update.pdf

Valuation: execution risks still, but potential 45% upside Based on benefits from structural changes already made, contributions from acquisitions and further restructuring, we expect another strong advance in earnings in FY13. Our forecasts are unchanged, but we trim EPS from 6.1p to 6.0p, due to a higher fully-diluted shares number. The shares are on a P/E of 6.4x for 2013 (calendarised), a 41% discount to the FTSE Media sector P/E. This reflects market uncertainty about execution risks in reaching corporate targets. If Centaur was on the same P/E discount (14%) as slower-growing (but with fewer restructuring risks) Wilmington, its share price would be 60p.