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Next Fifteen Communications Sell 27-Nov-12 £80,000.00 David Dewhurst 80,000 @ 100.00p

N+1 Singer issued a "sell" recommendation on Topps Tiles (TPT) with a target price of 30p. The broker points to an 8% decrease in pre-tax profits to 12.8 million pounds as indicative of the challenging environment the company is operating in. The research body go on to state its belief that there will be no immediate pick up in consumer confidence and that Topps Tiles market share will be further squeezed by rival B&Q, which has improved its ranges and service levels.

Panmure Gordon maintained its "buy" stance on Gable Holdings (GAH) with an unchanged target price of 48p. The broker believes that two recent contract wins, expected to deliver in excess of 10 million pounds in annualised gross written premiums, further cements its 2013 forecasts for the company. The broker also acknowledges that the share price has rallied since the recent positive interim results but still believes that the shares are very undervalued, pointing to an "unwarranted" P/E multiple of 3.9x.

Seymour Pierce reiterated its "buy" recommendation on Belvoir Lettings (BLV) with a target price of 113p. The reiteration comes after the company issued a trading update confirming the continued expansion of its network with the acquisition of four company owned stores, including that of Aldine Honey & Company, an estate agency operating in Belgravia, Chelsea and Kensington. The broker sees this as a shrewd move in terms of bolstering revenues. Seymour Pierce also notes that the underlying market strength for lettings in the UK is strong, with average yields on residential property at 5.4%, and uses this as further justification for its stance

In its recent trading update, IMI said organic revenues growth in the year to date was 4% – or 6% including acquisitions and exchange rate movements. However, there was a slowdown in growth. There was no outlook for 2013 given in the statement. However, management said that second-half bookings momentum was similar to the first half at around 4%. This was down on last year on an organic basis, hit by lower activity in nuclear and IMI’s “more selective approach to new fossil power projects in India and China”. Some analysts trimmed estimates after the statement, but all in all the valuation is looking reasonable. The shares are trading on a 2013 earnings multiple of 11.7, falling to 10.7 in 2014. The prospective yield is 3.5% next year rising to 3.8%. The Telegraph’s Questor team last said to hold the stock when the shares were at 991p in March. Since then the shares have been as low as 780p before rallying back to the level seen in March. There are still major questions about the global economy in 2013, but IMI’s end markets should remain active, if not buoyant. However, the lack of clarity means that the shares must stay at a hold rating for now, Questor believes.

The shares remain undervalued, valuation raised to £292m We had previously excluded HMPL-004 from our NPV model but conservatively value the deal at £23m (based on HMPL-004 launch in 2016, peak sales of £300m and a 62% success probability). We use a sum-of-the-parts valuation that suggests a market cap of £292m (up from our previous £275m) is justified for HCM, with scope for additional upside if further elements of the R&D pipeline are partnered.

http://www.edisoninvestmentresearch.co.uk/researchreports/HutchisonChinaMediTechQV291112.pdf

Nomura has raised its target price for technology group Invensys from 330p to 370p, saying that last night's proposed disposal of its rail division "crystallises value and warrants a re-rating". "We believe the prospects for the new leaner Invensys are good, and we do not view the smaller size as a material headwind. Top-line growth looks to us supported by positive end-market trends (particularly in appliances and in Oil & Gas sector) and by bolt-on M&A opportunities."

Jefferies has downgraded its rating for pay-TV and broadband provider British Sky Broadcasting (BSkyB) from 'hold' to 'underperform' and slashed its target price from 700p to 650p. "With shares re-rating 20% since April, we no longer believe Sky's valuation reflects the challenges it faces as the UK's incumbent pay TV platform as the market matures," the broker said in a research report.

Valuation: Discount above long-term averages The discount, currently at 21.3%, is above its three-year average of 15.3% and its five-year average of 12.0%. This arguably reflects sentiment in the space and recent performance. However, valuations are now at multi-year lows and we consider that GCL is well positioned to benefit from any recovery in the space and that it may be of interest to long-term investors looking for diversified global uranium exposure.

http://www.edisoninvestmentresearch.co.uk/researchreports/GCLReview291112.pdf

Valuation: Buy-back narrowing the discount VNI’s discount has been consistently wide (typically at least 40%) since launch. In part we believe this reflects the illiquidity and valuation uncertainties inherent in private equity, but also the slowdown in GDP growth since the financial crisis. Shareholders approved unlimited share repurchases in July of this year, and since this began the discount has declined from 54% to 42%. The board is reviewing the success of the repurchase programme quarterly

http://www.edisoninvestmentresearch.co.uk/researchreports/VNIreview291112.pdf

Valuation: Risk-adjusted NPV of £416m (125p/share) Edison’s rNPV model for Vectura yields a valuation of £416m. The minor updates to our financial model balance out, such that our rNPV valuation remains unchanged. We see potential for significant share price upside in 2013 driven by regulatory and/or clinical progress, commercial progress or further technology licences.

http://www.edisoninvestmentresearch.co.uk/researchreports/Vecturaupdate281112.pdf

and they wont like that !

Waterlogic", the "Group" or the "Company") Trading Update Waterlogic Plc (AIM: WTL.L), a leading designer, manufacturer and global distributor of point-of-use ("POU") drinking water purification and dispensing systems, announces that the Company's unaudited revenues for the ten months ended 31 October 2012 were USD 81.2 million (unaudited revenues for the 10 months ended 31 October 2011: USD 68.8 million). Whilst the Board expects that trading for the final two months of the year will be strong, revenues for the year ending 31 December 2012 are expected to be approximately USD 100 million (2011: USD 84.9 million), which are lower than current market expectations. The Group has experienced weak trading from third party distributors in regions suffering from difficult macroeconomic conditions and has also been impacted by a delay in the deployment of certain B2C projects which were originally intended to take place in 2012. The Board is however encouraged by the recently announced agreements within the B2C division and significant revenue contribution from these contracts is now expected to start in early 2013. As a result of the shortfall in revenues, profitability for the full year is also expected to be significantly lower than current market expectations.

http://www.investegate.co.uk/waterlogic-plc-(wtl)/rns/trading-update/201211290700262893S/

Clive Martell, chief executive of Delcam, said, "I am pleased to highlight the launch of Delcam Australia. We believe there is good growth potential for us in Australia and New Zealand and we look forward to working with the team to develop our presence in these markets."

Launch of new subsidiary for Australia and New Zealand Delcam, the UK's leading developer and supplier of advanced software solutions for product development, manufacture and metrology, is pleased to announce the launch of Delcam Australia, a new subsidiary, established to drive the sales and support of Delcam's software products in Australia and New Zealand. The formation of Delcam Australia arises from a buy-out of the existing reseller team and Delcam customer base of the Company's Australian channel partner, Camplex Pty Ltd ("Camplex"). Delcam Australia will operate from the existing Camplex offices, with a move to new offices in Melbourne planned in due course. Camplex currently generates approximately £1m of income per annum, from the sale of Delcam software licences and contracted support to some 500 Delcam customers in Australia and New Zealand, including Boeing, whiteware manufacturers Fisher & Paykel, the Stone Brothers and Paul Morris motor-racing teams, and Weta Workshop, the five-time Oscar-winning special effects company. The establishment of a dedicated subsidiary to serve these territories will enable Delcam to direct growth in these markets more effectively. Camplex and Delcam will continue to work closely together on any joint customers.