Member Info for mulledwine

Panmure Gordon kept its "hold" recommendation on Babcock International Group (BAB) ahead of its interim management statement next week, commenting that despite expecting a confident update from the engineering support services firm, it believes the shares are "up with events for now". Panmure believes that further performance upgrades are required to drive the share price higher and that its above average pension deficit remains a concern for some

Daniel Stewart re-iterated its buy recommendation on Sportingbet (SBT) with an 80p target price. This comes after the online gaming provider announced the injunction which was imposed on its Spanish business www.miapuesta.es back in March 2012 has now been fully-lifted and that trading has also commenced following the receipt of licensing approval. Commenting on the development the broker said that “"his is good news and puts any concerns regarding the Spanish market to bed". With more than 70% of revenue expected to be derived from fully regulated markets, Daniel Stewart continues to believe that the business is severely undervalued at 2.8 times FY13 EBITDA and 6 times earnings per share. A 6% dividend yield is also attractive, the broker added.

Valuation: Continued margin expansion to drive upside Acal currently trades at a discount to peers on all multiples, and has a stronger dividend yield than its closest peers. Aside from a general improvement in economic conditions, which are not under Acal’s control, the company has scope to drive upside through continued focus on margin expansion, which we forecast despite a decline in FY13 revenues

http://www.edisoninvestmentresearch.co.uk/researchreports/Acal280612outlook.pdf

http://www.growthcompany.co.uk/recommendations/2109618/ashtead-.thtml

Valuation: Upside potential as estate grows The strong increase in the group’s ATM and device estate is an important marker for future growth and profitability. The group’s software is now used by 10 major ATM network owners in the UK and overseas. i-design is well positioned to expand globally and has the potential to produce significant growth via new/up-scaled joono licensees and increasing media sales over the medium term. Our discounted enterprise value model suggests good upside potential for the share price.

http://www.edisoninvestmentresearch.co.uk/researchreports/iDGupdate260612.pdf

Non-Executive Director and co-founder of Stagecoach, Ann Gloag, on Friday sold 139,360 pounds-worth of shares in the transport firm, making the most of a recent rise in the share price following full-year results and positive comnments from broker Nomura earlier in the week. Gloag sold 52,000 at 268.00p, reducing her stake to 62.5m ordinary shares, equivalent to a 10.85% stake in the company. On Tuesday Nomura reiterated its 'buy' recommendation and 305p target price for the firm after its full-year figures came in 4% higher than forecasts.

House-builder Berkeley Group saw both revenues and profits surge in the 2011/2012 fiscal year and said it would hit its medium-term profit targets quicker than first thought. Revenue jumped by 40.2% from £742.6m to £1,041.1m in the year to April 30th. The group sold 3,656 homes, up from 2,544 the year before, while the average selling price rose from £271,000 to £280,000. Meanwhile, pre-tax profit climbed by 57.5% from £136.2m to £214.8m. Overheads jumped by £26.1m to £99.6m but reduced as a percentage of revenue. The group said it is well-positioned to meet its previous target of doubling its pre-tax profit from £110m to £220m by April 30th 2013, two years earlier than planned. Its first targeted dividend repayment is expected in September 2015. "I am delighted to report a strong performance again this year," said Chairman Tony Pidgley.

Cannacord Genuity reiterated its "buy" recommendation and 200p price target on troubled media firm Mecom Group (MEC), noting the disposal of its Edda Media newspaper has gone through earlier than expected following approval from the Norwegian Competition Authority. There had been concerns that the purchase of the paper by A-Pressen would be blocked, causing uncertainty for Mecom, particularly following its recent profit warning. The broker added that the shares are trading on a 4.1 times price-to-earnings ratio which represents a discount of 50% to the European newspaper sector

Daniel Stewart maintained its "buy" stance and 230p price target on Talk Talk Group (TALK) on news that on-demand content platform YouView, part-owned by the telecommunications provider, is finally set for commercial launch next week. Daniel Stewart explained its "preferred play on content provision via YouView is through consortium member Talk Talk" following a poor track record for customer complaints from competitors such as BT. The broker also commented the firm has made significant improvements in profitability and cash flow generation based on its "plain vanilla" broadband offering, and on a forward EV/EBITDA multiple of 5.8 times, is undervalued.

Nomura has maintained its 'buy' rating on Marks and Spencer but has cut its target price for the High Street giant, saying that the company had a weak first quarter and it sees few catalysts in the coming months. "While market data indicates some improvement in clothing sales performance in recent weeks, M&S’s recent market share weakness and the shift in sale timing into Q2 from Q1 benefiting sales by 1.8% last year will continue to weigh on performance, in our view."

UK water stocks - United Utilities, Pennon and Severn Trent - are in 'a sweet spot in current markets', according to UBS which says they provide safe returns and consistent outperformance. "We believe that the UK water companies will remain in a sweet spot for as long as the current lacklustre macro environment persists, thanks to a limited risk profile, low UK sovereign gilt yield environment, and likely ongoing inflation support from quantitative easing," the broker said. UBS initiates coverage of United Utilities with a 'buy' rating and 725p target price (TP). With Severn Trent (1,695p TP) and Pennon (740p TP) trading at a premium ("deservedly") to United Utilities, UBS has started with a 'neutral' rating on both stocks given that their relative benefits outside of M&A are already priced in

UK water stocks - United Utilities, Pennon and Severn Trent - are in 'a sweet spot in current markets', according to UBS which says they provide safe returns and consistent outperformance. "We believe that the UK water companies will remain in a sweet spot for as long as the current lacklustre macro environment persists, thanks to a limited risk profile, low UK sovereign gilt yield environment, and likely ongoing inflation support from quantitative easing," the broker said. UBS initiates coverage of United Utilities with a 'buy' rating and 725p target price (TP). With Severn Trent (1,695p TP) and Pennon (740p TP) trading at a premium ("deservedly") to United Utilities, UBS has started with a 'neutral' rating on both stocks given that their relative benefits outside of M&A are already priced in.

Re-issue of edison note due to error in table http://www.edisoninvestmentresearch.co.uk/researchreports/Xaar280612update.pdf

Graham Stewart, Chief Executive of Faroe Petroleum, commented: "Whilst the results for the Clapton well are disappointing, the data obtained does provide important new information which will allow further evaluation; particularly in the upper sections of the well where hydrocarbons were encountered. "This was also Faroe's first operated well in Norway and we are very pleased that it was delivered on budget and drilled safely. "Faroe Petroleum has a significant and diverse exploration portfolio, and this is an exciting period for the Company as we continue operations right now on two high impact exploration wells, the Cooper well in the Norwegian Sea (Faroe 30%) and the North Uist exploration well west of Shetland (Faroe 6.3%). We look forward to the results of the Cooper well which is expected in the next two weeks."

Results of Clapton exploration well, Norwegian North Sea Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in the Atlantic margin, the North Sea and Norway, announces the results of the Clapton exploration well in the Norwegian North Sea (Faroe Petroleum 40% and operator). The well was drilled to a vertical depth of 2,619 m below sea level and was terminated in the Cretaceous Hidra Formation. The primary target was encountered on prognosis, but the reservoir was thinner and of poorer quality than prognosed. The Shetland Group chalk reservoir contained no hydrocarbons of producible quantities. Oil shows were present in the Neogene section and in the upper part of the Ekofisk. Data acquisition and sampling has been carried out and the well will now be plugged and abandoned. This well, which is Faroe Petroleum's first operated well in Norway, was drilled using the Maersk Guardian jack-up rig. The well came in on budget and was drilled safely without any serious incidents. The Clapton well is located in licence PL.440 S in block 2/8, approximately 5 km east of the Eldfisk East Field and 10 km north of the Valhall Field. The partnership consists of Dana Petroleum Norway AS (20%), Lundin Norway AS (18%), Norwegian Energy Company ASA (12%) and Det Norske Oljeselskap ASA (10%).

http://www.investegate.co.uk/Article.aspx?id=201206290832044679G

That has knocked out what stuffing there was left in this one - ouch

Promethean World Plc (LSE: PRW), a world leader in the global market for interactive learning technology, today provides the following trading update. In its last Interim Management Statement, issued on 18th April 2012, Promethean stated that it expected market conditions to remain challenging, particularly in the US and Europe, and 2012 revenues to be weighted more heavily to the second half of the year than in 2011. It noted that the key buying season from June to September in the US would better inform its outlook for the year, and that it therefore remained cautious in its outlook. The seasonal trend in the US of high levels of order activity at the end of June has not materialised at the levels anticipated. Revenues for the first half of the year are therefore now expected to be in the range of £80m-£85m and, with gross margins lower than last year, it is anticipated that the Group will post a high single digit (£m) operating loss for the first half of the year, although the Group has a positive cash balance and undrawn bank facilities. The third quarter remains a key trading period. However, Promethean considers that market conditions will remain very challenging, and the Board now believes that the results for the year will be significantly below previous expectations. Promethean will therefore continue to align its cost base to these tougher market conditions and this will lead to an exceptional charge in 2012.