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Valuation: Value enhancing deal raises valuation Our stance has consistently been to forecast on an organic growth basis and to only include acquisitions when completed. We believe this is conservative, noting the high probability of deals. With this deal we have raised our 2012/13 pre-tax, preexceptional profit forecast by c £3m and our average valuation is now c £10.75. There will be accounting complications that are likely to see statutory profits in 2012 well ahead of this and then lower in 2013/14.

http://www.edisoninvestmentresearch.co.uk/researchreports/STBUpdate130612.pdf

Shore Capital maintained its "sell" rating for Go-Ahead Group (GOG), raising concern over the possible impact of subsidy cuts across UK buses on the public transport provider. The broker expects the firm to announce price increases of between 5% and 8% in the fourth quarter, although noted that this may be difficult to implement in the North East due to the weak economic backdrop. Additionally, Shore pointed out that the group will not be able to raise London bus prices, which is likely to result in a decline in 2013 profits

Canaccord Genuity kept its "buy" recommendation for Yule Catto (YULC) with a 294p target price. The specialty chemicals manufacturer's shares have underperformed its peer group, which the broker believes is unfounded given a strong first quarter performance. Canaccord expects the integration of the PolymerLatex business, acquired in 2011, to result in supernormal growth as it helps accelerate international expansion. On the broker's forecasts, the shares trade on a prospective earnings multiple of 7 times for the 2013 financial year, compared to peer Elementis' (ELM) multiple of 12.9 times.

Donkee - hope you are well and managing to ride this Market storm - it aint easy though !

Daniel Stewart retained its "buy" rating for Playtech (PTEC) with a 490p target price. The gambling software developer has announced plans to move from the AIM market on to the main market of the London Stock Exchange and the broker noted that, with a market cap of nearly 1 billion pounds, it will become one of the top FTSE 250 companies. Daniel Stewart believes that this will improve awareness and make the stock more attractive to investors

Panmure Gordon reiterated its "buy" recommendation for Vertu Motors (VTU) with a target price of 50p. The broker is impressed with the car dealer's acquisition strategy and believes that the difficult market conditions for smaller competitors will provide the firm with a number of attractive targets during the year. Panmure added that the group is developing its aftersales business, providing it with greater revenue visibility. The broker also pointed to the firm's developing online business, with its Bristol Street Motors website now being the third most visited care dealer website in the UK

Outlook While we think it likely that the weakening macro-economic environment will reduce our underlying rate of growth in the Local business in the second half, any weakness will be offset by the impact of the London Olympics and the Poit acquisition. On a reported basis, we expect to deliver strong growth in the second half. In International Power Projects the level of order intake in the first half means we expect to deliver faster revenue growth in the second half than in the first. In light of this, and a healthy pipeline of enquiries, we have decided to raise fleet investment in 2012 by a further £50 million to around £415 million; the additional fleet will not become operational until late in the fourth quarter. We expect margins in International Power Projects to be lower in the second half than the same period in 2011, in large part due to higher mobilisation costs. Overall, we anticipate that Group margins for the year will be at similar levels to 2011. We continue to believe that we will deliver another year of good growth in 2012.

Temporary power provider Aggreko has put in a strong performance in the first half of 2012 while its London Olympics contract should ensure the second half gets off to a good start. "We anticipate that first half underlying group revenue will grow by around 15% and trading profit by around 20%. On a reported basis, group revenue and trading profit are expected to increase by around 14% and 25% respectively," the group said.

Investment details TMT has made a $1 million investment in Wrike, which consists of a 12-month unsecured convertible promissory note at 8% per annum. Under the terms of the agreement, the outstanding principal and unpaid accrued interest of the note will be automatically converted into Wrike’s equity securities upon the earliest of the next qualified equity financing or a change of control in Wrike. Unless converted earlier, the outstanding principal and unpaid accrued interest of the note will be automatically converted at maturity into Wrike’s equity securities for a fully-diluted equity valuation of $16 million. Furthermore, TMT Investments will have the right to purchase Write’s equity securities sold in the next equity financing. Market opportunity Wrike is currently being used by thousands of customers (Source: company), including some very well known brands, such as ECCO, Deloitte, Adobe, EMC and Stanford University. However, as more and more people are made aware of this easy-to-use business collaboration platform, we feel that the number of users will increase significantly. In fact, with businesses and individuals always on the lookout for productive and cost-efficient systems to manage their work-tasks, projects and teams, we believe that the potential market here is huge.

14th June 2012 Analyst: Emanuil Halicioglu Email: emanuil.halicioglu@gecr.co.uk Tel: 0207 562 3368 TMT Investments – Investment in Wrike TMT Investments has made a $1 million investment in US-based Wrike as it looks to gain exposure to the fast-growing project management and collaboration software market. As the venture capitalist continues to build a high quality and diversified portfolio of investments in companies that operate in high growth, internet-based sectors, we remain of the belief that it has the potential to generate an attractive rate of return for shareholders. Wrike Wrike (www.wrike.com) is a full-featured and easy-to-use online business collaboration platform that connects tasks, projects, discussions, documents and other work-related information in one cloud-based workspace, in which teams of any size can productively collaborate. Founder and chief executive officer Andrew Filev has extensive knowledge of the software arena, having launched his first software company at age 18 and quickly growing it into a thriving international business. For the year ended 31st December 2011, the group reported a net operating profit of $39,441, and net assets of $24,327. The group has experienced year-on-year triple-digit revenue growth.

Adam Mactavish, Director of Sustainability at Sweett Group, commented: "We are delighted to be appointed to this important framework and look forward to the opportunity of applying our mix of technical and commercial skills to help the public sector understand and then efficiently respond to its sustainability and climate change goals." Sweett Group's sustainability team has significant experience in advising public sector clients, including the Waste and Resources Action Programme (WRAP), Zero Waste Scotland, Communities and Local Government (CLG), the Homes and Communities Agency (HCA) and a range of Universities and other public sector bodies.

Sweett Group appointed on sustainability framework for Government Procurement Service Sweett Group, the international property and infrastructure consultancy, has been appointed on the new pan-government three-year environmental and sustainability consultancy framework agreement by Government Procurement Service (GPS). Sweett Group will provide advice on mitigating and adapting to climate change and on addressing sustainability. GPS is an executive agency of the Cabinet Office. Its overall priority is to provide procurement savings for the UK Public Sector as a whole and specifically to deliver centralised procurement for Central Government Departments.

http://www.investegate.co.uk/Article.aspx?id=201206150700124195F

Gregor Alexander, Finance Director of SSE and its Lead Director for Ireland, said: "The completion of this acquisition and of the Phoenix acquisition we announced in May will make SSE the third largest energy company across the island of Ireland and will take our total investment in energy on the island to around €1.7bn of which half relates to the period since Airtricity became part of SSE in 2008. "The acquisition will give us substantial and diverse generation assets to help meet the energy needs of our increasing number of customers and give balance to our business in Ireland which will put it on a very strong footing for the long term. Making the most of the opportunities presented by our two acquisitions of recent weeks and in our existing businesses is our priority for the next few years in Ireland. "I am pleased that our long-standing financial discipline has enabled us to reach this agreement in a timely way and to take such a positive step forward for SSE. Maintaining that discipline continues to be central to our plans for the future."

ACQUISITION OF ELECTRICITY GENERATION ASSETS IN IRELAND SSE plc, through its wholly-owned subsidiary SSE Generation Ltd., has entered into an agreement with Endesa Generacion SA, to acquire the shares of Endesa Ireland Limited, the assets of which include plant in operation, under construction and with consent for development, for a total cash consideration of €320m (£256m) plus an estimated €43m (£34m) for working capital. Adding to SSE's existing assets, this acquisition is a positive step forward in delivering a balanced generation and supply business in Ireland. The acquisition is subject to, amongst other things, approval by the Irish Competition Authority and SSE expects to complete the purchase later this summer, at which point around 110 employees of Endesa Ireland Limited will transfer to SSE.

http://www.investegate.co.uk/Article.aspx?id=201206150700114288F

http://www.edisoninvestmentresearch.co.uk/researchreports/CQS140612initiation.pdf

Wood Group Chairman Mark Papworth has sold 53,392 shares on Wednesday, less than a week after the engineering services firm said it has seen growth across all its divisions in the first half of its financial year. Papworth sold the shares, equal to 0.014% of the issued share capital of the company, at 667.00p each, bagging himself a total of £356,125. Following the transaction, the director holds 118,608 ordinary shares, representing 0.032% of the issued share capital.

http://www.edisoninvestmentresearch.co.uk/researchreports/Avesco140612flash.pdf