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BelgraviumBUY 07/03/2012 Miles Nolan Shares in data capture specialist Belgravium (BVM) have doubled in the past year, buoyed by new orders and a vastly improved financial performance. In the year to December, sales leapt 36% to £11.2m, but even more impressively a hike in margins helped pre-tax profits soar 137% to £1m. The balance sheet is now stuffed with £1.2m cash, which has allowed the AIM minnow to return to the dividend list, albeit with a small payment of 0.1p a share. A significant contract to supply on-board EPOS systems to British Airways delivered 15% of revenues last year, but with 50 airlines already on the roster, the hope is that this should lead to further orders. Indeed, to further its expansion it has launched three new products in the Boston, Hawk and Vienna ranges, and has also expanded its sales team. Other new business included a solution for leading courier-based home delivery firm Hermes, which handles 140m parcels a year, and a replacement contract from a large French energy company. In an interview with Growth Company Investor, chairman John Kembery said, 'The last three years have not been easy, but we have delivered on promises.' With the high-margin recurring element of its business pushing towards £4.5m this year, Belgravium has a stable revenue base. It is also keen to make suitable acquisitions. House broker WH Ireland predicts 2012 pre-tax profits of £1.03m and EPS of 0.87p. Even after the rally, the shares remain undervalued. Buy.

http://www.growthcompany.co.uk/recommendations/2090968/belgravium.thtml

N + 1 Brewin downgrades JD Wetherspoon from hold to reduce, target price cut from 443p to 375p.

Norcros Buy 08-Mar-12 £98,800.00 Martin Towers 100,000 @ 98.80p

From **************: Friday 9th March 2012 Competition The UK-Analyst Friday Competition is back. This week's prize is a copy of Triumph of the City by Edward Glaeser (RRP25.00). For a chance of winning send us your funniest caption for the picture below. Email richard.gill@t1ps.com by 9am on Monday morning. The Markets Strong US payroll figures boosted global sentiment on Friday, helping equity markets to rise for a third consecutive day. 227,000 workers were added to company payrolls in February, 17,000 higher than the median estimate, with the December and January figures both being revised upwards. A successful Greek debt swap also encouraged buyers to move back into the market, moving the country just inches away from securing its second bailout package. At the London close the Dow Jones was up by 36.97 points at 12,944.91 and the Nasdaq was up by 10.52 points at 2,647.70. In London the FTSE 100 rose by 26.76 points to 5,887.49; the FTSE 250 finished 69.60 points ahead at 11,527.96; the FTSE All-Share gained 18.31 points to 3,057.70; and the FTSE AIM Index grew by 5.43 points to 810.75. Broker Notes Singer Capital reiterated its "buy" rating for St. Ives (SIV) with an increased target price of 129p, from 126p. The printing company has made rapid development in the marketing sector,and the broker expects it to account for 32% of EBIT by 2013, from just 2.1% in 2011. Additionally, Singer noted that the book printing business is outperforming the market, while the remaining divisions have been reorganised and should be profitable from now on. The broker pointed to a low earnings ratio for the year ending July 2012 of just 5.7 times and a dividend of 6.6%. Shares in St. Ives lost 0.75p to 81.25p. WH Ireland initiated coverage on Falkland Islands Holdings (FKL) with with a "buy" recommendation and 457p target price. The broker said that the conglomerate's three main businesses of retail, ferry service and art storage & installation are undervalued on a sum of the parts basis and are also market leaders in their respective industries. WH Ireland added that the firm's 4% stake in exploration company Falkland Oil & Gas offers a defensive investment in the hydrocarbon sector. The shares were unchanged at 387p. ADVERTISEMENT Latest small cap tip out now on WatsHot.com Get two new meticulously-researched small cap tips each month Plus frequent updates and a daily column from editor James Faulkner Just £73 for a year's membership by direct debit (£87.60 by card/cheque/Paypal) Click here to join WatsHot.com now Shore Capital kept its "buy" recommendation for H&T (HAT) as the pawnbroker continued its expansion programme, opening 25 new stores over the year ended 31st December 2011, brining the total to 160. Shore also noted the growing demand for the company's services, with its pledge book growing 18% to 46.6 mi

WH Ireland initiated coverage on Falkland Islands Holdings (FKL) with with a "buy" recommendation and 457p target price. The broker said that the conglomerate's three main businesses of retail, ferry service and art storage & installation are undervalued on a sum of the parts basis and are also market leaders in their respective industries. WH Ireland added that the firm's 4% stake in exploration company Falkland Oil & Gas offers a defensive investment in the hydrocarbon sector.

Singer Capital reiterated its "buy" rating for St. Ives (SIV) with an increased target price of 129p, from 126p. The printing company has made rapid development in the marketing sector,and the broker expects it to account for 32% of EBIT by 2013, from just 2.1% in 2011. Additionally, Singer noted that the book printing business is outperforming the market, while the remaining divisions have been reorganised and should be profitable from now on. The broker pointed to a low earnings ratio for the year ending July 2012 of just 5.7 times and a dividend of 6.6%

Floor coverings distributor Headlam Group has reported a rise in revenue, operating profit and pre-tax profit for the full year ended December 31st. Revenue rose 6.4%, from £535.7m to £569.8m, while operating profit gained £2m to £28m. Pre-tax profit increased from £25m to £27.6m. Earnings per share were up from 21.5p to 24.6p. Tony Brewer, Headlam's Group Chief Executive, said: "the revenue result for 2011 is the highest ever recorded by the group and represents a very satisfactory achievement given the current trading environment. "The first ten weeks of 2012 have continued a positive trend with all five business sectors and each product category in the UK continuing to produce increases in revenue against the corresponding period of last year. "Markets remain challenging and somewhat unpredictable due to the general economic outlook combined with uncertainty over both raw material prices and currency exchange. However through the group's strategy and structure combined with extensive product and marketing initiatives, we are confident that our individual businesses can collectively outperform the market."

http://www.investegate.co.uk/Article.aspx?id=20120309122455PDA21

Panmure Gordon continues to view Goldenport (GPRT) as a "buy", with a target price of 140p. The broker noted an in-line full year performance from the shipping company, with revenues of 107.3 million dollars (68 million pounds), up 22% on 2010's performance. Panmure noted the group's good revenue visibility, with 58% of available charter days under contract for 2012 and 11% in 2013. The broker added that the shares trade at a discount of around 50% to the net asset value of its fleet but warned that conditions were likely to remain challenging in 2012

Daniel Stewart reiterated its "buy" recommendation for Hangar 8 (HGR8), with a 180p target price. The broker said that the business jet charter firm's strategy to shift its focus to more fixed term charter contracts will help increase revenue visibility and lower risk. Daniel Stewart noted that these types of contracts typically last for one year and offer higher than usual margins of over 30%. For the year ending June 2012, the broker forecasts revenues of 20.2 million pounds, with earnings per share of 15.3p, putting the stock on a prospective multiple of 7 times

FoxDavies maintained its "sell" recommendation for Antofagasta (ANTO), with a 1,121p target price. The Chile focused copper miner announced the resignation of its chief executive of Antofagasta Minerals, Marcelo Awad, and the broker noted that no reason was given. However, FoxDavies pointed out that the decision came just one week before the firm is scheduled to announce its full year results for 2011. Could this be the harbinger of a poor performance from the firm?

WH Ireland initiated coverage of James Halstead (JHD) with a "buy" recommendation and a target price of 582p. The flooring specialist has a strong focus on renewals and refurbishment, as opposed to new projects, and the broker believes that this provides the group with a resilient business model in difficult economic conditions. The broker forecasts a net cash position of 40 million pounds at year end (June 2012) which will give it the ability to deliver larger product volumes

Peel Hunt initiates buy on Faroe Petroleum, target price 237p

Merrill Lynch downgrades Admiral Group from neutral to underperform, target price raised from 1000p to 1150p

N + 1 Brewin downgrades Valiant Petroleum from buy to add, target price cut from 678p to 582p.

Nichols, the food firm which owns the Vimto and Levi Roots brands has done well of late, thinks Tempus. While the UK market is difficult, international sales have been growing and are more profitable. But trading at 16 times earnings, and having risen 40% in the last 12 months, there’s not much room for improvement: leave.

UBS has raised its estimates for natural gas giant BG Group following a recent company field trip to its operations in Brazil. "We saw focus from the operator on delivery, maturation of development plans ahead of our expectations, progress on implementation, a collaborative approach among partners/contractors, and promise of upside in resource and returns," the broker said.

Nomura has taken its first look at Old Mutual's results, saying that there were no surprises in the savings and insurance group's full-year statement. Adjusted operating profits of £1,614m were more or less in line with consensus estimates, "underlining the operational resilience of Old Mutual during a tough year for financial services businesses," the broker said. Nevertheless, the broker says that all these positives are already in the price with the stock trading at 9.1 times prospective earnings, compared to a sector average multiple of 8.3. Nomura keeps a neutral rating and 150p target.

Ryanair boss Michael O'Leary has threatened to sue the European Commission for damages amid claims its official travel agency discriminates against low-cost carriers. Mr O'Leary has made an official complaint to the independent watchdog that oversees the EC's spending. The complaint comes after the colourful entrepreneur was told at the end of last year that the commission's travel agency could not book him on to a Ryanair flight to speak at a conference on innovation in Brussels. The aviation boss was instead offered a ticket on rival Aer Lingus. Ryanair's lawyers have asked the watchdog, the European Court of Auditors, to look at the "legality, regularity and financial soundness" of the policy. Mr O'Leary is due to launch a high profile campaign in Brussels later this month to question why low-cost travel is not favoured by Europe, particularly as the region is in the grips of a sovereign debt crisis.