Member Info for mulledwine

UBS has raised its target price for FTSE 100 engineer IMI but maintained its neutral rating, saying that the group is improving margins at the expense of growth. With macro concerns easing, UBS says that the company is now past the threat of a big volume drop. While the organic growth rate remains in the low single-digit rate in 2012 (around 2%), the broker has raised its earnings per share forecast by 8% as a result of M&A, tax and share count. The target price is lifted from 900p to 950. "We like the returns profile at IMI and management have executed a great margin story. We are slightly concerned on the lack of growth though as the 2011 pace of 5% is the lowest in the sector. Headwinds remain in 2012 too which means achieving 2x GDP looks a stretch."

She is getting her ass wooped today - without figures there is uncertainty as regards how this will impact the results

http://www.investegate.co.uk/Article.aspx?id=201203050700116108Y

SP up 100% in a couple of weeks - not too shabby

COVERAGE Product testing group Intertek's 2011 results passed with flying colours, with both revenue and profits ahead of market expectations. The firm saw revenue growth of 27% to £1,749m in 2011 from £1,374m in 2010. In constant currency terms, revenue grew 8.3% on an organic base from 2010. The market had been expecting revenue of £1,696m.

Wolfhart Hauser, Chief Executive Officer, commented: "Intertek has continued its track record of delivering strong growth through its performance in 2011. The results include both strong organic and acquisitive growth with Moody International, the strategic acquisition made in April last year, performing ahead of our expectations. All five divisions contributed to our organic growth, with a very good performance from the Commodities division and a second half acceleration from the Consumer Goods division. We extended our capabilities and expertise across the Group investing £81 million in new facilities and equipment. Our strong growth drivers combined with our strategic focus on supporting global quality needs give us confidence that we will report another year of strong results in 2012 and extend our track record of growth delivery into the future."

Strong financial results and strategic progress Highlights · Strong revenue growth of 27% to £1,749m; constant currency organic growth of 8.3% · Adjusted operating profit up 24% to £281m; constant currency organic growth of 9.6% · Adjusted operating profit margin 16.1% · Adjusted diluted earnings per share and dividend per share both increased by 20% · Moody acquisition delivering ahead of expectations · All divisions grew organic revenue at constant currency by between 4% and 12%

http://www.investegate.co.uk/Article.aspx?id=201203050700146410Y

BG Group begins new well test in Santos Basin, offshore Brazil BG Group today announced the start of a new well test in the Iracema area of the BM-S-11 concession in the pre-salt Santos Basin. The floating production, storage and offloading vessel (FPSO) Cidade de São Vicente was connected to the RJS-647 well, in water depths of 2 212 metres. The FPSO will operate in the area for approximately six months, gathering technical information on reservoir behaviour and oil flow in the subsea lines, amongst other data. During this initial test phase the well is expected to produce at around 10 000 barrels of oil per day (bopd), constrained by facilities - as authorised by Brazil's National Agency for Petroleum, Natural Gas and Biofuels. The well test is part of BG Group's fast-track development for its interests in the world class pre-salt Santos Basin discoveries and prospects. The information gathered will support the development of the final production system in the area, expected to be in operation by the end of 2014 with the installation of the 150 000 bopd capacity FPSO Cidade de Mangaratiba. BG Group has a 25% interest in block BM-S-11, with operator Petrobras holding 65% and Petrogal Brasil S.A. 10%.

http://www.investegate.co.uk/Article.aspx?id=201203050700186617Y

Trading Update The Board of Randall & Quilter (AIM: RQIH), the specialist non-life insurance investor, service provider and underwriting manager, announces that it expects that the Group's adjusted pre-tax result for the year ending 31 December 2011, to be at the top end of current market expectations. The adjustment to the pre-tax profits refers to the exclusion of a likely total impairment in respect of the goodwill carried in respect of the Insurance Investments Division's US Cash-Generating Unit ('IID US unit'). This anticipated impairment has been brought about purely by an unprecedented reduction in US investment returns with 10 year US Treasury rates of c. 2%, The impairment is not due to any change in the expected trading performance of any of the Group's operating companies. Further information on the goodwill carried in the IID US Unit and its sensitivity to long term investment returns can be found in the Group's annual report for the year to 31 December 2010. The impairment is a non-cash item and will not affect the Group's tangible net asset value per share. The Group's progressive distribution policy is also unaffected and the total distributions to shareholders in respect of the 2011 financial year will be in line with expectations. The Board remains confident in the positive outlook for the Group during 2012. The Group's preliminary results will be announced on 19 April 2012.

This could well see the 125 ish again soon - even with the impairment reduction - underlying profit at the high end

David Fowler, CEO of Orosur commented: “We are pleased to have commenced drilling at the high grade Mahoma vein system in Uruguay. With a historical non NI43-101 compliant reserve of 281,000 tonnes at a grade 9.36 g/t au and significant exploration upside, we believe that Mahoma could ultimately deliver an increase in Orosur’s Uruguayan production by 25,000 to 30,000 ounces per annum with minimal capital”.

Orosur Mining Inc commences drilling at Mahoma Project, Uruguay SANTIAGO, Chile, March 5, 2012 – Orosur Mining Inc. (the "Company") (TSX VENTURE: OMI) (LSE: OMI) a South American-focused gold producer and explorer, today announces that it has commenced drilling on its 100 per cent owned Mahoma Project in Uruguay. A programme of approximately 3,000 drill metres comprising 2,000 metres of RC pre-collars and 1,000 metres of diamond drilling is planned. Orosur has held the property since 2009, however, issues with land access had previously prevented exploration. During the second half of 2011, these issues were resolved and exploration can now be conducted. The Mahoma Project, previously operated by American Resource Corporation, produced 16,419 ounces (73,431 tonnes at 6.98 g/t Au with 91.6 per cent recovery) between 1993 and 1997. A pre-mining non-compliant NI 43-101 probable reserve of 281,000 tonnes at a diluted grade of 9.36 g/t (15 per cent dilution assumed) was estimated by Watts, Griffis and McOuat.

http://www.investegate.co.uk/Article.aspx?id=20120305070000Z6133

http://www.investegate.co.uk/Article.aspx?id=201203050700156420Y

Writing in this weekend´s Financial Times David Schwartz singles out Molins for special attention. Mr.Schwartz highlights the fact that the company, which produces tobacco and packaging machinery (and offers product testing services) announced a sharp rise in 2011 earnings. Even better, he says, the company is optimistic as regards its future and has increased its dividend. Furthermore, at a forward PE of 6.5 its shares´ valuation is currently quite low. As well, the stock price has been moving inside a rising up-trend channel for the past two years. Lastly, he extolls the company´s hidden value. Tobacco testing regulations in the US are changing, with responsibility recently being assigned to the Food and Drug Administration (FDA). The FDA is setting up a testing program which will require tobacco products to be evaluated on up to 96 potentially dangerous chemical compounds. Molins should benefit once the FDA testing protocol is published later this year.

Chemicals group Elementis makes highly specialised products used in a bewildering range of sectors, from oil drilling to industrial paints to cosmetics, and it does so very profitably. It produces additives that have an effect on the way liquids behave, such as how well they flow, whether they spatter or whether they form a level surface. These have a huge range of applications, paint being the most obvious. The group also owns the world’s only hectorite mine, in California. Hectorite is a white clay that is used in many of these specialty products. For the Midas team, at the Financial Mail on Sunday, Elementis has enjoyed an excellent 2011, demonstrating strong growth in sales but even stronger growth in profits. The outlook is positive, particularly if it can continue the growth seen in its sales to the oil and gas sector as it expands into more unconventional methods of drilling. At the same time, management has shown its ability to raise profit margins. The cash pile may provide opportunities for growth through acquisition, but failing that the group could decide to return some of the cash to shareholders. At 1761⁄4p a share, the group is conservatively valued against current earnings. Midas says Buy.

Engineering group IMI posted an excellent set of full-year numbers on Friday, as its strategy of focusing on "sweet spot" products with high margins bears fruit. The majority of the company's business is comprised of fluid control systems – such as valves for liquefied natural gas (LNG) plants and power stations, as well as air conditioning units. Just over half of IMI's operations are now positioned within the "sweet spot", which is characterised by higher growth, higher margins and greater resilience. Over time, management expects to increase this proportion significantly. This focus has resulted in margins hitting a record high of 17.5%, up from 16.7%, which is just shy of the company's target of 18%. In the year to December, revenues rose by 12% to £2.13bn and, when one-off items are stripped out, profits rose 19% to £363m. The total dividend for the year rose by 15% to 30p. Consensus forecasts are likely to edge higher following the numbers. Growth is now expected – albeit at a slower rate than seen last year. The shares were last tipped as a buy in The Sunday Telegraph at 758p on October 9th last year and they are up 31% since then, compared with a FTSE 100 up 12%. Trading on a December 2012 earnings multiple of 12.3, falling to 11.3 next year, the shares are now rated as a hold.

Misys notes the announcement made by CVC and ValueAct Capital and confirms that it is currently in discussions with them regarding a possible offer for the Company's entire outstanding share capital for cash. Misys also continues to be in discussions with Vista Equity Partners and Temenos Group AG as set out in the announcements dated 20 February 2012 and 7 February 2012 respectively. As a consequence of ValueAct Capital's involvement as a potential joint offeror with CVC, Misys has formed an independent committee of the board of directors, which excludes Jeff Ubben, to consider all of the proposals before it.