Member Info for mulledwine

freedom - looks like you may be right - good call. ..certainly a very positive SP action at present...new territory. GL

Jefferies may view information services provider Experian as a 'core support services holding', but has been prompted to downgrade its rating on the stock from 'buy' to 'hold' on valuation grounds. "In an uncertain world, with just 5% of group revenues from Eurozone economies, we continue to view Experian as a core support services holding: a clear global market leader, with a scalable business model, consistent cash flow returns & high barriers to entry offering 13.7% FY12-FY15F EPS CAGR [compound annual growth rate]," Jefferies said. "However, post upgrades, Experian trades on FY13F PE [price-to-earnings ratio] of 20.2x & EV/EBITDA of 12.3x (within 6% of peak multiples); hence we moderate our stance from 'buy' to 'hold'."

Below-consensus third-quarter results from British American Tobacco (BATS) have led Panmure Gordon to cut its price target for the stock. Nevertheless, a 'buy' rating for BATS has been retained after its 2.5% underperformance against the FTSE All-Share Index. The broker says that the valuation - the shares currently trading at 14 times future earnings with a current yield of 4.3% - is "undemanding given the strength of the underlying cash flows

Valuation: In line with commercial peers While the IMS showed some caution, we believe the fundamentals within the group remain attractive with highly engineered solutions, high barriers to entry and increasingly strong positions with global customers. The current rating of 10.9x CY13 EPS sits between Meggitt at 10.3x and Rolls-Royce at 13.5x.

http://www.edisoninvestmentresearch.co.uk/researchreports/SeniorQV221012.pdf

Valuation: Gap closed YouGov’s valuation is reflecting its growing record of delivering market expectations, its online business model and its mounting reputation for developing innovative products that address gaps in the market. The discount on which it used to trade relative to the international market research (MR) sector has been closed and it now ranks alongside industry favourites such as BrainJuicer and Forrester, which have clearer online strategies.

http://www.edisoninvestmentresearch.co.uk/researchreports/YouGovOutlook241012.pdf

The Tempus column in The Times writes that Experian has wasted no time in snapping up the minority interest in Serasa, the Brazilian credit bureau that it first bought into in 2007. This is despite signs that the Brazilian economy is flagging, not least because global economic uncertainty is hitting the country’s exports. Tempus asks what will happen to Experian’s strong free cashflow, about $700m in the last financial year, once the Serasa deal is paid for? The company has always indicated that this would be returned to investors by buying back shares. On about 18 times’ earnings, though, the shares look up with events for now, the paper says.

Still rising - is she going to enter a new trading range afterall - seems unlikely considering current economic climate although results were very good. Lets see where she closes.

BAE Systems has pledged to stand by chairman Dick Olver and ignore attempts by its biggest shareholder Invesco Perpetual to oust senior management following the failure of the defence company’s merger talks with EADS. The company claimed in a statement that Invesco’s views “differ widely” from the majority of the company’s principal shareholders and that the board remains “fully supportive” of the directors, The Telegraph explains.

Outlook The Board remains cautiously optimistic about the prospects for the Company in the short to medium term and believes we are on track for the current year, with the obvious cautionary note that big events such as a meltdown in the Eurozone or a longer than expected postponement of European regulatory deadlines could affect the timing of the Company's revenues. I would like personally to thank the many staff in London, New York, Shanghai and elsewhere who have really gone the extra mile for us in the last few months. It is much appreciated as is the excellent support of our shareholders, bankers and advisors.

Finance Review Revenue increased to a record £7.7m (2011: £6.4m) with licence revenue increasing by 6% to £3.5m (2011: £3.3m). Annually recurring revenues totalled £3.6m (2011: £2.6m), being 46% (2011: 41%) of total revenues. Operating profit before depreciation and amortisation (EBITDA), increased to £2.0m (2011: £1.9m). Cash at the end of the period was £1.5m (2011: £1.3m) with £2.0m debt (2011: £Nil). The debt arose as a result of the acquisition made in December 2011. The Company raised £1.4m (net) in the period by issuing new shares and used £0.4m (2011: £Nil) to service and repay debt and paid a dividend of £0.1m (2011: £0.1m). In line with expectations, trade and other receivables reduced by £0.7m in the six month period. Capitalised development costs totalled £1.9m (2011: £1.3m), representing 70% (2011: 73%) of total research and development costs. The increase reflects the drive to develop new products, including a module for European Banking Authority's Common Reporting (COREP) and REFORM™. The COREP module has been sold to twenty customers to date and REFORM™ has been used as the underlying technology in the Company's Dodd Frank and EMIR transactional reporting sales, including the significant contract announced on 4 October, for which no revenue has been recognised to date.

Current trading and outlook · Twenty COREP contracts signed to date for a mix of existing and new customers. · Continuing trend towards greater regulation necessitating mandatory spend. · Increase in reporting requirements around derivatives reform (e.g. Dodd Frank and EMIR) creates opportunities to sell solutions using REFORM™. · Additional modules increase the breadth of COLLINE, including a CLEARING (CCP) module which satisfies a mandatory requirement of many financial institutions. · The Board is cautiously optimistic about the outlook and prospects of the business for the second half of the year.

Interim results for the six months ended 30 September 2012 Lombard Risk Management plc (LSE:LRM) ("Lombard Risk" or "The Company"), a leading global provider of collateral management, liquidity and regulatory reporting and compliance solutions for the financial services industry, is pleased to announce its interim results for the six months ended 30 September 2012. Highlights · Revenue up 20% on same period last year at £7.7m (2011: £6.4m). · EBITDA of £2.0m (2011: £1.9m). · EBITDA after fully expensing all development costs was £0.1m (2011: £0.6m). · Profit before tax of £1.3m (2011: £1.8m). · Cash at period end of £1.5m (2011: £1.3m) with £2.0m debt (2011: £nil). · Successful equity placing to raise £1.5m completed in June 2012. · Investment in the development of COREP, COLLINE® modules and REFORM™. · New transaction reporting platform, REFORM™, launched and sold as the foundation of solutions to satisfy Dodd Frank and EMIR transaction reporting requirements. · Interim dividend of 0.025 pence (2011: 0.020 pence) per Ordinary Share to be paid on 16 November to shareholders on the register as at 2 November 2012.

http://www.investegate.co.uk/Article.aspx?id=201210240700043671P

FINANCIAL POSITION The Group has sufficient financing and facilities available for the foreseeable future. The changes in the financing arrangements since the beginning of the financial year were the repayment in June 2012 of a €337 million bond, a US$690 million syndicated term credit facility and Mexican Peso 2,469 million borrowings. In June 2012, the Group issued US$2 billion bonds and in July 2012, cancelled a €450 million syndicated term credit facility. There have been no material events, transactions or change in the financial position of the Group since the year end, other than as outlined in this statement. Further, the Board is not aware of any material events, transactions or change in the financial position of the Group which have occurred since 30 September 2012 up to and including 23 October 2012, being the latest practicable date before the date of the publication of this Interim Management Statement.

Trading environment The environment continues to be challenging, with industry volumes under pressure. In this environment the expansion of illicit trade remains a threat, driven by excise increases and pressure on consumers' disposable income.

Trading update British American Tobacco continued to perform well in the nine months to the end of September 2012 with continued growth in underlying revenue and in the Global Drive Brands. Group volumes were down, after a low Q3, mainly driven by reduced industry volumes and a strong comparator, although the effect is expected to moderate by Q4. Underlying market share grew with strong performances in the majority of our top 40 markets. Group revenue for the nine months at constant currency grew 4 per cent, driven by continued good pricing. Reported revenue was down 1 per cent, adversely impacted by exchange rate movements. Organic revenue growth at constant currency was 3 per cent. Group volumes from subsidiaries were 517 billion, down 1.2 per cent, while organic volumes were 1.8 per cent lower as a result of the industry volume decline and the benefit in the comparative period of the one-off increase in sales volumes in Japan. Industry volume was down in Brazil as a result of a significant excise increase which has led to a rise in illicit trade. The benefit to Group volumes from the acquisition of Protabaco in Colombia and the higher sales in Bangladesh, Vietnam, Pakistan and the GCC, was more than offset by decreases in Brazil, Japan, Italy, Turkey and Egypt. The four Global Drive Brands continued their good performance and achieved overall volume growth of 3 per cent. Kent was slightly up, growing in Russia, Ukraine and Azerbaijan but almost offset by the decline in Japan. Dunhill was 2 per cent higher than last year with good performances in the GCC, South Africa, Romania and Indonesia, partially offset by the adverse impact of competitive pricing activity in South Korea. Good performances in Pakistan, Russia, Romania and Canada, partially offset by lower volumes in Chile, Spain and Italy, contributed to a 2 per cent increase in Pall Mall volumes. Lucky Strike grew 14 per cent following good growth in Poland, Germany, France, South Korea, Argentina and Chile. Other tobacco products performed very well and market share grew strongly. Volumes were up 8 per cent to 10,739 tonnes of Fine Cut in Western Europe, mainly in Germany, France, Hungary, the Netherlands, Spain and the United Kingdom. Pall Mall remains by far the largest Fine Cut brand in Western Europe.

Nicandro Durante, Chief Executive, commented: "Economic recovery remains fragile this year and difficult trading conditions persist in many parts of the world. However, pricing remains strong, we are growing underlying market share and our Global Drive Brands continue to perform well. The trading performance of the Group is good and we are on track for another year of good earnings growth."

BRITISH AMERICAN TOBACCO p.l.c. INTERIM MANAGEMENT STATEMENT FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2012 • Good revenue growth of 4 per cent at constant rates of exchange • Cigarette volumes from subsidiaries decreased by 1.2 per cent to 517 billion • Global Drive Brand volumes grew by 3 per cent