19.6p calculation on iii board7 May 2009 09:01
Well it looks like EPS of 0.45p. New business being signed up and new products coming online. Excellent progress towards meeting year end expectations. Which is around 1.35p to 1.4p a share. Underlying adjusted profit 1st half 2009 £3.8mill versus £1.8mill for 1st half 2008.
The sector is trading on 14 times PER. Innovation at 11p is trading at around 8 times PER. Given what looks like good near term prospects. I think they deserve to be valued as there peers at 14times PER. This gives a fair value of 19.6p
If slightly reasonable, how soon it will get there is anyone's guess