Date: Thursday 20 May 2010Preliminary results from Booker were ahead of expectations on at least three fronts according to FinnCap: adjusted pre-tax profit, earnings per share and dividend per share.
Furthermore, the move into a net cash position at the end of the reporting period is a further plus point, the broker argues, though it suspects that some analysts would have factored this into their valuations were it not for cautious guidance from the company.
Though there is a premium in the shareprice
for management FinnCap still thinks the shares look cheap, trading on a projected price/earnings ratio of 11.6 and an enterprise value/earnings before interest, tax, depreciation and amortisation ratio of 6.8 for the year to February 2011.
A combination of improved results and the recent share price fall has prompted Panmure Gordon to change its view on the West End of London focused property group Great Portland Estates.
The broker has upgraded the stock to “hold” from “sell” given the company’s high quality portfolio of central London assets and its exposure to the economic recovery. The target price unchanged at 286p, reflecting the fact that the shares have fallen 11% since it started covering the stock a month or so ago.
KBC Peel Hunt has reiterated its ‘buy’ recommendation for Playtech after the online games developer announced another deal with a state operator, in this case Finnish state gaming operator RAY.
“RAY was established over 70 years ago and we understand that the tender process was extremely rigorous. Therefore, Playtech’s success is a major boost and confirmation of the quality of the group’s product proposition,” KBC analyst Nick Batram. “Developing relationships with state operators is a key part of Playtech’s stated strategy and bodes well in newly regulated markets,” Batram added.
Though the hook up with the Finnish firm is not financially transformational KBC anticipates that it will add more than €3m to revenues, while the quality of the licensee will act as a seal of approval for Playtech’s offering.
Furthermore, the move into a net cash position at the end of the reporting period is a further plus point, the broker argues, though it suspects that some analysts would have factored this into their valuations were it not for cautious guidance from the company.
Though there is a premium in the share
A combination of improved results and the recent share price fall has prompted Panmure Gordon to change its view on the West End of London focused property group Great Portland Estates.
The broker has upgraded the stock to “hold” from “sell” given the company’s high quality portfolio of central London assets and its exposure to the economic recovery. The target price unchanged at 286p, reflecting the fact that the shares have fallen 11% since it started covering the stock a month or so ago.
KBC Peel Hunt has reiterated its ‘buy’ recommendation for Playtech after the online games developer announced another deal with a state operator, in this case Finnish state gaming operator RAY.
“RAY was established over 70 years ago and we understand that the tender process was extremely rigorous. Therefore, Playtech’s success is a major boost and confirmation of the quality of the group’s product proposition,” KBC analyst Nick Batram. “Developing relationships with state operators is a key part of Playtech’s stated strategy and bodes well in newly regulated markets,” Batram added.
Though the hook up with the Finnish firm is not financially transformational KBC anticipates that it will add more than €3m to revenues, while the quality of the licensee will act as a seal of approval for Playtech’s offering.
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