GrowthRater

US non-farm payrolls in May – temporary jobs disguise sharp contraction in full time employment

May represented another month of aenemic employment growth, with seasonally adjusted private sector additions of only 82k, after April’s revised +87k and expectations of around +150k. Including a further contraction in Govt employment (of -13k vs April’s -10k), overall monthly employment increased by a mere +69k vs April’s +77k and Q1’s average of +252k pm. […]

Reed Elsevier (REL LN/REN AS): Maybe there’s life in the old dog yet?

Reed ElsevierÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â PlcÂ (REL.LN)Â Â Â Â Â Â Â Â Â Â Â Â Â NVÂ (REN.AS) Share priceÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 511p Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â â‚¬9.0 Growth rating FY3Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â +2.9%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â +2.8% Revenue CAGR FY1-3Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â +3.6%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â +3.5% Target CAGR FY3Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â […]

Aegis (AGS-LN): Q1 beat on Revs + good momentum for 2012, but already in the price

Q1 organic revenue growth of +8.1% was aheadÂ of ourÂ +7.5% forecast; albeit below the +12.0% advance in Q4 2012, but in part reflecting a -3ppts less favourable prior year comparative.Â By region, The Americas were the high point, increasing organic revenues by a class beating +20.2%, and this even before the $2.5bn GM account […]

WPP (WPP-LN): Q1 – positive spin and NNB, but organic revs of +4% only in line -HOLD

Q1 organic revenue growth of 4.0% was shy of our +4.4% forecast,Â albeit broadly in line with Q4’s +4.5% and WPP’s full year expectations of +4%.Â By region, the most noticeable change wasÂ from N. America where u/l growth of only +1.4% lagged its peersÂ (>+3.5%) and our estimate of +4.4%. W. Europe however at +2.5%Â was better than […]

Johnston Press (JPR-LN): FY11 results and refinancing – still a poor risk/return, at least for equity

Long overdue results out today which awaited the refinancing.Â Still looks like a bad mix of high risk andÂ possibly no reward (at least for equity holdersÂ – Avoid Â Johnston PressÂ Â Â Â Â Â Â Â Â Â Â Â (JPR-LN) Share priceÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 5.4p Growth rating FÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â +4.8% Revenue CAGR FY1-3Â Â Â Â Â Â Â Â Â Â Â -1.4% Target CAGR FY3Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â +3.4% Target priceÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1.0p UpsideÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -81% Recommendation:Â Â Â Â Â Â Â Â Â Â Â Â Â Â AVOID […]

Havas (HAV.PA): The pain from Spain – Q1 organic revenues miss at +3.3%

With its sizeable exposure to France andÂ Iberia, Q1 Revenues from Havas were never going to be thatÂ impressive, so the +3.3% organic revenue growth reported thisÂ afternoon should not have come as too much of a surprise. It wasÂ however shy of our +3.8% estimate, albeit net new business wins ofÂ â‚¬605m (>+50% YoY) were comfortably ahead of our […]

Reed Elsevier (REL LN/REN AE): Q1 IMS – more of same and still range bound

Reed’s Q1 IMS statement this morning was more of the same, which for Â Â Â those looking for excitement and change will have been a damp squib. Â Â Â Beyond the date, the release was bereft of numbers while the Â Â Â commentary essentially reiterated the trends in trading seen last Â Â Â year and expected to be maintained […]

Agency Q1 revenue preview & valuation perspective

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