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.  Still looks like a bad mix of high risk and possibly no reward (at least for equity holders  – Avoid   Johnston Press              (JPR-LN) Share price                                5.4p Growth rating F                      +4.8% Revenue CAGR FY1-3            -1.4% Target CAGR FY3                  +3.4% Target price                              1.0p Upside                                       -81% Recommendation:               AVOID […]

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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     those looking for excitement and change will have been a damp squib.     Beyond the date, the release was bereft of numbers while the     commentary essentially reiterated the trends in trading seen last     year and expected to be maintained […]

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DMGT Plc (DMGT LN): Window of opportunity. Use it or lose it

  DMGT has become an increasingly interesting investment proposition, but the opportunity may not persist for too long.  On one side, there is a strengthening cyclical and structural play in both B2B and B2C.  Obscuring this however is a short term negative technical position with the shares as they approach the 6 June, when the shares […]

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UBM (UBM LN): Take profits

Valuation recovery running ahead of trading momentum Stock: UBM Plc (UBM LN) Price: 634p Target: 595p Upside: -6% Recommendation: Trading Sell Investment summary UBM was or top pick in our “Telecom & Media Dividend Watch” review at the beginning of the year (4 Jan 2012) and after a +29% share price appreciation since then (+24% […]

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France Telecom (FTE-FR): Growth rater update post FY11 results – still a value trap

France Telecom (FTE-FR) Share Price: €11.6 Target Price: €9.9 Upside: -15% Recommendation: SELL EVENT: FY11 results released today. Revenues were in line with consensus at €45.3bn (-1.6% underlying; -1.7% in Q4), but with near misses for EBIT (€7.9bn vs €8.3bn consensus) and EPS (€1.46 vs €1.53 consensus). EBITDA declined by an underlying -4.8% to €15.1bn […]

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