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Latest research
| Date | Reports available | Download |
|---|---|---|
| Jan 06 2009 |
Focus Solutions Group Strategic steps The recent acquisition of TCP marks an important first step in Focus’s ambitions to supplement its consistent record in organic growth with a focused M&A strategy. The subsequent announcement of a major contract with Bank of Ireland is further evidence of the ability of management to build a track record at a time when regulation in the financial services sector holds out significant opportunities. Research type: Update - Acquisition |
Log in to download 2 page note available |
| Dec 23 2008 |
Discovery Metals 57% value uplift The 22% increase in the copper grade highlighted in its recent upgraded Zeta resource announcement increases our estimate of the value of the whole Boseto project by a substantial 57% to US$187m (or 83p per share). Research type: Discovery Metals owns exploration licences covering 10,100km2 of tenements in an emerging copper producing region near Maun in northern Botswana. |
Log in to download 2 page note available |
| Dec 23 2008 |
Carnival Cruiser ahead Last week, Carnival reported its Q4 and FY08 results, which were slightly ahead of consensus estimates. Higher fuel costs were offset by higher ticket prices for the group’s North American brands and continued focus on managing controllable costs. Management are now indicating a US$0.25 lower EPS guidance for FY09 reflecting the challenging environment and holidaymakers delaying bookings until closer to sail date. Financially, the group appears well placed to maintain its capacity expansion plans with a solid balance sheet and positive operating cash flow. Research type: Carnival is the largest cruise vacation group in the world with a portfolio of cruise brands in North America, Europe and Australia, which include AIDA, Carnival, Costa, Cunard, Holland America, Ibero, Ocean Village, P&O, Princess and Yachts of Seabourn. In total, the group’s brands operate 88 ships with more than 169,000 lower berths. The group has shares traded on the NYSE and LSE. |
Log in to download 2 page note available |
| Dec 23 2008 |
Lookers Continuing to be tough Last Friday’s trading update reflects the disappointing recent new vehicle registration figures. The uncertain economic climate has impacted severely on retail sales, while hopes about the stabilisation in used car prices has proved premature. The share price had already largely discounted the further downgrading of estimates, edging back only modestly following the announcement. Research type: Update - Trading update |
Log in to download 2 page note available |
| Dec 22 2008 |
Entertainment One Strong release schedule Interim results were in line with expectations and a strong release schedule underpins our growth expectations although we have reduced our overall forecasts to reflect a weaker performance in music and increased investment in content. The termination of the deal with DHX Media is a disappointment but Filmed Entertainment has already successfully built considerable scale, particularly in Canada and the Benelux. E1 is well-funded with a recently agreed US$150m credit facility and a content library independently valued at over US$175m. The planned TSX listing next spring should raise its investor profile. Research type: Update - Acquisition update |
Log in to download 4 page note available |
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