Informa has suffered but time to buy
Informa has suffered but time to buy
0 Comments | Journal (Newcastle, England), The, July 26, 2010
Byline: SHARE WATCH
INFORMA – We are reiterating our buy recommendation and upgrading our fair value on Informa to 440p. This is based on a sum of the parts valuation.
Informa suffered during the global recession, due to the cyclical nature of its businesses and the high level of debt on its balance sheet.
Following a rights issue in 2009, debt was paid down to manageable levels, which gives the company strategic flexibility. As we progress through the economic cycle, we are expecting Informa’s cyclical operations to recover and there are early signs of this starting to happen. Additionally, Informa’s markets are in the process of consolidating and here we expect long-term opportunities for the company to improve its market share.
BT GROUP – We are reiterating our buy recommendation on BT. The company has started to make some progress on its restructuring plans, with recent results signalling the start of a turnaround in some operations
consolidate debt
Jul 29, 2010
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