Broker Watch: featuring Spice, CML Microsystems, Begbies Traynor Group, Vectura Group and Nautical Petroleum

Tuesday, Jun 15 2010 by
Broker Watch featuring Spice CML Microsystems Begbies Traynor Group Vectura Group and Nautical Petroleum

Astaire Securities this morning said a move by private equity firm Cinven to make a 56p per share offer for support services group Spice Plc (LON:SPI) highlighted the potential further value that can be derived from the business. Spice rejected the offer and there are currently no discussions taking place. Astaire pointed out that the management had already made progress in turning the business around with the disposals of the Telecom and Gas businesses. At Byotrol Plc (LON:BYOT), the anti-microbial hygiene business, Astaire put a positive spin on news of improved sales last year but picked out the company’s low cash balance of £0.8m as an area of concern. “As an infection control business we have consistently preferred Tristel (LON:TSTL) for its established position in the Hospital supply market and continue to do so,” the broker said.

Elsewhere, HB Markets recommended a “buy” at semiconductor maker Cml Microsystems (LON:CML) on the back of a 12% rise in revenues to £18.02m and narrower losses at £0.39m. HB said that cautious forecasts would look for £1m of pre-tax profits next year and gave investors a price target of 87p. Elsewhere, the broker downgraded Innovise Plc (LON:INNO) to “hold” after what it called disappointing results in which lower margins and higher costs reduced pre-tax profits by 20% to £0.48m last year. HB said it expected the IT services market to remain challenging for the rest of the year and said the company was fairly priced.

FinnCap urged a “buy” at accountancy group Begbies Traynor Group (LON:BEG), whose shares have been de-rated since the start of the year following a tailing off in insolvency work. Nevertheless, hopes are high that there should be an increase in demand for sorting out stricken companies later this year, leading the broker to fix its target price at 80p. Elsewhere, FinnCap initiated coverage of Halfords Group (LON:HFD) and advised a “buy” at the leisure retailer following what it described very solid preliminary results. The firm said its recommendation was based on the resilience of the group’s core trading format and its strong cash flows which underpin an attractive dividend yield in a sector context.

Evolution Securities maintained a “buy” advisory at Intermediate Capital Group (LON:ICP), the investor and credit management group,…

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Byotrol plc is engaged in the development, patenting, licensing and sale of anti- microbial products and technologies for business and consumer use. The Company manufactures products based on anti-microbial technology in the United Kingdom. Its segments include Professional (including food service, food manufacturing, industrial and health), Consumer and Pet. Its products include 24 hour Foot Odour Protection Spray, Actishield, Actizone, Anti-viral Hand Foam, Bathroom Cleaner, Byotrol Antimicrobial Hand Sanitiser, Byotrol Antimicrobial Sanitising Wipes, Multi-Purpose Cleaner, Sanitiser+ Antimicrobial Surface Sanitiser - large format, Pet Environment Cleaners and Pet Grooming Wipes. It focuses on identifying macromolecules, which when combined with biocides extend the biocidal action. Its customers are based in the United Kingdom, North America and the Rest of the World. Its operations are located in the United Kingdom. more »

LSE Price
2.15p
Change
-1.4%
Mkt Cap (£m)
9.4
P/E (fwd)
10.9
Yield (fwd)
n/a

CML Microsystems Plc designs, manufactures and markets a range of semiconductor products for use in communications and data storage industries. The Company offers semiconductor products for professional applications within the storage, wireless and wireline communications market areas. It operates in the United Kingdom, the United States, Germany, Singapore and Taiwan. The Company offers semiconductor products for storage applications, such as Industrial flash memory cards (CompactFlash, secure digital (SD) card, multi-media card); solid state drives (SSDs), embedded storage and special function cards. It offers semiconductor products for wireless applications, such as professional and industrial analogue/digital radios (voice centric); wireless data products (radio modems, pagers, telemetry and marine safety). It offers semiconductor products for wireline telecom applications, such as security alarm panels, point-of-sale, health monitors, meter reading and telephone exchange. more »

LSE Price
305p
Change
2.7%
Mkt Cap (£m)
50.7
P/E (fwd)
n/a
Yield (fwd)
n/a

Begbies Traynor Group plc is a business recovery and property services consultancy. The Company's segments include insolvency and restructuring, and property. It provides services from a network of the United Kingdom locations through two operating divisions: Begbies Traynor and Eddisons. Begbies Traynor is an independent business recovery practice that handles corporate appointments, serving the mid-market and smaller companies. It provides insolvency, restructuring and consultancy services to businesses, their professional advisors and financial institutions. Eddisons is a national firm of chartered surveyors, delivering transactional and advisory services to owners and occupiers of commercial property, investors and financial institutions. It provides professional services, such as business rescue options, advisory options, forensic accounting and investigations, corporate and commercial finance, personal insolvency solutions and services to banking, legal and accounting sectors. more »

LSE Price
74.75p
Change
-1.6%
Mkt Cap (£m)
87.0
P/E (fwd)
13.8
Yield (fwd)
3.7



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