Allocate?s trading update points out the scale of activity across the quarter to end February, encompassing the Time Care acquisition and a continuing flow of new contract wins, most notably in the healthcare sector. We are not changing our forecasts on the back of the statement, but point out that the expected strong earnings growth in the next full financial year will erode much of the premium. Our DCF indicates a price over £1, which would take better account of the installed base.

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