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LATEST COMPANY RESEARCH

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Market Update

Two Sovereign Crises and a World Cup

Sovereign debt and the proposals to tackle it have raised again the spectre of the double dip. The resulting lousy second quarter for equities wiped out most of the gains in 2010 and pushed valuations further into oversold territory against resurgent bonds. Now the IMF has modestly raised forecasts for global growth and we see opportunities for some recovery in equity prices.
But that should not be mistaken for the onset of the next bull market – that requires banks to get lending.
Implications are covered in this report:

Publication Date:
July 13 2010

Avanti Communications

Placing, New Satellite

£70m to be raised at 430p / share

Proceeds to help finance 3rd Satellite; to redomicile assets; to help pay down expensive loans

Company also plans to eventually move to LSE main market

Positive developments given management track record on financing

Publication Date:
July 12 2010

eXpansys

Transformational

Retailer of smartphones and handheld devices with wireless connectivity

Results show benefit of rationalisation

'Reverse takeover' via acquistion of two businesses transforms company

Board enhanced with experience of Bob Wigley and Peter Jones

Publication Date:
July 8 2010

Northbridge Industrial Services

Ideal acquisition

An established operator in industrial services with very experienced management

Strong focus on international operations and high margin rental

Acquiring Tasman gives presence in Australia and strengthens position in Oil &Gas

Fair value share target remains 200p, versus current 133p level

Publication Date:
July 8 2010

Communisis

New Segments and Trading Update

Recent trading update in line with expectations

Four current divisions are moving into a two segment classification to better suit their client needs and their strategy

The shares attraction lie in a sustained push into faster growing, data driven marketing communications

Publication Date:
July 8 2010

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