Quindell Portfolio - Major acquisitions and contract wins

Quindell Portfolio	Overview 31st July 2012
Major acquisitions and contract wins	Buy Target price 21p Key data Price 7.00p 52 week high/low 8.25p/1.88p Primary exchange AIM EPIC QPP Shares in issue 2,634m Market Cap £184.36m Sector Software & IT Services Valuation Historic P/E 9.6 2013 Forward P/E 4.5 Historic P/FCF 14.4 NAV £54.5m TNAV £3.4m Previous note NA Future event NA Affiliations: None Important: All disclaimer information can be found on the last page of the document
Quindell Portfolio is a leading provider of software, consulting and outsourcing services to a broad portfolio of clients, primarily in the insurance and telecommunications sectors. Through its acquired subsidiaries and services, Quindell can deliver clients cost savings of more than 20%. Significant Growth - Quindell has made many acquisitions and announced considerable contract wins since listing last year, with the purchase of Ai Claims Solutions Plc in 2012 increasing annual revenues to in excess of £150 million. Future Opportunities - Quindell has more than £500 million of contracts currently under discussion and has cash resources available to acquire additional value-enhancing businesses. We expect revenues of £154 million in 2012 and £247 million in 2013. We recommend the shares as buy at 7p with a 21p target price. Click to download Full Report
Table: Financial overview Year to 31st Dec. 2010A 2011A 2012E 2013E Revenue (£m) 0.2 13.7 154.3 247.2 EBITDA* (£m) (0.1) 6.7 34.2 54.1 PBT* (£m) (0.1) 6.3 34.1 53.7 EPS* (p) (0.09) 0.73 0.98 1.57 Dividend (p) 0.00 0.00 0.00 0.10 Source: GECR and company Notes: * Adjusted for exceptional costs and amortisation of intangibles.

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