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Monday, October 15, 2012

Office2Office - New contract win for BMC

Office2Office

New contract win for BMC

  • office2office, the leading supplier of office supplies and business services in the UK, announced on 5th October that its operating division Banner Managed Communication (BMC) has won a major contract with the UK’s fifth largest Life and Pensions Company, Friends Life.
  • BMC, the group’s business process and communications outsourcing division, has been appointed as Friends Life’s new marketing print and warehousing services partner.
  • As well as winning this contract, we understand that BMC has had a string of notable wins throughout 2012, attributed to the high quality of its people and services.
  • With the shares trading at 128.50p, we maintain our stance of buy and our 219p target price.

Click to Download Full Report

Table: Financial overview
Year to 31st Dec.
2010A
2011A
2012E
2013E
Revenue (£m)
207.6
193.5
228.3
240.2
EBITDA1 (£m)
13.0
10.8
11.5
12.4
PBT (£m)
4.6
4.3
4.0
7.2
Basic EPS (p)
12.0
12.0
8.2
14.7
Dividend (p)
11.4
11.4
11.4
11.4

Source: GECR and company
Notes: 1 Adjusted for exceptional items and non-cash charges.


Buy
Target price
219p
Key data
Share Price
128.50p
52 week high/low
163.75p / 124.75p
Primary exchange
LSE
EPIC
OFF
Shares in issue
36.31 m
Market Cap
£46.66m
Sector
Support Services
Valuation
Dividend Yield
8.9%
EV / EBITDA
9.7
P/E
10.8
NAV
£20.6m
Affiliations: None
Important: All disclaimer information can be found on the last page of the document


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