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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