Quindell Portfolio - Positive Q3 trading update and new partnership

Quindell Portfolio Positive Q3 trading update and new partnership Quindell Portfolio, the leading supplier of software, consulting and outsourcing services within the insurance and telecoms sectors, announced a Q3 trading update and new partnership agreement on 15th October 2012. The group confirmed strong performance in the 9 months to 30th September 2012, generating revenues of £95.7 million, adjusted EBITDA of c.£29.0 million and adjusted EPS of c.0.86p. Quindell has entered a partnering agreement with Pinto Potts Solicitors to provide joint outsourcing services to the UK insurance claim market, principally within personal injury. Quindell has also agreed to acquire Pinto Potts, subject to regulatory approval. Our stance remains buy at 13.375p with a 25p target price. Click to Download Full Report Table: Financial overview Year to 31st Dec. 2010A 2011A 2012E 2013E Revenue (£m) 0.2 13.7 154.3 260.2 EBITDA1 (£m) (0.1) 6.7 35.4 66.1 PBT1 (£m) (0.1) 6.3 34.1 64.6 EPS1(p) (0.09) 0.73 1.04 1.79 Dividend (p) 0.0 0.0 0.0 0.1 Source: GECR and company Notes:1 Adjusted for exceptional costs and amortisation of intangibles Buy Target price 25p Key data Share Price 13.375p 52 week high/low 13.60p / 1.875p Primary exchange AIM EPIC QPP Shares in issue 2,946.03m Market Cap £394.03m Sector Software & IT Services Valuation Historic P/E 18.3 2013 Forward P/E 7.5 Historic P/FCF 27.5 NAV £107.4m TNAV £35.95m Affiliations: None. Important: All disclaimer information can be found on the last page of the document

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