Quindell Portfolio - Significant industry recognition

Quindell Portfolio Significant industry recognition Quindell Portfolio, the leading supplier of software, consulting and outsourcing services within the insurance and telecoms sectors, has announced that it has been recognised in the report "Celent Claims Systems Vendors: European General Insurance 2012" among the leading European providers of Insurance Claims Systems. The announcement also indicated that the group has been recognised for other awards, which should be announced to the market shortly. In light of this announcement and recent trading results the group has released, we have upgraded our forecasts for 2013. Our stance remains buy at 13.625p 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 13.7 154.3 279.1 EBITDA1 (£m) (0.1) 6.7 35.4 72.4 PBT1 (£m) (0.1) 6.3 34.1 70.9 EPS1(p) (0.09) 0.73 1.04 1.82 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 13.625p 52 week high/low 13.875p / 1.875p Primary exchange AIM EPIC QPP Shares in issue 2,946.03m Market Cap £397.71m Sector Software & IT Services Valuation Historic P/E 18.5 2013 Forward P/E 7.5 Historic P/FCF 27.8 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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