Quindell Portfolio - Significant contract wins and new partnerships

Quindell Portfolio Significant contract wins and new partnerships Quindell Portfolio, the leading supplier of software, consulting and outsourcing services within the insurance and telecoms sectors, has announced further significant contract wins. Quindell has converted a number of pilot projects into full contracts that should deliver run-rate revenues in excess of £80 million pa once fully implemented in 2013. As a result of developments announced, we have upgraded our 2013 forecasts materially, and we now expected adjusted EPS of 2.2p. Our target price has been upgraded by 2p to 30p, however we see value of up to 60p based on 2013 numbers. We re-iterate our stance of Buy. Click to Download Full Report Table: Financial overview Year to 31st Dec. 2010A 2011A 2012E 2013E Revenue (£m) 0.2 13.7 153.3 390.5 EBITDA1 (£m) (0.1) 6.7 39.5 108.1 PBT1 (£m) (0.1) 6.3 39.1 107.8 EPS1(p) (0.09) 0.73 1.14 2.2 Dividend (p) 0.0 0.0 0.0 0.4 Source: GECR and company Notes:1 Adjusted for exceptional costs and amortisation of intangibles Buy Target price 30p Key data Share Price 15.25p 52 week high/low 17.5p / 2.50p Primary exchange AIM EPIC QPP Shares in issue 3,434.4m Market Cap £523.75m Sector Software & IT Services Valuation Historic P/E 20.9 2013 Forward P/E 6.9 Historic P/FCF 31.4 NAV £107.4m TNAV £35.95m Analyst details Andrew Noone +44 (0)207 562 3361 andrew.noone@gecr.co.uk Emanuil Manos Halicioglu +44 (0)207 562 3368 emanuil.halicioglu@gecr.co.uk Affiliations: None Important: All disclaimer information can be found on the last page of the document

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