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Monday, September 2, 2013

Office2Office - Mixed Interims But Some Strong Growth Prospects

Office2Office

Mixed Interims But Some Strong Growth Prospects

  • Office2office announced mixed interim results for H1 2013 on 29th August.
  • Revenues grew by 5% versus H1 2012, as growth in Business Critical Services offset a continued decline in Managed Procurement sales.
  • While there was a sharp y-o-y fall in adjusted PBT, reported PBT actually increased £0.3m to £1.2m.
  • Management is not declaring an interim dividend for H1 2013, however we still see significant medium-term growth opportunities that can be catalysed by the short-term cash preservation and investment.
  • We also note that even in recent tough conditions o2o has remained profitable with a strong operational cash flow.
  • Our stance is Buy.

Click to Download Full Report

Table: Financial overview
Year to 31st Dec.
2011A
2012A
2013E
2014E
Revenue (£m)
193.5
227.3
242.1
251.0
EBITDA1 (£m)
10.8
9.7
8.0
8.2
PBT 1 (£m)
8.4
6.5
4.9
5.3
Basic EPS (p)
12.0
0.9
5.1
7.4

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


Buy
Target price
50p
Key data
Share Price
34.75p
52 week high/low
139.00p / 33.75
Primary exchange
LSE
EPIC
OFF
Shares in issue
36.31 m
Market Cap
£12.6m
Sector
Support Services
Valuation
2013 Forward P/E
6.8
2014 Forward P/E
4.7
NAV
£17.3m
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