Quindell Portfolio - Growth Has Gone International

Quindell Portfolio Growth Has Gone International Quindell announced strong interims in August 2013 that underpin the growth potential highlighted at the final two teach-ins. The group has capitalised on some major opportunities that have driven revenue growth and international expansion, alongside many internal synergies that are driving margins. Management upgraded its long-term EBITDA margin guidance to 25%+, while we upgrade our forecasts, increasing our 2013/14E dividends by 25%. Buy with an upgraded 50p target price. Click to Download Full Report Table: Financial overview Year to 31st Dec. 2011A 2012A 2013E 2014E Revenue (£m) 13.7 137.6 429.7 710.0 EBITDA1 (£m) 6.7 52.2 132.6 213.7 PBT1 (£m) 6.3 49.2 129.1 210.8 EPS1(p) 0.7 1.4 2.5 3.6 Dividend (p) 0.0 0.0 0.10 0.20 Source: GECR and company Notes:1 Adjusted for exceptional costs and amortisation of intangibles Buy Target price 50p Key data Share Price 17.25p 52 week high/low 17.50p / 6.00p Primary exchange AIM EPIC QPP Shares in issue 4,354m Market Cap £751m Sector Software & IT Services Valuation 2013 Forward P/E 6.9 2014 Forward P/E 4.8 NAV £351m TNAV £81m Important: All disclaimer information can be found on the last page of the document

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