Recommendations » UK
Altitude Group (LON:ALT) report: Trading update
November 8, 2010, Monday, 18:34 GMT | 13:34 EST | 23:04 IST | 01:34 SGT
By Daniel Stewart & Co
- ALT this morning reported a positive trading update alluding to improved order intake levels seen in Q2 continuing into Q3. As a result of the trading environment improving and with prudent cost management measurements taken, we take the opportunity to upgrade our forecasts and target price.
- We increase our revenue forecasts for FY10E to ?17.6m (?16.5m) and FY11E to ?18.6m (?17.3m), this combined with prudent cost control, results in PBT (Adj.) increasing to ?0.8m (?0.5m) for FY10E and ?0.9m (?0.8m) for FY11E.
- Our new target price is 23p (6.5x FY11 EBITDA, ?1.2m) which implies 33% upside. With a robust balance sheet and positive trading outlook we reiterate our BUY recommendation.
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