Friday, November 15, 2013

Office2Office - Trading In Line With Expectations


Trading In Line With Expectations

  • office2office's IMS for 1st July 2013 to 14th November 2013 revealed that the group has continued to trade profitably and in line with market expectations and that average borrowing levels have reduced through cash generation.
  • o2o has experienced a tough trading environment recently, and good trading in the last quarter of the year will prove critical.
  • While far from bullish, the update confirms that the group is now trading in-line with revised expectations.
  • Accordingly, on balance, we maintain our forecasts.
  • With the shares trading at a 22% discount to our target price, our stance remains Buy.

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Table: Financial overview
Year to 31st Dec.
Revenue (£ m)
EBITDA1 (£ m)
PBT 1 (£ m)
Basic EPS (p)

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

Target price
Key data
Share Price
52 week high/low
126.00p / 33.75p
Primary exchange
Shares in issue
36.31 m
Market Cap
£14.2 m
Support Services
2013 Forward P/E
2014 Forward P/E
£17.3 m
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