LATEST COMPANY RESEARCH
Lloyds Underwriters
Hardy and Chaucer Results
So far a good results season for the sector: benign weather and better rating envoronment helped, but best performance came from skilled underwriting and good claims management
Hardy: good performance and track record throughout the cycle, so undervalued at 5.1x PFER
Chaucer: a recent change of the management team but too large a discount at only 4.7x PFER
Publication Date:
March 9 2010
EMED Mining
Looking forward
Re-evaluation of potential pushes longer term value to 54p / share
High probability that the Rio Tinto permitting process will complete successfully
Drilling can establish further resources; copper price holding up; US$ appreciation vs. € is a positive
Publication Date:
March 1 2010
Arrowpoint
Contract Renewals
Leading provider of software and consulting for pensions
2 major renewals announced with potential value of $14m over 5 years
Updated DCF model increases value / share to 22.9p versus current 16p level
Publication Date:
February 26 2010
Financial round-up
Good news for a change
Rathbones: solid performance in a difficult year
Albemarle & Bond: impressive results. They and H & T both remain cheap
Euroclear reducing its combined netting and settlement fee for large volume firms
Publication Date:
February 26 2010
Beazley
Robustly placed
Impressive and conservatively stated results for 2009
Strong yield support at over 6%
Forward PER of only 4.5x for this year looks too low
Publication Date:
February 23 2010