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Interquest – house broker increases forecasts after prelims – says shares 25% undervalued

By Staff Writer | Wednesday 5 March 2014

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

Following the release today of preliminary results from recruitment group Interquest (ITQ) house broker Charles Stanley has increased its forecasts and says that the shares, now 99p, are worth 125p.

The broker notes:

Adjusted PBT, for the 2013 prelims, at £2.3m was ahead of our £2.1m estimate and the full year dividend was held at 2.5p. As a result, we have increased our 2014 adjusted PBT forecast from £3.7m to £3.8m and can take assurance following the downsizing of the loss-making Singapore office that it will not be a drag on earnings. The outlook for recruiters in the UK is encouraging and while InterQuest performed well in 2013, up over 80%, we have increased our price target from 115p to 125p. This represents 26% upside and a PE rating of 12x based upon our 2014 forecast. We reiterate our buy recommendation.

To read the full detailed note with forecasts click HERE

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