Analyst Research Report Snapshot

Title:

RICARDO - STILL JAM TOMORROW

Price:

$10.00

Provider:

Edison Investment Research

Date:

21 Sep 2012

Pages:

2

Type:

AcrobatPDF

Companies referenced:

RCDO.L

Available for Immediate Download
Summary:

Management appears more optimistic than it was four months ago, and continues to highlight the long-term potential from a more robust business profile. However, Ricardo still faces a number of challenges (eg Germany and Strategic Consulting) and the growth the company talks about is not yet reflected in reported results. FY12 revenue increased just 0.5% to £197.4m, the order book was flat at £107m and operating cash flow declined. PBT increased by 14% to £17.6m, but half the improvement came from a lower pension charge. Strategic repositioning is having a positive impact overall and medium-term fundamentals remain favourable, but there appears limited scope for the valuation to increase versus its peers.

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