Analyst Research Report Snapshot

Title:

SMITHS NEWS - REMAINS ROBUST DESPITE CHALLENGING MARKETS

Price:

$10.00

Provider:

Edison Investment Research

Date:

22 Apr 2013

Pages:

3

Type:

AcrobatPDF

Companies referenced:

SNWS.L

Available for Immediate Download
Summary:

Smiths News’ good H1 performance was driven by strong growth in Bertrams and The Consortium as well as by efficiency gains in News. Our numbers do not change materially on today’s results and given that shares were up over 10% in the week leading to the H1 results and are now trading on c 9x FY13 P/E, we believe further short-term outperformance is likely to be limited. Medium term outperformance will be driven by the continued delivery of cost savings in News and by driving further growth in Bertrams and The Consortium.

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