Altium Securities ‘RDF to fly, Games Workshop to fall, TripleArc to recover’

The research team at Altium picks RDF Media as one of its ‘flyers’ this month, remarking that the television production company ‘has a strong track record’ and ‘is strongly placed to capitalise on a very attractive demand backdrop’. The forecasts have been upgraded and the target price advanced by 12 per cent to 215p, against the current 183p.

Far from a flyer, Games Workshop’s looming half-time numbers are ‘expected to be awful’ and it is branded a ‘faller’, with ‘little or no evidence of a turnaround in the group’s fortunes within the interim results’. Challenging prospects in the UK and overseas markets leads Altium to advise investors to sell or avoid the shares.

Over in the support services sphere, analyst Andrew Nussey’s holds out the prospect of a long-term 150-plus per cent gain from TripleArc, the print procurement specialist that spiraled down from highs of around 20p to the present 3.38p. This was following a significant profit warning last year. Admitting that recent downgrades have been shocking, Nussey maintains ‘the business model remains robust, demand is strong and the group’s inherent cash-generative attractions remain.’ He advises investors to buy ahead of more promising news.

Nussey sees ample gains to be had from the organic growth potential in both property services counter Inspace and infrastructure provider Interserve. The former merits an add recommendation, trading at a discount to the research team’s ‘sum-of-the-parts valuation’. As for the latter, the actions of new management have impressed and Interserve is now giving off ‘clearer signs that a cyclical recovery is underway’.