2 September 2010

Altium Securities

29/05/2007

Altium Securities has slapped a buy recommendation on television production company RDF Media in the light of recent price weakness. Annual results to the end of January demonstrated strong revenue growth reinforced by three acquisitions.

Highlighting the group’s buy-out attractions, the broker points to a 27 per cent stake held by a Dutch investment fund as well as the recent ‘scramble’ to acquire Endemol as ‘interesting indications of the group’s strategic value within an industry set to undergo further consolidation’. Analyst Roddy Davidson is excited by the prospect of ‘attractive medium-term earnings growth and cash generation’ and says RDF is his ‘preferred play’ among quoted independent television production companies.

A bullish stance was also maintained on Inspicio, the inspection and testing business buying majority stakes in South African agents Chemtaur and Gazelle. Management ‘is delivering’ on its pledge to turn around the main business and analyst Andrew Nussey states there is an opportunity ‘to see significant share price outperformance through organic and global platform development, as well as through the reinvestment of attractive cash flows into complementary acquisitions’.

Clients are urged to add to holdings in five-a-side football operator Powerleague, despite a strong recent price performance, with the group handsomely on track in terms of new centre openings. ‘The acceleration of its refurbishment programme should give the company the opportunity to increase prices and returns over the medium term,’ writes Altium, with the broker arguing a 100p target price is still ‘deserved’ given the company’s ‘high level of repeat business, cash-generative characteristics and the pseudo-freehold nature of its sites’.

Companies: RDF Media , Inspicio , Powerleague

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