2 September 2010

Panmure Gordon & Co

30/10/2007

Panmure Gordon analyst pairing Mike Allen and Paul Jones are keen on Hyder Consulting, the 16th-largest engineering consultant in the UK, which they say offers investors ‘high visibility and an exciting acquisition pipeline’, and a strong outlook for the next couple of years.

They’ve forecast a rise in profits from £10.4 million to £13.6 million and earnings growth from 26.5p to 31.7p for the year to March. The duo believes that Hyder – trading on a forward price to earnings ratio of 16.4 at 520p – occupies ‘an enviable position as it continues to expand its margins against a backdrop of strong market fundamentals’.

Inch by inch
In the automotive market, they like the look of the ‘significant and sustainable growth’ on offer at FTSE 250 constituent Inchcape. ‘Exciting’ growth prospects in a Russian car market with a seven-year compound annual growth rate of 11 per cent are flagged up and, the pair adds, foreign brands are growing strongly. Inchcape, which already has a presence in Moscow and St Petersburg, is well placed for future growth and at 441p, its recent share price underperformance represents ‘the ideal entry point for investors to buy into a solid growth story on an attractive valuation’.

Insisting that the company remains undervalued, Jones and Allen forecast profits of £228 million and earnings per share (EPS) of 35.1p for December 2007 and £249.7 million and 38.5p for December 2008, placing the shares on forward multiples of 12.6 and 11.5. Reiterating their buy stance, they consider Inchcape ‘an increasingly exciting emerging markets story that should lead to sustainable double-digit EPS growth’.

Companies: Hyder Consulting , Inchcape

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