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Broker snap: Compass revenue surprises Nomura
09-02-2010 12:38
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Investors should tuck into contract caterer Compass, according to Japanese broker Nomura, as the group's revenue volume appears to be running ahead of expectations.
'For Q1 2010 [first quarter of 2010], Compass reported an organic revenue decline of 1.7%, 1.9 percentage points better than our forecast of -3.6%. The forecast beat was on cyclical volume (57% of group) where we were forecasting -12.3% which was equivalent to stabilisation at the Q4 2009 [fourth quarter 2009] run rate on a cumulative basis versus 2008,' said Nomura analyst Simon Larkin.
The broker has upped its earnings before interest and tax forecast for the current fiscal year to £990m from £935m, and has retained its 'buy' rating and 615p price target.
'For Q1 2010 [first quarter of 2010], Compass reported an organic revenue decline of 1.7%, 1.9 percentage points better than our forecast of -3.6%. The forecast beat was on cyclical volume (57% of group) where we were forecasting -12.3% which was equivalent to stabilisation at the Q4 2009 [fourth quarter 2009] run rate on a cumulative basis versus 2008,' said Nomura analyst Simon Larkin.
The broker has upped its earnings before interest and tax forecast for the current fiscal year to £990m from £935m, and has retained its 'buy' rating and 615p price target.
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