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Authoritative Independent Monthly Share Selections Using Technical & Fundamental Analysis

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ITE - Acquistion triggers another surge

February 2011

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • ITE
  • Price:
  • 234p
Shares in ITE spiked to a new high of 252p after it announced the Eu33m cash acquisition of MVK, Moscow's third largest exhibitions business. The exit multiple was a relatively modest 6x EBITDA and brings in a portfolio of 20 events with sales volumes of over 55,000 sq. metres. The largest events serve the furniture, packaging, pumps and woodworking industries but MVK is also involved in smaller events in the industrial sector, such as wood building, welding, labels, cables and similar technical events. Usefully, its larger biennial events fall into even years, which complements ITE's existing bias to odd years. Numis has upgraded pretax profit by £2m to £45m (eps: 14.1p) with next year's profit upped £3.5m to £48m (15.1p). Th ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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