| CATEGORY: BROKER RECOMMENDATIONS SECTOR: FINANCIAL SERVICES |
Broker snap: Tullett undervalued vs. peers |
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Tue 09 Mar 2010
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LONDON (SHARECAST) - Japanese broking house Nomura Securities remains a buyer of Tullett Prebon shares after the inter-dealer broker announced a solid set of results for 2009 this week.
In the wake of those results the broker is upping its 2020 earnings per share (EPS) forecast by around 3% to 42.5p and bumping up its price target by around 5% to 380p, ‘reflecting the further positive impact of the net cash position on our valuation.’
On Nomura’s earnings estimates the stock trades on a multiple of 7.1, making it the least expensive listed interdealer broker (IDB), with the average European IDB trading at 11 times estimated earnings for 2010.
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