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Primary Recommendation

Impellam - Prospective PE of 4.5

March 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:
  • IPEL
  • Price:
  • 271p
Signs that we are going to receive a Budget later this month that promises to support growth could be good news for deeply out-of-favour Impellam (IPEL; 271p) where its formerly high levels of debt and a controlling shareholder in the form of controversial Tory donor Lord Ashcroft (with a 57% stake) until recently had cast a tall shadow over the shares. Shares in the recruitment business have already doubled in the past twelve months to value the company at £122m but because Impellam has been paying down debt faster than the rise in its shares (debt fell from £70m to £18m in 2010), the shares are just as cheap now as they were then. By cheap we mean C-H-E-A-P with broker Cenkos forecasting a pretax profit of £35.5m and eps of 59.7p f ...

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Impellam - Shares rise £1 over the month (April 2011)

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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