Updates

Advanced Computer Software

May 2010

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.

As expected rival software provider, EMIS (EMIS; 375p) has started dealings and the look through valuation for ASW is very attractive. EMIS has a dominant core business with c52% market share in the GP market. Software revenues are 75% of total revenue and 84% of gross profit is recurring. It is also developing a new product, EMIS Web, which will extend it into the community and secondary care market. EMIS were placed at 300p and have raced away. For the year to 31 December, EMIS had eps of 12.5p and for this year Evolution forecast eps of 18.6p. At the current price the historic PE is 29.4 and prospective PE is 19.8. ASW looks cheap in comparison on a prospective PE of 11. Kee ...

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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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