Quindell Portfolio (14p and 6.4% of JIC) has issued a trading statement for the year ended 31st December 2012. It is extremely positive with it saying that results will be above the upper end of market expectations with eps at 1.29p per share. Operating cash flow is ahead of expectations with year end cash at £47m compared to forecasts of £41.5m. Management say the new financial year has started strongly.
The shares have been weak during December and January. Hopefully this statement will stop the rot. On consensus forecasts the shares are now valued at less than 6x 2013 earnings. This seems far too cheap to me.
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