Sep 07th 2012 - Edison Investment Research today published a report on Empresaria (EMR.L, LSE:EMR, LON:EMR) entitled "Difficult Markets". In summary, the report says:
Interim figures confirm other recruiters’ commentary – markets are difficult and there is little immediate prospect of improvement in underlying conditions. Empresaria also has some specific residual issues that we believe should broadly resolve for FY13. We have pulled back our forecasts, which now show modest progress in pre-tax in the current year on flat net fee income (NFI), but with a good rate of recovery in FY13 as the new German team becomes established and unprofitable business in Chile is replaced. The shares are unlikely to recover their discount until progress is made in delivering on the corporate and financial strategy.
Edison Investment Research is a leading international investment research company. It has won industry recognition, with awards both in the UK and internationally. The team of 95 includes over 60 analysts supported by a department of supervisory analysts, editors and assistants. Edison writes on more than 400 companies across every sector and works directly with corporates, fund managers, investment banks, brokers and other advisers. Edison’s research is read by institutional investors, alternative funds and wealth managers in more than 100 countries. Edison, founded in 2003, has offices in London, New York and Sydney and is authorised and regulated by the Financial Services Authority (www.fsa.gov.uk/register/firmBasicDetails.do?sid=181584). more »