PATRICK YAU | PEEL HUNT
DMGT has issued a broadly in line trading update for the first-half of the year. As expected, the business-to-business operation continues to perform well; with national press holding its own in a market under pressure; but regional press continues to struggle, with performance year to date deteriorating. further.
LORNA TILBIAN | NUMIS
With high quality business-to-business assets and best in class business-to-consumer titles we believe DMGT remains undervalued and retain our ‘buy’ rating. We do not expect to change our forecasts for 2011. The group remains cautious highlighting ‘continued uncertainty’ over the medium term outlook.
ALEX DEGROOTE | PANMURE GORDON
We expect that the market was pricing in material downgrades on the back of comments from other publishers. We do not expect this to materialise. On this basis, the shares look attractively valued. Operational profits are expected to be up year-on-year. The Royal Wedding could be a minor swing factor.