DAVID TOMS | NUMIS
Fidessa remains a world class company suffering from cyclically depressed end markets where early signs of improvement are just starting to appear. Whilst waiting to see if this continues, investors still benefit from a yield underpinned by a robust business model.
ROGER PHILLIPS MERCHANT SECURITIES
We continue with our long term “buy” thesis, as we believe the third quarter of 2012 will prove the low watermark for forecasts. The stock is ultimately more in line with historic norms, whether this turns out to be awarded the market in full year 2014 or realised by M&A interest.
GEORGE O’CONNOR PANMURE GORDON
The outlook is more optimistic than we had expected and also we note that the staff headcount and average cost employee is lower than expected so Fidessa is doing a better job in managing its cost base. We [..] still grumble Fidessa shares are too expensive and the halcyon days are long gone.