PATRICK YAU PEEL HUNT
In Holland things are just getting worse from a macro-economic point of view. The issue is what this does to their strategic review, is it going to affect the price they can get for the business? If they can, there’ll be value for shareholders so we retain a “buy” but cut my target from 153p to 114p.
SIMON DAVIES CANACCORD GENUITY
We had assumed a 15 per cent yearly decline in Dutch advertising, but we are now cutting that to 23 per cent, while we now expect a 12 per cent fall in Denmark (against previous nine per cent). Annual profit forecasts down from €30.3m to €10.1m and guidance cut from “buy” to “hold”.
GARETH DAVIES NUMIS
There is very little specific detail provided at this stage, and management will provide explicit guidance on 25 April. Our best guess would currently see our earnings before interest, tax, depreciation and amortisation in 2013 reduced from £75m to £50m. Guidance of “buy” now under review.