HOW IS THE TRADING SLUMP AFFECTING BROKER ICAP?
NESE GUNER | CITI
We expect downgrades to consensus full year 2013 revenue forecasts given the slow start to the year and the possibility of a slow summer. Currently the consensus range for 2013 revenues is wide: £1.64bn to £1.84bn.
JAMES HAMILTON | NUMIS
We believe the time to buy Icap is when there is the prospect of higher interest rates in the US… While many believe the banks have restricted their trading activities as much as they are going to we do not believe this.
DANIEL GARROD | BARCAP
An in line headline set of full year 2012 results but the mix is more positive than expected. There is good detail on future cost takeout and the dividend is raised 10 per cent year on year equating to a yield of 6.6 per cent.