Free Stock Tips

Prelims ahead of our expectations.

Quindell Portfolio (QPP), the leading supplier of software, consulting and outsourcing services within the insurance and telecoms sectors, has announced preliminary results for 2012 that beat our expectations with adjusted EBITDA of £52.2m and adjusted EPS of 1.40p.

We believe the group’s growth prospects remain very strong, while the shares remain materially undervalued, trading on a trailing P/E of 6.1x and a 2013 and 2014 forward P/E of 3.4x and 2.8x.

Our stance is buy with a 40p target price.