The answer to that I believe is...

Its going cheap at the moment and there looks to be considerable upside from its present price of circa 10p. Ive had it on the watchlist for the last 6 months and it continues to do deal after deal but nobody notices .

Plenty more room for acqusitions aswell which will see growth booming.

The company is valued at less than 15 million. By the financial year 2007/8 sales will be 40 million and profits after tax at least 4 million I reckon.

House broker Seymour Pierce have the following forecasts on the company but these I beleive will be smashed.....

To 31-Dec-06 EPS 1.00p P/E 10.0 PEG n/a EPS Growth n/a
To 31-Dec-07 EPS 1.50p P/E 6.7 PEG 0.1 EPS Growth +50%

If the present momentum in the markets goes forward this company on fundies should at least double within a year.

Heres a bit of background on the companys operations......

Delling Group is a leading supplier of marketing support services for marketing
and communication departments throughout The Nordic countries.


Delling manages all fields of graphic support in many different forms and
formats including trade fairs, exhibitions and interactive digital solutions for
the web, mobile telephone marketing solutions, motion media for flat screens,
plasma or LCD.


It also supplies IT solutions which support and increase the efficiency of both
marketing and information departments. However, its major strength is that the
Group can deliver complete turnkey solutions, tailor-made for its customers'
every need. Delling also offers outsourcing solutions that can substantially
save costs and improve efficiency.


The Group's major activities are today concentrated in the Norwegian and Swedish
markets, however, it is quickly expanding into other Nordic areas, as well as
having customers and production facilities in Eastern Europe. It also has well
respected suppliers as far afield as China and Thailand.


Delling Group has today 80 employees. It is rapidly developing its organisation
by focusing on supplying its customers with the quality they demand, delivered
on time at the right price. Central to its philosophy lies the fact that its
customers will obtain greater effects and efficiency for every pound they invest
in marketing and information. The Group has strong growth, both through further
development of existing clients and establishment of many new relationships,
together with acquiring companies that enhance and further develop our business
concept.


Delling's goal is within the course of the next two years, through both
satisfied customers and recommendations, to be the largest and most profitable
company in the field of marketing support services within the Nordic countries,
and a significant player within Eastern Europe. In October 2004, Delling was the
first Scandinavian business to be listed on the Alternative Investment Market
('AIM'), the London Stock Exchange's international market for smaller growing
companies. This has given Delling access to capital funds for the further
development of the Group.



DYOR.

A recent newspaper article showing trading is going very well.....

Record trade at Delling
Date: Monday 18 Sep 2006

LONDON (ShareCast) - Scandinavian marketing support services firm Delling Group doubled revenues over the first half and said it has been seeing record levels of trade.

Delling reported a pre-tax loss of 1.39m for the six months to June compared with 1.59m a year earlier, on revenues up 110% to 5.0m from 2.4m last time.

Executive chairman Aksel Bratvedt said, The group has had a very promising start to the third quarter with record business volumes in July and August, which continues to reflect the increasing pace of growth in our business as more outsourcing contracts come on-stream.

Delling added that the results were affected by a lower gross profit margin, as it took on more subcontracted print, but expects margins to improve in the second half as more print jobs are placed in low cost countries such as Poland.

GF

I'v been looking really closely at these in the last couple of days and they do look cheap. I'm making a few changes to my portfolio and this could well be my next buy.

MS

Well Mickey Ive had it on the radar for a while now and it looks derd cheap to me. Ok the chart looks pretty lousy but the fact is that its growing like topsy and its management are well regarded.

The city havent caught on yet either so we dont have any hypers in.

Best to get in before the crowd.

I'll take a final look tomorrow GF. I think it's at least a 12/24 month play if not longer. The only trouble with it is that it's a bit boring. Bought EMED today. A very junior mining company with top aussis management. This is one for the top draw but it has really good potential, but it is very early days. Check it out. Don't know how to post below site so you just click on and it takes you there

http://www.minesite.com/brokersResearchNotes.php


MS

Delling Group to buy Scandinavian Exhibition Group for around 1.18 mln stg

LONDON (AFX) - Delling Group PLC said it has exchanged contracts to acquire
Scandinavian Exhibition Group AB (SEG), a privately owned and profitable
exhibition company with offices and operations across Scandinavia, for 1.18 mln
stg.
The payment comprises 0.44 mln stg in cash and 0.37 mln in shares as well
as a guaranteed deferred payment of 0.37 mln in cash.
SEG had turnover of 3.5 mln for the year to end-June 2006.
Together with Delling's exhibition business in Norway, the SEG acquisition
will position Delling as by far the largest provider of exhibition services in
Scandinavia, the AIM-listed marketing support services group said.
Completion is scheduled for Dec 15 2006.
Chairman Aksel Bratvedt said: "With this acquisition and in addition to our
strong organic growth, our planned milestone of entering 2007 as a company with
an annualized turnover of 20-25 mln stg, is within reach. This will also
strongly support our work in getting a substantially increased profit margin."
newsdesk@afxnews.com
lam

Will do Mickey, cheers.

Blimey, its up nearlly 16%, I didnt expect that so soon.

UPGRADE UPGRADE UPGRADE Growth Equities And Company Research.

25/10/2006

Delling: Increased 2007 Forecast, 2008 Estimates Unveiled - Buy at 10p

Key Data
EPIC DLG
Share price 10p
Spread 9.5p-10.5p

NMS 15,000
Market cap. 1.51 million pounds
12 month range 8.75p-15p
Shares in Issue 151 million pounds
Net Debt 2 million pounds
Market AIM
Website www.dellinggroup.com
Sector Media
Contact Aksel Bratvedt
0207 484 5663

Over the past year AIM-listed Scandinavian based, marketing services group, Delling, has completed four acquisitions, a 5.3 million pounds placing and has taken steps to improve margins within the business. The company has also started to deliver clear organic growth that is sustainable. We believe that our forecasts for the group for 2007 are too low by a material order and feel confident of introducing new forecasts for 2008. It would appear the City has not totally forgiven Delling for a profits warning more than a year ago, and it has failed to take on board the progress made since that event and the profits potential of the group. Despite this, we believe the shares are materially undervalued and rate the shares as a buy at 10p with a new 12 month price target of 35p.

Delling is a market support services company. It provides out-sourced services to the marketing department 'back offices' of companies predominantly operating in Scandinavia. Established under the name Depicta in 1998, the company changed its name whilst embarking on its current strategy of aggressive bolt-on acquisitions to complement its own organic growth in March 2004. It listed on AIM in the autumn of that year, and now has an impressive client list of over 300 companies, including such giants as Statoil, Norsk HydroABB, Bristol-Myers Squibb and Ericsson. It is a pioneer in the application of the latest IT technology in the creation and efficient management of new and developing marketing channels.

In June of 2006, the company undertook a 5.3 million pounds fund-raising at 8p, and used this finance to handle its balance sheet problems, which had clearly been a concern of both investors and potential customers. The company now has net debt of 2 million pounds. However, if our forecasts are reached, it is possible that banks would lend it up to 20 million pounds to support further acquisitions. The purchases this year have been funded by a cash and shares mix, which typically involves Delling paying 5 times historic pre-tax profits. In a fragmented Scandinavian market, Delling feels it has a long list of profitable, privately owned target companies which can be bought on similar terms.

In the past three months Delling has made three acquisitions. On 22nd August, it paid 1.5 million pounds (5.6 times pre-tax profits) to buy Eckerud, which has annual sales of 4.4 million pounds. On 31st August, it bought Printcenter, which has annual sales of 1 million pounds for 5 times profits, or 370,000 pounds. And on 16th October, it paid 1.18 million pounds (5 times profits) for SEG, which has annual sales of 3.5 million pounds. These three deals alone add 9 million pounds to annualised sales, before cross-selling.

Our assumption is that the group will achieve a pre-tax margin of c10% in 2007, but once the synergy between the acquired companies is realised the margin will increase to 12% by 2008. We also assume (in our 2008 numbers) that another 5 million pounds of sales will be generated via acquisition. However, there is scope for Delling to significantly exceed our forecasts in that respect. The tax charge will due to historic losses remain at 0% in 2006 and 2007 but, as those losses are exhausted, it should increase to 10% in 2008 and will remain at 20% thereafter.

We regard the risks to our forecasts as being on the upside since Delling has the appetite, balance sheet strength and opportunities to accelerate its acquisition programme. Our 12 month target prices would put the stock on a prospective price earnings ratio of 12, which for a company growing its earnings and sales at this rate is not demanding. At 10p we rate the shares as a buy with a one-year target of 35p.

So they are forecasting a 250% SP gain within a year and at the same time making out this could be conservative.............................. WOW.

Well worth looking at this investor presentation from earlier this month.....

http://www.dellinggroup.com/media/Investorpresentation.pdf

A good day for this one hoping for more tomorrow, dont forget target price within 12 months a whoping 35p.

A nice big buy already gone in here.

You can get within the spread.

MM games at the moment, no problem 35p says I can wait.

Spread narrowed, buyers still coming in. Looks ready to tick up.

September Broker report BUY.

The current trading statement points to record volumes. The groups
business model is to provide outsourced marketing services to the
marketing departments of major corporations. The increase in revenue
represents the build up of contracts won by the group over the last 18
months, together with acquisitions. In the first half, further contact wins
have been announced, including McDonalds and Northface in Norway,
and Bristol Myers Squibb group across the Nordic region. We estimate
that underlying organic revenue growth is running at 40%.
The outsourcing of printing services, where Delling acts as a project
manager, earns lower margins than production services, where Delling
adds value through content design and pre-production services. The
group is also seeing an increase in screen based advertising systems and
services, where it earns higher consulting margins. The provision of lower
margin print services is often a precursor to gaining higher margin
business.
Our revenue estimate for the year has been increased from 11m to
12m, but at this point we keep our pre-tax profit estimate of 1m
unchanged. Last week, the group agreed a tranche of 800,000 bank
finance with a Scandinavian bank, illustrating the improved balance sheet
status. We expect Delling to continue to make bolt on acquisitions
financed by bank debt, most likely in the Nordic region where its activities
are based.
The stock is on a December 2006 rating of 10x falling to 6.7x next year. If
business momentum continues, a re-rating should push the stock higher
as 2007 comes into focus. Remains as BUY.

http://www.dellinggroup.com/media/research_alert-BUY_(18Sep06).pdf

http://www.dellinggroup.com/media/research_alert-BUY_(18Sep06).pdf

GF

Sorry for the hi-jack. I know you're not a fan but have a look at GMC. I think it could be another SIN. Complete change in direction and the buyers are loving it.

Going to tread water on DLG but yes it is under valued.

MS

Yup mickey was alerted to it by Pete Hippy (sin thread) last night on the Finfoex B/Board.

What I wont to know though is if they are selling the gaming business off, how will this affect Earning per share.

The company at present have assets galore but Im not sure what or how the company should be valued.

That last statement looks like EPS are bombing, but take that away and whats left?.

From other thread, any thought?

robbiepaul - 30 Oct'06 - 11:37 - 801 of 801


Delling being discussed on Trading Places again.

Chartist says resistance is broken and they are looking at 15p short term.


Looking good.

RP.

Good news then, looks like its going to tick up anytime fingers crossed.

Ticking up now.

Inching its way ahead.

expecting any profit taking which may pull back price?

Well looks to be the same seller present each day selling into strength.

Probably RAB Capital, but its in there interest that in still continues to rise.

selling could pull 1 to 1.5p back each time. but not a big deal to long term investor like me.

Ticked up again. These boring companies can make soom real fine returns for you.

yes, just bought 20,000 @12.75, nice pick up!

Up again. Looks like all buys this morning so far.

Going well.

Have a look at TEO, a lot of gen on the ADVFN site. due a rise soon

Far more to come here.

I see Zak Mir chartist as placed a short erm target of 22p on these.

Lifted from the other side...........

Zak Mir writes: As the 200-day moving average forms one of my Golden Rules of Trading, the current chart position of Delling is something which almost perfectly illustrates the merits of using the moving average as a trading indicator. This is because we have now had four consecutive end of day closes above the black 200-day moving average, something which has to be regarded as technically significant. However, in the case of Delling it is not just the 200-day line that features, there has been an encouraging October double bottom reversal above 8p as well as a push for the RSI above neutral 50 to 68 currently. Perhaps the best strategy here would be to wait or any dips towards the 200-day line, with a weekly close stop loss being the money management point as we await a best case scenario target at the one year resistance line projection up to 22p.

The buyers in the poll position so far today, but no move up yet.

Just a reminder........

25/10/2006

Delling: Increased 2007 Forecast, 2008 Estimates Unveiled - Buy at 10p

Key Data
EPIC DLG
Share price 10p
Spread 9.5p-10.5p

NMS 15,000
Market cap. 1.51 million pounds
12 month range 8.75p-15p
Shares in Issue 151 million pounds
Net Debt 2 million pounds
Market AIM
Website www.dellinggroup.com
Sector Media
Contact Aksel Bratvedt
0207 484 5663

Over the past year AIM-listed Scandinavian based, marketing services group, Delling, has completed four acquisitions, a 5.3 million pounds placing and has taken steps to improve margins within the business. The company has also started to deliver clear organic growth that is sustainable. We believe that our forecasts for the group for 2007 are too low by a material order and feel confident of introducing new forecasts for 2008. It would appear the City has not totally forgiven Delling for a profits warning more than a year ago, and it has failed to take on board the progress made since that event and the profits potential of the group. Despite this, we believe the shares are materially undervalued and rate the shares as a buy at 10p with a new 12 month price target of 35p.

Delling is a market support services company. It provides out-sourced services to the marketing department 'back offices' of companies predominantly operating in Scandinavia. Established under the name Depicta in 1998, the company changed its name whilst embarking on its current strategy of aggressive bolt-on acquisitions to complement its own organic growth in March 2004. It listed on AIM in the autumn of that year, and now has an impressive client list of over 300 companies, including such giants as Statoil, Norsk HydroABB, Bristol-Myers Squibb and Ericsson. It is a pioneer in the application of the latest IT technology in the creation and efficient management of new and developing marketing channels.

In June of 2006, the company undertook a 5.3 million pounds fund-raising at 8p, and used this finance to handle its balance sheet problems, which had clearly been a concern of both investors and potential customers. The company now has net debt of 2 million pounds. However, if our forecasts are reached, it is possible that banks would lend it up to 20 million pounds to support further acquisitions. The purchases this year have been funded by a cash and shares mix, which typically involves Delling paying 5 times historic pre-tax profits. In a fragmented Scandinavian market, Delling feels it has a long list of profitable, privately owned target companies which can be bought on similar terms.

In the past three months Delling has made three acquisitions. On 22nd August, it paid 1.5 million pounds (5.6 times pre-tax profits) to buy Eckerud, which has annual sales of 4.4 million pounds. On 31st August, it bought Printcenter, which has annual sales of 1 million pounds for 5 times profits, or 370,000 pounds. And on 16th October, it paid 1.18 million pounds (5 times profits) for SEG, which has annual sales of 3.5 million pounds. These three deals alone add 9 million pounds to annualised sales, before cross-selling.

Our assumption is that the group will achieve a pre-tax margin of c10% in 2007, but once the synergy between the acquired companies is realised the margin will increase to 12% by 2008. We also assume (in our 2008 numbers) that another 5 million pounds of sales will be generated via acquisition. However, there is scope for Delling to significantly exceed our forecasts in that respect. The tax charge will due to historic losses remain at 0% in 2006 and 2007 but, as those losses are exhausted, it should increase to 10% in 2008 and will remain at 20% thereafter.

We regard the risks to our forecasts as being on the upside since Delling has the appetite, balance sheet strength and opportunities to accelerate its acquisition programme. Our 12 month target prices would put the stock on a prospective price earnings ratio of 12, which for a company growing its earnings and sales at this rate is not demanding. At 10p we rate the shares as a buy with a one-year target of 35p.

Looking forward to another week of sound gains.

Remember 35p 12 month price target.

Lifted this from another board, Luke Heron of Watshot.com commentating on DLG late last week.

I do not own this stock, but it is most definetely on my list of temptations. I continue to be very impressed at the speed at which the company is moving its acquisition pipeline forward. In particular, I was very impressed with recent deal to acquire Scandinavian Exhibition Group, a privately owned and profitable exhibition company with offices and operations across Scandinavia. SEG has annual turnover of 3.5 million and enjoys a gross profit margin of 54%. The current share price does not reflect the significant progress made this year, especially over the summer - the low PE, strong growth, low price to sales ratio, which in turn is backed up by a very strong acquisition pipeline, certainly supports a case for strong share price growth.

Off to a bright start, a 10,000 buy already in the bag.

Moving in the right direction again towards 25p.

Delling Group PLC
12 December 2006




For Release 7:00 am 13 December 2006




DELLING GROUP PLC (DLG.L)

The AIM-listed marketing support services group


Contract Gain


'Scandinavian retailer Expert adds revenues

of approx £3.6 million p.a.'


'New mobile marketing contract'


Delling Group PLC ('Delling'), the only listed marketing support services group
on AIM whose principal assets are in Scandinavia, announces that it has agreed a
new contract with Expert Invest AB ('Expert') in which Delling will be responsib
le during 2007 for the production and delivery of all graphical material to
Expert's 300 shops in Sweden. This new contract is in addition to the roll out
and development of the previously announced two year contract with Expert for
the implementation of graphic and motion media and screen installations in
Expert's recently acquired 'Power' shopping chain.


Delling anticipates that revenues from this new contract, when added to the
previously announced improved expected revenues from Expert (announced 04/10/
06), should result in Delling receiving revenues from Expert in the region of
£3.6 million per annum. With the contribution from the first Expert deal only
taking effect from August 2006, this new contract should represent a significant
increase to Delling's expected organic growth in 2007/2008.


Delling is also pleased to confirm that other contracts announced in 2006
continue to develop according to expectations.


On a separate matter, as previously announced, Delling considers that mobile
marketing is an increasingly important area of its services and its now working
on securing services from firms with advanced and accepted technology with a
view to generating an income stream from them as quickly as possible. To this
end, an agreement has been signed with Mobtopia AS which provides Delling with
the rights to offer Mobtopia's technology under Delling's own brand name to
Delling's customers in Scandinavia. Discussions are now being held with a number
of Delling's customers about such projects.


Commenting, Geir Lolleng, Chief Executive of Delling, said:


'The development of a number of smaller, but still significant contracts,
especially in the exhibition arena, make 2007 the first full year that Delling
can really benefit from the effects of economies of scale. We are also pleased a
bout the prospect of starting to generate income in the mobile marketing area
from January 2007, an area from which we are expecting a strong growth in the
coming years.'


ENDS



For further information please contact:





Contact:

Delling Group Plc
Geir Lolleng Tel: + 46 765276024


www.dellinggroup.com

----------------------

Adventis Financial PR
Tarquin Edwards/Peter Binns Tel: 020 7034 4758/020 7034 4760





Notes to Editors


Delling Group is a leading supplier of marketing support services for marketing
and communication departments throughout The Nordic countries.


Delling manages all fields of graphic support in many different forms and
formats including trade fairs, exhibitions and interactive digital solutions for
the web, mobile telephone marketing solutions, motion media for flat screens,
plasma or LCD.


It also supplies IT solutions which support and increase the efficiency of both
marketing and information departments. However, its major strength is that the
Group can deliver complete turnkey solutions, tailor-made for its customers'
every need. Delling also offers outsourcing solutions that can substantially
save costs and improve efficiency.


The Group's major activities are today concentrated in the Norwegian and Swedish
markets, however, it is quickly expanding into other Nordic areas, as well as
having customers and production facilities in Eastern Europe. It also has well
respected suppliers as far a field as China and Thailand.


Delling Group has today 100 employees. It is rapidly developing its organisation
by focusing on supplying its customers with the quality they demand, delivered
on time at the right price. Central to its philosophy lies the fact that its
customers will obtain greater effects and efficiency for every pound they invest
in marketing and information. The Group has strong growth, both through further
development of existing clients and establishment of many new relationships,
together with acquiring companies that enhance and further develop our business
concept.


Delling's goal is within the course of the next two years, through both
satisfied customers and recommendations, to be the largest and most profitable
company in the field of marketing support services within the Nordic countries,
and a significant player within Eastern Europe. In October 2004 it was the first
Scandinavian business to be listed on AIM, the London Stock Exchange's
international market for smaller growing companies. This has given Delling the
access it needs to capital funds needed to maintain and strengthen the further
development of the Group.






This information is provided by RNS
The company news service from the London Stock Exchange

Delling wins further contract with Expert Invest, adds 3.6 mln stg/yr revenues
AFX


LONDON (AFX) - Delling Group PLC, the AIM-listed marketing support services firm, said it has won a further contract with Expert Invest AB bringing revenues from business with the Swedish group to some 3.6 mln stg a year.

Under the contract Delling will be responsible during 2007 for the production and delivery of all graphical material to Expert's 300 shops in Sweden.

Delilng said that, with the contribution from the first Expert deal only taking effect from August 2006, this new contract should represent a 'significant' increase to the group's expected organic growth in 2007/2008.

Delling also confirmed that other contracts announced in 2006 continue to develop in line with expectations.

On a separate matter, Delling reiterated its view that mobile marketing is an increasingly important area of its services and it is now working on securing services from firms with advanced and accepted technology with a view to generating an income stream from them as quickly as possible.

With this in mind, an agreement has been signed with Mobtopia AS which provides Delling with the rights to offer Mobtopia's technology under Delling's own brand name to Delling customers in Scandinavia.

Delling said it is in talks with a number of its customers about such projects.



newsdesk@afxnews.com

slm

Excelent news, way undervalued is this company.

And more good news..

Delling Group PLC
14 December 2006




For Release 7:00 am 14 December 2006




DELLING GROUP PLC (DLG.L)
The AIM-listed marketing support services group

Acquisition of Prepress Company in Sweden


Delling Group PLC ('Delling' or the 'Company'), the only listed marketing
support services group on AIM whose principal assets are in Scandinavia,
announces that it has exchanged contracts to acquire Domain of Graphics AB
('DOG'), a privately owned prepress company, with completion scheduled for 31
January 2007, for a cash consideration. DOG has an annual turnover of
approximately 0.56 million.


The consideration payable is approximately 0.21 million, equivalent to
approximately 3 times DOG's expected pre-tax profit during its last financial
year (1 July 2005 to 30 June 2006).


DOG's management team and employees will be integrated into Delling's main
office in Stockholm which will create cost benefits and synergies from January
2007. The Directors believe that the combined entity will support Delling's
ability to handle major new contract wins more efficiently.



Commenting, Aksel Bratvedt, Executive Chairman, Delling Group, said:


'This in-fill acquisition fits into our business and should have a positive
impact on our revenues going forward. We continue to increase market share in
this sector.'


For further information please contact:


Contact:

Delling Group Plc
Aksel Bratvedt, Chairman Tel: 020 7484 5663

www.dellinggroup.com
----------------------

Adventis Financial PR
Tarquin Edwards/Peter Binns Tel: 020 7034 4758/020 7034 4760

More good news, lets hope the SP rise can be sustained this time.......

Delling in 2-year deal with Sweden's VI-Butikerna worth 1.1 mln stg/yr in sales
AFX


LONDON (AFX) - Delling Group PLC said it has won a two-year outsourcing contract with Swedish grocery chain VI-Butikerna, which Delling sees adding about 1.1 mln stg to its revenue per year in a deal it expects to be 'earnings enhancing'.

The AIM-listed marketing support services group with principal assets in Scandinavia said the deal, which starts on Feb 1, involves it handling the production of graphical material to VI-Butikerna's 90 food malls across Sweden.

Delling said the deal also gives VI-Butikerna an 'opt out' option after the first year and use other Delling services including production of advertisements and brochures, weekly direct mail activities and project management.

newsdesk@afxnews.com

tsk/slm

where is everyone????? gf, are you still here? ;-)

Yep certainly swseun.

Just wish every company would get as much news flow as this one.

Pity it doesnt at the moment convert it into notes.

Yet again patience.

Sure sentiment will change once forecasts are met.

Looks interesting I will be researching this one with a view to buy in.

lol.. nice to hear from you all again!!
How is other stock doing gf? WNG is doing very well!!
I guess DLG would not start rising until late this year, so I left quite a long term for it, how ever it is a good stock, willing to pay my patience and got in at this price, looking forward seeing this to double!!! could be more than double!!

Fingers crossed.

Checked a few figures for profit forecast for 2006 and 2007, it's very hard to work with so many contract wins and acquistions in last 6 months. I can't see how the broker is forcasting profit of 1.0m and EPS of 1p for 2006, my figure comes out as a loss of -0.350m. But my 2007 profit figure comes out much higher than forecast at a profit of 5.0m, so if I'm close I would think the shares will start to perform some time after the results are published in June.

Must admit it's very hard to work out, have either of you made any calculations re-results.

Hi SF,

the group should deliver earnings of 0.7p for the year to 31st December 2007, climbing to circa 1.8p next year. At 10p, the shares thus trade on 14.3 times earnings falling to just 5.5 for 2008.

Ive continually said this one is a hard one to forecast and brokers have widly differing figures.

Just look at this...

Growth Equities And Company Research.

25/10/2006

Delling: Increased 2007 Forecast, 2008 Estimates Unveiled - Buy at 10p

Key Data
EPIC DLG
Share price 10p
Spread 9.5p-10.5p

NMS 15,000
Market cap. 1.51 million pounds
12 month range 8.75p-15p
Shares in Issue 151 million pounds
Net Debt 2 million pounds
Market AIM
Website www.dellinggroup.com
Sector Media
Contact Aksel Bratvedt
0207 484 5663

Over the past year AIM-listed Scandinavian based, marketing services group, Delling, has completed four acquisitions, a 5.3 million pounds placing and has taken steps to improve margins within the business. The company has also started to deliver clear organic growth that is sustainable. We believe that our forecasts for the group for 2007 are too low by a material order and feel confident of introducing new forecasts for 2008. It would appear the City has not totally forgiven Delling for a profits warning more than a year ago, and it has failed to take on board the progress made since that event and the profits potential of the group. Despite this, we believe the shares are materially undervalued and rate the shares as a buy at 10p with a new 12 month price target of 35p.

Delling is a market support services company. It provides out-sourced services to the marketing department 'back offices' of companies predominantly operating in Scandinavia. Established under the name Depicta in 1998, the company changed its name whilst embarking on its current strategy of aggressive bolt-on acquisitions to complement its own organic growth in March 2004. It listed on AIM in the autumn of that year, and now has an impressive client list of over 300 companies, including such giants as Statoil, Norsk HydroABB, Bristol-Myers Squibb and Ericsson. It is a pioneer in the application of the latest IT technology in the creation and efficient management of new and developing marketing channels.

In June of 2006, the company undertook a 5.3 million pounds fund-raising at 8p, and used this finance to handle its balance sheet problems, which had clearly been a concern of both investors and potential customers. The company now has net debt of 2 million pounds. However, if our forecasts are reached, it is possible that banks would lend it up to 20 million pounds to support further acquisitions. The purchases this year have been funded by a cash and shares mix, which typically involves Delling paying 5 times historic pre-tax profits. In a fragmented Scandinavian market, Delling feels it has a long list of profitable, privately owned target companies which can be bought on similar terms.

In the past three months Delling has made three acquisitions. On 22nd August, it paid 1.5 million pounds (5.6 times pre-tax profits) to buy Eckerud, which has annual sales of 4.4 million pounds. On 31st August, it bought Printcenter, which has annual sales of 1 million pounds for 5 times profits, or 370,000 pounds. And on 16th October, it paid 1.18 million pounds (5 times profits) for SEG, which has annual sales of 3.5 million pounds. These three deals alone add 9 million pounds to annualised sales, before cross-selling.

Our assumption is that the group will achieve a pre-tax margin of c10% in 2007, but once the synergy between the acquired companies is realised the margin will increase to 12% by 2008. We also assume (in our 2008 numbers) that another 5 million pounds of sales will be generated via acquisition. However, there is scope for Delling to significantly exceed our forecasts in that respect. The tax charge will due to historic losses remain at 0% in 2006 and 2007 but, as those losses are exhausted, it should increase to 10% in 2008 and will remain at 20% thereafter.

We regard the risks to our forecasts as being on the upside since Delling has the appetite, balance sheet strength and opportunities to accelerate its acquisition programme. Our 12 month target prices would put the stock on a prospective price earnings ratio of 12, which for a company growing its earnings and sales at this rate is not demanding. At 10p we rate the shares as a buy with a one-year target of 35p.

G.F

Thankyou for the figures I will print these out for some light Sunday Afternoon reading, and try and make sense of my calculations.

Another contract win...

Delling Group wins contract extension worth 150,000 stg from Telia Sonera
AFX


LONDON (AFX) - Delling Group said it won a contract extension worth 150,000 stg for marketing support services to Swedish telecom operator TeliaSonera.

It will provide marketing material and related services for Telia's products within all the major airports in Sweden during 2007.

Delling said it has also won a contract to supply all transportable

display systems and related products for the merger process of the

two major Norwegian based oil companies, Statoil and Norsk Hydro.

newsdesk@afxnews.com

bsd

Have look at figures forecast for company, as mentioned very hard to work out at present. I have a 6 month price target at 15p, and will look to invest before June.

From ii, Rebecca Turner targets sp 35p for 2008:

Delling (DLG) is an interesting story of acquisitive growth,
having made seven deals last year and with no signs of stopping this year. Yet the valuation fails to discount this progress, with the shares trading on a December 2008 multiple of just 3.7 times earnings. With a strong balance sheet and management with a knack for targeting the right businesses, the company is set to expand rapidly over the next few years.

Delling is a marketing support services operator which went on a brake-neck acquisition spree last year. It now manages all fields of graphic support in many different formats, including trade fairs, exhibitions and interactive digital solutions for the web, mobiletelephone marketing, and motion media for flat screens, plasma and LCD. The company also provides IT solutions to support and increase the efficiency of both marketing and information departments. The business' major strength is that it delivers complete tailor-made turnkey solutions, as well as outsourcing.

In the main, Delling's activities are concentrated in the Norwegian and Swedish markets (although it is expanding into other Nordic areas), as well as having some customers and production facilities in Eastern Europe, the UK, China, and Thailand. It now has 80 employees, having grown rapidly in recent times through the development of existing clients, the establishment of new relationships, and the acquisition of new businesses.


Strategy

The strategy for the next two years is to become the largest and most profitable Nordic marketing support group, as well as a significant player within Eastern Europe and the UK. In October 2004, Delling became the first Scandinavian firm to list on AIM, giving it access to raise new funds specifically for this expansion.

During the first half to 30 June 2006 the group delivered a 110% rise in turnover to 5 million, of which 1.5 million was won from new annual contracts, and the remainder from acquisitive growth. A fundraising for 7.5 million strengthened the balance sheet, providing the group with access to bank financing for further value-enhancing deals.

In January this year, Delling won a major outsourcing contract with Swedish grocery chain, Vi-Butikerna, worth 1.1 million per year. Under the deal, Delling will handle the production of graphical material to 90 food malls across Sweden. It will also include the production of advertisements, weekly direct-mail activities, production of brochures, and project management. Vi-Butikerna was high on Delling's list of target clients, and the deal will boost earnings forecasts.

Delling's most recent acquisition was made in February - that of Sandbergs Exhibition Group, the only listed marketing support services group in Scandinavia. Delling issued 1.48 million worth of new shares to fund the deal, bringing new institutional and retail investors to the shareholder list. Sandbergs will also have an immediate impact on the bottom line.


Driving forward

Since 2004, Delling has bought seven businesses and has increased its turnover tenfold through acquisitions and organic growth. The rate at which targets present themselves continues to rise and Delling plans to invest heavily in investigating these opportunities and ensure their smooth integration for optimum returns. Delling remains an ambitious company with growth plans to completely transform its scale and reach over the next few years. We expect the acquisition trail to continue this year, with perhaps another 5 million generated in sales as a direct result of the strategy. The focused management team and strong balance sheet will drive this process forward. If we assume a one-year multiple of 12 times earnings for the shares, we reach a 2008 target price of 35p. This valuation is not demanding for a business growing its top and bottom line at such a rate. So, with the shares now at 10.5p, there is tremendous upside. A speculative buy.

Ends

Cheers, Madison

Hi madders,

I just wish the City would catch on and realise how cheap these are.

Patience as ever.

gf, smal Mkt Cap so not on city's radar screen.

goldfinger
Thanks for this thread - it put DLG on my radar and, after having a good look at it, have added to my SIPP. I don't expect fireworks tomorrow but happy to let it steadily rise. Seems like a good story - I like acquisitive businesses that roll out a successful business model to acquired businesses.

Take a look at ITQ - risen by over 2 times placing price with a clear 3.00 target and leadership with an excellent track record for acquisitive and organic growth.

mg

Will do MG, many thanks.

Purchased shares today, not expecting a rapid rise but would like to see a double within a year. Fingers crossed.

Thank you for the research notes posted here, made interesting reading.

S43 welcome aboard.

Patience is the key here.

Yes patience is key, and if I had waited a few days I could have purchased shares 0.25p cheaper. Still I'm pleased to be aboard.

Still got a good deal though SF.

At some time they have got to take off.

Trouble at Mill.

Added a few more.....

Delling Group PLC
04 April 2007


For Release 4th April 2007




DELLING GROUP PLC
The AIM-listed marketing services group


Directorate change



Delling Group PLC ('Delling' or 'the Company'), the only listed marketing support
services group on AIM whose principal assets are in Scandinavia, announces that,
following a change of strategy to focus on developing its businesses mainly
in the Nordic region, Chris Stone has resigned his directorship of the Company.



The Board would like to thank Chris for his efforts and contribution to Delling
Group.



ENDS


Contact:
Delling Group Plc
Aksel Bratvedt, Chairman Tel: 020 7484 5663
James Robinson, Finance Director Tel: 020 7484 5663

If only I had waited a little longer.

But as they say you can rarely buy at the bottom or the sell at the top. Never mind I'm happy at 10.25p.

Lots of investors taking advantage of new low price pm.

Have been away for a few days, and very pleased to see sp move upwards of nearly 1p = 10.75p. May not sound very much but it is a 10% rise. Maybe I should have a few more breaks.

Director dealings activity in the news this morning.

Delling Group PLC
20 April 2007


Delling Group plc
('Delling Group' or 'the Company')

Directors Shareholding

In accordance with Chapter 5 of the Financial Services Authority's Disclosure
and Transparency Rules, the Company was informed on 19 April 2007 that
Geir Lolleng and Aksel Bratvedt, both Directors of the Company, are interested
in 17,903,125 and 6,320,268 ordinary shares respectively in the capital of the
Company. These holdings respectively represent approximately 10.78 per cent
and 3.81 per cent of the Company's issued voting share capital.

For further information:

Delling Group plc

James Robinson 020 7484 6160

Seymour Pierce 020 7107 8000

Nicola Marrin

Buy Delling at 9.5p

A1m-analyst
23.04.07


Argues the AIM Newsletter

These recommendations do not constitute advice, please read the risk warnings

AIM-traded Delling Group (DLG) is an interesting story of acquisitive growth, having made seven deals last year and with no signs of stopping this year.

Yet the valuation fails to discount this progress, with the shares trading on a December 2008 multiple of just 3.3 times earnings. With a strong balance sheet and a management with a knack for targeting the right businesses, the company's rapid expansion is not discounted in the share price.

Delling is a marketing support services operator. It manages all fields of graphic support in many different formats, including trade fairs, exhibitions and interactive digital solutions for the web, mobile telephone marketing, and motion media for flat screens, plasma and LCD. The company also provides IT solutions to support and increase the efficiency of both marketing and information departments. Indeed, the business' major strength is that it delivers complete tailor-made turnkey solutions, as well as outsourcing.

In the main, Delling's activities are concentrated in the Norwegian and Swedish markets although it also has some customers and production facilities in Eastern Europe, the UK, China, and Thailand. The group now has 80 employees, having grown rapidly in recent times through the development of existing clients, the establishment of new relationships, and the acquisition of new businesses.

During the six months to 30 June 2006, the group delivered a 110% rise in revenues to 5 million, of which 1.5 million was won from new annual contracts, and the remainder from acquisitions. In January this year, Delling won a major outsourcing contract with Swedish grocery chain, VI-Butikerna, worth 1.1 million per year - so its numbers are clearly moving in the right direction. VIButikerna was high on Delling's list of target clients; and the deal will boost earnings forecasts for this year and beyond.

The company's most recent acquisition, Sandbergs Exhibition Group the only listed marketing support services group in Scandinavia, was made in February. We expect the acquisition trail to continue this year, with perhaps another 5 million generated in sales as a direct result of the acquisitive strategy. If we assume a one-year multiple of 12 times earnings for the shares, we reach a 2008 target price of 35p. With the shares now at 9.5p, there is tremendous upside potential. Speculative buy.

The AIM & OFEX Newsletter was established 10 years ago and is a winner of the prestigious AIM and OFEX award for Best Research. Every month AIM and OFEX Newsletter publishes two news tips and updates.

Cheers, Madison

Problem is Maders nobody takes any notice.

Looks to me like an early May and sideways markets.

I personally hate them and rather have a full blown bear market, but thats my opinion.

Partience as ever needed in the months coming.

Company brought to my attention by ''Business" magazine which highlighted the AIMNEWSLETTER article set out by Madison re post71. Should be an interesting one to follow. Good to see the Directors with substantial interests. I purchased today at 10.25p. Thanks Goldfinger for interesting thread.

Thats me out, not hanging around.

Totaly unexpected no matter how some over the road are trying to cover up the cracks.

Taking a 17% loss on the chin.

Some seem to be buying in now, but you know what they say about profit warnings.

Yep, did the same early on and moving on to pastures new. C'est la vie!

Its very dissapointing Maders and totaly unexpected but you tend to find some accountants in situations like this scrating around at the bottom of the barrel and trying to make things look better.

They always arise again in the future so Im not taking any chances.

This Company appears to have tried to run before it was in a strong enough in all departments to do so. They have not had the necessary experience in place before embarking on the acquisition trail. The Board say that this situation has been remedied. The recent change of strategy in order to concentrate on the Scandinavian market, although costly, is probably appropriate for a company of its size and is where it seems to be winning more business. Although my purchase was untimely, it was only a toe in the water . Hopefully, this experience will have gingered the Board up since they still have their own investment at stake. This small Company is doing business with the likes of Telia Sonera, Statoil and Norsk Hydro. It has been successful at gaining the business but took its eye off the ball on the admin & expense side. I will run with the shares for now as there is incentive for the Board to turn things around.

I also sold out last week on profit warning, I broke a few rules when I brought into Delling, but I always sell on a profit warning. Will find a better investment elsewhere.

spitfire, so how is your better investment going? any chance to let me know? Thanks

Good question, I'm still sitting on the money at the moment, I have a few company's that I'm keeping a close eye on. One is Oakdene Homes (okd), this is fairly tempting but not sure if the timing is best to enter the property sector.

At the moment trying to keep a cash balance in case of any correction, which I could then take advantage of.

Notice of Results & Contract Gain


'New contract framing agreement with Ericsson in the exhibition arena'


Delling Group PLC ('Delling'), the only listed marketing support services group
on AIM whose principal assets are in Scandinavia, advises that it will be
announcing its preliminary results on Monday, 25 June.


Delling also anounces that its subsidiary, Eckerud, the leading exhibitions
company in Sweden in terms of sales, which manufactures and designs stands for
trade shows, briefing centres and point of sale locations, has entered into a
new framing agreement with Ericsson, the global Swedish telecom group. This
agreement will set new contract parameters as far as design, production and
management activity in the exhibition arena are concerned, with an estimated
contract size of 1.0 million per annum.


The new agreement also includes the provision by Delling of exhibition-related
services to the joint venture Sony Ericsson, the mobile phone company.


The contract commenced on 1 March 2007 for one year, and will be renewed
automatically for a further year, if the contract is not terminated at the end
of year one. This further agreement follows on from Eckerud's successful
delivery to Ericsson of exhibition services for the major 3GSM exhibition in
Barcelona in February this year. Eriksson's exhibition material continues to be
stored in Eckerud's warehouse.



Commenting, Geir Lolleng, Chief Executive of Delling, said:


'This contract win has been high on our agenda and it is therefore extremely
satisfying that we have managed to streamline and further develop our
relationship and business with this important global customer. As a result, we
are excited by the considerable future potential to market a broader range of
our services to Ericsson within the marketing support services arena'.


Guscavalier comment: Following a difficult spell, nice to see some better news. Pleasing to see that this contract was won after other work carried out for the same customer, thus enhancing the relationship. No further bad news has been mentioned following the profit warning and if this remains so when prelims are announced on 27th June, we may see an element of sp recovery. sp up 0.5p today at 7.75p.

Delling makes 'considerable progress' in exhibition businesses integration
AFX


LONDON (Thomson Financial) - Marketing support services company Delling Group PLC said it is making considerable progress in integrating its business within the exhibition arena, which accounts for 40 pct of its revenues, and that it sees significantly lower lease costs going forward.

The AIM-listed company said its previously acquired businesses, Eckerud Scandinavian Group AB and Sandberg Expo, have been merged into one company and will now trade under the name Delling Expo, within the exhibition arena.

Delling Expo will now have a single management structure and one integrated accounting system. The company expects a significant reduction in the division's cost base due to the combined effect of the integration and the cost reduction programme.

Delling expects cost savings of about 5 pct, which will gradually materialise during this year. A further cost cutting exercise will follow in Eastern Europe production, which should give benefit in 2008, the company said.

Well, it's moved into profit after that stuttering period of consolidation. Could be an interesting year - still have these tucked away at a loss but looking to see a good return soon.

yes, this company is in a recovering preiod from loss, looking good and will see profit soon.

swseun
They are already reporting a move to profit today - turning around last year's losses and their problems of integrating their acquisitions. Their problems are all history now but the share price needs to catch up - I expect some press take up of this in the near future - even if it is the mickey mouse tip sheets.

Watch this space, an undiscovered little "boring" stock IMHO.

This will go bust soon.