Main Web Site : http://www.firstartist.com/index.asp

20th June 2007 Broker Note : http://www.esnips.com/web/PPOtherStuff/


Major News/Events :

Trading Update July 2007


First Artist Corporation plc, is one of the worlds leading integrated marketing, sport and entertainment management businesses. Our companies are recognised experts in entertainment and sport representation, wealth and media management, advertising and events, and the complementary nature of their skills makes our offer truly exciting.

Group Web Sites :

MARKETING
http://www.sponsorshipconsulting.co.uk
http://www.newman-displays.com/
http://www.dewynters.com
http://www.theatremerchandise.com/
http://www.firstrights.co.uk/

SPORT
http://www.firstartistsport.com/
http://www.firstartistscandinavia.dk/

WEALTH
http://www.optimalwm.com/

EVENT MANAGEMENT
http://www.finishingtouchevents.co.uk/

ENTERTAINMENT
http://www.firstnci.com/

Broker Forecast 25th June 2007 :

2007 PTP 2.6m
2007 EPS 13.30p

2008 PTP 3.6m
2008 EPS 15.70p

2

3

4

5

DS Update on 30th July :



First Artist - BUY

Price: 94p Target price: 174p Analyst: James Hollins | 020 7776 6571

First Artist

Positive trading update

First Artist has released a positive trading update. Following a weak share price run, the shares are significantly undervalued.
The group highlights record trading during June for both The Finishing Touch (event management division) as well as its wealth management operations, Optimal.

The bullish tone encompasses all divisions, with Dewynters, the largest division, continuing to make a strong contribution, Newman Displays trading is very buoyant and First Artist Sport (sports agency) is performing well.
The Finishing Touch has exceeded the terms of its earn-out targets and First Artist is therefore issuing the second tranche of shares (43k shares) and 430k of loan notes.
Overall, management states that trading is strong and in line with its expectations.

On this basis, we retain our forecasts of 13.26p earnings to FY07E (August period-end) and 15.66p to FY08E. With the shares standing at just 7.1x FY07E EPS (6.0x FY08E), we retain our Buy recommendation and 174p target price (85% upside).

TW comment on 27th June 07

http://www.sharecrazy.com/ubbthreads/showflat.php?Cat=&Number=393393&page=0&view=collapsed&sb=5&o=&fpart=1

Buy First Artist at 113.5p

I tipped this stock at 81p in March. It is now 113.5p but with a target price of 250p it is not too late to buy. AIM traded First Artist has come a long way over the past year. Starting life with just a single string to its bow, the group has been transformed from its days operating as a football agency, and now has financial services, an events business and following the acquisition of Dewynters, also owns the biggest name in theatrical and entertainment marketing. This has not been an exercise in diversification for diversification sake, this is about profit, and lots of it.

First Artist is now well on the way to delivering on its strategy of synergistic acquisitions supported by strong organic growth. Earnings are set to accelerate in the near term following the Dewynters deal. And what a coup that was. Dewynters is an icon in the entertainment and theatre industry representing many of the current hit West End musicals and plays. It owns a successful media signage business in London and a flourishing merchandising operation in New York and Las Vegas. This acquisition was a quantum leap for the First Artist Group. The many cross selling opportunities with other group companies will continue to create value for shareholders whilst the Dewynter's acquisition itself is set to transform the enlarged company into an international media and entertainment organisation, retaining a potent delivery of entertainment, sport, wealth and event management.

CEO Jon Smiths vision has now not only become a reality, but it has also heralded his arrival as a highly effective deal maker and integrator. People and companies like dealing with Smith, and so surely it is only a matter of time before he pulls off another earnings enhancing cracker.

In the meantime, First Artist is throwing off the cash at a rate of knots. On an annualised basis and incorporating a full year from Dewynters, the group should turn over somewhere in the order of 47 million this year, delivering an EBITDA of 3.7 million and earnings certainly into the double figures. Some in the City are talking about an EPS figure of 15p for the year to August 2007, but for the sake of caution, let us assume 12p. The risks with these numbers are most certainly towards the upside. Its the longer term where First Artists true potential resides. I would be very surprised if earnings do not hit 20p within the next 24 months, at which point I do not see how the shares could be trading at under 250p. At 113.5p, there is 120% upside here on a 2 year view. Of course with the summer transfer window now in full swing (Jon, please bring a couple of decent defenders to Upton Park), there is also the speculative possibility of an uplift on the back of a busy and active period. Buy.

What was the Dec '06 spike from 5.5p to 80p due to? Stock consolidation?

Yes, at the time of the acquisition then, a share consolidation too.

Am tempted with this one, but if there is a big market correction, I feel that this sector will not be immune.
On my watch list.

Papal, better header than my page with more research info, same conclusion though, this should be a double-bagger if not more once results are in. so much growth potential and cross-selling opportunities. FAN is on the up.

Bit of interest returning to FAN.

With a chart like this one Andy I would think you are going short.

Not likely, the forecasted earnings have FAN on PE <7. In the current market this is exactly the type of company to invest in. More likely to be adding.

I bought these for growth in the SIPP, but the trend changed to down so I flogged them a few weeks back. ;-(

So did I.

The sp dropped when the overall market wobbled and some people have banked their profits, I will never argue with that however nothing has changed with the company. Forecast earnings and growth are strong, once confirmed with results the share price will respond. IMO Under-rated on forward EPS.

Tomorrow is the last day of the financial year, so hopefully we can have a pre-close trading update soon, which should set the scene for results hopefully around late Oct or early Nov.

Given a trading update to come soon, we hope, I would suggest that FAN is now bottomed and ready to move on upwards.

Well, Footy may only now be 20% of what FAN do, but its nice to read this for the Football side of things :

http://news.bbc.co.uk/2/hi/business/6976231.stm

Monday, 3 September 2007

TV deal 'fuels transfer spending'

Liverpool paid 20.5m for Fernando Torres this summer.
New owners and a massive television broadcasting deal have helped English football clubs spend more than 530m on players this summer, a survey says.

The study, by Deloitte............

First Artist Corporation PLC
06 September 2007

First Artist Corporation plc
('First Artist' or 'the Group')

The Finishing Touch Signs Major Contract with

The Training and Development Agency for Schools


First Artist Corporation plc, the integrated marketing, sport and entertainment management group, today announces that it has signed a three year contract through its event management subsidiary, The Finishing Touch, with the Training and Development Agency for Schools (TDA). Included within the contract is the option to extend for a further two years.

The Finishing Touch will be responsible for delivering the TDA's training events programme aimed at 'securing an effective school workforce that improves
children's life chances'.

The Finishing Touch has an established relationship within the public sector,
having worked with a division of the TDA over the past four years. In the
Group's audited accounts for the 10 months to August 2006, the contribution to
First Artist revenues from the public sector totalled 1.4 million. Management
expectations are that this new enhanced contract, which will commence
immediately, will be materially larger than this on an annual basis.

The TDA is an executive non-departmental public body of the Department for
Children, Schools and Families. It also has a close working relationship with
the Department for Innovation, Universities and Skills.

Richard Hughes, Group Managing Director of First Artist, commented:

'We are delighted to be awarded this contract as it represents a considerable
development in the relationship with the TDA and comes at the end of an extended and particularly competitive tendering process. It is a clear endorsement of the quality of work that The Finishing Touch undertakes and we look forward to further developing our successful partnership with the agency'.


- ends -

Look like upgrades will be coming, from the wording by DS this morning, they need to investigate how big this will be....... :)


First Artist - BUY

Price: 93p Target price: 174p Analyst: James Hollins | 020 7776 6571

Contract win

First Artist has announced a significant contract win with the Training & Development Agency (TDA).

The two groups have worked together before, but this contract augments the relationship.

First Artist, via its event management division The Finishing Touch, has signed a three-year deal (option to extend for a further two years) to deliver the TDAs training events in the UK.

Although currently unquantified in terms of scale and scope, the contract is forecast to deliver materially higher annual revenue than the 1.4m historically generated by First Artist from the public sector.

Ahead of clarifying the potential scale of the contract, this underpins our bullish stance on the group and we retain our Buy recommendation and 174p price target.

On existing numbers, the group is trading at 7.0x FY07E.

First Artist Corporation PLC 10 September 2007

First Artist Corporation plc

Director/PDMR Shareholding

First Artist Corporation plc (AIM: FAN) (the 'Company'), the integrated
marketing, sport and entertainment management group, announces that Richard
Hughes, the Group Managing Director, has today notified the Company that on 7
September 2007 he acquired, through his personal pension plan, an interest in
10,000 ordinary shares of 2.5p each in the capital of the Company ('Shares') at
a price of 101.25 pence per share.

Following this transaction, Mr Hughes now holds 136,799 Shares, which represent
1% of the Company's issued share capital.

Looking nice today :)

Sounds good.


RNS Number:7750D
First Artist Corporation PLC
13 September 2007

First Artist Corporation plc
("First Artist" or "the Group")

Final Earn-Out Payment
Optimal Wealth Management Limited

First Artist Corporation plc, the integrated marketing, sport and entertainment
management group, is pleased to announce that its wealth management company,
Optimal Wealth Management Limited ("Optimal") has exceeded the second and final
set of financial performance targets detailed under the terms of the acquisition agreement dated 21st July 2005. As a result the sellers of the company have achieved maximum earn-out payments. Following the earn-out payments, the total consideration paid is #3 million.

Optimal, formerly known as ABG Financial Management Limited, has achieved a 16%
like for like increase in operating profit for the year ended 30th June 2007,
totalling #964,180. The increase resulted from organic growth within the
business and the continued benefits of integration within the First Artist groupof companies.

Fisher Family Office LLP, the joint venture set up last year with financial
services firm H W Fisher & Company, has now started to produce positive income,
with further growth opportunities being generated.

As a result of the agreed performance targets being exceeded, the second and
final tranche of earn-out consideration has become payable to the sellers of
Optimal ("Optimal Sellers"). This consideration is to be satisfied by (in
aggregate):

*The payment by the Company to the Optimal Sellers of #450,000 in cash.

*The allotment by the Company to the Optimal Sellers of 391,700 new
ordinary shares of 2.5 pence each in the capital of the Company ("New
Ordinary Shares") on the basis of an average mid-market price of 96.10 pence per New Ordinary Share. The Optimal Sellers have agreed not to dispose of
any New Ordinary Shares for a period of 12 months following allotment.

Application has therefore been made for the admission of the New Ordinary Shares to trading on the AIM market of the London Stock Exchange. Upon issue, the New Ordinary Shares will rank pari passu with the Company's existing Ordinary Shares. It is expected that admission will become effective and that dealings in the New Ordinary Shares will commence on 19th September 2007 ("Admission"). Following Admission, the Company will have a total issued share capital of 13,503,036 Ordinary Shares.

Jon Smith, Chief Executive of First Artist Corporation plc, said:

"Optimal has proved to be a very profitable and earnings enhancing acquisition
for our shareholders, and with the directors of Optimal agreeing to new
contracts with the company the future prosperity of the business continues to be assured, with further opportunities for growth".

DS comment this morning.


First Artist - BUY
Price: 105p Target price: 174p
Code: FAN.L Analyst: James Hollins | 020 7776 6571

Strong trading in Optimal Wealth

First Artist has announced that its wealth management division, Optimal, has exceeded the terms of its earn-out performance targets.
This will result in the payment of 450k to the vendors, as well as the issue of 391.7k new shares (recipients locked-in for 12 months). These are included in our forecasts and equate to a full acquisition consideration for Optimal of 3.0m.

Optimal is trading well (+16% LFL EBIT growth in FY to June 2007, driven by organic and cross-sell growth) and, critically, the directors have agreed to new contracts to remain within the group.

Elsewhere within the wealth management division, Fisher Family Office (jv with HW Fisher) has started to produce positive income, with strong business generation leads.

Despite the positive newsflow, there is no immediate change to our forecasts and we reiterate our Buy recommendation and 174p price target.

Lovely, and broker forecasts are :

Broker Forecast 30th July 2007 :

2007 PTP 2.6m
2007 EPS 13.26p

2008 PTP 3.6m
2008 EPS 15.66p

************************************************

http://www.investegate.co.uk/Article.aspx?id=200709170701149186D

First Artist Corporation PLC 17 September 2007

First Artist Corporation plc
('First Artist' or 'the Group')

Year end close trading statement and final results release date

First Artist Corporation plc, the integrated marketing, sport and entertainment
management group is pleased to issue a trading statement for the year ending
31st August 2007. Preliminary results for the year ending 31st August 2007 will
be released on Monday 19th November 2007.

Revenue in all divisions has increased over last year in line with market
expectations, with a strong pipeline of contracted income already in place for
the coming year. Significant investment has been made in information, management and operating systems, resulting in an important enhancement of the management's ability to execute its growth strategy.

Performance within the group's five divisions is summarised below;

Events
Corporate event revenues are ahead of last year and, following the recent
significant Public Sector contract win this division has had a strong finish to
the year.

Marketing
Following their successful integration into the Group, which considerably
expanded this division, both Dewynters' UK and US operations along with Newman
Displays, the UK's leading front of house and fascia display company, continue
to deliver strong growth. The division has been heavily involved with a
significant number of new West End shows this year, including Grease and Joseph
and the Amazing Technicolor Dreamcoat, both of which had very high profile
launches through their associations with prime time television programmes. Other projects the division has worked on include the heavily marketed film launches of Simpsons the Movie and Harry Potter and the Order of the Phoenix as well as the handling of the US merchandising rights for Young Frankenstein, a musical soon to be opening on Broadway, further developing the US merchandising business which currently has contracts with hits, The Color Purple and The Phantom of the Opera (Las Vegas).

First Rights, which was established in May 2007, acting on behalf of rights
holders has already completed three deals, including developing a sponsorship
strategy and implementation plan for The Art of The Simpsons and a leading
Football League Championship club.

Wealth
Optimal Wealth Management has increased revenues and maximised on its earn-out,
as announced on 13th September 2007. Post earn-out completion, senior management have been retained on new contracts.

Entertainment
This division has had a solid year with many client revenues increasing. The
business is now working with programme production companies to develop new
programme formats for its clients, which are expected to complete next year.

Sport
This division has had its best performance for a considerable number of years
completing over 120 deals throughout the division, of which 17 were
international deals, many involving collaboration between our UK and
international group offices.

Jon Smith, Chief Executive of First Artist Corporation plc, said:
'This year has been a great success with growth in all divisions and further
sizeable growth already contracted for the coming years. We have witnessed a
step change for the group with all acquisitions now fully integrated and each
experiencing strong trading. I would like to thank all staff and senior
management for facilitating such smooth transition. The group is now positioned
to enter that next stage in its development as a major player in the
entertainment delivery sector'.


Enquiries

First Artist Corporation plc

Jon Smith, Chief Executive
Richard Hughes, Group Managing Director Tel: +44(0) 208 900 1818


Bell Pottinger Corporate & Financial
Ann-Marie Wilkinson / Peter Otero Tel: +44(0) 207 861 3232

Dawnay, Day Corporate Finance Limited
David Floyd Tel: +44(0) 207 509 4570

http://www.ft.com/cms/s/0/2fb2b586-6580-11dc-bf89-0000779fd2ac.html

West End resurgence lifts First Artist

By Roger Blitz, Leisure Industries Correspondent

Published: September 18 2007 03:00 | Last updated: September 18 2007 03:00

A resurgent West End helped boost revenues last year at First Artist Corporation, the marketing, sport and entertainment management businesses.

The Aim-listed group benefited from theatre advertising of West End shows such as Grease and Joseph and the Amazing Technicolor Dreamcoat.

West End theatres are enjoying record attendances, ticket revenue, and advance booking revenue. Ticket revenues in 2006 broke 400m for the first time, up nearly 5 per cent on the previous year.

Theatreland attracted more than 12m visitors last year and contributed to the wider UK economy in terms of tax revenues and restaurants and bars, with film or TV-linked musicals in the vanguard.

Jon Smith, chief executive, said live entertainment was in demand in spite of higher new technology spending.

"There is a counter-balance in the marketplace. People are spending more and more time on live entertainment," Mr Smith said.

"You can't download it. It was our belief that the more people buy into technology, the more they will also go out and enjoy themselves in equal size and proportion."

Issuing a year-end trading statement, First Artist said revenues in all its five divisions rose over the past year in line with expectations and a strong pipeline ofcontracted income was in place for the coming year.

Client revenues rose in its entertainments division, working with programme production companies to develop new formats, and the company completed 120 football deals in the year.

First Artist bought Dewynters, the theatre marketing agency, last year, as well as Newman Displays, the front-of-house and fascia display company, both of which were heavily involved in the promotion of high-profile West End shows.

The wealth management and events divisions were both ahead of last year. The shares fell p to 105p.

More from The Times :

http://www.ft.com/cms/s/0/d667b1ee-687b-11dc-b475-0000779fd2ac.html

Money makes the theatre world go around

By Roger Blitz and Jeremy Lemer

Published: September 22 2007 07:54 | Last updated: September 22 2007 07:54

From marketing companies to ticket agencies, hotels and restaurants to casting agents, it has been hard not to make money from the boom in Londons theatreland.

Market turmoil is passing the West End by as theatre audiences flock to central London by the bus-load and theatres elitist tag wanes. Critics may bemoan the orgy of musicals along Shaftesbury Avenue but, as Stephen Crockett, casting agent, says: Thats what people want to go and see.

Theatre attendances are set to smash last years record of 12.4m, revenues breaking through 400m. Advanced bookings of 57m were double the previous year and, according to the Society of London Theatre, attendances are running 12 per cent ahead of 2006.

It is a boom time and we dont see the bottom falling out of the market, says the societys Paul Jones.

Andrew Lloyd Webbers Sound of Music, according to one theatre insider, is estimated to have made 25m after nine months. His reality television show, How Do You Solve A Problem Like Maria? , which drew millions of viewers to cast votes for the actress to play the lead role in the West End production, has attracted a wave of first-timers.

Theatre advertising companies have made impressive profits from the boom. First Artist Corporation, listed on Aim, has seen its share price rise by a third since it bought Dewynters, the theatre marketing agency, and Newman Displays, the front-of-house and fascia-display company.

This week, it attributed the boom in West End shows to strong revenues in its entertainment division. There is an amazing amount of product, says Jon Smith, First Artists chief executive. The funny thing is the promoters who were doing it 30 years ago are still doing it now........................................

With results now due in around 4 weeks time, I would suspect that some buying action will come in in the coming weeks.

The upside is decent imv, the present price incorrect, and undervaluing the company.


Initiation Note June 2007 : http://www.firstartist.com/UserFiles/File/pdfs/070620%20-%20DanielStewartBrokerNote.pdf



.

Showing some strength now. One would hope for around 140p prior results......

First Artist Corporation PLC 07 November 2007

On behalf of: First Artist Corporation plc ('First Artist' or 'the Group')
For immediate release

First Artist Corporation plc

• Notice of Preliminary Results

First Artist Corporation plc (AIM: FAN), the media, entertainment, and events
group, will announce its preliminary results for the year ended 31 August 2007
on Monday, 19 November.

An analyst briefing will be held at 0930hrs on the day at Redleaf
Communications, 9-13 St Andrew Street, EC4A 3AF. Please contact Michael Ward at Redleaf on 020 7822 0200 or

mw@redleafpr.com

if you would like to attend.

RNS Number:3844H
First Artist Corporation PLC
09 November 2007

Date: 9 November 2007
On behalf of: First Artist Corporation plc ("First Artist" or "the Group")

First Artist Corporation plc

* Acts in Ruud Gullit Move to Galaxy

First Artist Corporation plc (AIM: FAN), the media, entertainment, and events group, announces that it acted for Ruud Gullit in his engagement as new coach for Los Angeles Galaxy. The deal extends the Company's delivery of its sports management business in the United States. Corrinne Goodhall of First Artist negotiated the terms of the three year deal and acts as Ruud Gullit's commercial advisor.

Commenting on the announcement, Jon Smith, Chief Executive of First Artist, said:

"Ruud Gullit is a global football icon and teaming him with David Beckham embodies Ruud's belief in sexy football. The US is becoming a key market for high profile soccer stars and we are delighted to be at the heart of this latest move. First Artist looks forward to continuing to work with Ruud in his new role in California and further extending our activities in the US."

Ruud Gullit has been managed by First Artist since 1996. He was previously manager at Chelsea and Newcastle United football clubs. As a player, he starred for Dutch clubs such as Feyenoord and PSV Eindhoven, and achieved world recognition in the 1990s with AC Milan where he won two European Cups and a world club championship. His international career spanned 66 games for the Dutch national team between 1981 and 1994, captioning the team to European Championship success in 1988.

Results on this coming Monday, lets see how bullish things have been.

Just a reminder of the trading update :

First Artist Trading Statement

RNS Number:9186D First Artist Corporation PLC
17 September 2007

First Artist Corporation plc
("First Artist" or "the Group")


Year end close trading statement and final results release date

First Artist Corporation plc, the integrated marketing, sport and entertainment
management group is pleased to issue a trading statement for the year ending
31st August 2007. Preliminary results for the year ending 31st August 2007 will
be released on Monday 19th November 2007.

Revenue in all divisions has increased over last year in line with market
expectations, with a strong pipeline of contracted income already in place for
the coming year. Significant investment has been made in information, management
and operating systems, resulting in an important enhancement of the management's
ability to execute its growth strategy.

Performance within the group's five divisions is summarised below;

Events
Corporate event revenues are ahead of last year and, following the recent
significant Public Sector contract win this division has had a strong finish to
the year.

Marketing
Following their successful integration into the Group, which considerably
expanded this division, both Dewynters' UK and US operations along with Newman
Displays, the UK's leading front of house and fascia display company, continue
to deliver strong growth. The division has been heavily involved with a
significant number of new West End shows this year, including Grease and Joseph
and the Amazing Technicolor Dreamcoat, both of which had very high profile
launches through their associations with prime time television programmes. Other
projects the division has worked on include the heavily marketed film launches
of Simpsons the Movie and Harry Potter and the Order of the Phoenix as well as
the handling of the US merchandising rights for Young Frankenstein, a musical
soon to be opening on Broadway, further developing the US merchandising business
which currently has contracts with hits, The Color Purple and The Phantom of the
Opera (Las Vegas).

First Rights, which was established in May 2007, acting on behalf of rights
holders has already completed three deals, including developing a sponsorship
strategy and implementation plan for The Art of The Simpsons and a leading
Football League Championship club.

Wealth
Optimal Wealth Management has increased revenues and maximised on its earn-out,
as announced on 13th September 2007. Post earn-out completion, senior management have been retained on new contracts.

Entertainment
This division has had a solid year with many client revenues increasing. The
business is now working with programme production companies to develop new
programme formats for its clients, which are expected to complete next year.

Sport
This division has had its best performance for a considerable number of years
completing over 120 deals throughout the division, of which 17 were
international deals, many involving collaboration between our UK and
international group offices.

Jon Smith, Chief Executive of First Artist Corporation plc, said:

"This year has been a great success with growth in all divisions and further
sizeable growth already contracted for the coming years. We have witnessed a
step change for the group with all acquisitions now fully integrated and each
experiencing strong trading. I would like to thank all staff and senior
management for facilitating such smooth transition. The group is now positioned
to enter that next stage in its development as a major player in the
entertainment delivery sector".

Lets hope the market likes the results as currently trading on low forward PE and PEG

Daniel Stewart Roadshow in London on the 19th for the results :


First Artist 19/Nov - Results - Katie Shelton (Contact 020 77766 ext 593)

Nice results (and nice to see a director buying), this is the comment from Daniel Stewart today :

First Artist - BUY
Price: 102p Target price: 194p Code: FAN.L Analyst: James Hollins | 020 7776 6571

Earnings and target price upgrades

First Artist has announced FY07A results ahead of our expectations. We retain our Buy recommendation and raise our target price by 10% from 176p to 194p on the back of an increase in our FY08E and FY09E earnings estimates of 9% and 11% respectively.

First Artist has reported top-line growth of 411% to 48.6m, relative to our estimate of 47.4m and reflecting a 10-month contribution of 32.9m from Dewynters (acquired November 2006).

First Artist FY07A EBITDA is up from 1.8m to 4.1m (+130% year-on-year, vs our forecast of 3.9m), with clean PBT of 2.8m (vs 1.4m in FY06A and 8% ahead of our 2.6m forecast).

A lower-than-expected fully diluted shares in issue led to a 19% earnings outperformance against our forecast (15.71p reported vs 13.26p forecast), showing year-on-year earnings growth of 95%.

A net cash inflow during FY07A of 2.7m led to year-end group net debt of 9.7m (2.4x EBITDA) against our forecast of 10.3m. Net debt is forecast to fall to 9.2m in FY08E (1.8x EBITDA).

Following the trading outperformance announced today, compounded by reduced net debt and dilutive shares in issue relative to our estimates, we are increasing our FY08E earnings estimate from 15.66p to 17.05p (+8.9%), with FY09E rising from 16.80p to 18.64p (+11.0%).

This places the shares on a P/E to FY08E of 6.0x (FY09E 5.5x) and an EV/EBITDA of 4.3x in FY08E (FY09E 3.9x).
On this basis, with a strong and diversified business model underpinned by expected earnings resilience and cash generation in its largest division, Dewynters (71% of forecast FY08E revenue), and multiple avenues of organic and acquisitive growth across the groups operations, we retain our Buy recommendation and increase our target price by 10% from 176p to 194p (90% upside).

Excellent results and future looks very promising. Under-valued stock on current and forward PE/PEG. I will be adding.

To much debt for maintaining progress as FY08 may not be as spectacular with credit sqeeze theatening the business expansion through aquisition. Great results would have produced a dividend! FAN is one to watch carefully.

I agree sold my holding as not sure where the growth is going to come from in a more difficult economic climate.

Latest news of police arrests following investigations into "bungs" in football will not help those involved in the players transfer market.

In case you havn't noticed, FAN is a more diverse company.

Yes but it is still very involved in the player transfer market.

Lost 30%...this was a Shares Mag favourite recently.

And strongly tipped by TW!

Very rare for PapalPower to promote a dud! Mortal after all! :o)

First Artist - BUY
Price: 76p Target price: 194p
Code: FAN.L Analyst: James Hollins | 020 7776 6571


Bullish H1 update

First Artist has released a bullish trading update for its H1 period to 29 February 2008.

H1 trading has been in line with management expectations and the group is confident that trading for the full year will be in line with market expectations. The group also stated that cash generation remains strong in the group.

Based on the H1 performance and solid outlook, we retain our forecasts and Buy recommendation with 155% upside to our 194p price target (target multiple of 6.0x EV/EBITDA, 10.4x P/E FY09E).

The in-line H1 trading represents a group-wide strong performance, highlighting the individual strengths of each business and underpinning our positive view on the revenue diversification within the group.

First Artists Media division (c.51% of forecast FY08E group EBIT) continues to trade strongly with highly resilient Dewynters revenue and new contracts to promote Gone with the Wind and Sleeping Beauty in London (opening in April and June 2008 respectively). Sponsorship Consulting and First Rights have shown positive contract wins and renewals with clients such as Shell and Unilever.

The Sport and Entertainment divisions (c.22% of forecast FY08E group EBIT) are also trading well, with a strong football trading window in January (19 transfers including Felipe Caicedo to Manchester City from Basel for 5.2m, as well as Jean-Alain Boumsong from Juventus to Lyon for c.2.2m).

Optimal Wealth (c.15% of forecast FY08E group EBIT) has gained its Chartered Status during the period (Chartered Insurance Institute) and delivered a strong performance.

The final division, Events (c.13% of forecast FY08E group EBIT), is stated to be trading sizeably ahead of the same period last year despite a difficult corporate events market.

Given the positive update we retain our FY08E estimates (4.0m EBIT, 3.6m PBT, 17.05p EPS) having upgraded our earnings by c.10% in November 2007.

Our current forecasts rate the shares at a significant discount to our fair value, with the group trading at 4.5x FY08E earnings (4.1x FY09E) and 3.7x EV/EBITDA (3.3x FY09E). We are forecasting FY08E group net debt of 9.2m, representing a net debt/EBITDA ratio of 1.8x (falling to 1.5x FY09E).

Our target multiple of 6.0x FY09E EV/EBITDA (10.4x earnings), implies a target price of 194p and, with 155% upside to our target, we retain our Buy recommendation.

What kind of update is the above-mentioned by FAN...more of a bulls**t update.


First Artist H1 pretax loss widens - MoneyAM

First Artist Corp. Plc. reported a wider first-half pretax loss, but said that it is confident for the rest of the year and beyond, despite the prevailing challenges in the market.

The media, events and entertainment management group posted a pretax loss of 281,000 pounds for the six months to Feb. 29, 2008, compared with a loss of 180,000 pounds in the previous year, despite a 48 percent rise in revenues to 27.37 million pounds.

First Artist said all its group companies are trading well, with strong new business generation and organic growth from current clients.

The company also said that it will continue to seek expansion opportunities through acquisition.

Here are the thoughts of Daniel Stewart :


First Artist - BUY

Price: 70p Target price: 194p

Code: FAN.L Analyst: James Hollins | 020 7776 6571


Solid H1, materially undervalued stock

First Artist has reported a solid set of H1 results, highlighting the resilient nature of its business model as a focussed marketing services group operating across media, events and entertainment/sports representation. The group has reported revenue growth of 48.1% (27.4m vs 18.5m), with each division trading well.

Group EBITA came in at 0.77m (+8.0% vs 0.71m), with the top-line growth partially offset by the relatively low margin contribution from Dewynters, higher sports division losses (H2 weighted) and higher head office costs.

Increased interest payments (0.75m vs 0.42m H1 2007) resulted in group breakeven at the pre-tax line against a small profit in H1 2007 (0.27m). A minor tax inflow resulted in H1 2008 EPS of 0.57p

Following the group's H1 results we are leaving our FY08E and FY09E earnings estimates unchanged. We believe that the H1 performance has underpinned our estimates (c.45% of forecast revenue covered in H1).

The group is benefiting from a resilient and diverse revenue stream, picking up new clients across its business divisions and supplementing organic growth.

We expect the cross-sale opportunities to drive further growth and see solid potential upside from internal, high-margin client referrals, as well as further acquisition opportunities.

Our unchanged estimates drive P/E multiples of just 4.1x FY08E and 3.8x FY09E (EV/EBITDA of 3.8x FY08E, dropping to 3.4x FY09E).

These multiples completely fail to reflect the true value of First Artists diverse and resilient revenue streams, market-leading positions in theatre, entertainment and sports marketing, upside from owned IP monetisation, continued heavy external investment in core markets, and international growth and acquisition opportunities.

With the debt level of 11.8m, First Artist has a net debt/EBITDA ratio to FY08E of just 2.1x (1.8x FY09E), with interest covered 4.1x (4.4x FY09E) and a substantial FCF yield in FY08E of 29.4%.

Across all metrics (P/E, EV/EBITDA, FCF yield, cash interest cover), we believe that First Artist is materially undervalued and we retain our Buy recommendation and 194p price target (target multiple 6x FY09E EV/EBITDA, 10.4x P/E).

The above is an old article in February.

FAN is 38p now...this is one of those thought to reach 200p...what a failure. AVOID at all means.

i agree,,dont really understand wath huppen to first artist,,i hold share and im loosing quite at bit,never thought would go that low,,,
hope they will back up again soon finger crossed

More negative news today, what next?

Shares suspended and reverse takeover, what next TW?