Pace have fallen a lot over the last 6 months. The move to digital is near, do you think they can recover. Presently way off previous highs.

A lot of Broker Buys and coverage on this stock and why not with a miserly forward P/E of just over 10 going into 2010.....

Pace PLC

FORECASTS
2009 2010

Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Milkstone Ltd
07-08-09 BUY 76.25 18.25 1.50 89.04 20.73 1.80

W H Ireland Ltd
06-08-09 BUY 73.70 17.70 3.50 91.50 22.00 4.50

KBC Peel Hunt Ltd
06-08-09 BUY 73.50 17.24 2.00 87.32 19.65 3.00

Altium Securities
30-07-09 BUY 77.00 18.60 0.80 93.60 22.30 1.00

Noble & Company
30-07-09 None 79.10 18.30 1.10 97.50 22.60 1.20

Seymour Pierce
27-07-09 HOLD 76.00 18.80 1.50 86.90 21.00 1.90

ABN AMRO
27-07-09 BUY 72.82 16.77 0.90 84.86 19.48 1.00

Singer Capital Markets Ltd
27-07-09 UREV
FinnCap [A]

07-07-09 BUY 44.70 13.00 0.90 54.30 15.90 0.90

2009 2010
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 75.30 18.22 1.32 89.63 21.23 1.68
1 Month Change 1.33 0.72 0.10 0.48 -0.18 0.04
3 Month Change -0.33 0.44 -0.07 -0.62 0.19 -0.30

Notes to forecasts
(07 April 09) A flag refers to outlook


GROWTH
2008 (A) 2009 (E) 2010 (E)

Norm. EPS -14.10% 77.56% 16.52%
DPS % % 27.27%

INVESTMENT RATIOS
2008 (A) 2009 (E) 2010 (E)

EBITDA 55.57m 81.91m 97.28m

EBIT 32.17m 72.80m 91.60m

Dividend Yield % 0.61% 0.78%

Dividend Cover x 13.80x 12.64x

PER 21.05x 11.86x 10.17x

PEG -1.49f 0.15f 0.62f

Net Asset Value PS 5.77p 62.03p 78.34p

7 year high again today.

Interesting trading last couple of days got in at 2.12 a couple of weeks ago but could not have envisaged this rapid increase in sp... : )

Have just gone long - Upgrade today and the news below yesterday.

Pace initiated with buy rating at Singer, 270p price target.




Pace Introduces First to Market Multiroom DVR Solution


Pace (LSE:PIC), a leading global developer of digital TV technologies, has today revealed an advanced multiroom DVR solution, Home Content Sharing (HCS). Paces HCS, which utilizes centralized storage to connect multiple high definition (HD) set-top boxes within the home, is integrated with Rovis Interactive Program Guide (IPG) and Rovis Connected Platform software to enhance the products advanced functionality.


Paces multiroom DVR is a market first and delivers full dual tuner HD-DVR functionality to each connected television in the home. The product is built around a single Network Attached Storage (NAS) device that provides centralized storage and enables multiple non-DVR set-top boxes in the home to access and share recorded content. Rovis IPG provides an advanced, easy to navigate graphical interface for the HCS solution. Subscribers and cable operators will be instantly familiar with the user interface and will enjoy key features such as watch and record, pausing live TV, and managing recordings from connected televisions.


Paces advanced software and NAS architecture make it possible for the HCS solution to distribute nine simultaneous HD streams throughout the home. Subscribers will be able to concurrently record six HD programs while maintaining full trick mode[1] capability, which is an industry first. The HCS solution also offers advanced DVR features including a folder system, a bulk delete tool, and the ability to bookmark playback to resume in another room.


Rovis Connected Platform software product is also being used in Paces HCS to provide a standards-based, secure content sharing platform. When used in conjunction with Paces advanced multiroom DVR software, the Connected Platform product can enable cable operators to evolve their whole home services to include more personalised content. This includes music, video, photos and Internet content, delivered using DLNA-, UPnP- and DTCP-IP-compliant devices via the home data network.


Paces product development teams have achieved an important industry first in creating a multiroom DVR platform with a groundbreaking number of simultaneous recordings and HD streams that will delight cable subscribers, said Pace Americas VP of Sales and Marketing, Tim OLoughlin. We have chosen to launch our HCS system alongside Rovis IPG due to its extraordinary prevalence in the cable market and its flexibility as an integration platform.

Cable operators continue to look to deploy solutions that provide added value to their service offerings and provide subscribers with a cutting-edge home entertainment experience, said Simon Adams, senior vice president of CE sales, Rovi. We are excited to collaborate with Pace on the launch of an innovative multiroom DVR solution that brings consumers seamless access to digital content while also giving operators more choice on how to implement content sharing capabilities in their infrastructure.

Availability

Paces HCS solution, including the set-top box and the NAS, are available for immediate deployment. For cable operators who are not currently Rovi IPG customers, the Rovi IPG is available now from Rovi.


Pace will demonstrate its HCS solution at booth #206 at the Cable & Telecommunications Association for Marketing conference and at booth #13065 at the Society of Cable Telecommunications Engineers annual trade show.

Pace Micro Technology Interim Management Statement





TIDMPIC

RNS Number : 9048B
Pace PLC
04 November 2009

?


Pace plc Interim Management Statement
4 November 2009: Pace plc, the leading independent developer of digital TV
technologies for the global payTV industry, is providing its second Interim
Management Statement for the 2009 financial year.
In the four months since 30 June, Pace has continued to execute against its
strategy to be a leader in technologies and products for the global payTV
market. Group revenues and volume deliveries are tracking to plan and Pace has
maintained a strong balance sheet and robust financial position. As anticipated
in the half yearly statement, average selling prices are increasing in the
second half of 2009 when compared to the first half due to a greater proportion
of high definition (HD) PVRs1 in the product mix. Operating margin for the full
year is expected to increase slightly over the first half.
Therefore, given current market strengths, Pace's position and good order
visibility, the Group continues to be confident in management's expectations for
the full year 2009.
During the period, Pace announced a series of HD contract wins with operators
that included Europe's largest cable TV company UPC Broadband, satellite
operator Viasat in Scandinavia, Brazil's NET Servis and new customer Sky in
Germany. An increasing number of operators ordering HD PVRs are moving to hybrid
platforms that combine broadcast and broadband delivery, where Pace has
established early market leadership.
Additionally, there was news on the first customer for Pace's new
MultiDweller(TM) technology - Canal Digital, the leading television distributor
in the Nordic market - and a series of customers for the Group's first 'whole
home' solution for US cable operators, which delivers HD content and PVR1
capability to multiple connected TVs in the home.
Commenting on the period, Neil Gaydon, Pace's Chief Executive Officer, said:
"I am pleased to report Pace is firmly on track to meet management's
expectations for the 2009 financial year as the Group continues to perform well
strategically, commercially and operationally. Pace is operating in a strong
market and has taken a leadership position in high definition and hybrid
products, where there is significant consumer demand.
"As part of Pace's ongoing growth and diversification strategy we successfully
launched our MultiDweller product, which extends triple-play delivery into hard
to reach places. We also launched the very first whole home PVR solution for the
American cable market ahead of all competition."
-ends-

http://www.thetelegraphandargus.co.uk/business/4744824.Change_of_Pace_recognised_by_CBI/

Post Period End Update

RNS Number : 1481F
Pace PLC
07 January 2010

?
Pace plc Post Period End Update
Saltaire, West Yorkshire, UK, 07 January 2010:Pace plc (PIC.L), the leading
independent developer of digital TV technologies for the global payTV industry,
is pleased to report that the Company is on target to meet management
expectations for the twelve months ended 31 December 2009.
Neil Gaydon, Chief Executive Officer commented: "2009 was a record year for Pace
with excellent growth in shipments, revenue and profitability as we delivered
against our strategic, commercial and operational targets. We also continued
our careful management of the balance sheet, closing the year with a positive
net cash balance of over GBP70m."
Pace will announce its Preliminary financial results for the twelve months
ended 31 December 2009 on Tuesday 2 March 2010.
-ends-

Final Results.

Financial Highlights1

Revenues increased 52% to 1,133.4m (2008: 745.5m)

Profit before tax up 405% to 69.9m (2008 13.8m)

Adjusted2 Group profit before tax up 168% to 76.5m (2008: 28.5m)

Strong balance sheet with net cash of 73.5m (2008: 37.7m)

Adjusted2 operating margin increased to 6.7% (2008: 3.9%)

Gross margin of 17.6% (2008: 18.1%) reflecting the increased diversification of the enlarged Group product mix

Basic EPS of 17.7p (2008: 4.0p), with adjusted EPS of 19.3p (2008: 7.8p)

Final dividend of 1.0p proposed (2008: 0.6p) taking total dividend for year to 1.5p (2008: 0.6p

Pace plc AGM and Interim Management Statement

"In the Preliminary results announcement on 2 March we updated our outlook for 2010. I am pleased to report that trading has continued in line with our expectations and Pace continues to deliver against management's plan.

"We entered 2010 in a strong operating and financial position with our payTV markets continuing to be positive and with good demand for the Group's products. For the full year we expect a combination of solid volume growth and a modestly lower ASP resulting from product mix, to lead to mid single digit revenue growth. Gross margins are expected to increase, with a focus on operating cost and efficiency generating further improvements in operating margin. We will also continue tight management of the supply chain as we manage a sector-wide risk of component shortages.

Am looking around the technology sector atm. Any thoughts on this one as a recovery play for 2011? Possible downside on the chart looks a bit worrying.

Harry - its had a reasonable run this month (but then so have most) interims on the 27th.

Interim Results.

Financial Highlights

Revenues increased 21% to 635.2m (six months ended 30 June 2009: 526.5m)

Improvement in gross margin to 18.6% (six months ended 30 June 2009: 17.2%)

Adjusted[1] operating margin increased to 7.5% (six months ended 30 June 2009: 6.5%)

Profit before tax up 46% to 45.4m (six months ended 30 June 2009: 31.0m)

Adjusted1 profit before tax up 39% to 47.8m (six months ended 30 June 2009: 34.3m)

Basic EPS of 10.7p up 43% (six months ended 30 June 2009: 7.5p), with adjusted basic EPS of 11.6p up 40% (six months ended 30 June 2009: 8.3p)

Interim dividend of 0.725p, increased by 45% (six months ended 30 June 2009: 0.5p)

Strong balance sheet with cash of 94.1m (at 31 December 2009: 73.5m, at 30 June 2009: 48.9m)


Proposed acquisition

Pace today announced the proposed acquisition of 2Wire Inc, a leading provider of advanced residential gateways and associated software and services for the broadband service provider market to widen Pace's US customer base and opportunity

I bought a few of these yesterday morning on the back of the article in the Times.

and.....

RNS Number : 6139A

Pace PLC

03 February 2011

Statement from Pace:

"Pace plc notes recent press comment regarding its business in India and can confirm that it is currently working to agree contract terms with a satellite operator for the launch of a new digital service".

Quiet thread considering the potential here?

Pace plc Preliminary Results for the year ended 31 December 2010



Financial Highlights

Revenues increased by 17.4% to 1,330.9m (2009: 1,133.5m), with organic revenues[1] growing 9.7%

Adjusted[2] EBITA up 35.6% to 103.6m (2009: 76.4m) with organic business1 contributing 94.3m and acquisitions 9.3m

Return on sales[3] increased to 7.8% (2009: 6.7%)

Total operating profit before exceptionals up 31.9% to 91.9m (2009: 69.7m)

Profit before tax (after exceptionals) up 1.7% to 71.1m (2009: 69.9m)

One-off exceptional costs of 19.0m from transaction related expenses, acquisition integration costs and restructuring to implement post-acquisition operating structure

Adjusted[4] basic EPS up 23.8% to 23.9p (2009: 19.3p), basic EPS 17.0p, down 4% post one-off exceptional costs (2009:17.7p)

Proposed final dividend of 1.45p, resulting in total full year dividend of 2.175p, up 45% (2009: 1.5p)

Closing net debt[5] of 200.7m, after successful $450m debt raising to fund acquisitions

Usual reaction after results. The direction can change fast.

Broker Buy list from hemscott premium.........

Forward P/E of just over 5 for 2012, derd cheap and way undervalued imo.

Pace PLC

FORECASTS 2011 2012
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)
Peel Hunt
05-04-11 BUY 113.37 25.67 2.50 125.49 28.41 3.00
The Royal Bank of Scotland NV
28-03-11 BUY 118.44 26.36 2.40 135.71 29.89 2.50
W H Ireland Ltd
23-03-11 BUY 114.28 27.24 2.50
Execution Noble
14-03-11 BUY 27.80 2.60 32.40 3.10
Altium Securities
09-03-11 BUY 114.90 27.80 2.40 136.00 32.60 2.60
Numis Securities Ltd
09-03-11 HOLD 103.00 24.10 113.00 26.40
Seymour Pierce [R]
07-03-11 BUY 115.10 25.30 2.20 136.20 30.70 2.50
Milkstone Ltd
14-02-11 BUY 115.30 26.30 2.50
Collins Stewart [R]
04-11-10 BUY 30.00 32.70

2011 2012
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 104.69 25.98 2.48 115.08 28.98 2.80
1 Month Change -1.03 0.15 0.04 2.65 0.37 0.20
3 Month Change -10.29 -0.80 0.10 -15.08 -1.59 0.06


GROWTH
2010 (A) 2011 (E) 2012 (E)

Norm. EPS 14.74% 16.26% 11.58%
DPS 56.82% 43.77% 12.86%

INVESTMENT RATIOS
2010 (A) 2011 (E) 2012 (E)

EBITDA 114.40m 159.88m 172.04m
EBIT 92.20m 108.04m 119.84m
Dividend Yield 1.08% 1.56% 1.76%
Dividend Cover 12.95x 10.47x 10.35x
PER 7.13x 6.13x 5.50x
PEG 0.48f 0.38f 0.48f
Net Asset Value PS -59.48p 97.17p 117.06p

Nice to see a drop in stock on loan (proxy for shorters) to about half in recent days.



DATA EXPLORERS

Interim Management Statement.

Key Points

Volume shipments and revenues have continued to meet Pace's expectations (Q1 2011 revenues up 24% on Q1 2010), but profitability has been impacted due to the following factors:

o Pace has built inventory and purchased components ahead of schedule to ensure that it can deliver on customer orders within a tight supply chain environment. This has increased costs;

o The Japanese Tsunami has further exacerbated the supply chain environment in the period and increased risk for the year;

o Profitability in the Pace Europe business unit during the period has been below expectations, despite this unit having achieved its revenue and volume targets;

o Insufficient demand for Pace Networks products, which resulted in the closure of this division as a standalone business unit.

Down 50 after extended auction.