Good to see we have solid broker backing here and not suprised with it being so cheap. A foward P/E of just over 11 to 2011 is very miserly.

ITE Group PLC

FORECASTS 2010 2011
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Numis Securities Ltd
15-07-10 BUY 33.50 10.20 5.70 39.00 12.00 5.90

Singer Capital Markets Ltd
15-07-10 BUY 34.20 10.30 5.70 41.40 12.60 6.00

KBC Peel Hunt Ltd
15-07-10 HOLD 33.95 10.25 5.70 39.52 12.04 5.90

Investec Securities
24-06-10 BUY 36.04 11.01 5.72 40.24 12.24 5.95

Altium Securities
22-06-10 BUY 33.80 10.40 5.50 38.80 11.90 5.70

Collins Stewart
18-05-10 BUY 10.50 12.60

2010 2011
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 33.87 10.32 5.70 39.57 12.09 5.92

1 Month Change 0.03 -0.08 -0.00 -0.07 -0.04 -0.03
3 Month Change 1.06 0.23 0.01 1.56 0.47 -0.04


GROWTH
2009 (A) 2010 (E) 2011 (E)

Norm. EPS 36.55% -18.72% 17.11%
DPS 10.42% 7.64% 3.70%

INVESTMENT RATIOS
2009 (A) 2010 (E) 2011 (E)

EBITDA 47.78m 35.41m 40.99m

EBIT 42.71m 31.50m 36.30m

Dividend Yield 3.76% 4.05% 4.20%

Dividend Cover 2.40x 1.81x 2.04x

PER 11.10x 13.66x 11.66x

PEG 0.30f -0.73f 0.68f

Net Asset Value PS -2.50p 24.10p 29.10p

Ex divi 8th Jan 2015 (4.9p)