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

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.