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.

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