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.

Zak Mir PRO TAer at SC across the road as just given this analysis on PIC....



Zak Mir



Reged: 28/06/07
Posts: 766
Re: CHART ATTACK - Longs and Shorts.
#444126 - 23/04/09 07:01 AM Edit Reply Quote



A major uptrend in force here. I would expect another gap higher in the next week or two.

Strong BUY from hemscott..

http://www.hemscott.com/companies/company-summary.do?companyId=3113

Recent Broker note from KBC Peel Hunt... a forward P/E of just under a miserly 8, far too cheap IMHO.

Pace PLC

SUMMARY CHARTS DIRECTOR DEALINGS FORECASTS WIRES
2009 2010

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

KBC Peel Hunt Ltd
27-04-09 BUY 74.31 17.25 2.00 86.16 19.93 3.00

Milkstone Ltd [A]
23-04-09 BUY 70.97 16.55 1.50 86.60 19.83 1.80

Altium Securities
22-04-09 BUY 76.90 18.30 0.80 94.20 22.10 1.00

ABN AMRO [A]
30-03-09 BUY 42.00 9.67 0.90 50.30 11.54 1.00

FinnCap [A]
05-03-09 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 75.62 17.78 1.39 90.22 21.03 1.99

1 Month Change 36.17 8.24 0.49 39.32 9.38 0.99
3 Month Change 53.80 12.70 56.73 13.19

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


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

Norm. EPS -14.10% 73.27% 18.28%
DPS % % 43.16%

INVESTMENT RATIOS

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

EBITDA 55.57m 111.00m 120.94m

EBIT 32.17m m m

Dividend Yield % 0.84% 1.20%

Dividend Cover x 12.79x 10.57x

PER 16.18x 9.34x 7.89x

PEG -1.15f 0.13f 0.43f

Net Asset Value PS 5.77p p p

Thursday, May 07, 2009

FinnCap raises Pace target price as drive to digital should benefit company

Broker FinnCap has increased its price target for set-top box maker Pace PLC (LSE: PIC) to 253 pence a share from 180p on the back of resilient first quarter results from US cable operator Comcast and Paces perception as supplier of choice by many of the PayTV operators.

In a note, the broker said; Clearly Pace is a technology leader in the digital space and actually only ships digital equipment, so any trend to digital should be read as positive for Pace.

It cited Pace shipping more than 1 million analogue to digital converters or digital television adapters (DTAs) in the Portland, Seattle and San Francisco Bay as part of Comcast's All-Digital initiative as an indication for the markets potential.

Given the increasing visibility for Pace and the encouraging signs from the PayTV industry for digital transmission in general and high definition (HD) content in particular, we are confident Pace will continue to grow strongly to 2010, FinnCap added.

A summary of latest Broker positions.....

Pace PLC

FORECASTS
2009 2010

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

Altium Securities
01-05-09 BUY 76.90 18.30 0.80 94.20 22.10 1.00

Milkstone Ltd [A]
30-04-09 BUY 70.97 16.55 1.50 86.60 19.83 1.80

KBC Peel Hunt Ltd
29-04-09 BUY 74.31 17.25 2.00 86.16 19.93 3.00

ABN AMRO [A]
30-03-09 BUY 42.00 9.67 0.90 50.30 11.54 1.00

FinnCap [A]
05-03-09 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 75.63 17.78 1.39 90.25 21.04 1.98
1 Month Change 0.12 0.05 -0.01 0.17 0.02 -0.02
3 Month Change 53.82 12.70 1.39 56.75 13.19 1.98

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


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

Norm. EPS -14.10% 73.27% 18.34%
DPS % % 42.45%

INVESTMENT RATIOS

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

EBITDA 55.57m 111.00m 120.94m

EBIT 32.17m m m

Dividend Yield % 0.75% 1.06%

Dividend Cover x 12.79x 10.63x

PER 18.13x 10.46x 8.84x

PEG -1.29f 0.14f 0.48f

Net Asset Value PS 5.77p p p

Lets not forget that quality broker analysis of just a few days ago....

Thursday, May 07, 2009

FinnCap raises Pace target price as drive to digital should benefit company

Broker FinnCap has increased its price target for set-top box maker Pace PLC (LSE: PIC) to 253 pence a share from 180p on the back of resilient first quarter results from US cable operator Comcast and Paces perception as supplier of choice by many of the PayTV operators.

In a note, the broker said; Clearly Pace is a technology leader in the digital space and actually only ships digital equipment, so any trend to digital should be read as positive for Pace.

It cited Pace shipping more than 1 million analogue to digital converters or digital television adapters (DTAs) in the Portland, Seattle and San Francisco Bay as part of Comcast's All-Digital initiative as an indication for the markets potential.

Given the increasing visibility for Pace and the encouraging signs from the PayTV industry for digital transmission in general and high definition (HD) content in particular, we are confident Pace will continue to grow strongly to 2010, FinnCap added.

14 was the peak. Can it pass this time?

Brokers with their backing behind the company and a forward P/E of just 8-9 way undervalued imho....

Pace PLC

FORECASTS
2009 2010

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

KBC Peel Hunt Ltd
15-05-09 BUY 74.31 17.25 2.00 86.16 19.93 3.00

Altium Securities
01-05-09 BUY 76.90 18.30 0.80 94.20 22.10 1.00

Milkstone Ltd [A]
30-04-09 BUY 70.97 16.55 1.50 86.60 19.83 1.80

ABN AMRO [A]
30-03-09 BUY 42.00 9.67 0.90 50.30 11.54 1.00

FinnCap [A]
05-03-09 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 75.60 17.77 1.40 90.17 21.01 2.00

1 Month Change 0.11 0.05 0.00 0.12 0.00 -0.01
3 Month Change 53.78 12.68 1.40 56.73 13.18 2.00

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


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

Norm. EPS -14.10% 73.21% 18.22%
DPS % % 42.87%

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

EBITDA 55.57m 111.00m 120.94m

EBIT 32.17m m m

Dividend Yield % 0.79% 1.13%

Dividend Cover x 12.68x 10.49x

PER 17.25x 9.96x 8.42x

PEG -1.22f 0.14f 0.46f

Net Asset Value PS 5.77p p p

PIC toying with 2

Nice break through of a flag formation on PIC PACE with good volume. The arrow points to where the SP as broken through....

"

I see Milkstone???? have slapped a broker Buy on PIC over the last couple of days 86.6 pre tax for 2010, rather interesting.....

Pace PLC

FORECASTS
2009 2010

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

Milkstone Ltd [A]
18-06-09 BUY 70.97 16.55 1.50 86.60 19.83 1.80

Thomson, Pace seek DTA waivers from FCC mayo101

http://www.cedmagazine.com/News-Thomson-Pace-DTA-waivers-FCC-061909.aspx

Thomson, Pace seek DTA waivers from FCC
By Mike Robuck
CedMagazine.com - June 19, 2009
Add Thomson and Pace to the list of companies that are seeking waivers for their digital terminal adapters (DTAs) from the Federal Communications Commission.

Like Cisco and Motorola (story here), Pace and Thomson filed for the waivers after Evolution Broadband was granted its three-year waiver earlier this month for its DMS-1002 and DMS-1002 CA boxes with DTAs, which have a price range of $44-$50 per box (story here).

Evolutions waiver request was the first of its kind at the time, since it was an equipment vendor rather than a cable operator seeking exemption from the integrated set-top box decree by the FCC that went into effect in July of 2007.

The waiver allows Evolution to sell its boxes without the more expensive CableCards that were required by the separable security mandate.

In the FCCs Evolution ruling, it said it would expedite similar waiver requests from other DTA vendors, which include Cisco, Motorola, Thomson and Pace, in order to meet the low-cost, limited-capability standard set forth in the FCCs 2005 Deferral Order.

On Thursday, the FCCs Media Bureau issued notices for public comment on Pace and Thomsons waiver requests. The public comment period lasts until June 29.

Pace filed a request for a waiver pursuant to the FCCs streamlined process for its DC50X and DC50Xu DTAs, while Thomson filed on its DCI104 and DCI105 DTAs.

Comcast has been a big proponent of DTAs as it moves analog channels over to digital in order to reclaim bandwidth. Thomson, Pace and Motorola have provided DTAs to Comcast (story here).

Cable operators can reclaim between 250 MHz and 300 MHz in each system that goes all-digital. If a typical cable system has 79 analog channels and the operator decides to move 59 of those channels to digital, while perhaps leaving 20 or so as a life-line analog service for some select markets, it would reclaim 354 MHz.

Given 354 MHz of reclaimed spectrum in the example above and the fact that, on average, 10 standard-definition MPEG-2 digital programs can be inserted into one 6 MHz slot this yields enough bandwidth for nearly 590 channels.

Further to yesterdays post re- to Broker notes very interesting to see 2 latest notes out last week with Altium underlining.....

"We expect a trading update for the half to June in early July and would not rule out further upgrades for the year."

BROKER CALL Altium remains buyer of Pace; sees possible upgrades later
16 June, 2009 09:17:34 AM


Broker maintains its buy stance on Pace with a target price of 250p after the company hosted a teach-in and product demonstration for analysts and investors last night.

"Overall, our impression from the event was that the planets remain aligned for Pace and that there is still plenty of growth to come in the business in the next 2-3 years. We expect a trading update for the half to June in early July and would ot rule out further upgrades for the year."

And other broker reporting.....

BROKER CALL Pace initiated buy at WHIreland
16 June, 2009 09:12:33 AM


Broker initates Pace with a buy recommendation and target price of 235p, saying that it sees a 28% upside to the share price.

"At this point in the cycle, we suggest Pace can easily justify a 20% premium to our blended peer group valuation which suggests a target price of 235p."...ENDS

Obviously if the company are going to update come early July with further upgrades possible, brokers are going to be conservative at the moment.

Full Broker List...

Pace PLC

FORECASTS
2009 2010

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

Milkstone Ltd [A]
18-06-09 BUY 70.97 16.55 1.50 86.60 19.83 1.80

Altium Securities
16-06-09 BUY 76.90 18.30 0.80 94.20 22.10 1.00

KBC Peel Hunt Ltd
12-06-09 BUY 74.31 17.25 2.00 86.16 19.93 3.00

ABN AMRO
05-06-09 BUY 72.82 16.77 0.90 84.86 19.48 1.00

FinnCap [A]
05-06-09 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 74.31 17.25 0.85 85.46 19.69 1.00

1 Month Change -1.28 -0.52 -0.56 -4.68 -1.31 -1.01
3 Month Change 34.01 7.73 -0.05 34.56 8.08 0.00

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


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

Norm. EPS -14.10% 68.11% 14.14%
DPS % % 17.65%

INVESTMENT RATIOS

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

EBITDA 55.57m 93.66m 104.57m

EBIT 32.17m m m

Dividend Yield % 0.42% 0.50%

Dividend Cover x 20.29x 19.69x

PER 19.49x 11.59x 10.16x

PEG -1.38f 0.17f 0.72f

Net Asset Value PS 5.77p 62.03p 78.34p ...............................ends


a full deck of Buys rather rare in the present climate.

PIC toying with 2 again.

Close above 2!

LOVELY 48 hpours above 200p aswell.

BROKER CALL Altium remains buyer of Pace; sees possible upgrades later
16 June, 2009 09:17:34 AM


Broker maintains its buy stance on Pace with a target price of 250p after the company hosted a teach-in and product demonstration for analysts and investors last night.

"Overall, our impression from the event was that the planets remain aligned for Pace and that there is still plenty of growth to come in the business in the next 2-3 years. We expect a trading update for the half to June in early July and would ot rule out further upgrades for the year."...ends

Final sentence made my mind up for me.

Pace plc Post Period End Update (Pace Micro Technology)





TIDMPIC

RNS Number : 1137V
Pace PLC
06 July 2009

?
Pace plc Post Period End Update
Saltaire, West Yorkshire, UK, 6 July 2009: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 six months ended 30 June 2009.
Neil Gaydon, Chief Executive Officer commented: "Pace has continued to
capitalise on its excellent position in the growing global market for digital TV
technology. The strong operating performance anticipated for the full year that
was outlined in our trading update on 7 April 2009 and reiterated in the AGM
statement on 22 April 2009 remains unchanged."
Pace will announce its Interim financial results for the six months ended 30
June 2009 on Monday 27 July 2009.
-ends-

On track then......nice.

Toying with 2 again - interims on Monday.