Nice to see the Brokers all with BUY recommendations...... forward P/E of just over 12 going into 2012 far too cheap imo. Look at the NAV per share aswel, 36.4p. at 2010!!!!!

Scapa Group PLC

FORECASTS 2011 2012
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Brewin Dolphin
19-04-11 BUY 5.60 2.70 7.00 3.50
Arden Partners
15-04-11 BUY 5.60 2.70 7.30 3.60
Cenkos Securities
13-04-11 BUY

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

Consensus 5.60 2.70 7.15 3.55
1 Month Change 0.82 0.36 1.35 0.71
3 Month Change 0.79 0.35 1.32 0.70


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

Norm. EPS % % 31.44%
DPS % % %

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

EBITDA -13.80m 13.20m 14.70m
EBIT -18.70m m m
Dividend Yield 0.00% % %
Dividend Cover x x x
PER -3.27x 16.67x 12.68x
PEG f f 0.40f
Net Asset Value PS 36.34p p p

Superb results yesterday - profits rising faster than revenues owing to growing Healthcare side with better margins. Charlie Munger "You make your real money not by buying and selling, but by waiting" now applies to SCPA for me. Rating scarily high on fundamentals, but a quality business which imo could easily become prey. Always dyor.