Results out 6/12/2007/ Promises are positive.

Projected earnings are reasonable.

But DYOH

PROPOSED RETURN OF VALUE TO SHAREHOLDERS OF 50 PENCE PER SHARE VIA A B/C SHARE SCHEME
Further to the Company's IMS announcement on 16 August 2012, the Company announces that it is today posting a circular (the "Circular") to its shareholders containing details of a proposed 50 pence per share (approximately £82.0 million or $129.3 million in aggregate) return of value to Shareholders (the "Return of Value"). The Circular will include a notice convening a general meeting of the Company to approve the Return of Value and an associated share capital consolidation.

The Board has decided to effect the Return of Value through a structure involving an issue of B Shares and/or C Shares which would enable all Shareholders, subject to applicable overseas restrictions and tax laws, to elect to receive their Return of Value proceeds as either income (the "Income Option") or capital (the "Capital Option") or any combination of the two. Under this proposal, referred to as the "B/C Share Scheme", and subject to shareholder approval being obtained, for every 1 existing Ordinary Share held at 6.00pm on 25 October 2012, 50 pence is to be returned to Shareholders through the issue to them of either one B Share, which will be redeemed by the Company for 50 pence, or one C Share, on which a dividend of 50 pence will be paid or which will be purchased by Numis, acting as principal (and not as agent, nominee or trustee), at 50 pence per share under an offer to be made by them.

MCRO MICRO FOCUS

Didnt realise it was on such a cheap rating.

P/E 10.6 to 2014

Micro Focus International PLC

FORECASTS 2013 2014
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Peel Hunt
20-09-12 BUY 97.21 47.00 23.50 101.29 51.34 25.67
Westhouse Securities
20-09-12 BUY
Panmure Gordon
20-09-12 BUY 105.56 51.22 71.20 108.06 55.22 73.08
Merchant Securities Limited
14-09-12 HOLD 110.20 50.84 23.01 115.22 53.29 24.16
Singer Capital Markets Ltd
14-09-12 BUY 98.34 47.88 21.96 100.02 52.10 24.16
Investec Securities
17-08-12 BUY 105.45 52.72 26.36 108.18 59.90 29.98
Canaccord Genuity Ltd
06-08-12 BUY 108.94 51.24 23.17 115.26 54.92 24.98
Numis Securities Ltd
21-06-12 BUY 111.06 48.60

2013 2014
Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)

Consensus 104.50 49.88 32.34 107.46 54.30 34.47
1 Month Change -2.43 0.09 1.25 -2.85 0.81 1.62
3 Month Change -2.00 1.46 12.49 -1.47 2.78 12.73


GROWTH
2012 (A) 2013 (E) 2014 (E)
Norm. EPS 21.04% 27.24% 8.87%
DPS -3.15% 111.92% 6.60%

INVESTMENT RATIOS
2012 (A) 2013 (E) 2014 (E)

EBITDA £117.09m £111.70m £114.10m
EBIT £94.52m £102.85m £105.32m
Dividend Yield 2.64% 5.60% 5.96%
Dividend Cover 2.57x 1.54x 1.58x
PER 14.74x 11.59x 10.64x
PEG 0.70f 0.42f 1.20f
Net Asset Value PS -95.75p 15.46p 7.84p

Broker Buy Targets.

Date Company Name Broker Rec. Price Old target price New target price Notes

26 Sep Micro Focus... Panmure Gordon Buy 581.25 620.00 620.00 Retains
25 Sep Micro Focus... Canaccord Genuity Buy 581.25 600.00 675.00 Reiterates
25 Sep Micro Focus... Numis Add 581.25 610.00 610.00 Reiterates
04 Sep Micro Focus... Peel Hunt Buy 581.25 615.00 615.00 Reiterates

675p SP Target for Canaccord.

Stock looks way too cheap to me.

NORWICH & PETERBOROUGH BUILDING SOCIETY

MCRO MICRO FOCUS

P/E of just 10.6 for 2014 very
cheap for a Tech company.

INVESTMENT RATIOS
2012 (A) 2013 (E) 2014 (E)

EBITDA £117.09m £111.70m £114.10m
EBIT £94.52m £102.85m £105.32m
Dividend Yield 2.64% 5.60% 5.96%
Dividend Cover 2.57x 1.54x 1.58x
PER 14.74x 11.59x 10.64x
PEG 0.70f 0.42f 1.20f
Net Asset Value PS -95.75p 15.46p 7.84p

Heading for 10 years high. that would be some achievement.....

Broker Note out late yesterday....

Micro Focus International PLC

FORECASTS 2013 2014
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)

Panmure Gordon
27-09-12 BUY 105.56 51.22 71.20 108.06 55.22 73.08

MCRO Micro Focus

Some pretty impressive statistics

P/E of JUST 10.6 to 2014 and a
Divi Yield of 5.87%.

Stock is way undervalued imo.

INVESTMENT RATIOS
2012 (A) 2013 (E) 2014 (E)
EBITDA £117.09m £110.76m £112.82m
EBIT £94.52m £98.80m £101.38m
Dividend Yield 2.64% 5.50% 5.87%
Dividend Cover 2.57x 1.56x 1.59x
PER 14.74x 11.66x 10.68x

MCRO MICRO FOCUS INTERNATIONAL

Latest Broker SP targets.....

Date Broker name New Price Old price target New price target Broker change

26-Sep-12 Panmure Gordon Buy 581.00p 620.00p - Reiteration
25-Sep-12 Canaccord Genuity Buy 586.00p 600.00p 675.00p Reiteration

Broker Brief.....

10 Oct Micro Focus... MCRO Barclays Capital Overweight 573.00 583.00 600.00 600.00 Reiterates

600p SP target.

And another......

10 Oct Micro Focus... MCRO Panmure Gordon Buy 573.00 583.00 620.00 620.00 Retains

620p SP Target.

22 Oct Micro Focus... MCRO Barclays Capital Overweight 565.00 565.50 600.00 600.00 Reiterates

Broker Panmure Gordon says BUY Micro Focus (MCRO LN) with a 620p price target. Says today's news about the return of value underscores the fact that Micro Focus is the sector's ATM share. In the broker's view, Micro Focus will do another return next year, so investors should not see this as a one off (admittedly given the track record a two-off) event. Yes there are macro clouds in Euroland but the lights are still on and the broker is reminded from re-reading the BMC survey that mainframe machines remain an 'investment' for their users.

A modest PE of 11.4, a 27% discount to the sector. A cash return of 95p handed back to shareholders in the last 18 months. Future dividend yield just over 4%, perhaps more cash returns in 2013, up to 70p a share.

Investment bank Canaccord Genuity has a 700p price, implying further upside.

StockMarketWire.com
Micro Focus International announces that one of its subsidiaries has reached a definitive agreement with Progress Software Corporation for the acquisition of intellectual property and other assets and the assumption of liabilities associated with Progress's Orbix, Orbacus and Artix software product lines, for a total consideration of $15m.

The consideration will be satisfied in cash at completion using Micro Focus' existing banking facility. Completion of the transaction is subject to certain conditions, primarily relating to transfer of staff and certain contractual consents, and is currently expected to take place on or before 21 January 2013.

This weeks SM - New management ,new products and better routes to market are all playing their part and the lowly modest price/earnings multiple of 11.7 suggests there is re-rating potential, as that represents a 26% discount to the broader software sector.

StockMarketWire.com
N+1 Singer has downgraded its recommendation on IT firm Micro Focus (LON:MCRO) to "hold" from "buy" expecting the shares to pause for breath after their recent rally. The stock has risen in value by nearly 20 per cent since its recent low point on 11 December 2012. The City broker has nudged its target price up slightly to 655 pence per share from 645 pence. "We turned buyers of Micro Focus this time last year (share price 445p vs. current 642p) as we liked its risk/reward profile, with management setting prudent expectations and the increasing prospects of significant cash returns to investors,analyst Tintin Stormont said in a note this morning. Organic top line growth still remained elusive for the group in the last year, though good cost control meant EBITDA margins were at all time highs and cash generation remained a strong feature. We await the return of some top line organic growth to get more excited."

Completion of acquisition
RNS
RNS Number : 0518Y
Micro Focus International plc
18 February 2013



18 February 2013

Completion of acquisition of Orbix, Orbacus and Artix software product lines

from Progress Software Corporation

Further to the announcement on 24 December 2012, Micro Focus International plc ("Micro Focus", "the Company" or "the Group", LSE: MCRO.L) confirms that on 15 February 2013 one of its subsidiaries completed the acquisition of intellectual property and other assets, and the assumption of certain liabilities associated with the Orbix, Orbacus and Artix software product lines, from Progress Software Corporation ("Progress") for a total consideration of $15m. The consideration has been satisfied in cash using Micro Focus' existing banking facility.

Completion of the acquisition was delayed from 21 January 2013 awaiting certain contractual consents. Micro Focus now anticipates that the acquisition will contribute approximately $3m of revenue in the period from completion to 30 April 2013. For the financial year commencing 1 May 2013 Micro Focus continues to expect that the acquired assets will contribute to the stabilisation of the Visibroker business and deliver at least $14m in revenues. Micro Focus will manage the acquisition to deliver Adjusted EBITDA margin at least in line with the Group's latest reported level of 44.5%. The acquisition is expected to meet Micro Focus' tight financial parameters for acquisitions, and to be earnings enhancing in the current and future financial years.

Micro Focus also announces that its Q3 Interim Management Statement for the period from 31 October 2012 to 20 February 2013 will be issued on Thursday 21 February 2013.

Interim Management Statement
RNS
RNS Number : 3465Y
Micro Focus International plc
21 February 2013



RNS

21 February 2013



Micro Focus International plc

Interim Management Statement for the period from 31 October 2012



Micro Focus International plc ("Micro Focus" or "the Group", LSE: MCRO.L) provides its Interim Management Statement for the period from 31 October 2012 to the date of this statement. Interim Results for the six months ended 31 October 2012 were announced on 6 December 2012.



Trading update

Trading in the three months to 31 January 2013 was in line with management expectations at the time of the Interim Results. There was an adverse movement in currency rates in the period compared to the same period last year such that the year to date currency impact is broadly neutral as compared to a $3.6m currency gain last year.



Net Debt Position

Following the Return of Value to shareholders of 50 pence per share totalling US$130m together with the Interim Dividend of 7.4 pence per share at a cost of US$18m, the Group's net debt position at 31 January 2013 was US$193.9m (31 October 2012: US$96.2m) demonstrating further good operational cash generation during the period.



Outlook

Management's expectations for the year ending 30 April 2013 are that on a constant currency basis revenues will be as guided at the Interim Results and that Adjusted EBITDA will be in line with current market expectations.

Sold my holding - been in since 565p

Well done DC.