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

Projected earnings are reasonable.

But DYOH

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.

Cheers skinny.

StockMarketWire.com

Canaccord Genuity has restated its 'buy' rating on Microfocus (LON:MCRO) and increased its price target by around 14 per cent to 800 pence per share (previously 700 pence) in a note to investors today. The City broker believes the company has the capacity to increase its net debt / equity ratio from 1.5x to 2.0x which would allow the company to increase its cash returns to shareholders by as much as 50 per cent for the next few years. Canaccord considers the shares to be attractively valued and advocates switching out of Sage (LON:SGE) and into Micro Focus. Shares in Micro Focus have increased in value by around 14 per cent since the beginning of the year. Broker Forecasts consensus data shows that 54 per cent of brokers rate the shares as a 'buy' versus 15 per cent which rate them as a 'sell'.

StockMarketWire.com
Micro Focus booked a full-year pretax profit of $153.4 million, from $149.3 million. Reported revenue was $414.0 million, from $434.8 million.

Its proposed total dividend was up 26.6% to 40 cents a share, from 31.6 cents. This included a final dividend of 28.1 cents a share, from 23.4 cents.

"Following last year's stabilization and focus on product management, the current year has been one of solid progress in a challenging market, with our focus turning to channels to market, marketing effectiveness and sales execution," said executive chairman Kevin Loosemore in a statement.

"We believe we have now laid the foundations on which Micro Focus can grow in the second half of the year ending 30 April 2014," he said.

Interim Management Statement for the period from 30 April 2013 and proposed cash return to shareholders of 60 pence per share

Micro Focus International plc ("Micro Focus" or "the Group", LSE: MCRO.L), the international software product group, provides its Interim Management Statement for the period from 30 April 2013 to the date of this statement and announces a proposed return of value to shareholders of 60 pence per share, totalling approximately £90m ($140m) in cash.

Trading update
Revenue and Adjusted EBITDA in the period to 31 July 2013 were both in line with management expectations. Management's guidance for the current year remains unchanged from that given in the preliminary results for the year ended 30 April 2013 issued on 19 June 2013. At that time Micro Focus guided that overall revenues in the current year ending 30 April 2014 would be in the range of 0% to +5% on a constant currency basis compared to those reported in the year ended 30 April 2013.

As highlighted in the preliminary results, reported revenues in the current year will be impacted by exchange rates, primarily due to weakness in the Yen:$ exchange rate. If the exchange rates experienced in the year to date were to continue for the remainder of the year, the comparative revenues for the year ended 30 April 2013 would reduce from the reported $414.0m to $406.7m on a constant currency basis.

Net Debt Position
The Group's net debt position at 31 July 2013 was $145.7m (30 April 2013: $177.7m) demonstrating further good operational cash generation during the period. Micro Focus announced its new four year, $420m revolving credit facility on 17 July 2013 upon which arrangement fees of $3.8m were paid on execution of the agreement. Following completion of the new banking facility, the Board's target Net Debt ratio of 1.5x will be applied to the "Facility EBITDA" which is calculated as Adjusted EBITDA prior to amortisation of capitalised development costs.


Proposed cash return of value to shareholders
Consistent with the Board's policy of delivering value to shareholders, Micro Focus proposes, subject to shareholder approval, to return a further 60 pence per share, totalling approximately £90m ($140m) in cash, by way of a share scheme which involves the issue of a new class of D shares to shareholders (the "D share scheme"). The return of value uses a similar mechanism to previous returns of value and will be accompanied by a proportional share consolidation to maintain broad comparability of the share price and return per share of the ordinary shares before and after the return of value. The D share scheme will give shareholders (with the exception of Overseas Shareholders resident, or with a registered address, in a Restricted Territory†) a choice between receiving the cash in the form of either income or capital. A Circular will be sent to shareholders shortly, outlining the terms of the return of value and we anticipate that if shareholder approval is obtained at a General Meeting to be held on 26 September 2013, then the return of value will be completed in early November. The return of value will be funded from the Group's existing debt facilities. Absent a significant acquisition, a share buy-back opportunity or unforeseen circumstances the Board continues to intend to make a similar cash return to shareholders in November 2014.

Ex divi wed 4th Sept (17.9p)

StockMarketWire.com
Micro Focus International is proposing a 60p a share return of value to shareholders. It proposes to return about £90 million in total.

The proposal, along with an associated share capital consolidation, requires shareholder approval at a general meeting. Micro Focus has decided to effect the Return of Value through a structure involving an issue of D 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, or capital, or any combination of the two.