Very unusual to have a full deck of Broker Buys but it looks to me on a forward P/E of just 4.7 to 2011 and 4.3 to 2012 its very much under valued.

(figures from hemscott premium)

AssetCo PLC

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

Arden Partners
13-09-10 BUY

Astaire Securities
06-09-10 BUY 13.50 12.50 1.30 14.50 13.40 1.40

Fairfax IS
28-06-10 BUY 11.00 9.70 12.90 11.20

Eden Group
06-05-10 BUY

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

Consensus 12.49 11.37 0.00 13.86 12.51 0.00

1 Month Change 1.49 1.67 0.00 0.96 1.31 0.00
3 Month Change 0.99 1.17 -1.35 0.46 0.81 -1.45


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

Norm. EPS 149.74% 27.76% 10.04%
DPS 27.44% % %

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

EBITDA 24.46m m m

EBIT 17.42m 16.80m 18.90m

Dividend Yield 2.29% % %

Dividend Cover 7.12x x x

PER 6.12x 4.79x 4.36x

PEG 0.04f 0.17f 0.43f

Net Asset Value PS 5.48p p p

Update



The board of Assetco is continuing to look at all opportunities for shareholder value, and as previously announced on 21 March 2011 the company is in dialogue with an investor group regarding financial support, but as announced on 12 May any proposal for a future fundraising would be dependent upon the Company agreeing a sustainable and appropriate financing structure with its bankers.



We continue to have constructive discussions with all parties whilst we prepare our proposals for a financial restructuring, and the banks lending to our operating subsidiaries, that carry out the contacts to support the Fire Services contract, are generally supportive regarding the short term financing situation. However, Northern Bank based in Belfast, Northern Ireland, has lodged a creditors' petition in respect of its debt of 1.3m owed by the holding company. This effectively seeks to improve the banks'position, and the position of its guarantor, ahead of other banks and creditors, and if not settled the petition will be heard on 29 June 2011. The board considers that it would be inappropriate at this particular time to pay one bank in full ahead of other banks as the objective is a financial restructuring for the benefit of all stakeholders.



The Company also continues to be in an Offer Period under the Takeover Code.