System churned this out this morning....
Spirent Communications SPT is starting to look like it could be a medium term trade.
A forward P/E of just over 13 going into 2012 doesnt look too demanding for a tech stock.

Spirent Communications PLC
FORECASTS 2011 2012
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)
Panmure Gordon
19-04-11 BUY 129.00 12.60 2.65 144.00 14.50 2.77
Arbuthnot Securities
19-04-11 None
The Royal Bank of Scotland NV
18-04-11 BUY 77.08 7.78 1.68 82.81 8.32 1.80
Daniel Stewart
04-04-11 HOLD 76.45 7.72 1.59 82.52 8.27 1.84
Fairfax IS
04-03-11 BUY 79.30 8.10 1.80 86.92 8.80 2.00
Singer Capital Markets Ltd
04-03-11 FAIR 74.70 8.13 1.70 83.36 9.07 1.90
Numis Securities Ltd
04-03-11 ADD 78.75 7.99 1.77 90.73 9.15 1.94
2011 2012
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)
Consensus 86.40 8.76 1.87 95.54 9.72 2.05
1 Month Change -1.51 -0.17 -0.03 -2.25 -0.26 -0.05
3 Month Change 0.36 0.18 0.09 9.20 1.27 0.29
GROWTH
2010 (A) 2011 (E) 2012 (E)
Norm. EPS -11.56% 17.62% 11.03%
DPS 17.39% 38.74% 9.29%
INVESTMENT RATIOS
2010 (A) 2011 (E) 2012 (E)
EBITDA 80.60m 94.71m 104.47m
EBIT 71.98m 76.79m 84.89m
Dividend Yield 1.00% 1.38% 1.51%
Dividend Cover 5.52x 4.68x 4.75x
PER 18.18x 15.46x 13.92x
PEG -1.57f 0.88f 1.26f
Net Asset Value PS 27.30p 44.24p 51.15p
OUTLOOK 3/march 2011
Outlook
We are confident that the market for test and measurement will show further growth in 2011 and future years. Ethernet, wireless device and positioning test markets all show positive signs for growth in 2011. We continue to invest in new test solutions and in enhancing our current capabilities in the areas that matter most to our customers as they look to improve time to market of their industry leading products and services