Just opened a long on REL.

Had a few broker upgrades of late and chart looks solid.

Fundys look solid aswel.

Fairly recent broker reco..

Citigroup upgrades Reed Elsevier to buy
Market PulseAugust 04, 2009|Sarah Turner

Print
LONDON (MarketWatch) -- Citigroup upgraded Anglo-Dutch publisher Reed Elsevier (UK:rel)(US:ruk) to buy from hold on Tuesday. "We argue that Reed Elsevier is a good company characterized by strong market positions, high margins and good cashflow generation," the broker said.

REL

Brokers rather bullish on the
stock.

Forward P/E of just 11.5 to 2013
EPS increase of 42.8% predicted to
2012 results.

Far too cheap imo.

Reed Elsevier PLC

FORECASTS 2012 2013
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)

Charles Stanley
03-09-12 ACCU 1,460.55 49.04 22.63 1,533.58 51.49 23.76
Panmure Gordon
03-09-12 BUY 1,478.00 49.50 23.90 1,588.00 52.90 25.80
Peel Hunt
31-08-12 HOLD 1,463.95 49.19 23.42 1,531.89 51.09 24.33
Exane BNP Paribas
24-08-12 BUY 1,186.00 50.26 23.63 1,302.00 54.33 25.53
SG Securities
22-08-12 BUY 50.87 23.20 52.88 24.50
ING Financial Markets
22-08-12 HOLD 49.92 23.06 52.51 24.67
Investec Securities
17-08-12 BUY 1,481.20 49.00 22.20 1,566.40 51.60 22.90
Numis Securities Ltd
26-07-12 ADD 1,461.00 49.60 22.20 1,571.00 51.80 22.90

2012 2013
Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)

Consensus 1,413.33 49.67 23.02 1,504.25 52.30 24.25
1 Month Change -11.96 0.33 0.12 -13.93 0.26 0.12
3 Month Change 35.79 0.43 0.06 29.90 0.27 -0.05


GROWTH
2011 (A) 2012 (E) 2013 (E)
Norm. EPS 7.26% 42.88% 5.30%
DPS 1.22% 11.45% 5.37%

INVESTMENT RATIOS
2011 (A) 2012 (E) 2013 (E)

EBITDA £849.17m £1,924.88m £1,999.03m
EBIT £551.87m £1,734.16m £1,790.50m
Dividend Yield 3.41% 3.80% 4.01%
Dividend Cover 1.68x 2.16x 2.16x
PER 17.40x 12.18x 11.57x
PEG 2.40f 0.28f 2.18f
Net Asset Value PS -262.35p 127.98p 146.84p

RESEARCH ALERT-Morgan Stanley raises Reed Elsevier target price03 Sep 2012 - 07:59

Sept 3 (Reuters) - Reed Elsevier PLC : * Morgan Stanley raises Reed Elsevier target price to 700p from 620p; rating overweight For a summary of rating actions and price target changes on European companies: Reuters Eikon users, click on [RCH/EUROPE] Reuters 3000Xtra users, double-click [RCH/EUROPE] Reuters Station users, click .1580 ((Bangalore Equities Newsdesk +91 80 4135 5800; within U.S. +1 646 223 8780))

UBS morning note fri 7/9/2012

Key Calls - Europe Nick Nelson............................ +44-20-756 81960
C.hanges to Key Calls

Add Reed Elsevier NV

We add Reed Elsevier NV to the European Key Call list. We believe that there are now clearer
signs that the transformation underway at Reed Elsevier in recent years should allow it to
deliver higher quality, resilient revenue, earnings and cash flow growth. In essence, the steps
taken by senior management (be they restructuring or investment) are starting to deliver returns
in terms of performance, and this should lead to greater returns for investors. In our view, this
accelerating growth, and these improving returns, should justify a substantially higher valuation
than the company currently attracts. We believe both the plc and NV lines offer scope for
substantial outperformance, but we would advocate the NV over the plc, given the plc’s
p.remium to NV is near all-time highs at 11%. Cash returns – potential 7-8% annual cash yield
Management recently announced that the proceeds from the Reed Business Information (RBI)
disposals would be used for share buybacks – providing an indication of its likely strategy to
maintain group leverage when it falls below 1.5x from 2013. Re-levering to that level in 2014
could add c9% to long-term earnings, or it could be maintained through smaller annual
buybacks of £400-500m (3-4% of equity, a total 7-8% cash yield). For further details please see
“.Reed Elsevier: Delivering returns” – Alastair Reid, 6 September 2012.

UBS has raised its target price for Reed Elsevier from 770p to 790p and reiterated its 'buy' rating for the stock ahead of the publishing and exhibitions group's full-year results later this month.

The broker said that cash returns are "accelerating" and there could be an announcement of an ongoing buy-back programme of up to £400m per annum to maintain leverage.

REL

SP broken through ceiling of a downward trend channel looks very positive for the future, Targeting 300p as first point of call in the turnaround here.

21 May Reed Elsevier PLC REL Deutsche Bank Buy 0.00 767.50 790.00 820.00 Reiterates

SP Target 820p.

REL

Technicaly looking very bullish here the chart......