News Flash On The Aim Market Message Board

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Gold/Mining/Energy : News Flash On The Aim Market

LSE 5.260

-0.8%

1:15 PM EDT

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From: miningoz	5/7/2014 11:35:59 PM
	of 161

SHARESMAG Quindell BUY Investors should be confident in Quindell's ability to recover from this savage attack. Insurance claims outsourcing business Quindell (QPP:AIM) is being attacked by vicious, cynical and opportunistic bear-raiders. In little more than a week virtually all the paper profits on our call at 21.5p (see Plays, Shares 23 Jan) have been wiped out following serious malpractice allegations by little-known US short-seller Gotham City Research. Quindell responded with a detailed and comprehensive response. We note several points. First, Gotham admits to profiting from Quindell's fall. Second, its 3p share price target implies a market cap of £175 million, effectively crediting Quindell with an enterprise value of just £35 million for a business expected to make more than £1.1 billion of sales, and £342 million of pre-tax profit (according to Canaccord forecasts) in 2014. Thirdly, the firm's respected major shareholders, including Prudential's M&G, Fidelity and Merrill Lynch, have all given complete support for its growth land grab at the expense of short term cash generation. Shares say : Investors should be confident in Quindell's ability to recover from this savage attack.

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