Finweek English Edition - - INVESTMENT -

Fol­low­ing the re­lease of f inan­cial re­sults for the six months t o end- March 2 013, SBG Se­cu­ri­ties has up­dated its call on the stock with a tar­get price of R25/share. This is bro­ken up into R23/share for the South African op­er­a­tions and R2/ share for t he UK op­er­a­tions. SBG ad­vised: “The com­pany ex­pects up­per sin­gle digit growth from South Africa and con­tin­ues to fo­cus on eff icien­cies and mar­gin en­hance­ment. The sec­ond half in Net­care SA has his­tor­i­cally seen more ac­tivit y and a higher EBITDA mar­gin. The op­po­site is true for sea­son­al­ity in the Net­care UK where the macroe­co­nomic en­vi­ron­ment con­tin­ues to be chal­leng­ing. Our full-year growth ex­pec­ta­tions in ad­justed HEPS of 23% to R1.39/share im­plies H2 y/y growth of 25% to 77cps.”

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