ITE – ITE – is an exhibitions organiser. It doesn’t own the venues, but organises mostly trade exhibitions for every sector. It has a market cap of £510m, and is a constituent in the FT250.
ITE trades on P/FCF less than 10 (but its EV/EBITDA is 9.4), with a ROE of 54.9% and a z-score of 3.85. ITE requires virtually no capital expenditure. Revenues have gone from 52.4m in 2002 to 155.5m in 2011. EPS has gone from 2.40p to 16.60p during that time. The company still looks as though it has a lot of steam in it, too.
Shareholders were treated to a nice little RNS on their interims 6 m/e 31-Mar-2012.
Revenues are up 29%, +9% on a like-for-like basis
Diluted EPS 2.1p (2011: 1.1p)
Interim dividend 2.1p (2011: 1.9p), an increase of 10.5%.
Net cash £16.4m (2011: £15.6m)
Two acquisitions completed in Ukraine – expanding sector coverage
Small bolt-on acquisition in India to expand the portfolio – they are construction events. "This new business provides the Group with a new regional base of operation as well as adding additional critical mass to the Group’s Indian business."
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