IT 会社／堅い may be a 勝利者

By THIS IS MONEY
Updated: 00:00 BST, 12 May 2002

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MOVES by the 政府 to relax 賭事ing 法律s should be a boon to the 部門 and could be a useful 上げる to ソフトウェア company Alphameric. It is the largest 供給者 of （警察などへの）密告，告訴（状） 科学（工学）技術 systems and services to bookmakers, and its services 範囲 from electronic betting 終点s to text-and-data 衛星 料金d.

The company, which sells its 製品s on the basis of cutting 顧客's costs and 改善するing efficiency, is 持つ／拘留するing betting shop 裁判，公判s of 直す／買収する，八百長をするd-半端物s 賭事ing games.

These 終点s look like variable-半端物s fruit machines, but the 直す／買収する，八百長をするd 半端物s mean punters know 正確に／まさに how much they can 勝利，勝つ when they play.

同様に as its betting 商売／仕事, Alphameric is a major 供給者 of IT systems for 非，不，無-food retailers, from 長，率いる office 管理／経営 ソフトウェア to tills, and is 焦点（を合わせる）d on the 急速な／放蕩な-growing 割引 蓄える／店s end of the market.

The company had a poor 2001 原因（となる）d by problems with some 契約s, the cost of developing new 製品s and a 落ちる in IT spending by some 顧客s.

A month after 株 攻撃する，衝突する a 41 1/2p low in September, 管理／経営, 長，率いるd by 長，指導者 (n)役員／(a)執行力のある Alan Morcombe and managing direc-tor マイク McLaren, 報告（する）／憶測d a 引き継ぎ／買収 approach. Alphameric's 株 price bounced 支援する, but the approach （機の）カム to nothing.

While 2001 was 堅い, with 利益（をあげる）s more than halved to £4.1m, 指示，表示する物s for the 現在の 財政上の year to the end of November are more encouraging and 含む a £7.5m 契約 勝利，勝つ from betting 巨大（な） Ladbrokes. With 収入s per 株 this year 予測（する） at about 7p, Alphameric's 株, at last week's の近くにing price of 106p, 貿易（する） on an 収入s 多重の of 15. There is a small （株主への）配当 産する／生じる 予測（する） at about 1.7%.

Valued at £109m, the company ended its last 財政上の year with £14.3m in cash and enjoys good cash 世代.

? Midas 判決: Given its ability to 生成する cash and 利益（をあげる）s, Alphameric sits at the more attractive end of the still 高度に risky 科学（工学）技術 部門. 管理／経営 needs to 証明する it has put last year behind it and 勝利，勝つ market 信用／信任, which could give it a 壇・綱領・公約 for その上の 取得／買収 activity. Assuming that this can be 達成するd, and with the 可能性のある for growth in its markets, Alphameric 率s a 思索的な buy.

全世界の spread 解除するs Tibbett

TRANSPORT and 倉庫／問屋ing groups are in the スポットライト after 部門 巨大（な） Exel's 入ること／参加（者） into the FTSE 100 last week, and その上の 負かす／撃墜する the つつく／ペックing order Tibbett & Britten is 価値（がある） consi deration.

Exel has taken the Footsie place of 企業 Oil, just bought by 爆撃する. Valued at £2.7bn, Exel dwarfs Tibbett at £368m but the latter may 申し込む／申し出 better medium-称する，呼ぶ／期間／用語 value.

Tibbett operates in more than 30 countries, 焦点（を合わせる）d on the food, drink, fashion and branded 消費者 goods 部門s. Last year it sold its 非，不，無-核心 car 配当 商売／仕事 and has recently 拡大するd by buying Mexico's largest 配当 group.

年次の results in March showed a 10% rise in operating 利益（をあげる）s to £39.9m on turnover of £1.4bn. With 利益（をあげる）s dipping わずかに in the UK, it 最高潮の場面d the 利益s of an international spread of 操作／手術s, with 60% of 利益（をあげる）s now made overseas.

At last week's の近くにing 株 price of 767 1/2p, Tibbett 貿易（する）s at 16 times 予測（する） 収入s per 株 for the 現在の year and 申し込む／申し出s a 見込みのある 産する／生じる of 3.5%.

? Midas 判決: Tibbett is on a higher 株式市場 率ing than its smaller UK peer group, but that gap deserves to 広げる as the company grows. Now looks to be a good time to buy, though you might want to wait until 進歩 is 確認するd at this week's 年次の 会合.

空気／公表する Partner has solid 見通し

SHARE 取引 by company directors are often 掴むd on by 投資家s as 決定的な pointers to the prospects of a 商売／仕事. While this is not always the 事例／患者, they are a factor 価値（がある） considering.

Directors bought and sold in two Midas suggestions last week - 計画（する） 借り切る／憲章 company 空気／公表する Partner and public relations 会社／堅い Incepta.

空気／公表する Partner was the most 注目する，もくろむ-catching, with chairman Tony Mack selling 1.3m 株 at 300p for a total of £3.9m. Mack, who is left with a 41.5% 火刑／賭ける, said the sale was to 満足させる institutional 需要・要求する.

The 株 have certainly been in 需要・要求する since 空気／公表する Partner 報告（する）／憶測d 上昇傾向 results last month, and they were at 336p three weeks ago when we 示唆するd 持つ／拘留するing with a stop-loss 限界 of 280p. Given that he 保持するs a large 火刑／賭ける, Mack's sale looks 正当と認められる and the sha res の近くにd last week at a still 強健な 322 1/2p.

Our 初めの buy suggestion in February was at 261 1/2p, and with a good institutional appetite for the 不十分な 株 and a solid 貿易（する）ing 見通し, they should be supported above 300p. So it is 価値（がある） raising the stop-loss to the 300p level to lock in 利益（をあげる）s in 事例／患者 the 株 slip.

Buying was the order of the day at Incepta, where 副 chairman Robert Alcock paid £14,612 for 25,000 株 after the company's 年次の results. These showed 利益（をあげる）s had 低迷d 55% to £12.1m.

Incepta 述べるd 2001 as 'one of the most challenging years the 産業 has 直面するd' as 法人組織の／企業の activity ground to a 停止（させる）, though 長，指導者 (n)役員／(a)執行力のある Richard Nichols 示唆するd there were 調印するs of a 試験的な 回復.

The company 削減（する） costs by making 240 職業s losses last year and has the balance sheet strength to buy 女性 競争相手s ahead of an 上昇傾向.

The 株 の近くにd last week at 61 1/2p, up from our buy suggestion of 49 1/2p last August, and a long way above the 27 1/2p to which they 低迷d in October.

Though they are 貿易（する）ing at 22 times 予測（する） 収入s, that does not look 過度の 供給するd 商売／仕事 選ぶs up this year. So for now the 株 are 価値（がある） 持つ／拘留するing.

? Midas is edited by Andrew Leach