Empresaria (EMR.L) 70 EMR EMPRESARIA ORD 5P

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1 20 th May 2015 Empresaria (EMR.L) 70 EMR EMPRESARIA ORD 5P Q Q Q Sourc e: Fides s a Price: 67.0p 12m High 67.0p 12 m Low 39.5p Mkt cap 29m Shares 46.5m (diluted) Sector Market Broker Website Support Services London (AiM) Shore Cap Description: Multi-brand international recruitment agency, with 18 brands in 18 countries, with focus on specialist segments of the market. Good start to the year Empresaria, the international specialist staffing group, revealed in its AGM statement that the second half momentum from 2014 has continued into the new year with all three regions growing. This is consistent with positive industry news elsewhere but progress also validates our view that all the hard work done through the recession is paying off. The share price is starting to respond positively with a 35% rise in the last six months, yet it continues to be valued at a material discount to its peers. We would expect the discount to narrow assuming Empresaria continues to deliver as (or better than) expected. Underlying improvements coming through: Empresaria said that it is making good like-for-like growth with all regions and business segments profitable and growing. Empresaria is on course to meet market expectations for the full year. It is an encouraging start but it is too early to consider changing forecasts at this stage. Empresaria typically makes 60% of its profits in the second half, as temporary employment demand is stronger in the summer. At the prelims stage we left our PBT forecast remains unchanged despite the currency headwinds but EPS benefited from a lower tax charge. Sterling has strengthened verses the euro this year but Asian currency movements have largely offset this to date. Any currency impact is translation rather than transaction. Building for the future: Empresaria s improving cash flow is increasing its ability to grow the business. Total debt fell to 9.8m at end 2014 from 15.2m in 2013 and this leaves Empresaria well placed to invest further should the right opportunities present themselves. During 2014 Empresaria opened new offices in Manchester, Hong Kong, Malaysia, Chile and Mexico and acquired a 75% stake in Ball and Hoolahan and a 51% stake in BW&P in Dubai. We expect similar activity in Attractive valuation: The three large, mid-cap UK quoted staffers (Hays, Page and SThree) are trading on forward PERs of 23.0x (CY14E, unweighted average). The small cap staffers (Harvey Nash, Hydrogen, Matchtech, Robert Walters and Staffline) are trading on 14.3x (E, unweighted average). Empresaria is trading on a prospective PER of 7.5x for. Nigel Parson +44 (0) Stephen Clapham +44 (0) The company has reviewed a draft of this research note and factual changes have been made

2 FY12 FY09 FY10 FY11 FY12 FY09 FY10 FY11 FY12 FY09 FY10 FY11 FY12 20 May 15 Key data Net fee income (by type, ) Net fee income (by geography, ) UK Europe ROW Net fee income ( m), NFI growth (%) EBIT ( m), NFI conversion (%) % 5% 0% -5% -10% % 16% 14% 12% 10% 8% 6% Net fee income ( m) NFI growth (%, RHS) EBIT ( m) NFI conversion (%, RHS) Net debt/net debt:ebitda (x, RHS) Capital Employed ( m), RoIC (RHS, %) % 14% 12% 10% 8% 6% 4% 2% 0% Net debt ( m) Net debt:ebitda (x, RHS) Cap Employed RoIC (RHS) Source: Company data, Hardman & Co 2

3 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan May 15 Valuation charts EV/Net Fee Income (12 month prospective, x) Enterprise Value has tracked the rise in Net Fee Income PER (12 month prospective, %) We would expect the investment proposition and anticipated earnings growth to be increasingly reflected in an expansion of rating from its current level of 7.5x PER EV/EBITDA (pros 12 months) Likewise, we would expect the investment case to be reflected in the expansion of its EV/EBITDA multiple Source: Company data, Hardman & Co 3

4 20 May 15 Key financials Dec Year End FY12 P&L ( m) Sales Net Fee Income ( m) EBITDA Operating profit PBT EPS DPS Cashflow ( m) Operating cash flow Interest & tax (2.5) (2.3) (1.4) (2.9) (3.3) Capex / Acquisitions (3.5) (1.9) (2.1) (1.3) (1.3) Dividends (0.2) (0.2) (0.2) (0.3) (0.3) Equity Other items 2.2 (4.1) 2.4 (3.0) (5.1) Change in net debt 1.2 (0.7) Closing net debt (14.5) (15.2) (9.8) (9.5) (8.6) Balance sheet ( m) Net assets Key metrics FY12 Growth (%) Sales (6.4) (3.0) Net Fee Income (6.4) (3.0) Operating profit EPS DPS Operating ratios (%) Gross margins EBITDA margins Operating margins Effective tax rate Leverage Gearing (%) Net debt/ebitda (x) Interest cover (x) EPS/DPS (x) Source: Company data, Hardman & Co 4

5 20 May 15 Disclaimer Hardman & Co provides professional independent research services. Whilst every reasonable effort has been made to ensure that the information in the research is correct, this cannot be guaranteed. The research reflects the objective views of the analysts named on the front page. However, the companies or funds covered in this research may pay us a fee, commission or other remuneration in order for this research to be made available. A full list of companies or funds that have paid us for coverage within the past 12 months can be viewed at Hardman & Co has a personal dealing policy which debars staff and consultants from dealing in shares, bonds or other related instruments of companies which pay Hardman for any services, including research. They may be allowed to hold such securities if they were owned prior to joining Hardman or if they were held before the company appointed Hardman. In such cases sales will only be allowed in limited circumstances, generally in the two weeks following publication of figures. Hardman & Co does not buy or sell shares, either for its own account or for other parties and neither does it undertake investment business. We may provide investment banking services to corporate clients. Hardman & Co does not make recommendations. Accordingly we do not publish records of our past recommendations. Where a Fair Value price is given in a research note this is the theoretical result of a study of a range of possible outcomes, and not a forecast of a likely share price. Hardman & Co may publish further notes on these securities/companies but has no scheduled commitment and may cease to follow these securities/companies without notice. Nothing in this report should be construed as an offer, or the solicitation of an offer, to buy or sell securities by us. This information is not tailored to your individual situation and the investment(s) covered may not be suitable for you. You should not make any investment decision without consulting a fully qualified financial adviser. This report may not be reproduced in whole or in part without prior permission from Hardman &Co. Hardman Research Ltd, trading as Hardman & Co, is an appointed representative of Capital Markets Strategy Ltd and is authorised and regulated by the Financial Conduct Authority (FCA) under registration number Hardman Research Ltd is registered at Companies House with number However, the information in this research report is not FCA regulated because it does not constitute investment advice (as defined in the Financial Services and Markets Act 2000) and is provided for general information only. 5

6 20 May 15 Hardman Team Investor Engagement Max Davey Keith Hiscock Felicity Reid +44 (0) (0) (0) Analysts +44 (0) Agriculture Bonds Doug Hawkins Brian Moretta Yingheng Chen Mike Foster Meghan Sapp Building & Construction Consumer & Leisure Tony Williams Nigel Parson Mike Foster Mike Foster Financials Life Sciences Brian Moretta Mark Brewer Martin Hall Media Property Derek Terrington Mike Foster Resources Services Ian Falconer Mike Foster David Navas Mark Parfitt Stephen Thomas Social Impact Technology Mike Foster Mike Foster Hardman & Co 11/12 Tokenhouse Yard London EC2R 7AS United Kingdom Tel: +44(0) Fax: +44(0)

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