Communisis Plc (CMS)
ISR viewConsiderable achievements over the last three years are currently being masked by earnings weakness prompted by recessionary pressure but we are confident that, once uncertainty over the impact of the recession on earnings is removed, the shares will start to reflect these successes.
Interims signal returning confidence
Communisis Plc | Download | Published on 26/08/2010Interim results from Communisis released this morning are in line with expectations and we have made no significant changes to our estimates. Perhaps the more notable aspect to these results is that they are accompanied by a crisp and confident statement on strategy. For us, this clearly signifies returning confidence. The shares have started to reflect this renewed confidence; a process that we expect to continue. Interestingly, having been through a painful downgrade cycle, we are now starting to feel that the risk to estimates is returning to the upside.