IS Research - Tearsheet

NCON NCON GBX Ords 1p Ords Norcon PLC 06568 true 6568 48801000 48800808 IM00B2R5KD48 27 1 2012 6 0 33 36.50 37.00 17812364.00 0.00 0.00 33.00 41.00 0.00 0.00 38.25 0 36.50 36.50 41.00 36.50 0.00 0.00 28 1 2012 1 32 31 LSE London Stock Exchange Europe/London 480 990 27 1 2012 8 0 0 27 1 2012 16 30 0 T 36.50 0.00 0 38.25 36.50 0.00 0 38.25 36.50 0.00 0 38.25 36.50 0.00 0 38.25 36.50 0.00 0 38.25 36.50 0.00 0 38.25 36.50 0.00 0 38.25 36.50 0.00 0 38.25 36.50 0.00 0 38.25 36.50 0.00 0 38.25 36.50 0.00 0 38.25 36.50 0.00 0 38.25 36.50 0.00 0 38.25 36.50 0.00 0 38.25 36.50 0.00 0 38.25 36.50 0.00 0 38.25 36.50 0.00 0 38.25 36.50 0.00 0 38.25 36.50 0.00 0 38.25 POUND STERLING GBP 5.069 5.001 5.001 -80.7 0 3.504 3.504 20.174 18.156 3.504 1.279 1.279 4.759 4.797 4.733 4.733 -1.342 6.554 17.812 6.483 6.396 16.412 -1.342 5.63 5.707 6.554 5.574 5.707 .343 -4.252 -.134 -4.252 4.568 4.541 6.435 1.222 .393 1.222 -29.334 3.053 4.63 -2.771 -10.275 44.433 44.516 2011 2012 2010 NRM 26 01 2012 10 50 23 38.25 33 40 2065 B K1ZNVDOIJH 12065 12065

Norcon plc (NCON)

ISR viewNorcon enjoys stable, long term consulting relationships with telecom operators, delivering consistent revenue and profits growth and a high dividend payout.

Share price36.50p

Market cap.£17.8m

Summary

Norcon provides communications and IT project management and outsourcing consultancy services to telecom operators and government agencies.

Financials

Year	Rev	PBT	EPS	Div
2007 A	37.3	4.7	8.0	0.0
2008 A	43.9	6.2	10.5	5.1
2009 A	50.8	7.3	12.3	5.5
2010 A	44.5	4.5	6.5	2.9
2011 E	44.9	4.6	6.5	1.3
2012 E	45.2	4.6	6.5	1.3

Valuation

Year	EV / rev	EV / EBITDA	PE	Yield (%)
2010 A	0.3	2.6	5.6	7.9
2011 E	0.3	2.4	5.6	3.6
2012 E	0.3	2.4	5.6	3.6

IS Research - Informed, Insight and Integrity

Norcon plc (NCON)

Summary

Recent analysis

Norcon set to benefit from 4G/LTE

Norcon returns to growth though margins hit by project start up costs

Norcon looks forward to growth resuming

Revenues hit by project delays

Financials

Valuation