Japanese broking house Nomura Securities remains a buyer of Tullett Prebon shares after the inter-dealer broker announced a solid set of results for 2009 this week.
In the wake of those results the broker is upping its 2020 earnings per share (EPS) forecast by around 3% to 42.5p and bumping up its price target by around 5% to 380p, 'reflecting the further positive impact of the net cash position on our valuation.'
On Nomura's earnings estimates the stock trades on a multiple of 7.1, making it the least expensive listed interdealer broker (IDB), with the average European IDB trading at 11 times estimated earnings for 2010.
Stockbroker tips from ShareCast
Broker snap: Tullett undervalued vs. peers
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