FIRM - Future Information Research Management ASA

[Laphroaig]

FIRM tas opp til notering i dag.

 

FIRM tas opp til notering i dag.

 

Navn: Future Information Research Management ASA

Ticker: FIRM

Liste: SMB

Pålydende: NOK 0,175

Børspost: 500

Totalt antall aksjer: 17.714.445

 

Future Information Research Management er klassifisert av MSCI (Morgan Stanley Capital International) og S&P (Standard & Poors) som 45103010 - Application Software i GICS (Global International Classification Standard)

[Laphroaig]

Future Information Research Management (FIRM) ble tatt opp til notering på Oslo Børs i dag. Foreløpig er det ikke omsatt en eneste aksje.

 

Ordreboken vitner om store sprik mellom kjøperne og selgerne. For øyeblikket ligger det én selger på 19 kroner. Kjøperne vil imidlertid ikke gi mer enn 13 kroner.

 

FIRM leverer markedsundersøkelsestjenester.

[Laphroaig]

Full krangel i Firm

TDN Finans

 

Styret i Firm har innkalt til ekstraordinær generalforsamling for å velge et nytt styre etter uenigheter. Styreformann Bengt Thuresson trekker seg.

 

Det opplyses i en børsmelding torsdag.

 

"På grunn av uenigheter mellom Xceleras representant i styret, Hans Eirik Olav, og resten av styret, har det blitt vanskelig å opprettholde et effektivt arbeidsklima", heter det i meldingen.

 

Firm har blitt informert om at KS Norsk Vekst II, Segmentor og KLP Forsikring sammen har 55,4 prosent av aksjene i Firm. Denne gruppen foreslår Øyvind Aasbø som ny styreformann og Berit Svendsen, Øystein Moan, Henning Vold og Jarle Holt som nye styremedlemmer.

[Bushwhacker]

FIRM - AGREEMENT WITH GOOGLE

02.01.2006 08:06

 

FIRM today announced that Google Inc. has signed

an agreement with FIRM to

use the Confirmit web-based platform for

customer experience measurement and customer

feedback management.

 

Confirmit will be used as

the standard tool in Google for performing

market, customer and internal surveys.

 

The agreement with Google is based on a software

license and professional

services for the upcoming 24 months with an

option to extend the contract with additional 12

months.

 

For further information, please contact Henning

Hansen, CEO, telephone +47 9088 1192 or Ken

Østreng, CFO, telephone +47 911 51 686

[Laphroaig]

 

Året som gikk.

[Laphroaig]

Strong margin despite prioritized turnover

 

FIRM’s Q4 2006 report displayed quite strong results in both, turnover and operating profit, coupled by steadily increasing client base and successfully renewing contracts.

 

Posted Q4 2006 turnover of $7,6 mill came marginally below our expected figure of $8,0 mill driven by robust revenue growth in Licenses & Transactions and quite significant improvement in both, EMEA and North America. It should be noted that 35% of 2006 revenues derived from this quarter. Q4 2006 operating profit of $1,6 mill has beaten our expected figure of $1,3 mill delivering an EBIT margin of 21%. Such discrepancy is mainly due to slightly lower SG&A expenses in Q4 2006.

 

According to Gartner, Feedback Management software market is growing at more than 35% CAGR, while the number of purchases of enterprise feedback management applications for more than $1 mill should grow from 10 to 40 per year by 2008.

 

FIRM prioritizes growth over short-term profitability. Thus, the guided annual EBIT margin of 20% is FIRM’s long-run target, which shall be fully achievable in 2009 only. In 2007 and 2008, we expect FIRM to organically increase its revenues by 30%, while estimated EBIT margins to read 12%-17% for the same period. In addition, we expect the company to add a significant part of revenues from further acquisitions, most likely in US and Europe.

 

Due to scalability and security of its technology, FIRM is well positioned in the growing market with a list of big and well-known clients. Our anticipated 2007 and 2008 EPS stand at NOK 0,79 and NOK 1,41 respectively, which translate to P/E of 26,4 and 14,9. In a longer run, a lucid improvement in EBIT margin may take place. Applying an industry average 2008 P/E ratio of 17, we set the target price to NOK 24,00. Buy recommendation is reiterated.

 

Conclusion:

FIRM’s Q4 2006 results came in slightly ahead of our expectations. FIRM’s strong position in the growing market keeps us positive about the company. Applying an industry average 2008 P/E ratio of 17, we set the target price to NOK 24,00. Buy recommendation is reiterated.