Sanderson – 37.5p

Report dated – 28 November 2011
Market capitalisation – £11.3m
Sector – AIM – Software & Computer Services
Prospective p/e ratio – 4.2x
Prospective dividend yield – 3.8%

The annual results to 30 September 2011 have confirmed that the group continues to make progress despite the difficult trading conditions. Profits and earnings per share have increased whilst debt has continued to fall. The new year has started with a strong order book and the introduction of new products and services will generate more revenues from existing customers as well as attract more new customers to the group. We believe that the shares are undervalued and have set a share price target of 62p.

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