www.microequities.com.au Register for FREE news on Australian ASX listed Microcap Companies. www.microequities.com.au http://www.microequities.com.au BigAir Group Limited (ASX:BGL) Free update report (6 pages). BigAir snaps up private competitor. Attains additional network capacity and client base. Fixed Wireless operator BigAir Ltd (ASX:BGL) recently announced the acquisition of Wizz Communications for a total of $1.4m AUD in a combined scrip and cash deal. Wizz will provide BigAir with its client base in Sydney, Melbourne and Brisbane. The acquisition will add $1m to BigAir's top line for FY10, and should be quite synergistic as BigAir is essentially only acquiring a client base and additional network capacity. On the back of the acquisition and an increase in the relative valuation we have raised our price objective from $0.21 to $0.255. Find out about it and lot more! For a free download of this report go to; http://www.microequities.com.au Register for FREE Micro Cap News www.microequities.com.au Tue, 20 Apr 2010 03:09:45 BST http://www.microequities.com.au/info/6/more/?mode=news_details&news_id=454&news_headline=lgd&action=1&lk=0 Microcap Semiconductor Manufacturer Legend Corporation (ASX:LGD) today advised the market that based on the directors review of accounts to date they expect final Earnings Before Interest and Tax (EBIT) to 30 June 2010 are likely to be in the range of $11.0 - 11.4 million, an increase of approximately 32% Register for FREE Micro Cap News www.microequities.com.au Wed, 26 May 2010 04:13:45 BST http://www.microequities.com.au/member_area/more/?action=1 In this issue we look at four ASX listed Microcap companies whose recent developments merit some commentary. itX Group Limited [ITX:AU] Cooper Energy Limited [COE:AU] Runge Limited [RUL:AU] 3Q Holdings Limited [TQH:AU] Register for FREE Micro Cap News www.microequities.com.au Wed, 26 May 2010 06:09:45 BST http://www.microequities.com.au/research_reports/more/?action=1&company_name=tne&ticker= A tech star or a tech dud? Technology One is a software developer focused on enterprise software solutions. The company has more than 800 clients across government, education, health, utilities and financial sectors. Technology One listed in late 1999, since 2000 the company has paid a dividend every six months. It has been profitable for every year in its last ten years of history. Its main competitors are the international giants of SAP and Oracle. So how does its investment case stack up? What are its prospects? What are its challenges? What do we value the business at? Our 20 page report contains two distinct valuations, industry outlook, business model evaluation, risk analysis and FY10 and FY11 forecasts. Find out about it and lot more! To download the report instantly go to; Register for FREE Micro Cap News www.microequities.com.au Fri, 04 Jun 2010 05:09:45 BST http://tv.afr.com/video/41983?play=1 Attending the Micro Cap Conference 2010, Smart Investor's Patrick Commins speaks with Carlos Gil, chief investment officer of Microequities Asset Management, the Silver Chef (ASX:SIV) incoming ceo Charles Gregory, and Greg Bourke, managing director of Patties Foods (ASX:PFL). Register for FREE Micro Cap News www.microequities.com.au Mon, 21 Jun 2010 03:44:45 BST http://www.microequities.com.au/info/6/more/?mode=news_details&news_id=455&news_headline=&action=&lk=0 Microcap engineering services provider RCR Tomlinson Ltd (ASX:RCR) has continued the resurgence in engineering stocks by announcing this morning a profit upgrade. The company expects FY10 NPAT to have increased...... Register for FREE Micro Cap News www.microequities.com.au Mon, 26 Jul 2010 01:52:45 BST http://www.microequities.com.au/research_reports/more/?action=1&company_name=web&ticker= 10 page update report including updated valuation and FY11 & FY12 forecasts. Flying high but running out of fuel? Webjet posted another set of record numbers for FY10. Posting an impressive jump in revenue of 29% and an increase in NPAT of 37% to $10.5m. The company is growing its revenue line at a speed far above the resurgence in airline travel. Why? Because it’s gaining market share, capturing a structural shift in the purchase habits of Australians for their airline tickets. Webjet has competitors, and some of these are big multinational players. Can it keep itself ahead of the game? Will the newly launched iPhone application make a splash? What do the next 12 months entail for Webjet? Find out about it and lot more! To download the report instantly go to; http://www.microequities.com.au/research_reports/more/?action=1&company_name=web&ticker= Register for FREE Micro Cap News www.microequities.com.au Wed, 28 Jul 2010 03:09:45 BST http://www.microequities.com.au GoGetta a goer or a gonna? Hospitality equipment lender Silver Chef has cut itself a significant niche in the Australian market. It offers business owners in the hospitality industry an attractive alternative to debt financing for their equipment needs. Silver Chef's rent-try-buy model allows its customers to affordably rent the equipment and still allow them the flexibility to purchase the asset outright. It’s an attractive concept and it’s also proven to be a successful business. With around 70% recurring revenue, Silver Chef has grown its EPS at an average compound rate of 23% since its listing (in 2005). The company expanded its business with the launch of the GoGetta brand, which has entered the commercial equipment rental market outside of Silver Chef’s traditional hospitality industry base. Potentially the business could become the growth driver for Silver Chef, so is it a goer? Find out about it and lot more! For a FREE download of the report i go to; Register for FREE Micro Cap News www.microequities.com.au Wed, 18 Aug 2010 06:48:45 BST www.microequities.com.au Leading Fixed Wireless telecommunications provider BigAir (ASX:BGL) continued its strong organic growth. BigAir grew its EBITDA by 50% YoY, with NPAT increasing 72% to $1.5m The FY10 result vindicates management’s decision to focus its core operating activities on its “on-net” business. We believe BigAir looks set to continue its strong organic growth as it continues to expand its network along the eastern coast of Australia on the back of client driven demand. With a lower relative CAPEX spend to revenue, Microequities is forecasting record Free Cash Flow to be generated in FY11, paving the way for a possible maiden dividend payment. To find out about our FY11-12 forecasts and a lot more, click below for a FREE update report! Register for FREE Micro Cap News www.microequities.com.au Tue, 24 Aug 2010 01:09:45 BST http://www.microequities.com.au QMASTOR’s FY10 does not make a particularly pleasant read, revenue fell by 20% and profit declined By 75%. The company felt the full brunt of the post GFC slow down, particularly in its iron ore market. The slow down came at a time when QMASTOR has invested for future growth opening international offices in the US, South Africa, and Brazil. But the future looks brighter, as coal and iron ore prices regained strength and volume continues to increase, CAPEX spending is expected to return. Microequities is forecasting a strong rebound in both revenue and margins as QMASTOR benefits from a surge in potential deal pipeline and better HR utilisation rates. A new price objective, recommendation and FY11-12 have been added to our report. For a FREE download of the report go to www.microequities.com.au Register for FREE Micro Cap News www.microequities.com.au Tue, 07 Sep 2010 01:04:45 GMT http://www.microequities.com.au/cart/more/?type=view&company_name=DWS&pname=&x= Positive Outlook, but what's the price? The IT services sector is shaping itself to be a star performer in an improving domestic IT spending environment. With its transparent pricing model, a blue chip client base and a demonstrable history of profitable growth, DWS is looking for further growth. DWS has good exposure to resurging sectors within the economy, particularly government and ICT, sectors Microequities believes will see demand growth. Ultimately however, all businesses have a value, what’s DWS worth? More importantly is it worth buying? For the latest recommendation and FY11-12 forecast read the full update report. For an immediate download of the report go to; Register for FREE Micro Cap News www.microequities.com.au Fri, 10 Sep 2010 03:05:12 GMT www.microequities.com.au Despite the recent share price performance, Clover remains considerably undervalued given our dual valuation methodologies. Whilst we do not expect a repeat of Clover’s impressive +56% revenue growth achieved in FY10, we do believe that FY11 still provides Clover with strong growth possibilities, particularly in its core market of Asia. The US market will begin to open up for Clover as its competitor (Martek) which is the dominant player in the US enters a period of patent expirations, thereby reducing its powerful barrier to entry in that lucrative market. Our new free report contains our latest forecasts and provides an operational update. For a FREE download of the report go to; Register for FREE Micro Cap News www.microequities.com.au Fri, 24 Sep 2010 02:38:45 GMT http://www.microequities.com.au/info/6/more/?mode=news_details&news_id=456&news_headline=&action=&lk=0 Microcap Healthcare equipment manufacturer and distributor ITL Limited (ASX:ITD) continues its woes. After turbulent recent history, poor ITL shareholders have found themselves with further bad news during the week when the company announced it would fail to lodge its annual audited accounts on time. The company blamed the delay on a “data corruption event”, staff turnover in its finance department (they lost their CFO who had been in the role less than twelve months. He resigned prior to the management and board Spill). The company also, worryingly, acknowledged that it had undertaken a further review of the carrying value of its assets. Although, in keeping with the company’s track record of poor disclosure, failed to state what financial impact this review had, let alone which “assets” had gone under review. Some shareholders might feel the return of significant shareholder and founder Mr William Mobbs to his previously held CEO role might be a positive sign of things to come. However, it was under Mr Mobbs' previous reign, that things began to go wrong as the company struggled with manufacturing issues and customer delivery delays, consequently driving ITL to operational losses. For those shareholders that have held on to the stock after reaching an all time high $0.63 in January 2007 only to see stock plummet to $0.05, they have little but their hope left, but don’t they say the last thing one looses is hope? Register for FREE Micro Cap News www.microequities.com.au Thu, 30 Sep 2010 04:25:45 GMT www.microequities.com.au We have increased our price objective on hospitality equipment lender Silver Chef (ASX:SIV). Our new price objective of $3.74 reflects improved margins on total assets under management, as well as continued strong double digit growth in Silver Chef's GoGetta brand. Whilst our revenue forecasts are below the company's impressive historical growth rates, we believe our base case scenario contains conservative forecasts, particularly in light of the traction the company is achieving in its GoGetta business and an improved domestic economy. The new price objective also reflects a higher relative valuation which shows Silver Chef priced at a significant discount to its ASX comparables. For a FREE download of the report go to; Register for FREE Micro Cap News www.microequities.com.au Wed, 06 Oct 2010 07:27:45 GMT www.microequities.com.au Vocus Communications Limited [ASX:VOC] provides wholesale telecommunication services to ISPs as well as the telecommunications market and operates a national and global telecommunications network to provide IP Transit, Ethernet, SDH and Voice services. Vocus Communications Limited (“Vocus”) was founded in March 2008 and listed on the Australian Stock Exchange on the 8th July 2010. Vocus operates an international communications network that connects Australia and New Zealand via the USA as well as a domestic network to provide telecommunications services to the ISP and telecommunications markets. Vocus offers wholesale-only IP transit, data and fixed line voice services, and is one of the only independent IP transit wholesale companies in Australia, which does not offer retail ISP products. Microequities has today issued an initiating coverage report on Vocus. The free 15 page report can be accessed by loging in to our website. Register for FREE Micro Cap News www.microequities.com.au Thu, 25 Nov 2010 03:04:45 GMT http://www.microequities.com.au/ BigAir is in an aggressive growth phase. The growth is originating both organically via an expansion of BigAir’s network and through selective acquisitions. Over the past month, BigAir has announced the two biggest acquisitions in its history, effectively transforming the company from a mid single digit revenue business to a $20m+ revenue business with a prospective projected FY12 EBITDA of $10m (Microequities' forecasts). In a sector that is increasingly about scale, BigAir’s Clever Communications (ASX:CVA) acquisition will provide a synergistic fit to its current network, with some sizeable cost savings. BigAir’s stake in Clever rose above the critical 90% level last Friday, thereby triggering the compulsory acquisition process that will see it take 100% control and maximise the available cost synergies. Our new updated model and valuations assume ratification of the Access Plus transaction. We have however maintained a conservative stance on the forward costs savings and growth from both businesses, providing upside potential to our forecasts and valuation. A beefed up BigAir should over time spark greater interest from the investment community as the company heads towards being a $10m EBITDA per year business in FY12. For a Free download of the report go to Register for FREE Micro Cap News www.microequities.com.au Mon, 10 Jan 2011 01:39:45 GMT http://www.microequities.com.au/info/6/more/?mode=news_details&news_id=457&news_headline=&action=&lk=0 Struggling pharmaceutical wholesaler Australia Pharmaceutical Industries Ltd (ASX:API) attempted to put on brave face at its AGM yesterday. However the company recognised that it faced a number of operational challenges including..... Register for FREE Micro Cap News www.microequities.com.au Tue, 18 Jan 2011 22:55:45 GMT http://www.microequities.com.au/info/6/more/?mode=news_details&news_id=458&news_headline=&action=&lk=0 Microcap field operations and specialist services provider Service Stream (ASX:SSM) provided investors with a welcome earnings upgrade yesterday. The company said stronger than anticipated demand helped its first half result. Service Stream raised its EBITDA guidance for FY11 from $27m..... Register for FREE Micro Cap News www.microequities.com.au Tue, 25 Jan 2011 00:46:45 GMT http://www.microequities.com.au/ Small… but dominant. Investors that are seeking exposure to the resources boom without wanting to own a mining company can look at the mining services industry as a place to invest. With mining related CAPEX and exploration set to rebound strongly in FY11 and FY12, the mining services industry looks poised for a strong recovery. One mining services company that will benefit from this rebound is XRF Scientific Ltd (ASX:XRF). XRF provides a range of products and services for sampling preparation, measurement composition and purity analysis. Our initiating coverage report details the company’s prospects. We are forecasting a strong increase in Revenue and NPAT. Additionally the company has acquired its main domestic competitor in a transaction that we believe will bolster both margins and revenues into FY11 and FY12. Register for FREE Micro Cap News www.microequities.com.au Wed, 09 Feb 2011 02:01:45 GMT http://www.microequities.com.au/info/6/more/?mode=news_details&news_id=459&news_headline=&action=&lk=0 Microcap technical services provider Hastie Group(ASX:HST) looks to have hit more troubled waters after it requested a trading halt this morning on the ASX. The company advised the market that it’s “reviewing its expected full year performance” and has also entered into talks with its bankers. The halt is somewhat surprising given the company announced in December that it had renegotiated its banking covenants. One of the renewed covenants stipulated that gearing levels had to remain below 60%. Given the company’s admission that it would discuss with its bankers its “financial performance and implications for its capital structure” the company may be contemplating a capital raising to strengthen its balance sheet. A possible capital raising my prove a painful pill to swallow for some investors who over the last year have seen Hastie’s shares fall from $1.91 to $0.925. If a capital raising is in fact needed, Hastie might need to provide an enticing discount to prospective investors. Register for FREE Micro Cap News www.microequities.com.au Wed, 16 Feb 2011 02:49:45 GMT http://www.microequities.com.au/ Since our initiating coverage report last November, junior telco Vocus Communications Limited [ASX:VOC] share price has surged more than 33%. The question we ask, is Vocus fully valued at current market prices? H1 FY11 results came in line with our expectations. H1 FY11 revenue of $13.90m vs. forecast $13.85m; EBITDA of $6.4m vs. forecast $6.6m; and NPAT of $3.7m vs. forecast $4.1m. Based on the first half figures we have slightly upgraded our forecast for FY11. We believe Vocus will continue to benefit from large increases in demand for data traffic, providing it a credible platform for organic growth. However, we note that Vocus is currently trading at sizeable premium to its comparable peers. Is Vocus fairly priced? Register for FREE Micro Cap News www.microequities.com.au Tue, 08 Mar 2011 00:38:45 GMT http://www.microequities.com.au/ Weak first half result for Clover Corporation (ASX:CLV) even though inventory build up points towards a much stronger sales performance during the second half. Clover’s North American partner, GTC Nutrition has so far underperformed and has been a factor in our lowering our full FY11 forecasts. The Americas represent credible markets for Clover’s products which hold compelling technology competitive advantages, clearly Clover needs to make a more material presence in those regions. On the positive side, Clover’s new sales pipeline remains at record levels and the company is undertaking product trials with a number of clients that could see significant sales contributions into FY12. Despite a healthy balance sheet and sizeable EPS, Clover chose not to pay an interim dividend. We are however forecasting an increase in the final year dividend. Register for FREE Micro Cap News www.microequities.com.au Tue, 08 Mar 2011 00:41:45 GMT http://www.microequities.com.au/research_reports/more/?action=1&company_name=web&ticker= Revenue continues to grow, but are earnings getting bumpy? Online travel business Webjet Ltd (ASX:WEB) continues to gain market share from its bricks and mortar peers. Its revenue increased an impressive 17% versus previous corresponding period. However, Webjet's cost structure experienced some growing pains. Marketing costs rose considerably, whilst international office expansions and executive personal recruitment bulged up the cost structure. We continue to believe that Webjet will maintain its impressive growth rate and the structural shift towards to online travel remains very much in a nascent phase. The question though is whether this surge in costs will remain a permanent fixture or is this just short term pain gain for long term gain? Register for FREE Micro Cap News www.microequities.com.au Fri, 11 Mar 2011 01:32:45 GMT http://www.microequities.com.au/research_reports.html Tasty treat or expensive Pie? Microcap Food manufacturer Patties Foods (ASX:PFL) has over the past two years turned around its operations to become a more innovative, focused business. The company has steadily won back market share in they key frozen savouries segment going from 45.3% in 1H09 to 53.9% 1H11. Its focus on improved production efficiencies has also seen gross margins improve. At the top line level, innovation is the word, with Patties introducing new product lines such as the Angus Beef Pies and Nanna’s frozen fruit pack and Creative Gourmet Smoothie Cubes. Product innovations has led to increased market share, as Patties “crowds out” its competitors. For a company in the Microcap space, Patties certainly presents investors with some unique qualities, but what’s it worth? Find out in our extensive 22 page initiating coverage report which includes; SWOT Analysis, FY11 & FY12 forecasts, cost structure analysis, industry analysis, risks overview and a lot more! Register for FREE Micro Cap News www.microequities.com.au Mon, 21 Mar 2011 04:41:45 GMT http://www.microequities.com.au/ On course to reach targets. XRF Scientific's 1st half numbers leave it well poised to meet and surpass our earnings forecast for FY11. The company’s strong 1st half result was driven by the combination of organic and acquisitive growth. The Sigma Flux acquisition which enjoys strong margins made a positive contribution to earnings. XRF looks set to recover its pre GFC margins. Additionally the company has just launched its new custom fusion machine,“Fusomatic 15” which was positively received at the AXAA conference in Sydney and the PITTCON conference in the US last month. The new machine has just gone into commercial production and management expects to see significant sales towards the end of the financial year. We have maintained our forecasts, but note that there is significant scope for XRF to surpass them. Register for FREE Micro Cap News www.microequities.com.au Thu, 07 APR 2011 05:30:45 GMT http://www.microequities.com.au/info/6/more/?mode=news_details&news_id=460&news_headline=&action=&lk=0 Engineering Services Microcap firm Logicamms Limited (ASX:LCM) lifted its trading halt this morning, sending its stock down 18%. The Perth firm announced to the market last week that due to cost blowouts and the Queensland floods it would make no profit for the second half. The company also announced an $8.0m capital raising to strengthen the balance sheet. Despite the poor second half performance the company said it had a large pipeline of opportunities and had won $12m of work during March and April. Still, investors might be somewhat spooked by the sudden profit warning from a company that had a previous untarnished record and had been consistently growing its bottom line. Register for FREE Micro Cap News www.microequities.com.au Wed, 27 Apr 2011 01:09:45 GMT http://www.microequities.com.au/ BigAir Ltd's (ASX:BGL) operational upgrade last week confirmed the company is on track to extract significant upside synergies from its recent acquisitions in both the managed services businesses and from Clever Communications. Management has identified an additional $1.6m of cost synergies to be extracted over the next 12-18 months. On top of this, Microequities believes that BigAir’s blended gross margins will improve as management reorganises part of the acquired businesses telecommunications network to allow a greater suite of services to be delivered “On-Net” rather than with other carriers. We believe FY12 will be a watershed year for BigAir, not only will the recent acquisitions provide a full 12 months contribution, but additionally a significant part of the expected cost synergies will have been brought on line. We have upgraded our recommendation from BUY to STRONG BUY, and increased our price objective to $0.30. Register for FREE Micro Cap News www.microequities.com.au Fri, 13 May 2011 03:09:45 GMT http://www.microequities.com.au/ FY12: Back to growth Whilst Clover’s sales for FY11 will come in flat on a YoY basis, due to continued margin improvement, the company is well poised to deliver a record profit. For FY12 we believe the company will recoup its top line growth through a combination a continued strong demand in its core Asia Pacific market, and the introduction of new higher margin product offerings. Clover’s track record of revenue and earnings growth since CEO Ian Brown took office has been impressive. The company has successfully captured the attractive growth profile of its industry. Microequities has raised the Price objective on Clover to $0.39 and upgraded its recommendation to Strong Buy. Our new free report contains our latest forecasts and provides an operational update. For a FREE download of the report go to; Register for FREE Micro Cap News www.microequities.com.au Mon, 27 Jun 2011 03:09:45 GMT http://www.microequities.com.au/ Vocus Communications Limited (ASX:VOC) FREE Update Report Change in recommendation from Sell to Strong Buy Vocus Communications (ASX:VOC) spent a busy FY11 paving the way towards its medium term future. As its IP transit business faces capacity growth constraints and downward pressure on margins, the company has astutely found alternative paths to fuel its organic growth. Particularly tactical has been the Digital River Networks acquisition which has allowed Vocus to enter the high margin and fast growing Dark Fibre market. Our change in recommendation from Sell to Strong Buy stems from an increase to our intrinsic valuation of Vocus and the recent sharp fall in Vocus’ share price which has seen the stock fall from 52 Week high of $3.05 to last Friday’s low of a $1.36. Register for FREE Micro Cap News www.microequities.com.au Mon, 26 Sep 2011 01:15:45 GMT http://www.microequities.com.au/ Clover Corporation (ASX:CLV) has provided its investors an excellent business with strong organic growth. Under the leadership of CEO Dr. Ian Brown, the company has increased its sales from $16m in FY07 to $33m in FY11. Profitability during that period rose from $0.6m to a record $4.2m. The growth is particularly impressive given it occurred during a period of immense financial instability and the GFC. But the growth exemplifies the defensive qualities in Clover’s end products which cater to the infant food formula market and particularly the emerging markets in Asia. Our new report signals Clover is yet again about to embark on a period of significant organic growth, curiously at a time when financial market volatility seems to have been revived. Reinforcing the the view that Clover presents investors with a vehicle of defensive growth. Register for FREE Micro Cap News www.microequities.com.au Tue, 27 Sept 2011 01:56:45 GMT http://www.microequities.com.au/research_reports/more/?action=1&company_name=tsm&ticker= ThinkSmart a smart addition to your portfolio? International financial services company ThinkSmart (ASX:TSM) is set to embark upon a major business model transformation. The company will move from a broker model to a securitised funding model, where it will actually finance the purchases of its end clients. The transition should see ThinkSmart reap higher profit margins. ThinkSmart has been one of the successful exponents of taking a proven business model in Australia to other markets. The company generates 35% of its revenue from international markets. Our 20 page in depth report will provide a comprehensive insight into this fast growing, profitable Microcap. For an instant download of the report go to Register for FREE Micro Cap News www.microequities.com.au Tue, 11 Oct 2011 01:55:45 GMT http://www.microequities.com.au/ Converting the Brand…Cash Converters International Ltd's (ASX:CCV) share price has been falling for the last twelve months largely due to regulatory uncertainty of the Federal Government’s proposed interest rate cap legislation on micro lending. However, we believe the proposed interest rate cap legislation will be watered down and provides a good buying opportunity. Cash Converters is also planning to significantly ramp up its store roll out in both Australia and the UK. Cash Converters has 208 stores across the UK, of these 154 are franchise stores. The company's medium term strategy is to buy-out part of its franchise network and improve the operating performance of the stores. Our free 25 page initiating coverage report takes an in depth view at the Cash Converters business model, its competitors and provides detailed forecasts. For a Free download of the report go to www.microequities.com.au Register for FREE Micro Cap News www.microequities.com.au Wed, 18 Jan 2012 0:43:45 GMT www.microequities.com.au Laser-focused innovation…Laserbond Ltd (ASX:LBL) provides "advanced surface engineering" for the fortification of metallic surfaces of industrial and mining machinery. Why do businesses require such a fortification process? because its cheaper to fortify existing equipment than buying new equipment. Making expensive equipment last 3 or 5 times longer is LaserBond's call to market, and thankfully for LaserBond its a growing market. So much so that we are forecasting LaserBond to post a record NPAT result for FY12. Our in-depth 27 page initiating investment report also highlights why LaserBond's fortunes are not entirely dependent on the mining boom with the business providing a range of services that could be construed as counter cyclical to higher commodity prices. Our initiating coverage report provides a price objective of $0.28 and BUY recommendation. For a Free download of the report go to Register for FREE Micro Cap News www.microequities.com.au Tue, 24 Jan 2012 04:27:45 GMT www.microequities.com.au Growth in the pipeline...After various years of stagnation, mining software developer ISS Group Ltd (ASX:ISS) is poised to return to strong earnings growth. At a top line level the company is set to capitalise on continued strong infrastructure investment around the oil and gas industry. Internally, there have also been some important changes under the new leadership of CEO Richard Pang. Microequities is forecasting strong NPAT growth of 109% to $2.3m for FY12 (versus $1.1m in FY11). With a conservative balance sheet, with a cash balance of $6.3m, working capital of $3.6m and no debt, the company’s market value of $20m is undemanding, particularly in light of the business’ growth prospects. For a Free download of the 26 page report go to Register for FREE Micro Cap News www.microequities.com.au Tue, 31 Jan 2012 00:09:45 GMT