broker research

Investor First Securities have a 10c valuation on ADQ

Forecasting $60mil revenue and $2.3m EBIT for 2012.

Reported revenues of $17m in Q1 suggest these numbers should be comfortably exceeded

Not too bad for a $14m market cap.

I-F note: “The company’s new strategy of providing clients with a full service logistics management offering appears to have struck a chord, particularly in Africa where sales increased 106% over FY10.”