Comments for EMG.L - Stockpickr! Your Source for Stock Ideas

Comments for EMG.L

Added By	Comments	Type	Date Added
Barrons	The bull case really begins with the brokerage business. The unit is expected to generate $226 million of net profit for the fiscal year ending March 31, or 15% of the total. For the time being analysts at Citigroup, HSBC, Dresdner Kleinwort and Credit Suisse have concluded the unit is worth between 18 and 22 times earnings. That means a valuation of roughly $5 billion. That is conservative, as it doesn't take into account the continued integration of Refco, the commodities brokerage Man bought in 2005. The deal, with a total price of $323 million, has been dilutive to earnings because of integration costs. It should start adding to profits in 2008.	Love	April 28, 2007