14 December 2011 – final results

Poor results from the tour operator are not a surprise given what has happened to the shares over recent weeks.  Nevertheless, the reaction to the results seems harsh given the likelihood that the group will survive.  The share price is clearly wrong – the shares are either worthless or worth quite a bit more than the current price.  One broker has a share price target of 1p – another has a target of 35p.  Although not without risk, we think the latter is more likely which makes the shares a SPECULATIVE BUY.