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TULLETT PREBON

(TLPR GB00B1H0DZ51 GBX)

Value 280.100

Change Today +1.60

Updated21/05 09:01

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PROFILE

Registered Number	5807599
Registered Address	Tower 42 Level 37 25 Old Broad Street London EC2N 1HQ
Head Office	155 Bishopsgate London EC2N 1HQ
Phone Number	+44 (0) 207 2007000
Fax Number
Website	http://www.tullettprebon.com
Activities	Provides brokerage and market information services
Country of Register	GB
Currency	GBX
Short Name	TULLETT PREBON
First Day Traded	19/12/2006
Industrial Sector	Investment Services
Number of shares	215m

Key People

Terry Smith	Chief Executive Officer
Stephen Pull	Non Executive Director
Paul Mainwaring	Financial Director

Major Shareholders

Scottish Widows Investment Partnership Ltd.	13.78%
Henderson Global Investors Ltd.	6.78%

Director Deals

Director	Date	Buy/Sell	Quantity	Price
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Income Statements £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/12/2007	31/12/2008	31/12/2009	31/12/2010	31/12/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Sales/Revenue	753.80	943.60	947.70	908.50	910.20
Total Investment Income	0	0	0	0	0
Interest Income	0	0	0	0	0
Sundry Revenue/Income	753.80	943.60	947.70	908.50	910.20
Trading Account Income	0	0	0	0	0
Trust Income, Commissions & Fees	0	0	0	0	0
Trust Income	0	0	0	0	0
Commission & Fee Income	0	0	0	0	0
Foreign Exchange Gains	0	0	0	0	0
Total Expense	667	805.40	798.40	780	809.10
Total Interest Expense	30.80	31.30	17.20	14.60	17.30
Loan Loss Provision	0	0	0	0	0
Selling, General & Admin. Expenses	0	766.30	773	0	0
Depreciation & Amortization Expense	7.20	7.80	8.20	9.40	8.80
Depreciation	5.80	6.50	6.10	6.40	5.50
Amortization of Intangibles	1.40	1.30	2.10	3	3.30
Amortization of Deferred Charges	0	0	0	0	0
Other Operating Expense	629	0	0	756	783
Operating Income	86.80	138.20	149.30	128.50	101.10
Non-Operating Income (Expense)	27	18.30	8.50	12.80	35.20
Non-Operating Interest Income	13.40	11.50	3.40	1.90	2.30
Miscellaneous Non Operating Expense	13.60	6.80	5.10	10.90	32.90
Equity in Affiliates (Pretax)	0	0	0	0	0
Unusual Expense	0	19.50	1.30	0	17.10
Pretax Income	113.80	137	156.50	141.30	119.20
Income Taxes	40.30	43.30	46.90	33.70	30.30
Income Tax - Current - Domestic	20.60	24.60	31.80	30	29.80
Income Tax - Current - Foreign	13.10	19	3.60	-0.90	1
Income Tax - Deferred - Domestic	6.60	-0.30	11.50	4.60	-0.50
Income Tax - Deferred - Foreign	0	0	0	0	0
Income Tax Credits	0	0	0	0	0
Minority Interest Expense	0.90	0.50	0.60	0.60	0.70
Equity in Affiliates	0.80	1.30	1.80	1.50	1.20
Other After Tax Income (Expense)	0	0	0	0	0
Net Income	73.40	94.50	110.80	108.50	89.40
Extraordinaries & Discontinued Operations	0	0	0	0	0
Extra Items & Gain/Loss Sale Of Assets	0	0	0	0	0
Cumulative Effect - Accounting Chg	0	0	0	0	0
Discontinued Operations	0	0	0	0	0
Net Income After Extraordinaries	73.40	94.50	110.80	108.50	89.40
Preferred Dividends	0	0	0	0	0
Net Inc. Avail. To Common - Basic	73.40	94.50	110.80	108.50	89.40
Operational EPS	34.24	50.37	51.62	50.30	46.56
EPS (basic)	34.70	44.40	51.80	50.50	41.30
EPS (diluted)	34.24	44.01	51.20	50.30	41.07

Balance Sheet £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/12/2007	31/12/2008	31/12/2009	31/12/2010	31/12/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Cash & Short Term Investments	290.50	405.20	396.20	425.70	372.80
Cash Only	262.20	375	366.10	390.10	342
Total Short-Term Investments	28.30	30.20	30.10	35.60	30.80
Short-Term Receivables	6,897.30	13,523.40	5,725.10	4,137.70	5,192.40
Investment Securities	0	0	0	0	0
Securities in Custody	0	0	0	0	0
Investments - Total	0	0	0	0	0
Net Loans	0	0	0	0	0
Gross Loans - Net of Unearned Income	0	0	0	0	0
Loan Loss Allowances (Reserves)	0	0	0	0	0
Investment Property	0	0	0	0	0
Other Investments	0	0	0	0	0
Investment in Unconsolidated Subs.	2.60	3.50	3.50	3.60	3.40
Net Property, Plant & Equipment	18.70	27.60	25.60	24.30	22.10
Other Assets (incl. Intangibles)	394.40	427	425.60	465.50	521.30
Other Assets	35.70	33.50	44.70	76.90	106.40
Intangible Assets	358.70	393.50	380.90	388.60	414.90
Total Assets	7,618.50	14,404.70	6,589.70	5,069.80	6,116.90
Total Customer Deposits	0	0	0	0	0
Total Debt	450.50	422.60	387.20	357.90	265.70
ST Debt & Curr. Portion LT Debt	30.60	30.60	30.20	30.10	30.10
Short Term Debt	0.20	0.10	0	0	0
Current Portion of Long Term Debt	30.40	30.50	30.20	30.10	30.10
Long-Term Debt	419.90	392	357	327.80	235.60
LT Debt excl. Capitalized Leases	417.10	388.30	356.70	327.60	235.60
Capitalized Lease Obligations	2.80	3.70	0.30	0.20	0
Provision for Risks & Charges	18.60	20.40	9.10	3.90	6.40
Deferred Taxes	-14.70	-17.40	-5.60	6.50	9.20
Deferred Taxes - Credit	0.30	0.60	8.10	19.50	14.10
Deferred Taxes - Debit	-15	-18	-13.70	-13	-4.90
Accumulated Minority Interest	2.10	2.40	2.20	2.80	3.10
Other Liabilities	7,016.70	13,716.60	5,872.80	4,276.70	5,355.20
Deferred Tax Liability-Untaxed Reserves	0	0	0	0	0
Other Liabilities (excl. Deferred Income)	7,016.70	13,716.60	5,872.80	4,273.80	5,347.40
Deferred Income	0	0	0	2.90	7.80
Total Liabilities	7,486.10	14,160.20	6,277.20	4,658	5,641.40
Preferred Stock (Carrying Value)	0	0	0	0	0
Redeemable Preferred Stock	0	0	0	0	0
Non-Redeemable Preferred Stock	0	0	0	0	0
Preferred Stock issues for ESOP	0	0	0	0	0
ESOP Guarantees - Preferred Stock	0	0	0	0	0
Common Equity (total)	130.30	242.10	310.30	409	472.40
Common Stock Par/Carry Value	53.20	53.80	53.80	53.80	53.80
Additional Paid-In Capital/Capital Surplus	0	9.90	9.90	9.90	9.90
Retained Earnings	1,283.60	1,342.30	1,421.80	1,502.40	1,564.10
ESOP Debt Guarantee	-20.70	-6.90	-2.80	-0.10	-0.10
Cumulative Translation Adjustment/Unrealized For. Exch. Gain	-4.40	23.90	7.60	17.40	17.40
Unrealized Gain/Loss Marketable Securities	0	0	0	5.30	7.70
Revaluation Reserves	0.90	1.40	2.30	2.60	1.90
Other Appropriated Reserves	-1,182.30	-1,182.30	-1,182.30	-1,182.30	-1,182.30
Unappropriated Reserves	0	0	0	0	0
Treasury Stock	0	0	0	0	0
Total Shareholders' Equity	130.30	242.10	310.30	409	472.40
Liabilities & Shareholders' Equity	7,618.50	14,404.70	6,589.70	5,069.80	6,116.90

Cash Flow £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/12/2007	31/12/2008	31/12/2009	31/12/2010	31/12/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Funds from Operations	94.90	103.70	129.20	107.20	104.60
Extraordinaries	0	0	0	0	0
Changes in Working Capital	2.20	44.30	-37	-9.20	-6
Receivables	-17.40	18.20	4.20	-14.80	-4.70
Inventories	0	0	0	0	0
Accounts Payable	19.60	26.10	-41.20	5.60	-1.30
Income Taxes Payable	0	0	0	0	0
Other Accruals	0	0	0	0	0
Other Assets/Liabilities	0	0	0	0	0
Net Operating Cash Flow	97.10	148	92.20	98	98.60
Capital Expenditures	6.60	16.60	9.30	12.40	12.40
Capital Expenditures (Fixed Assets)	5.50	13.20	5.20	4.90	3
Capital Expenditures (Other Assets)	1.10	3.40	4.10	7.50	9.40
Net Assets from Acquisitions	-25.90	-3.80	-3.40	-2.40	-11
Sale of Fixed Assets & Businesses	0	0	0.20	0.20	0
Purchase/Sale of Investments	-0.40	0.80	-0.90	-3.50	4.30
Purchase of Investments	-0.40	-0.10	-0.90	-5.20	-3.50
Sale/Maturity of Investments	0	0.90	0	1.70	7.80
Increase in Loans	0	0	0	0	0
Decrease in Loans	0	0	0	0	0
Other Uses	0	0	0	0	0
Other Sources	0.70	0	0	0	0
Net Investing Cash Flow	-32.20	-19.60	-13.40	-18.10	-19.10
Cash Dividends Paid - Total	-21.10	-27.20	-27.80	-32.70	-33.90
Common Dividends	-21.10	-27.20	-27.80	-32.70	-33.90
Preferred Dividends	0	0	0	0	0
Decrease in Deposits	0	0	0	0	0
Increase in Deposits	0	0	0	0	0
Change in Capital Stock	-312.40	0	1.50	1.70	0
Repurchase of Common & Preferred Stk.	-312.40	0	0	0	0
Sale of Common & Preferred Stock	0	0	1.50	1.70	0
Proceeds from Stock Options	0	0	1.50	1.70	0
Other Proceeds from Sale of Stock	0	0	0	0	0
Issuance/Reduction of Debt, Net	296.80	-30.40	-36.40	-30.60	-213.60
Change in Current Debt	0.10	0	-0.10	0	0
Change in Long-Term Debt	296.70	-30.40	-36.30	-30.60	-213.60
Issuance of Long-Term Debt	297.20	0	-2.50	0	-3.40
Reduction in Long-Term Debt	-0.50	-30.40	-33.80	-30.60	-210.20
Other Funds
Other Uses	-1.90	-1	-13.20	-0.30	-0.70
Other Sources	0	0	2.50	0	120
Net Financing Cash Flow	-38.60	-58.60	-73.40	-61.90	-128.20
Exchange Rate Effect	-0.30	43	-14.30	6	0.60
Miscellaneous Funds	-0.00	0	0.00	0	-0.00
Net Change in Cash	26	112.80	-8.90	24	-48.10
Free Cash Flow	70.50	107.60	59.20	60.40	61.70

Analysis Data

	2007	2008	2009	2010	2011
Fiscal Year End	2007-12-31	2008-12-31	2009-12-31	2010-12-31	2011-12-31
Valuation
Market Capitalisation	999.36	291.01	597.07	824.22	581.35
Price/Earnings	13.52	3.07	5.38	7.58	6.54
Price/Sales	1.32	0.31	0.63	0.91	0.64
Price/Book Value	7.67	1.20	1.92	2.02	1.23
Price/Cash Flow	10.36	1.98	6.55	8.43	5.96
Enterprise Value/EBIT	0	0	0	0	0
Enterprise Value/EBITDA	0	0	0	0	0
Enterprise Value/Sales	1.55	0.33	0.63	0.84	0.53
Total Debt/Enterprise Value	0.39	1.35	0.65	0.47	0.55
Total Debt/EBITDA	0	0	0	0	0
EPS (basic)	34.70	44.40	51.80	50.50	41.30
EPS (diluted) as stated	34.24	44.01	51.20	50.30	41.07
Profitability
Gross Margin (%)	0.00	0.00	0.00	0.00	0.00
Operating Margin (%)	11.51	14.65	15.75	14.14	11.11
Pretax Margin (%)	15.10	14.52	16.51	15.55	13.10
Net Margin (%)	9.74	10.01	11.69	11.94	9.82
Return on Assets (%)	0.70	0.86	1.06	1.86	1.60
Return on Equity (%)	28.73	50.75	40.12	30.17	20.29
Return on Avg. Total Capital (%)	13.18	15.17	16.27	14.82	11.88
Return on Avg. Invested Capital (%)	13.57	15.96	17.03	15.45	12.38
Efficiency
Revenue/Employee	0.31	0.37	0.39	0.37	0.36
Receivables Turnover	0.08	0.09	0.10	0.18	0.20
Days of Sales Outstanding (DSO) (%)	4,723.19	3,949.53	3,706.71	1,981.24	1,870.74
Inventory Turnover	0.00	0.00	0.00	0.00	0.00
Days of Inventory on Hand (DIO)	0.00	0.00	0.00	0.00	0.00
Total Asset Turnover	0.07	0.09	0.09	0.16	0.16
Capital Structure
Debt-to-Total Equity (%)	345.74	174.56	124.78	87.51	56.24
Debt-to-Total Capital (%)	77.57	63.58	55.51	46.67	36.00
Debt-to-Total Assets (%)	5.91	2.93	5.88	7.06	4.34
Interest Coverage	0.00	0.00	0.00	0.00	0.00

Market data

Name	Latest	Var
FTSE 100	5,294.82	+0.52%
FTSE 250	10,462.59	+0.29%
DOW INDUSTRIALS	12,369.38(c)	-0.59%
HONG KONG HANG SENG INDIC	18,926.78	-0.13%
Nikkei 225	8,633.89(c)	+0.26%

Name	Latest	Var
MAN GROUP	80.05	+6.31%
VEDANTA	993.50	+3.65%
GKN	187.40	+2.68%
ROYAL BANK SCOT	20.45	+2.30%
IMI	875.00	+1.92%

Name	Latest	Var
LAND SECS.	710.50	-0.98%
TESCO	312.15	-0.49%
BR.LAND	486.30	-0.49%
POLYMETAL INTL	795.50	-0.44%
SAGE GRP.	248.30	-0.40%

Buys

Name	Latest	Var
AVIVA	264.90(c)	-1.05%
RED EMPEROR RES	14.88(c)	-17.36%
LLOYDS GRP.	25.95(c)	-6.15%
BP	391.95(c)	-1.18%
VODAFONE GRP.	164.30(c)	-0.96%

Sells

Name	Latest	Var
LLOYDS GRP.	25.95(c)	-6.15%
RED EMPEROR RES	14.88(c)	-17.36%
PV CRYSTALOX	9.45(c)	+121.31%
BARCLAYS	176.10(c)	-3.19%
AVIVA	264.90(c)	-1.05%

Selftrade is a trading name and Selftrade® a registered trademark of Talos Securities Limited, which is authorised and regulated by the Financial Services Authority (FSA Register number 208271) and is a member of the London Stock Exchange and PLUS Markets. Talos Securities Ltd is incorporated in England and Wales (Registration No. 4196325, Registered Address: Boatman's House, 2 Selsdon Way, London E14 9LA). VAT No. 629 2807 22.

Data: include Bondscape, Dow Jones, Factset, FTSE, Morningstar. Conditions may apply.

TULLETT PREBON

PROFILE

Key People

Major Shareholders

Director Deals

Income Statements £1K

Balance Sheet £1K

Cash Flow £1K

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