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Stockreport

Pearson -3.9% on strong comments from Berenberg [Seeking Alpha]

PEARSON (PSO)  More Company Research Source: Seeking Alpha
PDF Shares of Pearson (NYSE: PSO ) fell today in London after Berenberg (Sell) dropped its price target to 400p, implying downside. Key points from the note, via FT : Pearson has a major problem: In fiscal 2015, higher education courseware contributed 40-45% of group EBIT. This key division faces serious structural and cyclical issues, which will continue until industry profits have normalised at much lower levels. We do not see a short-term fix. Leverage is higher than assumed: With returns likely to have impacted 2016 year-end cash flows, and the new strategy affecting cash flow in future, leverage is higher than the market thinks. We note recent negative statements by both Moody’s and S&P. Thus, Pearson is unlikely to return any cash to shareholders following a sale or recapitalisation of PRH. Is there opportunity for more cost savings? Pearson has already spent £610m on two restructurings in the last five years, yielding cumulative savings of £586m, before cu [Read more]

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