Tullett Prebon operates as an intermediary in wholesale financial markets for trading activities of its clients, in particular commercial and investment banks. The business now covers seven major product groups: Volatility, Rates, Non Banking, Treasury, Energy and Commodities, Credit, and Equities. Tullett Prebon's electronic broking division offers electronic solutions to these products. In addition to its brokerage services, Tullett Prebon offers a variety of market information services through its IDB Market Data division, Tullett Prebon Information. The GBp 264.4 support, currently tested, should allow Tullett Prebon to rally again.
According to Surperformance rating, the company is an opportunity for a trading strategy. Indeed, it is a good compromise between its value and its visibility. Analysts estimate for the company a 6.44x PER ratio and a 3.06x EV/EBITDA ratio for 2012.
Technically, in daily data, even if moving averages are still in a downtrend, a positive reaction in the GBp 264.4 area should stop this trend and allow a technical rebound towards GBp 285.4. Moreover, technical indicators show a significant oversold condition which strengthens this bullish scenario. Finally, a double bottom pattern seems to be forming.
Considering technical and fundamental elements, it seems to be an appropriate timing to take immediately a long position in Tullett Prebon in order to benefit from the GBp 264.4 support area. A first target price will be the GBp 285.4 resistance. A stop loss order will be placed under the mid-term support currently tested. Only a crossing of GBp 262 would validate a bullish trend in order to aim a higher target price.
TP ICAP Group plc is a United Kingdom-based liquidity and data solutions company. The Company provides intermediary services, contextual insight, trade execution, pre-trade and settlement services and data-led solutions. Its segments include global broking, energy and commodities, liquidnet, and parameta solutions. The global broking segment services clients in rates, foreign exchange and money markets, equities and credit products. Its core global broking brands include Tullett Prebon and ICAP. The energy and commodities segment operates in various markets, including oil, gas, power, base metals, precious metals, soft commodities and digital assets. Its liquidnet segment covers a broad range of asset classes, providing a client base of hedge funds, asset managers and asset owners with agency execution services, and operates two brands: Liquidnet and Coex Partners. The parameta solutions segment includes its data and analytics business, providing over the counter market data.
TP ICAP GROUP PLC 
