Total Systems - strong buy or what???

Three straight BUY recommendations on Hemscott ( but I'm somehow not convinced on this one... NAV 31.3p v share price of 125p. Cash per share of 25.6p.

Interim profit was 5.15p/share and yet only 8.95p is scheduled in for the full year. Could that figure be exceeded?

The Chairman's statement accompanying the results stated :

'The first half of the current financial year has produced revenue and profit ahead of target and we remain on course to meet market expectations for the year...strong long term client relationships have enabled us to secure a larger share of available budgets...We expect to sign a number of contracts with new clients that will give us a strong start to the next financial year. We remain convinced that your Company has an excellent future and should deliver significant value to shareholders in the medium and long term.'

There is also a Citywire Research Report at :

this is interesting reading as it could easily be a threat to TIG.

Any other views out there?