2010-11-10 1 views
0

Je reçois la valeur du service web en utilisant du savon, mais la valeur est au format tag html et certains caractères spéciaux apparaissent. Je ne reçois pas la valeur correctela valeur ne vient pas correctement des services web usin soap amis

La valeur réelle est:

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<p style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 11pt" class="MsoNormal">Sage may not have set investors’ collective pulse racing in the past, but we believe that the market is missing a trick on this solid growth and potential takeout story. Not only are there revenue and margin opportunities in emerging/<?xml:namespace prefix = st1 /><st1:country-region w:st="on"><st1:place w:st="on">US</st1:place></st1:country-region><span class="Apple-converted-space"> </span>healthcare markets, the stock also looks very attractive on the Quest™ LBO framework. With 28% upside to our<span class="Apple-converted-space"> </span><a href="http://www.csquest.com/QUEST?clpg=ART&id=1092&clid=&pg=SEN&spl=&cid=0802165">adjusted Quest™ per share of 326p</a><span class="Apple-converted-space"> </span>and upgrades likely to come through post the October numbers, Sage is certainly worth a look.</p> <p style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 11pt" class="MsoNormal">The company’s longevity (two decades), huge customer base, strong distribution capabilities/customer support model, internationally recognised brands and highly cash generative business (with 65% subscription revenue) makes it an ideal candidate for M&A. And the business continues to grow. There are plenty of opportunities in emerging markets (where Sage’s presence is small), and then there’s the high-growth US healthcare market where Sage is well positioned due to its industry-accredited products and focus on the move towards web and mobile technologies. Yet, we believe there’s nothing in the share price to reflect all these attractive M&A characteristics.</p> 
<p style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 11pt" class="MsoNormal">On Quest™ the stock looks marginally expensive, but as the<span class="Apple-converted-space"> </span><a href="http://www.csquest.com/QUEST?clpg=ART&id=&clid=&pg=VAL&spl=&cid=0802165">Valuation page</a><span class="Apple-converted-space"> </span>shows, Sage has normally traded at a premium to the default value per share. Today’s 14<b>%</b><span class="Apple-converted-space"> </span>downside is, in historic terms, at the bottom of the range (<a href="http://www.csquest.com/QUEST?clpg=ART&id=197&clid=&pg=CHR&spl=&cid=0802165">Charting page</a>). However, given the company’s demonstrable ability to beat the returns fade (impressive CFROA performance), we believe it’s appropriate to delay the returns fade for two years – generating an adjusted Quest™ value per share of 326p<b></b><span>(28% upside to Friday’s close).</span></p> 
&amp;lt;p style=&amp;quot;LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 11pt&amp;quot; class=&amp;quot;MsoNormal&amp;quot;&amp;gt;Given it&amp;amp;#8217;s attractiveness to potential bidders (helped by an LBO FCF yield of 11%), we&amp;amp;#8217;ve run Sage through the Quest&amp;amp;#8482; LBO model. At a 25% bid premium (319p), assuming 50/50 debt/equity and at &amp;amp;#8216;normal&amp;amp;#8217; trading multiple, Quest&amp;amp;#8482; sees a healthy three-year IRR of 25%. The &amp;amp;#8216;normal&amp;amp;#8217; valuation excludes both the valuation highs of the TMT bubble and the lows of the recession. As shown in Figure 1, the IRR&amp;amp;#8217;s key sensitivity is the exit multiple. At the current depressed multiple (8.4x EV/EBITDA; 2.3x EV/sales; 12.5x P/E), IRR falls to a mere 4%.&amp;lt;br /&amp;gt;&amp;lt;br /&amp;gt;&amp;lt;a href=&amp;quot;http://10.113.73.61/QUEST?PCF=MOBILE&amp;amp;amp;clpg=ARTICLE&amp;amp;amp;pg=SUM&amp;amp;amp;cid=0802165&amp;quot;&amp;gt;http://10.113.73.61/QUEST?PCF=MOBILE&amp;amp;amp;clpg=ARTICLE&amp;amp;amp;pg=SUM&amp;amp;amp;cid=0802165&amp;lt;/a&amp;gt;&amp;lt;/p&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/span&amp;gt;" IS_PROTECTED="0" PDF_NAME="" REFERENCE_CITN_ARTICLE_ID="23220" ISNEWARTICLE="1" HYPERLINK="/PATH/23220.pdf"><SUMMARY>Sage may not have set investors’ collective pulse racing in the past, but we believe that the market is missing a trick on this solid growth. 
Under-appreciated LBO candidate. Buy.</SUMMARY><AUTHORS/></ARTICLE><ASSOCIATED_COMPANIES ARTICLE_ID="23220"><COMPANY ID="1724" SHRT_NAME="Sage" NAME="Sage Group (The) PLC" SHARE_PRICE="242.0" ADJ_QUEST_VAL="45.0" CURRENCY="p  " ARTICLE_COMPANY_ORDER="1" ARTICLE_COMPANY_TYPE="ICV"/></ASSOCIATED_COMPANIES><COMPANIES_WITH_AUTH context="COMPANIES"><COMPANY NAME="Sage"/></COMPANIES_WITH_AUTH></ROOT> 
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La valeur que je reçois est:

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none; TEXT-INDENT: 0px; BORDER-COLLAPSE: separate; FONT: medium 'Times New Roman'; WHITE-SPACE: normal; 
ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(0,0,0); WORD-SPACING: 0px; 
-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; -webkit-text-decorations-in-effect: none; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 
0px&amp;quot; class=&amp;quot;Apple-style-span&amp;quot;&amp;gt;&amp;lt;span 
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&amp;lt;p style=&amp;quot;MARGIN-LEFT: 36pt&amp;quot; 
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On dirait que vous avez besoin de parler au fournisseur de services Web. Soit cela, ou vous avez en quelque sorte mansged à demander une réponse formatée html plutôt qu'une réponse de savon.