William Blair & Company Initiates Coverage of TALX Corporation With Outperform Rating
26 May 2006 - 2:04AM
PR Newswire (US)
CHICAGO, May 25 /PRNewswire/ -- William Blair & Company
initiated research coverage of TALX Corporation (NASDAQ:TALX)
($26.17) with an Outperform rating and company profile of
Aggressive Growth. TALX provides services, including employment
verification and unemployment claims processing, that enable large
and midsize corporations and government agencies to outsource the
performance of business processes that would otherwise be performed
by their own payroll or HR departments. Analyst Bruce Simpson
estimated that the company would earn $1.07 per share in 2006 and
$1.36 per share in 2007. "TALX is the leader in providing
outsourced employment and salary verification to the country's
largest employers," Simpson said. "The company's collection of
payroll records is far larger than any competitor's offering, as
TALX has almost 30% of all active employees in its database, making
its product the gold standard for all such verifications. This
competitive position results in pricing power and helps drive
15%-20% organic sales growth, in our estimation." "HR departments,
under financial and regulatory pressure, are continuing to
outsource noncore functions and adopt automated alternatives to
paper-based processes," he added. "Over the past five years, TALX
has broadened its service portfolio, which now spans from
preemployment testing to postemployment claims management, thereby
expanding its market opportunity, which we estimate at $1 billion."
William Blair & Company, L.L.C. ( http://www.williamblair.com/
) is a Chicago-based investment firm, founded in 1935, offering
investment banking, asset management, equity research,
institutional and private brokerage, and private capital to
individual, institutional, and issuing clients. As an independent,
employee-owned firm, our philosophy is to serve our clients'
interests first and foremost. William Blair & Company has
offices in Chicago, Hartford, London, San Francisco, Tokyo, Vaduz,
and Zurich. William Blair & Company, L.L.C. has received
compensation for investment banking services from the company
within the past 12 months, or expects to receive or intends to seek
compensation for investment banking services in the next 3 months.
William Blair & Company, L.L.C. is a market maker in the
security of this company and may have a long or short position. For
important disclosures and information regarding the firm's rating
system, valuation methods and potential conflicts of interest,
please visit:
http://www.williamblair.com/pages/news_story_dept.asp?uid=1046&depID=4
Additional information is available upon request. William Blair
& Company, L.L.C. is a member of the National Association of
Securities Dealers, CRD number 1252. DATASOURCE: William Blair
& Company, L.L.C. CONTACT: Tony Zimmer, William Blair &
Company, +1-312-364-8611, Web site: http://www.williamblair.com/
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