Updates

NETeller

December 2005

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

NETeller has acquired Netbanx, a UK based card payment service provider, for £12.4m (quite a way short of the £500m Netbanx almost floated for in the dotcom bubble had its founder, a nice pony-tailed fellow called Kevin, not integrated the company with his porn business - Editor). Netbanx has 1,500 merchants as its customers and processes £10m of card payments a month. It had sales of £2.5m and a profit of £1.1m in the 18 months to 30 June, equating to an exit multiple of 15.9x. The acquisition will enable NETeller to cross-sell credit and debit processing services to 1,700 internet gaming merchants in addition to its e-wallet product. Post the acquisition, Cannacord has upgraded to eps of 73 cents (4 ...

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Erinaceous

Retail Decisions - First note since Fuelserv acquisition

NETeller (August 2006)

NETeller (April 2006)

NETeller (February 2006)

NETeller - Forecasts raised 33% for next year (September 2005)

NETeller - Looks well placed to meet forecasts (June 2005)

NETeller - Next move may be South Korea (May 2005)

NETeller - Durlacher sets 700p year end target (February 2005)

NETeller - Far East move imminent (December 2004)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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