Updates

Retail Decisions - First note since Fuelserv acquisition

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.

Broker Oriel has released its first note following the £21.5m acquisition of Fuelserv, the European diesel card operator. The price paid was around 11x historical earnings which might not appear cheap but starting a business from scratch would have been virtually impossible for Retail Decisions; potential clients want a large enough accepting network whilst sites are only keen to accept cards if they are likely to experience an increase in demand. As a result, there are just three players in the UK market with CH Jones holding 56%, Fuelserv 29% and UK Fuels 15%. The acquisition is only slightly eps enhancing with Oriel forecasting a pretax profit of £7.4m and eps of 8.5p for the year to 31 December, which include ...

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NETeller

GB Group

Retail Decisions - Gain: 58% following bid (November 2006)

Retail Decisions (August 2006)

Retail Decisions (June 2006)

Retail Decisions - Plans to drive value from acquisitions (February 2006)

Retail Decisions - Acquires leading Australian gift card operator (January 2006)

Retail Decisions - Buys UK fuel card business from DHL (November 2005)

Retail Decisions (October 2005)

Retail Decisions (July 2005)

Retail Decisions - Benefits from high oil prices (March 2005)

Retail Decisions - CNP transactions continue rising (February 2005)

Retail Decision (January 2005)

Retail Decisions - Volumes of CNP transactions rise (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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