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Findel - Forward PE jus 8.2

September 2002

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, Numis, has published a positive update note highlighting theprogress being made by Findel’s two divisions of home shopping andeducational supplies. In particular, highlighting the defensive natureof both businesses. Growth in the educational side is being driven bythe stable revenues from the public sector client base plus theintegration of Novara delivering further cost reductions. Meanwhile,the home shopping side is targeting the budget end and consumer creditwith growth driven by new ranges such as furniture and upholstery. Numis forecast a pretax profit of £34m in the current year to 31 March for eps of 28.4p, with £39m and 32.8p next year.The forward PE is just 8.2. Continue to b ...

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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.

All material on this website is protected by copyright. You may use Information retrieved from the www.scsw.co.uk website for your own personal non-commercial use which means that you may not sell or copy this information to any third party without prior written consent. ISSN 1358-183X

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