Primary Recommendation

JJB Sports - Largest sports retailer sees recovery in margins

December 2003

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.

Subscribers will recall that JJB Sports, the UK's largest specialist sports retailer, has been a firm favourite of ours ever since we tippedthem at 162p in November 2002. At that time, JJB was battling with an intense period of competition, while its rating was further depressed by investors' annoyance concerning its diversification with the acquisition of the department store group TJ Hughes. But JJB is about to dispose of that non-core department store business, while recent results indicate that a dramatic improvement in trading isunderway. As a result, the shares have partially recovered, although still only trade on a prospective PE of 10.4. This is way below the premium JJB has historically enjoyed, and shoul ...

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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.

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