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Authoritative Independent Monthly Share Selections Using Technical & Fundamental Analysis

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Secondary Recommendation

EMI - Chance of a bid

February 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.

  • Epic Code:
  • EMI
Although EMI owns the world's largest music publishing business,  which enjoys fantastic levels of profitability, its shares have come down  from a peak of 799p to 136p, before a recent recovery, over  fears over the long-term health of its other business, recorded music. The latter has seen  a substantial decline in its operating profit from £294m in 1997 to just £83m in 2002, leading to a thin 4.1% margin.  Structural factors, ranging from the end of the CD replacement cycle, to growing substitution from other forms of in-home entertainment, fragmentation of consumers' music tastes and increased levels of online and off-line piracy have been partly to blame.  But these were exacerbated by the cyclical problem of a weak release schedu ...

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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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