Primary Recommendation

Majestic Wine

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.

In spite of press comments forecasting a Christmas bust for UK retailers, Majestic Wine, the UK's largest wine warehouse chain, is showing the signs of its best ever year. On 6 January, the company stated that like-for-like sales in the eight weeks to 31 December were up 10.8% prompting broker, Teather & Greenwood, to upgrade its forecast. For the year ending January 2003, the broker now expects Majestic to post a record pretax profit of £8.2m and earnings of 35.1p, followed by £9m and 38.5p in 2004. For a company that has a leadership position and has maintained its growth stock label, while so many others have lost theirs, a PE of 14.2, falling to 12.9 seems low.< ...

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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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Majestic Wine

February 2003

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