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Fayrewood - Arbuthnot finally upgrades forecasts

July 2004

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:
  • FWY
In a recent research note broker, Arbuthnot, has upgraded forecasts for Fayrewood citing a "more optimistic demand environment".  For the current year its pretax profit forecast is hiked from £13.2m to £14.4m (eps: 13.2p), rising to £16.4m and 15.2p in 2005.   This reflects the broker factoring in more optimistic sales and profit growth rates at Fayrewood's niche distribution subsidiaries in Spain (UMD), and the UK (Interface).   Thisupgrade puts Fayrewood on a prospective PE of 9.4, falling to just 8.2in 2005.  With the prospect that even these new forecasts could be beaten it's more a question of when rather than if the shares reach Arbuthnot's new price targ ...

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