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Synergy Healthcare - Acquisition triggers massive earnings upgrade

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.

Synergy is acquiring Lips Textielservice, the largest operatorof linen services in the Netherlands, for Eu.50m (Â£33.3m), plus the assumption of Eu.16m debt (Â£10.7m) The deal is being financed by way of a placing and open offer, to raise Â£37.5m. Given that Lips was acquired on a historic PE of just 9, the deal is substantially earnings enhancing and house broker, Brewin Dolphin has raised its earnings forecasts by 18% to 16.6p for the current year, andby another 17% to 20.2p in 2006. Numis is even more aggressive with equivalent forecasts of 22.2p and 26.7p, respectively. Lipsprovides rental and cleaning of healthcare linen, as well as operating room gown and drape packs and on-si ...

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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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Synergy Healthcare - Acquisition triggers massive earnings upgrade

July 2004

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