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Secondary Recommendation

Quarto - Co-edition publisher set for re-rating

March 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:
  • QRT
International co-edition publisher, Quarto,  has just announceda double-digit rise in pretax profit growth for the second year in succession, making its prospective PE of 4.6 look more and more anomalous by the day.  However, this low rating, which  reflects investor perceptions that it carries too much debt,  is now improving thanks to its final results, which  showed a significant  reduction in net borrowings of nearly £4m to £19.8m,  while interest cover is a comfortable 5.4 times. Quarto'slargest division is co-edition publishing, which made 61% of profitbefore central costs last year. This involves creating content for athird party publisher which is used in highly illustrated non-fict ...

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Related Articles

Quarto - Tender offer boosts shares (September 2003)
Quarto - Bid approach (August 2003)
Quarto - Prospective PE: 4.6 (April 2003)

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