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Maiden - Better short-term value elsewhere

May 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:
  • MDN
Maiden's results, for the year ended December, came in slightly ahead of reduced expectations, with  pretax profit down 4% to £6.4m, on sales up 2% to £82.1m.  Earnings were down 13% to 9.4p.  There was  a one-off boost to profit of £1.7m from  Maiden's decision to depreciate its outdoor assets over 10 years rather than 5 (in line with most of its peers).  Meanwhile, net debt reduced from £43.7m to £34.6m, with the important EBIT / interest cover now a comfortable 4.6 times. Although the firstquarter of the current year was its best ever, with turnoverincreasing 24% the outlook as with all advertising stocks isuncertain, with  little visibility in the order book. WestLB Panmure has issued ...

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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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