Updates

PZ Cussons - Major acquisition

November 2010

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.

Cussons has announced the acquisition of St Tropez, the UK's leading sunless tanning products range, for Â£62.5m. This strengthens the group's existing position in â€œmasstigeâ€ brands, which include The Sanctuary spa products and Charles Worthington. St Tropez generated EBITDA of Â£7.5m on revenue of Â£20.5m in the year to April 2010, making for a trailing EV / EBITDA valuation of 8.4 times, considered good value by some analysts and this compares with Cussonsâ€™ own forward rating of 12.8 times EV / EBITDA. Broker Panmure has upgraded its forecast for the year to next May from 16.6p to 17.2p, with 19.8p (up from 18.5p) now expected in 2012. The shares were originally tipped in January â€˜ ...

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Marstons - Gentle recovery continues

Albemarle & Bond

PZ Cussons - Lock in profits and sell (March 2011)

PZ Cussons - Major new joint venture (February 2011)

PZ Cussons - Net cash soars to Â£86m (September 2010)

PZ Cussons - Gain to date: 148% (August 2010)

PZ Cussons - Possibility of a special dividend (June 2010)

PZ Cussons (March 2010)

PZ Cussons - 2009 NAP has nearly doubled (January 2010)

PZ Cussons - Net cash increases to Â£23m (November 2009)

PZ Cussons - Massive swing to net cash of Â£23.2m (September 2009)

PZ Cussons - Net debt almost eliminated (July 2009)

PZ Cussons (May 2009)

PZ Cussons - Imperial Leather owner set to increase profits to Â£100m in 2010 (April 2009)

PZ Cussons - Owner of Imperial Leather eyes further growth (January 2009)

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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