Primary Recommendation

NETeller - Online payment processor has makings of a multi-bagger

October 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.

NETeller is the largest provider of online payment processing solutions for the Internet gaming industry and performs payment processing for these customers for which it charges a fee. After a quiet debut to the Full List at 200p in April, the shares have recently come noisily to life and it isn't hard to see why. NETeller was only founded in 1999 and three years ago it was making a paltry pretax profit of US$111,000 on sales of US$1.6m. However, by lastyear those figures had exploded to US$24.5m and US$13.5m respectively. NETeller has been riding the coat tails of the astonishing growth in Internet gambling, a market already worth US$6 billion and which is predicted to nearly double to US$11.6 billion by 2006. ...

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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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NETeller - Online payment processor has makings of a multi-bagger

October 2004

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