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Monday June 30th 2008
City broker view - Flying-Brands
Archived article dated Monday June 30th 2008
As a result of the sharp decline in the share price of Flying Brands recently to 44p Landsbanki has switched its recommendation from 'Reduce' to 'Hold'.
The shares now stand at 6p below its target price and give the company a market capitalisation of a mere £11 million.
Although the company has £6 million of freehold property on its books and net debt of only £2 million the broker has some concern about Flying Brands' earnings outlook, which is why it is not changing its estimates at this stage. However, Landsbanki recognises the opportunity for the company to accelerate its transition to the web and the possibility that major shareholder West Coast Capital could buy the business.
Tagged as: city broker view | flying brands
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