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Tuesday October 7th 2008
The City view - N Brown
Archived article dated Tuesday October 7th 2008
Following strong interim results from N Brown, broker Landsbanki has re-iterated its 'Buy' recommendation on the company.
It believes that N Brown can continue to benefit from the shift by consumers from telephone ordering to the web channel, which is having an increasingly positive impact on the profitability of the group. Landsbanki suggests that this positive aspect over-rides any concerns investors might have about the levels of bad debts from N Brown's customers.
It believes the company can therefore continue to grow earnings even in the current harsh climate and that the valuation of only 10x for the current year (falling to 9.2x for 2010) looks attractive. The shares have risen 3% today (Oct 7) to 223.75p.
Tagged as: city broker view - n brown group
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