Check out the chart. Unsure how to post it here. Forecast PE only 11x and hugely cash generative

ASOS is on a PE of 20x, so this should be over 600p on that basis!

After recent serious falls it now looks better value for the long term I expect. Around 68p

As for ASOS look at the PE now - more like 80 I think

Based on their recent trading statement, I wouldn't count on it:
"Flying Brands, the Jersey-based home shopping group, is today providing an update on its trading performance since its last announcement on 23 April 2008.

Group trading has been affected by a significant recent deterioration in the bad debts and returns suffered by the Greetings Direct business. The Directors believe that the likely full year impact of the higher levels of bad debts, returns and cancellations for Greetings Direct is to reduce the internal expectation for full year 2008 profits by 1.1m. This deterioration in performance is being suffered both in the UK and Australia.

We are on schedule to launch Greetings Direct in the USA in June and whilst the results in both the UK and Australia have been worse than expected, we still believe that the launch in the USA will be successful for the Group in the long term. We have, however, reviewed our internal forecasts for the USA in the light of recent experience in the UK and Australia. The impact of the aforementioned adverse trading results and the revision to our internal forecasts will result also in a significant impairment in the carrying value of the goodwill attributable to Greetings Direct.

Trading in the other brands overall is currently marginally below expectations and we have thought it prudent to revise downwards our internal expectations of the full year 2008 profits of these brands by 0.2m."