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Time is at a premium at the moment, (the cricket is on)so I will take the lazy way out on recommending this one and just copy the last brokers note, I do expect a new one out any day with todays excelent news. Heres the Broker Buy note from Evo Bee Greg.....
The group have (sic) recently announced the acquisition of Extreme Beverage Company. The merger rationale seems excellent, especially given the nature and appeal of both the Players Extreme and Blavod brands to similar markets whilst the depth of Extreme�s distribution network in the US will give Blavod the much needed platform from which to grow. The management team is headed up by CEO Jeff Hopmayer, the original founder of Extreme Beverage. He is a proven entrepreneur with a very strong track record.



The US remains the only major untapped market for Blavod but also represents the biggest scope for potential especially given that the US is the most important vodka market in the world. In addition flavoured and ultra-premium vodkas are predicted to enjoy the greatest future growth with flavoured vodka now accounting for over 5% of the total vodka market.

Our forecasts are based on relatively conservative assumptions and are primarily driven off our own estimates of case sales. For the year to March 2004 we expect the total number of cases sold to be in the region of 49,000 (this is based on a full 12-month trading period from Blavod but only includes Extreme�s trading period from the 20th January) and expect this to grow to 229,000 in 2004/05e. Gross margin of c33% is low compared to the industry average of c60% and we expect the gross margin to grow as the group realises further cost efficiencies. Our forecasts assume breakeven in 2005/06e.

Valuation is less straightforward and historically the main valuation metric has been industry exit multiples for previous transactions and case sale ratios. These give a range of between 55p and 80p a share. However, there are risks and the group is still in the early stages of growing both the Blavod and Players Extreme brands and as such our price target of 55p reflects the lower end of our range. As the strength of the brands grow and they become more of a strategic asset, this could move the valuation towards the top end of our range in line with our DCF value of 85p. This is an appealing and attractive growth story."

Year to March 31st Sales (� million) Pre-Tax Profit (�million) Earnings Per Share (p)
2004E 1.8 -1.3 -5.4
2005E 9.5 -2.9 -4.7
2006E 17.9 0.3 0.4

Nb, the company have gone some way today to getting a foothold in the US market , see todays RNS on next post.

cheers GF.

Used to be a Tom Winnifrith favourite.

wow that's so funny goldie everyone a winner...... not.

Mr depression, get a life will you.

Is that all you do go round the threads and pick holes. Very sad.

LOL DC. Hes always been like that.

dc so you are a member of the same gang?

That is all I see you do, why not add to the threads with something useful. Investors must be getting tired of your boring posts. YAWN.

Why don't you now give it a rest you don't like me and I'm not keen on you. Again good weekend. Perhaps leave your career at work and not bring it on here.

rampety some of us are tired of your constant ramping which is not supported by tangible facts, do you make it up like most journos as you go along?

You talking to me DC??

No goldfinger.

And please stop saying some of us, and involving others. Shows a sign of weakness.

Sorry bud got both halifax and doddlebug filtered, so its difficult to know whats what.

Ahhh yes halifax, derd ignorant type gives Yorkshire a bad name. Just filter him, better off without low lifes like him.

No more responses from me, so do not ask stupid questions.

Dont forget DC hes a wannabe just like doddlebug. 2nd rate punks. Just filter them, they are jealous and nothing else.

That's fine goldfinger. Would I have made comment to you like that. :-)) The man is getting obsessed with Blur and Wandisco. That have funny enough done very well. A lazy so in so who cannot look information up himself and then tries to make out you no nothing about the company.

gf tks for that so polite reference we are proud of our heritage probably more than you are, if you have any.

Thanks goldfinger, good weekend.

dc isn't it time you admitted you haven't a clue what EBITDA WAND and BLUR may or may not achieve?

Yep have a good one mate. cheers, see ya monday.