Website http://www.svb.co.uk/

Dear All,

Previously know at Lloyd's as Spreckley, Villiers, Burnhope, here is the chartists/fundamentals discussion thread:-



The Earnings Per Share are forecast at 4.40p 2002 rising to 8.90p 2003 so at 49.50p the PER is 11.25 2002 dropping to 5.56 2003 not exactly demanding in view interim result.

I think SVB which has hardly moved comparative to KIN, WUN, AML, GOS, HSX, BRE yet is worth more than current valuation by miles ie 8.90/4.40 =102.27% PEG Price Earnings Growth 2003/2002, and price of stock shows PER Price Earnings Ratio is utterly ludicrously cheap at prospective 2003 5.56 times EPS for a company growing profits at 102.27% per annum.

I set a value criteria of 200% to 225% of prospective NTA 2003 ie 2 to 2.25 times 73p=146p, to 164.25p, or a PER at say 17.50 to 20 times ie say FTSE Sector average of 2003 prospective 8.90p=155.75p to 178p.

None of the above seems vaguely rampy if you consider SVB was trading at above 160p 15 months ago in June 2001 and reached 180p in 1998 according to NUMIS reports.

Short Term Hourly Ticks:-



Adjusted NTA 62p, Adjusted NAV 68p per NUMIS report 24.06.2002

Profits before tax forecast at &pound10.90m 2002 rising to &pound23.60m 2003, so at market cap of &pound96.28m we are being asked to pay 4.08 times 2003 forecast PBT, per NUMIS-LOL!

Short term chart:-



All IMHO, NAG,DYOR etc, etc

Cheers

Ash

Fantastic knews on the fund raising, this should now fly