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The UK's longest established regulated provider of sponsored equity research.

We launched EQUITY DEVELOPMENT in 1997 becoming the first ever  regulated provider of Sponsored Equity Research in the UK.

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Homebuy Group

Homebuy Group is a hire purchase / retail hybrid which supplies consumer
goods on finance terms to non-conforming borrowers. It has demonstrated the ability to grow rapidly both organically and by acquisition, and is now entering into a second phase of major expansion by creating a network of retail outlets, partly funded by the sale of approximately 10.25m new shares, to raise £22.96m before expenses.

Homebuy enters second major expansion phase

  • New expansion phase planned via ‘showrooms’
  • Management depth strengthened accordingly
  • EGM to approve equity issue for financing
  • EPS boost expected for year 2007/8
  • Fair value now seen at 342p / share

Publication Date:
March 23 2006

Homebuy: Stunning interims (PBT +517%)

  • Telebank ahead of expectations
  • Benefits of scaleable model now visible
  • Forecast PER only 7.4x 2006/7
  • Fair value 281p (22% upside)

Publication Date:
November 24 2005

Homebuy; continues to perform

  • Results comfortably met expectations
  • Homebuy continues to offer rapid growth in an attractive market segment
  • Shares which are trading on a 2006/7 PER of about 5x still offer excellent value.

Publication Date:
August 24 2005

Homebuy makes ''quantum'' leap forward

- upgrade of volume and profit forecasts
- 2006/7 (E) per  :  4.6x
- fair value  163p

Publication Date:
May 17 2005

Homebuy; Fuelled for growth

The Homebuy Group (Homebuy) recently completed the placing of 6.7m new shares at 110p, to raise approximately £7m net of expenses. The placing, which we believe was significantly over-subscribed, will provide substantial resources to fund the further expansion of the group and increase the liquidity of the shares. Although, on the basis of extremely conservative assumptions, our calculations indicate that the placing will have a mildly dilutive impact, the share’s valuation is, in our view, sufficiently undemanding (the forecast 2006/7 PER is only 5.7x on an adjusted basis) that we continue to regard the stock as attractive.

Publication Date:
February 21 2005

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