The City view - HMV Group
 
Fri, 13th February 2009
 
 

The City view - HMV Group

The City view - HMV Group

Seymour Pierce re-iterated its 'Sell' recommendation on HMV Group, believing it is trading at too high a premium to its peers.

The broker suggests the 30% increase in its share price since mid-December puts it on a demanding 13.8x 2008/9 earnings, which compares with the more modest 5.7x for Game Group and 9x for WH Smith.

Seymour Pierce has also reduced its 2008/9 pre-tax profit forecast for HMV, although it has raised its 2009/10 figure by 10% to £68 million. This move follows the acquisition of some Zavvi Stores and the live music business Mama Group, which the broker says is now fully-factored into HMV's share price. It currently trades at 144p.

 
 
category Retail  |  source The Retail Bulletin
 
   
 
 
 
 
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