Sunday, March 21, 2004
Gotcha. Monday saw me add a fourth stock to my portfolio, Mayborn was duly purchased first thing at 282p. I say, 'first thing' but in fact at least half a dozen trades had gone through before mine and unfortunately the price had ticked up before my order was put through.
Mayborn enjoyed a bumpy week before ending in the range I purchased at. Friday saw a large amount of shares traded and a 3.8% rise, possibly thanks to an Investor's Chronicle BUY recommendation.
Mayborn's shares have already shot up by 31 per cent since we tipped buying them at 221p, as one of our Tips of the Year (9 Jan 2004). But earnings upgrades mean they are still only rated on 11 times 2004's earnings estimates. With gearing low and further growth anticipated, they remain attractive. Buy.
At the last examination on January 26, my portfolio looked like this:
BBC: Ben Bailey 1281 shares on 20/02/03 at 178p (£5,546.73)
CHU: Chaucer Holdings 8092 shares on 06/10/03 at 42.88p (£3,560.48)
DNX: Dana Petroleum 1551 shares on 20/11/03 at 223.75p (£4,110.15)
Cash holdings (£6250.89)
Updating for the latest prices and my new Mayborn holding:
BBC: Ben Bailey, 1281 shares on 20/02/03 at 178p (458p, £5,886.98)
CHU: Chaucer Holdings, 8092 shares on 06/10/03 at 42.88p (49p, £3965.08)
DNX: Dana Petroleum, 1551 shares on 20/11/03 at 223.75p (242p, £3753.42)
MBY: Mayborn Group, 1406 shares on 15/03/04 at 282p (275p, £3866.50)
Cash holdings: £2256.62
a grand total just short of £20,000.
Notably, this week saw one of my targets, BRIT Insurance fall to my target BUY price. I was rather hasty in attributing a fair value of 108p to BRIT. That looks rather rich on comparing price against earnings with BRITs industry peers, so I'll be lowering the target price from 82p. BRIT reported annual earnings of 6.58p per share and a net asset value of 72p earlier this month. I'm not sure how best to value this company but when I've worked it out, you'll hear from me.
The Artful Dodger
Mayborn enjoyed a bumpy week before ending in the range I purchased at. Friday saw a large amount of shares traded and a 3.8% rise, possibly thanks to an Investor's Chronicle BUY recommendation.
Mayborn's shares have already shot up by 31 per cent since we tipped buying them at 221p, as one of our Tips of the Year (9 Jan 2004). But earnings upgrades mean they are still only rated on 11 times 2004's earnings estimates. With gearing low and further growth anticipated, they remain attractive. Buy.
At the last examination on January 26, my portfolio looked like this:
BBC: Ben Bailey 1281 shares on 20/02/03 at 178p (£5,546.73)
CHU: Chaucer Holdings 8092 shares on 06/10/03 at 42.88p (£3,560.48)
DNX: Dana Petroleum 1551 shares on 20/11/03 at 223.75p (£4,110.15)
Cash holdings (£6250.89)
Updating for the latest prices and my new Mayborn holding:
BBC: Ben Bailey, 1281 shares on 20/02/03 at 178p (458p, £5,886.98)
CHU: Chaucer Holdings, 8092 shares on 06/10/03 at 42.88p (49p, £3965.08)
DNX: Dana Petroleum, 1551 shares on 20/11/03 at 223.75p (242p, £3753.42)
MBY: Mayborn Group, 1406 shares on 15/03/04 at 282p (275p, £3866.50)
Cash holdings: £2256.62
a grand total just short of £20,000.
Notably, this week saw one of my targets, BRIT Insurance fall to my target BUY price. I was rather hasty in attributing a fair value of 108p to BRIT. That looks rather rich on comparing price against earnings with BRITs industry peers, so I'll be lowering the target price from 82p. BRIT reported annual earnings of 6.58p per share and a net asset value of 72p earlier this month. I'm not sure how best to value this company but when I've worked it out, you'll hear from me.
The Artful Dodger
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