Business Services Industry
Reed Elsevier's Growth Is Poised to Rocket in 2004 and Beyond.
Knight Ridder/Tribune Business News, January, 2004
By Lucy Farndon, Daily Mail, London Knight Ridder/Tribune Business News
Jan. 3--Last year I tipped advertising giant WPP. The shares had a good run, rising 20 percent over the year. I would advise holding on for the ride since the advertising recovery is only just beginning.
This year I am opting for another undervalued media stock. Publisher Reed Elsevier, at 467 pence, is trading on just 14 times forecast earnings for 2004. This compares to nearly 17 times earnings for rival Pearson.
Reed has been knocked back by a warning that after three years of double-digit growth, 2004 will be just "medium-to-high single-digit." This is mainly due to increased investment on online data for its legal and science divisions and is hardly a poor...
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