Investinmedia..Low P/e and 5% Dividend

http://investinmedia.co.uk/main.htm

http://www.completecomms.com/?id=History


Investinmedia is a media company (owns the rights to many popular TV shows including who wants to be a millionaire) that was fromed from the demerger of Avesco and was admitted to AIM in December 2003, following a transfer from the Official List. Durlacher was appointed broker and nominated adviser in November 2003. InvestinMedia is a holding company for media businesses and media rights, and has a 49% stake in Complete Communications(Celador Productions), owners of the producers of "Who Wants To Be A Millionaire".

http://biz.yahoo.com/ic/121/121489.html

http://www.advfn.com/cmn/fbb/thread.php3?id=7924790

Its profitable and pays a very good dividend.
got a good value write up in IC in January...see below!
"Investinmedia's has changed its year-end from end-March to end-September to reflect the demerger of some businesses earlier in the year. For that reason, it's more beneficial to concentrate on Investinmedia's current activities.

The group owns minority stakes in Complete, a media production business that owns the global rights to Who Wants to be a Millionaire?, and Medal Entertainment, which has TV studios and a DVD distribution business. Revenues from Millionaire, now broadcast in 103 countries, are no longer growing, but Cameron Maxwell, Investinmedia's executive director, says they have stabilised. Complete is recycling these revenues into producing other hit TV shows. And more growth should come as the BBC opens up to independent producers

IC View:
Investinmedia's assets have excellent potential and should already be worth much more than they are presently valued at. Add that to a fat dividend yield, and the shares look good value

Of note John de Mol has been buying shares and holds over 20%

Also calculating its FCF for the last few years on 26/02/2005
http://boards.fool.co.uk/Message.asp?mid=9139952&sort=postdate
= 19.7%


Complete Communications Corporation Ltd (Celador)

Complete Communications was created in 1988 as a holding company for Celador Productions, Complete Video and The Edit Works, a facilities company. Complete Video and a majority share in The Edit Works were sold to their respective management teams in 2001. Celador Productions focuses on light entertainment productions, most notably Who Wants To Be A Millionaire?, which launched in 1999 and is still broadcast today in the UK and many international territories.

Complete Communications' subsidiaries today are Celador Productions, Celador Films and Celador International. InvestinMedia plc30 owns 49% of the share capital of Complete Communications.

Key Staff Paul Smith (Chairman)
Danielle Lux (Joint Managing Director Celador Productions)
Adrian Woolfe (Managing Director Celador International)


Operating Companies Celador Productions
Celador Films
Celador International

Key Titles Who Wants to Be A Millionaire? (ITV)
You Are What You Eat (Channel 4)
The Big Call (ITV)

Complete Communications
(Year end 30 Sep)

Financials
2001 2002 2003 2004
£'000 £'000 £'000 £'000

Turnover
UK 25,366 24,848 26,488 20,178
Overseas 28,385 27,418 17,251 13,061
Total 53,751 52,266 43,738 33,239
Cost of Sales -29,339 -29,907 -28,697 -20,202
Gross Profit 24,412 22,359 15,041 13,037

Operating Profit (Loss) 17,563 11,448 6,308 4,540

Profit (Loss) after tax 13,077 8,633 4,526 3,590

Net assets 7,772 8,190 8,116 8,106

Source: Company accounts

The impact of international sales of Who Wants To Be A Millionaire? is reflected in the accounts up to 2002. Overseas revenues in 2000 comprise mainly of US sales; in 2001 there was a shift to income from European territories. The benefit from Millionaire begins to diminish in 2004.

InvestinMedia plc was previously called Avesco plc; in Feb 04 the company de-merged its core service businesses into a new company, also quoted on AIM, which was then renamed Avesco plc