Broker Network Holdings PLC

I wonder how you arrived at those calculations, B200, because at first sight they appear to be unrealistic. You are saying that earnings per share will be 17.4p in 2005 (after 3.41p in the first half) and 20p in 2006.

After the very good interim results, the house brokers Brewin Dolphin, who should know what they are talking about and also have an interest in promoting the company, issued a forecast of 8.84p in the 2005 year and 15.30p in 2006, with a target price of 110p.

I think their target price may be rather low, but yours is clearly too high (unless you are looking a very long way ahead). Would you care to explain your figures, and especially why you expect 3.41p in the first half to turn into 17p for the full year?

I am also puzzled by your historic PE calculation. Taking the current price divided by 12 months earnings to to 31 October 2004, I get a historic PE of 26.1, not 12.