This week: PNC Tele.com, 部隊 Group, Axiomlab

By This Is Money
Updated: 00:00 BST, 7 August 2000

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PNC Tele.com: Telecoms 会社／堅いs have been unloved after the high hopes for the 部門 evaporated earlier this year. Disillusionment with WAP internet phones, the high prices paid for third-ge neration 動きやすい licences and the disappointing flotation of Carphone 倉庫／問屋 have all depressed 感情.

But with some 株 prices 井戸／弁護士席 off their highs of a few months ago, now may be the time to 取引 追跡（する）. And for 投資家s who are 捜し出すing an all-一連の会議、交渉／完成する play in the 部門, PNC Tele.com could be the answer.

初めは called the Personal Number Company, the 商売／仕事 began as a telecoms reseller, buying 卸売 capacity from big telecoms companies such as BT and selling it on to small and medium 商売／仕事s. Its 操作／手術s 範囲 from 申し込む／申し出ing cheaper phone 法案s to personal numbers, 賞与金 率 services and internet 技術s such as website building.

In June it 二塁打d in size when it bought 動きやすい phone shop chain KJC in a 取引，協定 価値（がある） about £45m. It also agreed to 賃貸し（する） capacity on the 国家の telecoms 網状組織 owned by Fibrenet and 実験（する） broadband services that will 増加する the 量 of data 顧客s can receive and send.

PNC partly 基金d the moves through a £17.6m 株 placing and moved from the 代案／選択肢 投資 Market to a 十分な 名簿（に載せる）／表（にあげる）ing. The 取引，協定s left it as a one-stop shop for telecoms with 直す／買収する，八百長をするd and 動きやすい services, a High Street presence and, from next year, a 献身的な 網状組織 that will 削減（する） its 伝達／伝染 costs.

PNC now has 450,000 顧客s and 計画（する）s to 拡大する KJC's 32 蓄える／店s to 50 by the end of the year, then use the 商売／仕事 to acquire smaller chains.

KJC made £2.2m 利益（をあげる） last year and it is 予測（する） to help raise PNC's 利益（をあげる）s to £4.1m this year and £7m next. The company looks 井戸／弁護士席 placed to 利益 from 需要・要求する for new 動きやすい 科学（工学）技術 and has 管理／経営 strength in the field.

長，指導者 (n)役員／(a)執行力のある Geremy Thomas, who owns 9% of PNC, 始める，決める up 動きやすい phone chain Carphone Group, and a 非，不，無-(n)役員／(a)執行力のある director of PNC is John Peet, a 創立者 director of Vodafone.

PNC remains on the 警報 for 取得／買収s. The 株, which 頂点（に達する）d at 435p in March, stand at 209p, valuing the company at £97m. But in 最近の months PNC has attracted new institutional 投資家s 含むing Schroders and 水銀柱，温度計 資産 管理／経営.

Midas 判決: With new 科学（工学）技術 運動ing the telecoms market in the next few years, PNC's one-stop 申し込む／申し出ing should be a 勝利者 with 顧客s. The 株 are a buy.

部隊 Group: Letting 所有物／資産／財産 to students sounds like a recipe for 災害, but 部隊 Group has turned it into a 高度に profitable 商売／仕事.

In 共同 with universities, 部隊 供給するs 目的-built accommodation designed to withstand the worst 荒廃させるs of student life. And 部隊 is paid by the universities, so there are no serious 負債 problems. 同様に as new and refurbished student 住居s, 部隊 is also active in the NHS. It develops and manages 住宅 for nurses.

部隊 has carved a niche in a market where the 政府 目的（とする）s to 増加する the 割合 of under-30s in higher education from 30% to 50%.

Midas first について言及するd the company last June just after it had joined the 代案／選択肢 投資 Market. Since then, its 株 price has 急に上がるd from 95p to a high of 255p and it の近くにd last week at 237p, valuing the company at £105m. 部隊 joined the main market in April と一緒に a £38.5m 基金-raising 演習, and it has agreed to buy 所有物／資産／財産s in Liverpool, Bristol and Portsmouth 価値（がある） £59m when they are 完全にするd.

The company has 44 所有物／資産／財産s and last year it notched up rent 産する／生じるs of 8.4%. 利益（をあげる）s in 1999 were £842,000, but with more 開発s coming on stream, they are 予測（する） to jump to £3.3m this year and £4.5m next.

部隊's 創立者 and 長，指導者 (n)役員／(a)執行力のある, Nick Porter, who has 34% of the 株, is also putting out feelers on the Continent and in America.

部隊 is one of the highest-率d 株 in the 所有物／資産／財産 部門, but with 予測（する） 収入s per 株 this year of

7.6p and 逮捕する 資産 value of 198p, its status is 井戸／弁護士席 deserved.

Midas 判決: The profitable 利益s of 部隊's 安定した and careful growth should be を強調するd by the group's interi m results next month. The 株 are a buy.

Axiomlab: Keep an 注目する，もくろむ on 科学（工学）技術 and internet 投資 乗り物 Axiomlab, which debuts on AIM on Thursday. 定価つきの at 5p a 株, it has raised £6m and has a 最高の，を越す-notch 管理／経営.

Its £14m starting value is underpinned by 投資s that 含む a 火刑／賭ける in student websites 商売／仕事 ITM 活動させる／戦時編成する, which 計画（する）s to float.

Midas 判決: These いわゆる incubators are 思索的な 投資s, but Axiomlab looks 価値（がある） a punt.