The long-awaited HMV finals are out...but there’s not a lot of new news...it clearly sees a big opportunity in tech and games to escape the downtrend in entertainment sales, but how long this upside lasts remains to be seen...
KATE CALVERT SEYMOUR PIERCE
We continue to see HMV as a value trap with potentially insurmountable structural issues, despite the arrival of a new chief and finance director in September. We suspect the profit benefit from Game will be short-lived.
PHILIP DORGAN PANMURE GORDON
HMV is not out of the woods yet but the sale of HMV Apollo, the changed relationship with suppliers, the prospective sale of Live and renegotiation of its bank debt have put it in a position where it has stabilised cash flow.