Chorion, the owner of media brands including Miss Marple and the Mr Men, has just completed its second deal for Noddy, the Enid Blyton character, in as many weeks. After securing an agreement to launch Noddy in Japan, it has now found a licensing partner in the US. The partner, FUNimation, will fix home video and other product licensing deals when the latest Noddy series begins in the US in July. We recommended buying Chorion shares at 193p (23 July 2004), and they have since risen to 283p. Admittedly, the shares trade on a hefty PE ratio of 16 for this year, but 2005 should bring a big increase in Noddy's international profile as he hits the world's two biggest toy markets. Given this, the shares are fairly priced.
IC TIP:
Hold
