They call the shots, and it is hard for competitors to break into their markets. We're not buying Microsoft here. We're buying EMAP, and they haven't got the huge protective moat around them to stop competitors encroaching onto their patch. They do, however, have various products that are market leaders. Take FHM, the glossy men's magazine, which has the highest circulation of any monthly magazine in the country.
Radio stations are high margin businesses because of the huge barriers to entry.
Any significant sales growth will amplify the increase to profits. Valuation Let me start by saying that EMAP are not cheap. Many companies are not cheap in this market. However, we have decided that we want to be invested in the stock market, as over the test of time this has proven to be where the best returns are to be achieved. If we were to try and time the market, waiting for a correction or waiting for EMAP's share price to dip below a certain level, we may miss out on being invested in them altogether.