Companies: GOAL   

Over 4.5 million adults play 5-a-side football in the UK and more than a million are involved in league or cup tournaments, suggesting it is more popular than 11-a-side. With strong potential demand and a sound strategy, Goals Soccer Centres is well placed to benefit, says Midas’ Mark Sheppard. For him, Goals’ strategy is quite simple as all it entails is finding ‘an unrivalled location with a minimum catchment area of 150,000’ that punters can drive to within ten minutes. It aims to provide ‘the best facilities using the latest technology, quality services and create a strong brand that reflects football’s passion and excitement.’

Since its flotation in 2004, Goals has added seven new centres to its previous five and is on schedule to construct a further four centres in 2006, three of which are already under construction. In 2007, Goals plans to open a further five centres, the majority of which already have planning and legal paperwork in place.

The majority of the current centres are located on land leased from schools or local authorities that allow Goals to use the pitches for a nominal cost.

Midas believes Goals has plenty of room for growth, boasts high-margins and an excellent return on capital. Trading on an estimated forecast p/e of 19 for 2007, the shares
look ‘undervalued’.

Goals Soccer Centres	AIM	£73.31m	175.00p	-6.75p
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Other company articles:
Goals Soccer Centres			03/09/2008
Numis Securities			03/03/2008
Goals nets record profit			03/03/2008
Goals Soccer Centres			25/02/2008
Goals Soccer Centres			03/09/2007