Wolverhampton & Dudley Breweries is tipped as a "good growth story" with potential rewards for investors. The company faced a hostile 513p-a-share bid three years ago, but last week the shares closed at 995.5p. Analysts expect profits of £76m for the current year to the end of September, meaning shares are trading at about 12.4 times forecast earning. That is slightly better value than rival Greene King and W&DB also offers a better yield of 3.6%. The company boasts two breweries and operates more than 1,600 pubs.  Most are community pubs, like the 100-strong Bostin' Local brand in its Midlands heartland. But W&DB also owns the High Street brand Pitcher & Piano and chief executive Ralph Findlay has just spent £89.9m on the 63 outlets in the Wizard Inns chain. He is also expected to be one of the bidders for Laurel Pub Company's managed estate. The Mail on Sunday (Financial Mail) 04/07/04 page 9