| High-profile stunts have gained Branson's Virgin empire acres of media coverage, making it one of the world's best-known brands. "I start to swallow a bit when I arrive in a country and am told I've got to be dangled under a helicopter or walk through a wall of fire," says Branson, 52. But keeping track of his empire must tax even his brain. Virgin changes shape, loses parts, grows new ones and changes its internal structure. Critics have forecast Branson's demise from the moment he founded a cut-price record shop in 1971. Yet there has been no business failure under his control, no hint of business impropriety and no going off the rails with drink, drugs or tabloid sleaze. There may not seem any logic to the range of operations - music, trains, aviation, mortgages, mobile phones, even bridal gowns. Many make losses, though Virgin says they should all show a profit this year. Critics argue that Branson will drown in business debts, which have passed £900m. But he has always found a new partner here, sold a stake there, or planned a flotation to add value. In December, for example, Branson was said to be about to float up to half his Virgin Retail Group, valuing the company at a minimum £500m. And Virgin Blue, his Australian cut-price airline, aims to float this year in a £500m move that will net Branson £200m. In 2002, Branson's Virgin Mobile phone company made a £5m profit and its customer base rose to 2.4m. The City now values it at £1 billion. Clearly, there are some choice assets in the Virgin empire - internally, it is valued at about £1.8 billion. We are more cautious in these difficult times and settle for £1.2 billion, adding £50m for other assets.
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