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Wed, 19 Dec, 2007
After a relatively quiet period for new work - broken by last month's $600m contract from Algeria's Salah Gas - Petrofac faces a busier six months, including the possibility of additional deals in Kazakhstan and a big refinery project in Kuwait. With the company not having put a foot wrong since floating two years ago at 215p, there is reason to hold on for more says the Times.
Tue, 18 Dec, 2007
Property services group Fletcher King pulled no punches yesterday when it warned that full-year profits would be hammered after institutions slammed the brakes on all investment in the commercial property market. The company is well funded and poised for the first signs of an uplift in the property market. But it could be a long winter. Avoid says the Independent.
Sun, 16 Dec, 2007
Like all other banks, the poorer outlook for credit markets will force Royal Bank of Scotland to keep more assets on its balance sheets, potentially hitting the bank's return on equity. If all that comes true, the p/e ratio on RBS shares could begin to look less attractive, says the Sunday Telegraph.
Fri, 14 Dec, 2007
GKN's disclosures that powder metallurgy had been hit by higher raw material costs - it is sensitive to metal prices - and by disruption from the completion of restructuring did little to advance its case.
Thu, 13 Dec, 2007
Bunzl shares trade on a multiple of around 15 times current year earnings, which offers value in a volatile climate. In defensive markets, sometimes, a lack of excitement is no bad thing. Buy, says the Telegraph.
Wed, 12 Dec, 2007
There is much left to do, but yesterday's trading statement from Cadbury Schweppes provided much more good news than bad.
Tue, 11 Dec, 2007
Carillion appears to have bought rival McAlpine at a reasonable price. Carillion says the deal will "materially enhance" 2009 earnings - the first full year after completions - and predicts it can make 30m of annual savings. On the assumption that the once accident-prone McAlpine be assimilated as smoothly as Mowlem, Carillion is worth holding says the Times.
Sun, 09 Dec, 2007
Chief executives are saying that the second half of 2007 has included some of the toughest trading conditions for years. Clothing stores that keep their stocks tight - meaning that they have less discounted products going into the January sales - will fare best. Marks & Spencer has been working hard in this area and the Sunday Telegraph remain buyers of the stock.
Fri, 07 Dec, 2007
It is worth considering just how cheap housebuilder Bellway's shares are - the current price puts the stock on just 6.4 times forecast 2008 earnings, with a prospective 2008 yield of 5.2%.
Thu, 06 Dec, 2007
Bus and train operator Stagecoach's confidence is high and it expects to deliver better than expected profits for the full year, despite the burden of record oil prices: it is hedged 86 per cent in the current year, and 95 per cent in the next.
Wed, 05 Dec, 2007
The flight to quality sparked by the credit crisis and economic slowdown has applied equally to retailers' shares, with Tesco rising more than many of its peers, and the shares now trade on a 20 times 2008 earnings multiple, which looks full.
Tue, 04 Dec, 2007
Fund manager Aberdeen Asset sits at 12 times current-year earnings, cheaper than Henderson or F&C, and yields 4%. But the shares cannot help but suffer should financial markets endure more turmoil, which gives reason to avoid them for now says the Times.
Sun, 02 Dec, 2007
Daily Mail & General Trust is trading on 10 times forecast earnings, against a sector average of 15. Goldman Sachs, Citigroup, Numis and Blue Oar Securities have all been issuing "buy" notes recently. The Sunday Telegraph agrees. Buy.
Fri, 30 Nov, 2007
Antofagasta's full-year copper production is now forecast to be at least 6% lower than in 2006, while molybdenum production, a copper by product used by the steelmaking industry, is also going to be lower after a 14% drop in third-quarter production.
Thu, 29 Nov, 2007
Compass's performance is in line with its sector. Its trick must be in continuing to boost margins - 40,000 outlets, 25 million customers and 400,000 staff give its considerable scope for refinement - to continue to produce double-digit gains in operating profits.
Wed, 28 Nov, 2007
Topps Tiles current-year earnings multiple of 9.6 times and dividend yield of 6.8% appears too cheap. But, with the likes of Kingfisher due to update and sentiment set to remain against DIY stocks for the short term, the shares, at 164p, are best avoided now and revisited in the new year says the Times.
Tue, 27 Nov, 2007
Satellite operator Inmarsat's valuation is certainly rich - it trades at over 46 times 2008 forecasts. The company could also be stung by the weak US dollar as 60% of its cost base is in sterling.
Sun, 25 Nov, 2007
Brewing is an industry that just keeps consolidating - and the pace seems to be accelerating. While Scottish & Newcastle was last week trying to fend off Carlsberg, another UK-listed brewer was unveiling a deal of its own. SABMiller (13.17), the world's fifth-biggest brewer, revealed that it was planning an ?816m (585m) offer for the owner of Grolsch.
Fri, 23 Nov, 2007
Imperial Energy is walking a bit of a tightrope - turning down an approach from the Russian gas giant Gazprom is a brave move, even if, as far as shareholders are concerned, it is clearly the right one. But in the Russian natural resources game everyone is on a tightrope and it pays not to upset the locals.
Thu, 22 Nov, 2007
Essentially, the buy case for Daily Mail is sound, but the problem in the current climate is sentiment, says the Times.
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