menu

Finals

lse:ule

#1

I’ve just had a very quick skip through them and can not see any real negatives:

Turnover & profit is at the top end of their guidance in January. The Order book is up, markets are strong, dividend is up, debt is significantly down, Margin is perfectly acceptable, Net assets are up, pension deficit is down. The business has a nice geographic spread. They are instigating a buy back.

At an sp of 1400 (quite a bit above the current price as I type) we have a PE of 12, a well covered yield of over 3.5%.

It all looks very positive to me; but markets disagree.