Yesterday's trading statement from pools company Sportech showed a company in decent health, with earnings set to be in line, while (highish) debt has slowly been coming down. A bid for the Tote could light a fire under the operation, although there's a crowded field of bidders so don't hold your breath.
Notwithstanding that, the shares
trade on just 7.7 times full-year 2011 forecast earnings, which could start to look very cheap even without the Tote's potential or the possible VAT rebate. At that level it makes sense to be a buyer says the Independent.
All Leisure, the niche cruise operator, did not escape the fallout from Icelandic volcanic ash, weakness in sterling and soaring fuel prices. More encouragingly, the amount of ocean cruise capacity sold for winter 2010/11 and this summer is already ahead of its previous financial year. All Leisure is also introducing a booking fuel supplement from May to mitigate the rising sterling cost of fuel. The company also increased its full-year dividend to 1.95p, from 1.82p. On just 5.7 times forecast earnings, worthy of speculative interest says the Independent.
All Leisure shares trade on a multiple of 6.1 times this year's earnings and yield a prospective 4.1%. The net asset value at the year-end was a reported 45p, about level with the share price, though Panmure Gordon's leisure team thinks this should be nearer 66p. A firm hold adds the Times.
The sale of its non-meat division cuts Premier Food's worrying £1.4bn debt pile, but not by much. The problem remains that Premier is entering a period of expected low consumer spending, pressure on the cost of raw materials and heavy price-cutting by its supermarket customers with levels of debt that still raise concerns. The company may be emerging from the woods, but it seems too early to chase the shares say the Times.
Pub group Mitchells & Butlers shares have recovered strongly since the autumn, driven by the prospect of a return to the dividend list. But debt remains an uncomfortable £2bn. On 11.8 times this year's earnings, there looks to be little upside for the shares says the Times.
Amiad Filtration has considerable prospects. And increasing global population, rising wealth and warmer temperatures, which are pushing water purification up the world's agenda, spell good business for the group's industrial, municipal and irrigation operations. There is also headroom in the price - shares trade on 11 times 2011 forecast earnings, falling to 8.6 times in 2012 - if the loop-the-loops don't throw you off in the meantime. Looking for a thrill? Buy says the Independent.
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