Date: Tuesday 26 Jun 2012
In the Telegraph, Questor gives supermarket chain Morrisons a pummelling. The stock fell yesterday on news of the finance director leaving, while in some crucial areas the company appears to be playing catchup, notably in online sales and convenience stores. Trading on 10 times earnings, and lagging the competition, Questor says avoid.
Tempus in The Times is rather keen on construction and services group Kier. It’s digging the tunnels for London’s huge Crossrail project and has already secured most of its projected revenues for 2013. Operating margins are disappointing in construction and service contracts from the public sector are not easy to come by but the stock only trades on eight times 2011/2012 earnings and Tempus thinks they could soon rise. Buy.
Tempus also has some sympathy for the management team at real estate investment trust, Segro, which is selling non-core assets, reducing debts and maintaining dividends. The trouble is, property is a tough place to be and Segro shares have lost a lot of value in the last five years (97% down, including three share splits). Unfortunately Tempus doesn’t think they’re on the rise anytime soon.
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