Worries about the near-term outlook pushed Mecom’s shares down 16 per cent to 18½p. That leaves the group trading at five times earnings, cheap for newspapers by historic standards but still at a premium to Trinity Mirror and Johnston.

There is still merit in the model that European papers can be run more efficiently, but the British groups should recover faster in an upturn. Avoid, says the Times.

The Telegraph says that Xaar faces the difficult task of rebuilding market share in China. Panmure Gordon predicts a fall in revenues in the second half of this year, meaning Xaar’s rating- at 17 times estimated earnings for the full year- is not justified given the current uncertainty. Avoid.

At 177½p, H&T, which carries £34 million of debt, sits at eight times 2009 earnings, which, given the company’s own circumspection, feels about right. Pass, says the Times.

Meanwhile, the Telegraph says that with a prospective dividend yield of 3pc and on 10 times forecast earnings, you could do worse than pawning an old watch to buy a few shares.

Progress on the outsourcing of local authority crematoriums remains painfully slow and, on most estimates, Dignity’s next special dividend is not due until 2010. In the meantime, rising costs and a slowing death rate could put pressure on earnings. That suggests that yesterday’s 740p, or nearly 18 times next year’s earnings and yielding less than 2 per cent, is a good point to take profits, says the Times.

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