Hunting has evolved from a difficult-to-value energy services conglomerate to a pure-play provider of upstream oilfield technology with £350 million of cash on its balance sheet. Yesterday’s dip to 860½p, or about 18 times this year’s earnings, a discount to its sector, marks a good point to buy, says the Times.

The forward price to earnings ratio of 8.5 appears to undervalue Savills, but investors would be right to be wary of a business that is so exposed to the property markets, says the FT. The Times says hold.

Given that analysts reacted by pushing up their earnings estimates for the full year, it was surprising to see Melrose shares fall by around 3pc leaving them at a considerable discount to net asset value. On that basis, Melrose provides some of the best value in the sector. Buy, says the Telegraph.

With 29 per cent of its media division revenues coming from faster growing digital marketing, Aegis is set to outperform its peers this year. Aegis's could see bid speculation sustain its share price premium, writes the FT.

Those looking to make a killing should stay away, but for a modest long term return SMG is looking like an increasingly safe bet. Buy, writes the Telegraph

Trading on a forward price earnings ratio of 7.2 times, Kazakhmys is cheaper than copper peers such as Antofagasta, and with a strong second half expected this could be unwarranted, says the FT.

IMI, at 495¾p, up 28½p, or nine times next year’s earnings, is less geared to recovery than are many of its peers. Hold, says the Times.

Ferrexpo currently trades on under eight times current year earnings, falling to 5.6 times those for 2009. With a planned return of capital to shareholders equal to around three times the interim dividend, the stock remains an attractive play on continued demand for steel. Hold, recommends the Telegraph.

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