Home energy efficiency specialist Eaga is an excellent short-term play on energy policy, but its longer-term prospects require faith that it can turn itself into a door-to-door version of Capita, including the ability to hang on to the Warm Front contract into the next decade.

The shares have rallied by nearly 70% since June and on at 12 times current-year earnings those without the stomach for further volatility would do best to take a profit suggests the Times.

New investors might not see an immediate upturn, but, nonetheless, they should buy Eaga counters the Independent. Government legislation is heading in one direction to try to combat climate change. Even the environmental refuseniks who think that climate change is mumbo-jumbo will be interested in Eaga's defensive nature. Buy.

Pensions consultant Mattioli Woods, which boasts modest net cash, trades at 16 times current-year earnings. However, the illiquidity of the shares and potential short-term pressures on Sipps suggest there will be better times to put MW in your pension. Avoid says the Times.

Upmarket kitchen supplier Smallbone trades at eight times next year’s earnings, a discount to the retail sector average. That may seem harsh, given how luxury brands have proved relatively unscathed by the credit crunch to date and the support provided by Toscafield, which has built a 23% stake. However, more wary investors may want to await full-year figures before buying in says the Times.

Smallbone is not immune to the downturn and said yesterday that business was slowing slightly. Analysts trimmed their forecasts accordingly, but with strong growth prospects it is worth a closer look. Buy says the Telegraph.

The pub and brewery sector is going to become a pretty rotten one to invest in if Greene King's trading statement, issued yesterday, is anything to go by. It may be a useful option if it is pub stocks that investors are interested in, but the whole sector will lose ground for the foreseeable future. Sell says the Independent.

Against a background of unremitting gloom, Greene King's trading update read comparatively well, adds the FT. The Achilles heel remains wet-led community houses and in the absence of further details on margins and the level of rent concessions it expects to give to tenants, investors might want to hold off on the stock.

Gloomy analysts suggest that plant hire group Ashtead is a late-cycle company, and that the sting in the US construction meltdown tail has still not hit it. So far, its competitors there have cut capacity while keeping earnings before interest and tax margins at the 40% level. That may change if demand slips and equipment rental prices are slashed. For a company facing a recession with a large debt pile, and sentiment in the construction sector in the US and UK unlikely to improve, its shares are by no means a bargain even at seven times prospective earnings says the FT.

Lonmin's latest defence document does not tell the market anything new, and analysts said they were waiting for concrete production forecasts from the group. Comments from Lonmin's management indicate that it is not expecting to remain independent but is focusing on wringing a better price out of Xstrata. It remains unclear what will spur Xstrata to raise its offer says the FT.

Hays, the recruitment group, has had a pretty decent time of it in the past 12 months. The company posted an impressive 25% hike in profits and said its dividend is going to increase, albeit modestly, to 5.8p from 5p last year. But that will not stop next year being tough. Brokers, though, suggest rival Adecco could turn its attention to Hays if it its bid for Michael Page falters, which could mean a healthy return for investors. Cautious hold says the Independent.

Hays is more likely to see bad news rather than good in the months to come, and investors are likely to find better value elsewhere. Sell adds the Telegraph.

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