Edisin investment research27 Oct 2009 22:45
The paragraph regarding 26p is:
"Valuation.
Our EPS forecasts for FY09/10 are 1.0p and 1.1p respectively, which implies modest P/E and PEG ratios. Based on our forecasts and a weighted average cost of capital (WACC) of 15%, our DCF model values the shares at 26p, more than twice the current share price. On EV/EBITDA of 3.7x the shares looks attractive on both an absolute and relative basis. Three bid approaches since last December in the range 15p-20p per share underscore the value in the shares at the current levels"
Edision Investment Research - 12 October 2009