Questor 20/03/1021 Mar 2010 12:35
On February 19, Cluff said it had received an offer approach, but talks were at an early stage. Because of the uncertainty surrounding any bid situation Questor downgraded the stance on the shares to hold.
The shares are trading on a December 2010 earnings multiple of just 7 times and look undervalued – despite the bid talks. Following Friday's production news, the shares are once again a buy.