British Energy is a buy

calicoram,

As I said a pure chart play on a reaction back to a break of a neckline on ahead and shoulders formation.

There are other elements I do not like about BGY and the PE of 117 is the simplist to understand for most.

I am working on consensus forecasts of 23 million and 85 million for 2002/2003 giving EPS of 1.98 and 8.56 respectively and PE ratios of 117 and 27 respectively.

This is still to high for the sector and the recent ringfencing of 52 million will put a big hole in those estimates.

If you wish to highlight any non cash charges which will enhance the final EPS I would be happy to be corrected.