There's a new Hardman research note on CSLT out now:
"Conclusion
Following his appointment to the position of Chief Executive in late August, Per Jonsson has moved quickly to land his first acquisition. We expect this to
be followed by several others within the legislation driven markets of industrial and marine safety which should greatly improve the quality of future earnings.
Meanwhile, the process of strategic change within the existing business continues apace with talks over the sale of the Banner Schoolwear business continuing and further disposals of non-core businesses highly likely."
With 20.4p EPS forecast for the year to Oct'07 CSLT is probably a little undervalued imo at 300p or so, and it's underpinned by the forecast 4% divi (note the drop from 6.2%).
But with Hanover and new management driving more acquisitions and disposals of the various large but non-core divisions we could/should see CSLT transformed pretty quickly, with the share price bubbling along nicely as the business becomes more focused.
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