EAMONN FLANAGAN | SHORE CAPITAL
The outlook statement was suitably cautious, highlighting higher tax, the forthcoming election and economic conditions. Trading at a discount to our 2010 net asset value (upgraded to 297p from 285p), we view the shares as materially undervalued – we reiterate our “buy” recommendation.
BARRIE CORNES | PANMURE GORDON
The partnership is in rude health, with a significant increase in partner numbers. In our view the canny management team may also be positioning the business for an exceptionally strong year following any change in the ownership of the business.
RAKSHIT RANJAN | EXECUTION NOBLE
Given St James’s Place’s renewed topline growth momentum and strong balance sheet, the stock deserves to trade at a historic average of at least 1.5 times on a price-to-book value multiple on an enterprise value basis. Lloyds’ stake continues to have an overhang on its share price, though.