MIKE MURPHY | NUMIS
While we are great admirers of the management and business model we are conscious of value. The stock is priced for high growth and high returns. There is nothing that ought to send the share price higher; a lot of the good news is already out there. We leave our forecasts for 2011 and 2012 unchanged.
ANDREW NUSSEY | PEEL HUNT
In light of the strong management, excellent global positions and inherent cash generation capabilities, we consider a premium is justified. However, despite the confident outlook, there are few catalysts to further medium term re-rating and we believe some investors were expecting upgrades today.
KEVIN LAPWOOD | SEYMOUR PIERCE
The increased capital expenditure was the key thing in the announcement. It is a very, very positive statement and none of it would be built unless they knew that they could put it on hire straight away. This share price is not going to go down.