We believe this represents a fair level given our ongoing concerns regarding reputational damage. As we await further details, we switch our recommendation from ‘sell’ to ‘hold’.
ADRIAN KEARSEY | EVOLUTION
This will be the catalyst that switches investor attention away from the short term problems surrounding Paper-gate (and print volumes) towards the long term underlying value of the company.
GUY HEWETT | INVESTEC
The 900-1,000p range is likely to be necessary in order to get support. De La Rue has a very strong market position, in a market that has little spare capacity, to produce an obviously valuable product.