The Investment Column: Allen
Tuesday 22 June 1999
The company admitted that building contracting performance was below its expectations. Margins here are around 1 per cent - measly, but no worse than its sector peers.
CSFB expects full-year profits of pounds 19.7m and earnings of 33p per share, putting Allen on a multiple of 9. That is in line with construction companies. However, the valuation fails to take account of the strength of the hire services division. The group also stands to benefit from the increased affordability of housing. Good value.
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