25 May, 2005

UK: ABN restarts Wolverhampton & Dudley at add

ABN Amro reinitiates Wolverhampton & Dudley at add, according to market sources. Has price target of 1200p, Dow Jones Newswires posted on May 23. "As a result of the refinancing, we believe Wolves will gain incremental balance sheet flexibility," the bank notes.

"If suitable opportunities arose at attractive prices, it looks like the company could spend around GBP300M on acquisitions in the short-to-medium term." Estimates this could be around 10% EPS enhancing and leave the balance sheet still looking at least as cautious as its peers. ABN Amro not immediately available to comment.

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