Bodycote Share Discussion Threads

[shiny1000] 30/11/2007 16:10

Looks like a strong finish and the frenzied takeover activity may push these higher come next week!!!

[shiny1000] 30/11/2007 15:39

Yes alot of takeover activity at the moment and it wont be far away from someones radar, keep adding as I say.

[mikey34] 30/11/2007 13:59

Shiny,

I think something could well be happening.260 on the chart is important I feel.IF it went above that I think it would be interesting.

[shiny1000] 30/11/2007 12:50

from merril lynch on 26/11/07...


Catalysts Ahead: Dec Trading Statement & More Acquisitions
Following the recent pull-back Bodycote is offering very good value, in our view,
trading only 10% above its trough EV/Sales despite its significantly improved
business profile and the fact a global industrial recession of the same severity as
2001/2 is unlikely (key end-markets which collapsed last time – Power Generation
and Aerospace – are unlikely to do so this time). We expect Bodycote's
December trading statement (in the w/c the 17th) to reassure the market on
current trading and to announce some £45m of acquisitions which would be c. 5%
accretive. We are revising our Price Target to 275p (from 325p, while our
forecasts are unchanged, we recognise the higher risk premium for highly cyclical
companies), BUY.
Sulzer Bid Still Possible, Bid Premium Warranted
We believe it is still possible that Sulzer will bid for Bodycote once more (it bid
344p six months ago) as: (i) Sulzer's officially declined to comment on another
bid, in our view this clearly means Sulzer is still looking at Bodycote (ii) The
industrial strategic rationale offered for the bid last time remains intact (although
we continue to question the underlying industrial logic) and (iii) We believe
Bodycote shareholders would be willing to accept a lower bid from Sulzer, given
greater concerns over the industrial cycle and lower levels of liquidity in the
market reducing the hopes of a private equity counter-bid. We note that
management turned down previous Sulzer bids after canvassing shareholders
and receiving more than 50% support.
Conservative Fair Value 275p, BUY
Our 275p PO is based on a very conservative sum-of-the-parts where we value
the operations at a c.7% sector-discount (Bodycote's 2000-7 average sector
discount), while also applying a 10% Sulzer bid premium and a 20p DCF-derived
value for the ongoing acquisition story.
��

[shiny1000] 30/11/2007 10:56

I thought that the 6 months had expired since sulzers aborted bid of £3.46 and possibly someone was coming back to the table with a higher bid and if not then certainly good value to be had at the moment!

[eastbourne1982] 30/11/2007 10:50

I doubt anything is brewing, the share price is just bouncing (like many other mid caps) after big recent falls

[mikey34] 30/11/2007 10:48

It looks like it.

[shiny1000] 30/11/2007 10:42

Is something brewing here???

[shiny1000] 29/11/2007 17:31

Mmm very interesting wonder if a bid will happen.

[mikey34] 28/11/2007 16:15

Merrill Lynch are very positive...... they issued a reiteration of their buy stance yesterday and said they thought December`s trading update would reassure.

[wad collector] 27/11/2007 16:01

A £20 000 directorial buy is a vote of confidence today.So sit and await the rise.Maybe.

[betman] 26/11/2007 17:06

I guess they shorted it last week so they scoop up a nice profit

[crapjokes] 26/11/2007 16:36

UBS have downgraded to sell

[betman] 26/11/2007 14:06

I havent looked at these for a few weeks and find they have collapsed, cannot find any specific news, why have these fallen so far with a potential bidder still lying await

[mikey34] 26/11/2007 14:01

Can anybody enlighten me as to why the big fall today following recent weakness?

[bigboyo] 26/11/2007 13:55

drive it down then suck it up -- typical city wide-boy style ??

[tday] 26/11/2007 12:20

It looks like, goodbye Sulzer at least for the time being.

[cyclingnut] 31/10/2007 10:18

GETTING NAILED AGAIN................come on Sultzer!!

[wad collector] 30/10/2007 13:17

Yes don't know where I got that 360 figure from - wishful thinking?

[chris1604] 30/10/2007 09:21

If Sultzer offer 346.5p again, I think investors would bite their hands off.

[wad collector] 29/10/2007 20:32

They might feel that a 360 bid now is much more likely to be accepted given the last few months.
Mind you they might chance a lower offer in the hope that Institutional Shareholders are not as optimistic as in the spring?

[chris1604] 29/10/2007 16:01

Seen nothing wad,maybe the Sultzer rumours resurfacing again

[wad collector] 29/10/2007 13:56

Promising looking rise this am.More rumours?

[chris1604] 25/10/2007 14:37

Thats what I thought when I bought them at £3.00 months ago. Trouble is the dozy board kicked Sultzers offer into touch. No guarentee this will not happen again.
Hope you are right wad