Stripping out the earnings from LAHC, Kleinwort Benson forecasts earnings next year of 11.2p, putting the group on a forward multiple of over 25, against around 20 for the sector Now would be a good time to take some profits.. KWIK-FIT'S pledge to give "100 per cent customer delight" has also been applied to its shareholders. In February, LAHC bought GAN (UK), a business with pounds 2.8bn under management, which should add substantially to this year's earnings.Positive results saw the shares jump by 22 per cent to 283.5p. However it is not just strong trading that has prompted the strong share price performance. St James Place Capital is essentially a holding company for J Rothschild Assurance Group The group has a two pronged strategy.
First, it hires experienced sales people to pitch to rich clients. Total new business rose by 26 per cent to pounds 109.3m in 1997, well ahead of the competition. Second, JRA holds a 23 per cent stake in the "vulture fund" life insurer, LAHC. The company takes advantage of consolidation in the life sector by buying ailing life insurers, closing them to new business and stripping out costs. But it is a different story at St James Place Capital, his upmarket life insurance group, which has rewarded shareholders, both large and small, handsomely over the last few years. It has no loyalty card and concentrates on keeping prices low.Though little known in the south east, Morrison is a very strong brand in Yorkshire and other areas in the north where it is successfully battling against Asda. Like-for-like sales were up by 3.1 per cent in the first six weeks of the year.This is hardly startling but the group is also hoping to improve the gross margin through improvements to the distribution network.On NatWest Securities' forecast of pounds 165m the shares trade on a forward p/e of 19 That seems too high to chase for now Hold.. SIR MARK Weinberg did not do any favours for private investors when a committee he chaired effectively barred them from getting involved in the majority of new issues.
The shares rose 16.5p to a new high of 256.5p yesterday compared to a 149.5p a year ago.Like Asda, it prides itself on keeping things simple. The company has now increased sales and profits for 30 consecutive years and this is all the more impressive as it is one of the so-called second-tier supermarkets that one might suspect is under increased pressure from the major players. With that pressure increasing due to consolidation in the sector, many have expected the Bradford-based Morrison to succumb to an approach from one of the leading supermarket chains such as Sainsbury's which has not got a strong presence in the north.But with the Morrison family owning 40 per cent of the shares any deal would need to be friendly and chairman Ken Morrision seems in no mood to sell.Looking at the company's record, it is not hard to see why. It has also been on the receiving end of interest from one of its main shareholders - US West Communications Group - which has said it is considering raising its 26.53 per cent stake.- Reuter. FOR A business that is a perennial takeover favourite, Wm Morrison is actually doing rather well.
