WEIR - broker’s views conflicting but this is a high quality business
Positive final quarter, benefits from the effects of a positive foreign currency translation notably from the strengthening of the US dollar against sterling.
Net debt at 31 December 2008 expected to be lower than the half year figure of £261.7m with operating cash flow generation and the proceeds from the sale of the Materials & Foundries businesses being partially offset by an adverse foreign currency translation effect. A total of £625m of committed revolving credit facilities, expiring in 2011 in place. Full year outlook for profit from continuing operations before tax, intangibles amortisation and exceptional items to increase to around £174m (from £170m) Lots of conflicting opinion from analysts: Dresdner Kleinwort cuts Weir Group (WEIR.LN) target price to 550p from 1100p. Arbuthnot Securities…