BULL POINTS:
â– Economic recovery will drive growth
â– Impressive emerging market potential
â– Strong market positions
â– Shares undemandingly rated compared to peers
BEAR POINTS:
â– Howden unit still struggling
â– Recent performance has been mixed
IC TIP:
Buy
at
830p
Charter International was the black sheep of the engineering flock last year. While its peers revealed profit upgrades and peak profit margins, Charter's November trading update reported that full-year earnings would probably be "towards the lower end" of analysts' forecasts. Its shares promptly slid and, even after a strong end to 2010, they finished roughly 30 per cent below 2007's peak.