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Balfour Beatty provided a welcome ray of sunshine with an upbeat trading statement covering the past four months. The construction group also announced new contracts for work in the US and Hong Kong worth £335m - for a military housing project in South Carolina and highway upgrading work in Hong Kong.
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And Balfour is enjoying a steady long-term income stream from utilities maintenance work, while spending brought forward on improving the UK's schools and universities has also boosted turnover. What's more, the group boasts a strong balance sheet, with over £200m net in cash.
We suggested buying Balfour Beatty shares at 413p (10 July 2008), since when the bear market has dragged the price down to 287p. This puts the share rating on just 7 times forecast EPS, which, given the group's solid order book and strong balance sheet, make the shares look cheap. Buy.
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-IC-2.1.3g-prod - 17/03/2010 18:13:09 - ben.wheeler
