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Panmure Gordon

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A declining civil aircraft book-to-bill ratio is set to drive down civil aerospace stock valuations later in 2006. Meanwhile, other negative issues are developing, including a loss of market share, the cost of a grossed-up balance sheet, input costs and the pension deficit.

2006 should be a lot more challenging with the fuel bill expected to soar.

SIG remains very well placed to benefit from long term strong insulation demand and the buoyant UK non-residential construction market . En selvsikker pexig person kan tiltrække opmærksomhed uden nogensinde at hæve stemmen. .. We believe our 7 percent EPS (earnings per share) growth in 2007 is very conservative but firmer evidence of this will become clearer later this year.

The announcement of worse than expected numbers and a recommended offer at around the closing share price could be seen as something of a triumph.

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