Wednesday March 18, 12:09 PM
Glance-STOCKS NEWS EUROPE-Fiberweb jumps; Panmure initiates as "buy"
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11:50GMT 18March2009-Fiberweb (LSE: FWEB.L - news) jumps; Panmure initiates as 'buy'
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Shares in nappy material maker Fiberweb jump more than 13 percent
as Panmure Gordon initiates coverage with a 'buy' recommendation in the wake of
a major shake-up of the company.
'This is a recovery-based Buy idea and, after considerable restructuring and
costcutting, we believe an increased focus and simplification of the business
should increasingly pay off in the form of improving profitability and EPS
growth,' Panmure says in a note.
The broker adds: 'Debt remains important given its size, though even on what
we believe are cautious assumptions for 2009, total debt will reduce in both
2009 and 2010 and satisfy covenant conditions.'
Panmure has a 48 pence target price on the stock.
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