Contents
Key recommendation and Initiation 3
Valuation table 4
Overview of changes made in this review 5
Our view 6
Themes 6
Sector Valuation 10
Economic data 12
The end markets 14
Corporate activity 16
Earnings sensitivity 17
Debt position 18
Attractive income stream 20
Pension deficits 20
Raw materials 21
Currency 22
Company financials 25
Bodycote 26
Chloride 30
Cookson 32
Enova 34
Gooch & Housego 36
Halma 38
Harvard 40
IMI 42
Melrose 44
Pursuit Dynamics 46
Rotork 48
The Vitec Group 50
XP Power 52