Leading into the interim reporting period we have reviewed our cyclical industrial stocks under coverage. We address risks to forecasts in a potentially slower, credit-constrained world, and revisit our valuation calculations to reflect this uncertainty. Barring a debt default induced crisis (not out of the question, but very hard to predict), we find value at acceptable risk in a number of stocks following unreasonable share price falls, notably ASL (BUY, valuation $2.00), PEA (BUY, valuation $0.73), and SXE (BUY, valuation $0.85).
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