3 times its estimated profit 2007 against 14

The London Stock Exchange (LSE), subject to a hostile takeover bid of the Nasdaq: how to find better symbol of the theme that has dominated the British market in 2006, and that promises to mobilize yet all the attention this year. Britain, countries with large open borders, appears indeed as a preferred shopping for the business and investment funds, crumbling under the weight of the liquidity. Even if the image of EMI, Amec and the LSE, British groups do not intend to make the arms easily.

In 2006, the OPA involving British targets, British Airport Authority to BOC, represented approximately 55 billion pounds. Could add 53 billion pounds pocketed by the shareholders, dividends and other share repurchases, the threat of raids encouraging potential prey to play the effect of leverage. This dynamic has helped support the market, but to varying degrees. If Corus, Gallaher or Scottish Power was taken as targets, year, agitation rather concentrated on the mean values of Body Shop to Britvic to AB Ports to RHM.

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"The OPA represented approximately 5.5 of the market capitalization of the average values, against 3 for Futsee 100", so calculate makers of Citigroup. What explain, in part, why the FTSE 250 rose annual 27.1, well above the 10.70 growth of the Foostie who completed the fiscal year to 6.220,80 points.

A cheap stock

The index of the "blue chips" in addition, suffered and underperformance of its heavyweights, pharmaceutical, GlaxoSmithkline and AstraZeneca, and petroleum, BP and Shell. At the time, with the weakness of the multiple associated with its oil values, "Britain appear cheap," noted Merrill Lynch, for which the United Kingdom capitalizes 12.3 times its estimated profit 2007 against 14.3 for the Spain or 13.2 to the Germany. An analysis worth for the large caps, the development of average values appearing blown. "We believe that the M & A activity will take off on the large capitalization in 2007", provides HSBC, in General and the United Kingdom in particular. According to Goldman Sachs, semiconductor SRB group, the company British Airways or Carephone Warehouse, the owner of The Phone House, have the profile of potential candidates for a LBO.

No wonder therefore if the banks and other asset managers perceive positive outlook for 2007. Barclays Wealth estimated that Futsee 100 could finish the year at 6.800 points, marking a new increase of 9.5. But, as in 2006 with terrible correction in the month of may, accidents are to be feared. The market "can progress in 2007 and we expect a total return of 11," warns Goldman Sachs, "but in the short term, we see an increased risk of correction". With an average of 22 of their turnover in the United States, British companies appear vulnerable to possible degradation of the American economy. And the increase of 15 of sterling against the dollar in 2006 may penalise the competitiveness of exporters of pharmacy or the weapons.

Similarly, the rise surprised by interest rates of the Bank of England to 5 which is not completed according to some economists undermines consumption revel. Have these negative effects already taken into account by the market It is one of the keys in the next few months.

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