FROM THE ADVFN BOARD:

First, let's look at the the Commercial property division - Christie and Co, Christie First and Pinders.

These three between them had turnover in 2004 of 37.3m Savills had 316m sales. Savills is valued at 650m. So on that basis alone if a company bought the Christie property division they might pay 75m for it on a valuation the same as Savills.

The Software solutions business VCE Timeless had sales of 13m in 2004. VCE Timeless is an EPOS (Electronic Point of Sale) Software company. A similar company might be Ascribe (ASP). In 2004 Ascribe had sales of just 6.5m and a market cap of 37m. You might therefore expect this division to be worth 75m

The Stock Inventory Businesses, Orridge and Venners had sales of 20m in 2004. A similar business might be Chelford which had sales of 12m in 2004. Chelford is valued at 17m On that basis you might expect this part of Christie's inventories business to be worth 25m.

Sum of the parts, based on sales, these three businesses could be worth around 180m if the business was broken up and sold. Christie as a single entity is valued at 31m.

Come on, if you're a value hunter you can see the cheapness here.

They are set to do 80m in sales here, they are valued at less than half sales! Think about it. It isn't going to take much of a margin increase here to get the profits way higher. If they got margins up to 7% they are on a PE a little over 5 while it's quite possible with these type of businesses the margins go above 10%. If they achieve that the PE is 4.

The market is fast asleep here imo - they could quite possibly sell the property business alone for far more than the current market cap.

Had a look, Bob and if you can keep the SP under control till my gambling allowance on Friday I may well jump in on this one.
Alan

On a breakout,MM piling in for fun.Very tight spread now.

Quick, Bob.
Sell a boatload and keep the price down till friday for me, so I can join you!!!
Alan

no chance,these are cheap cheap cheap.Anything under 190 is cheap.

My order is booked for friday Morning when the gambling money becomes available!!
As long as the Sp does not rise above 140 I will be in.
Good luck to us all.
Alan

its racing away now al,another MM trade.

Hi Bob,
Got a few on Friday at 138.
I'm in.
Alan

think i'll be adding this week.

nearing ath again, 135 - 138 but u can sell at 137.75.

will move much higher any moment.

someone take this last MM out it will shoot up,only 1 mm stopping this from a significant jump and breakout.

Take it you've got level 2, Bob.
Wish I could see how its going!! :-(
Alan

nice gap up on here to well over 165.pe is 6 and bang on a breakout,maybe some action as there software division is winning tons of business as management predicted at the interim stage.

Hope you're right.
;-)

Excellent results today and the software order book is at record levels.
Divi gone up too.
Alan

out,into CRC now big time.

Another good day taking shape.
Results good, divi up and when this nonsense with capcon is sorted, it will go further.
Alan

Director buying 12000+ shares last week. In a bear market!!
Still happy to be a holder.
Alan

Tipped as a buy at 141.5p in the Sunday telegraph.
Even happier to be a holder.
Alan

Still on my own??????
Great RNs this morning and the SP reflects that.
Alan

not a company about which i know anything, though is see a pretty wide spread and that sp is already up 12p this morning on back of results ..... would have added chart etc, but not able to do .... is that because the thread shows no company epic?