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Robert Wiseman's attraction is that, unlike Dairy Crest, it has virtually no debt. It is also highly cash generative. But with the shares, at 530p, up 31 per cent since August to trade at 15 times 2008 earnings against the sector average of 11 times, the merits of Wiseman appear adequately priced in. Take profits, writes the Times.

Even without the acquisition of DoveBid, GoIndustry was on course to generate profits of around £2.7m for 2008, selling on just over 12 times earnings. It is a unique listed company operating in a dynamic marketplace. Buy, says the Independent.

Although Cosalt may struggle to sell its non-core divisions in the short term - hence the recent slide in the shares - they have limited capacity to hurt it. Given scope for more deals and strong earnings growth, the shares, at 315p, should be bought, writes the Times.

Begbies has learnt lessons from the past year or so. It accepts it had grown too dependent on insolvency work, which was responsible for half of its income. The task now is to beef up its other activities such as corporate finance, consulting and tax advice.

Yesterday it announced the acquisition of the leading independent tax adviser Shaw. It is also keen to develop restructuring focused on companies with turnover of £10m to £25m a year. The increase in insolvency cases which started to come through in November should lift full-year profits to April to around £7m, leaving the shares trading on around 20 times earnings, which looks full enough for now. Hold, says the Independent.

The smallish South-east housebuilder Oakdene Homes was 53 per cent off its year's high when it wheeled out its profit warning yesterday, quickly turning that into a 70 per cent slump. There is little upside for the shares at present. Avoid, says the Independent.
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