15 July 2011 – director’s dealings

The senior non-executive director at the group purchased 45,000 shares at a price of 29.83p on 14 July.  Although the share price has moved up to 33p, this is still too low.  Assuming a relatively modest multiple of 10x 2011 earnings (year end is 30 September), we have a share price target of 52p.  BUY.