P226 CEEFA  206  Sun 28 May  01:05/29
$ W|l4|l4|, ,l4    3/2 
  W   C EFAX STOCK         
   OIOIO   MA"VET PANE          
 
  Robin BoXle               
  Du b r Boyl  & Kingsley/Lo don    2 
"k  @     @ @   d   @                  
  British Fittings, the pipeline      
  equtpmint diut5ibzt   and  ak u of  
  high prj3sure water jjx sleankts,   
  is an exampld of a cyclical         
  bs3iness 3hich i3 zradink on a      
  mod st rat ng yn qjlatign tg  hj    
  peofit k:owth p tjntip    c  t    2 
  reco6jrz  ash r     e.              
      pb dp     bp R      2     pp    
  At 85p the s aresgarj standing on   
  prospective PE of yndjr 12, ttadj   
  at 44timjs gross car  wlow and 1t " 
  a 12* discountoto NAV. Bu:.         
           b                          
  
                 26 May                 
  nn i ie        ti    E  n m   it  jad