Capel Cure Sharp's Cassells on Egg, Vodaphone, Eidos: Comment
By Tom Giles
London, June 12 (Bloomberg) -- A comment by Logie Cassells, who manages 3 billion pounds ($4.52 billion) in U.K. equities at Capel Cure Sharp, on Egg Plc, which began trading today. He also comments on Vodafone Airtouch Plc and Eidos Plc:
``We like the Egg concept and have been buyers of Prudential on the back of that side of the business,'' he said. Cassells bought Egg shares at about 170 pence. The shares were recently at 174.5 pence.
``Who knows who's going to be the winner two or three years down the road, but in terms of what they've done so far, you have to give them the benefit of the doubt.''
``I'm not a believer that there's a huge speculative bubble'' lifting technology-related shares, he said. ``There will be a place for these types of companies.''
He also favors Vodafone, which today said it would take control of Airtel Movil SA, Spain's second-largest mobile phone company.
``In the next twelve months, people will be pleasantly surprised at how the next round of wireless technology is going to be accepted by the public,'' he said. ``Vodafone is one of the flagships for the (technology, media and telecommunications) sector'' and it's well positioned to take advantage of appetite for new technology, he said. Its share price ``will have surpassed its old high'' of about 400 pence, he said.
Its purchase of Airtel Movil ``is another piece of the jigsaw puzzle.''
Another company whose shares he recently bought is Eidos Plc, Europe's largest video games maker.
``The game cycle will turn positive,'' he said. ``We are positive on Eidos and would consider adding more shares if there's any follow-though after the results'' tomorrow, he said. |
