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09Aug91 UK: NIKKO SECURITIES' EUROPEAN EQUITY RESEARCH TEAM ACCUSES BLUE CIRCLE INDUSTRIES OF BEING 'OVERVALUED'.

Blue Circle Industries, the dominant UK cement company, is over-valued, over-dependent on cement products, has an inconsistent, illogical and expensive acquisition and diversification record and angers many consumers with its pricing policy, says the European Equity research team at Nikko Securities.The team, in a new review of what it calls the UK cement duo, Blue Circle and Rugby, gives BCI a decided thumbs-down and a sell recommendation: 'With dull medium-term growth prospects compared ...

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