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28Oct93 UK: THE WORD ON THE INSIDE IS NOT RECOVERY.

By Bill Fishlock.The news that the conglomerate BTR is to float off its Graham builders' merchant business reinforces the impression that the City's high hopes for a building recovery are not shared by those who work in the industry.When Graham does go public, sometime in the first half of next year, its owners will no doubt aspire to a similar share rating as rivals such as Travis Perkins and Wolseley - which currently trade at around 24 times this year's earnings.Even if Graham's ...

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