MARKET TALK: Multiplex London Visit Reassures Merrill 13/10/05 14:01:00
1401 [Dow Jones] STOCK CALL: Merrill Lynch says meeting with Multiplex (MXG.AU) management in London, provides confidence Wembley project still on track for handover by March 2006, while White City development tracking well. Says if development division can "fire on all cylinders" sees valuation up to A$3.93, but current valuation of A$3.30. Says catalysts to lift base valuation include sale of noncore assets such as Global Switch in Europe and Singapore, expected by mid 2006, the roll out of the UK Development book and completion of the Wembley project. Retains Neutral recommendation. Shares flat at A$3.19. (WEL)
