pem downgraded .... thanks to cbh

Recon CBH is expensive, amazing:



PERILYA LTD22 February,200822/02/2008 13:43 Sydney, Australia.
Value Change % Change
1.860 +0.055 +3.050%

Company overview
Real-time quote
PEM.AX , 1.860, +0.055, +3.050%) as Underperform - CBH Resources ((CBH)) and Perilya have commented that they are in early stage merger discussions, with a bid mostly likely to come from Perilya. This deal has the potential to be value-creating in the long-term according to Credit Suisse analysts given the obvious synergies at Broken Hill. They are concerned that CBH?s shares are trading at a premium to Perilya?s in terms of earnings. The analysts have not made any change to earnings or valuation estimates at this stage believing that Perilya is fairly valued. More