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City says buy Morse, sell Computacenter

It’s a tale of two dealers, but is the giant of the channel about to be over-shadowed by the stock market newcomer

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Investors were yesterday advised to switch shares between two UK resellers - offload old-timer Computacenter to invest in stockmarket newcomer Morse. Broker Dresdner Kleinwort Benson (DKB) said its clients should buy into the newly floated Morse, according to The Sunday Times. Its reasons were that Computacenter shares were expensive at 581.5p, against what DKB considers to be its fair value range of 350p to 450p. London-based reseller Morse floated on March 23, priced at 250p per share. This afternoon’s market did not responded to DKB’s advice. Morse was down 5 pence at 245p. Computacenter was up 3.5p at 585p. Clive Longbottom, CSL analyst, said Morse was expanding rapidly. But he did not agree that it would be worth withdrawing cash from Computacenter to invest in Morse, unless for possible short-term gain. "For long term returns, I think it is still better to stick with Computacenter. Its plans for expansion in Europe are moving the company up the scale to allow it to compete more effectively with other service providers," said Longbottom. ®

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