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Cristaleria Espanola: analysts recommend company shares

5 March 1998: Analysts have reportedly been recommending the shares of Spanish glass company Cristaleria Espanola as a buy. They have set a target price for the end of 1998 of Pta 15,500 a share compa…

5 March 1998: Analysts have reportedly been recommending the shares of Spanish glass company Cristaleria Espanola as a buy. They have set a target price for the end of 1998 of Pta 15,500 a share compared with recent prices of Pta 11,530. Analysts said the reduced liquidity and lack of stock market interest in Cristaleria shares are due to the inexistent support from the company, as well as a lack of information from the management of Cristaleria, which is 74% owned by the French group Saint-Gobain. However, analysts said that unlike its French parent, Cristaleria Espanola has no exposure to southeast Asia or to the events in Brazil. The Spanish company expects to generate a free annual cashflow of over Pta 10 billion during the next few years. Cristaleria is also reducing personnel, which will produce annual cost savings of around Pta 2 billion.

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