ABSTRACT
The Financial Times caught the change in the wind. In a column titled “Poor old BE” the anonymous Lex columnist argued in characteristically double negative fashion that: “It is difficult . . . to believe the share price is not underrating the company’s formidable cashflow.” Future dividend growth potential looked “far greater than management has led investors to expect” (Financial Times, 1996b). The share price crept up to 205p, just above the flotation price. Investors were back in the black.
