Teather & Greenwood advises selling Rank Group at 242p (this week’s price 235p). The broker calculates a discounted cashflow valuation of 220p per share, which provides a 10% downside. It believes even this could prove optimistic because profits have been in decline in the bingo division since 2002. Teather questions the logic of William Hill’s interest in Rank and believes any deal would be difficult to structure. The Daily Telegraph (Your Money) 18/03/06 page 2 (What the brokers say)