"Merrill Lynch urged investors into PHS Group, which is the UK's second-biggest provider of washroom services. PHS shares rose 2p to 80.5p thanks to Merrill, which reiterated its 'buy' rating and argued that the stock should trade closer to 92p. According to the US broker, PHS offers an attractive combination of steady organic growth, high returns, strong cash flow and value-enhancing bolt-on acquisition opportunities".    The Independent newspaper, 04/01/03