House broker Teather & Greenwood has come out with a 'buy' recommendation for the personal finance publisher in which Nigel Wray holds 7% of the shares. Charterhouse was in merger talks with Columbus earlier this year, but these fell through - the word is that Columbus walked away. Despite this the share price has surged on the back of buoyant advertising revenue produced despite Charterhouse not yet having audited circulation figures. The company has bought IRS which markets the home study course Successful Personal Investing. This gives Charterhouse a large database of users and a strongly cash generative business. However, it is a completely different type of business from its core, so it is hoped that the IRS management will be retained to run it. Despite our reservations, T & G are very bullish, saying the shares are worth at least 48p.