Adam Davidson, CEO of Trident Royalties, discusses offtake milestones and catalysts to boost FY24. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
BOOM!!!!!!!!!!!!!!!!!!! (it felt good doing that!) Still undervalued IMO!
It would do better if they looked after their landlords, and stopped charging damn hi neck rents. But they are in the business to make profit out of the hard working landlords. I talk from experience.
Enterprise Inns (ETI) retained its "buy" rating from Panmure Gordon, with a target price of 80p. The broker is encouraged by the government's decision to not to increase industry regulations and believes the pub chain can now focus on improving like-for-like EBITDA growth and refinancing its debt. Panmure has high hopes for the firm in the 2012 financial year, with Euro 12 and the London Olympics expected to boost sales. The shares jumped 1.75p to 33.75p.
Announcement on PubCo's due Thursday 24th Nov - Not looking good, also this little pearler! http://www.parliament.uk/edm/2010-12/2452
L2 490k vs 311 31.75/32 depths 17/10 vwap 30.33
Enterprise Inns plc Preliminary announcement for the financial year ended 30 September 2011 22 November 2011 Enterprise Inns plc (ETI), the leading specialist operator of leased and tenanted pubs in the UK, today announces its results for the year ended 30 September 2011. Highlights Ø EBITDA* before exceptional items £366m (2010: £405m) Ø Average net income per pub up by 1% to £64.2k for full year (2010: £63.6k) Ø 90% of estate let on substantive agreements (2010: 89%) Ø Like-for-like net income in substantive estate down 1.7% (2010: 2.3% down) Ø Annual revaluation of pub estate reduces book value by £173m: 4% (2010: £103m: 2%) Ø £238m proceeds from disposals and our sale and leaseback programme Ø Strong cash generation has reduced net debt by £302m to £3,003m Statutory results Ø Profit before tax and exceptional items £157m (2010: £175m) Ø Profit after tax £24m (2010: £26m) Ø Adjusted earnings per share# 23.4p (2010: 25.9p) * Earnings before interest, tax, depreciation and amortisation # Excludes exceptional items Commenting on the results, Ted Tuppen, Chief Executive said: "At the start of the year we set ourselves the task of stabilising the operational performance of the business whilst continuing to reduce our exposure to the banking market. We have made good progress on both fronts. The performance of our substantive estate, which makes up 90% of our estate by number, 95% by income, has continued to improve and we have reduced net debt by £302 million. Strong cash flows from disposals and operating activities have helped to significantly reduce bank borrowings during the year and we will continue to reduce our exposure to the volatility of the banking market by bringing forward a review of our existing banking facilities to secure appropriate bank funding for the future. In addition, we are reviewing how we can ensure that the income potential from every outlet is maximised including identification of additional opportunities to realise proceeds in excess of book value through disposal or alternative use, where appropriate. Whilst trading conditions are likely to remain challenging, we expect that the quality of our pub estate and the resilience of our publicans will ensure that the like-for-like performance in the substantive estate continues to improve. As we return the business towards growth, we remain committed to our initiatives and our strategy and confident that in the medium term we will be in a good position to deliver positive returns to shareholders." Enquiries: Tulchan Communications, Andrew Grant/David Allchurch 0207 353 4200
Drink
Too many free drinks to bar staff probably, lol. Did Management drank the profits?
See the Enterprise CEO is shooting himself in the foot again! http://www.morningadvertiser.co.uk/General-News/Tuppen-under-fire-over-BISC-remarks If the Ctte force reforms of the beer-tie, ETI will lose half of its revenue streams...... Decision end of Nov 2011
going forward not backwards is my advice like this one for instance..http://i.imgur.com/qWmvz.png
today.pubs are doomed.they charge too much for beer,you have the smoking ban,you have the recession,the landlords don't make any money so you would be mad to run a pub in the future if you was thinking about it now,and of course drinkers are frightened of the drink driving ban,and the big one being people are short of money these days and supermarket prices on alcohol are pretty well the cheapest theyv,e ever been,why oh why would you want to run a pub,get out while you can.
Peel Hunt dowgrades Enterprise Inns from buy to hold, target price cut from 84p to 36p.
The end is nigh for the PubCo's http://www.morningadvertiser.co.uk/General-News/BISC-calls-for-statutory-pubco-code-of-practice
Rather a variation in broker targets !
Numis upgrades Enterprise Inns from hold to buy, target price 50p.
Investec initiates buy on Enterprise Inns, target price 94p.
Enterprise Inns (ETI) retained its "buy" rating from Panmure Gordon, with a 110p target price. With average profit per pub growing and reduced debt levels the broker believes the company is on the way to a recovery. Panmure approves of the group's sale of 335 non-core pubs for 69 million pounds and expects a total disposal of 500 by the end of the year. Trading on an adjusted EV/EBITDA of 8.7x the broker believes this is undervalued, with a target of 9.5x. Shares in Enterprise dropped 2.31p to 44.18p.
Some advice please, why only report 18 weeks? Do the 26 week figures look worse..... Also nervous about the occupancy rate, over 10% of the estate under TAW agreements or even closed, how many of the substantive agreements are on discounted terms (they won't show up on the concessions)..... Nothing in the Press release to raise expectations
We have continued to see stabilisation in trading performance, with average income per pub up by over 1% in the eighteen weeks since the Interim Results after being flat during the first half. During the period we benefited from the exceptional weather and two bank holidays during April but were then challenged by difficult comparisons with the FIFA World Cup in June last year. Whilst remaining cautious about the underlying economic environment, we expect to deliver results for the full year in line with our expectations............................................
http://www.investegate.co.uk/Article.aspx?id=201108040700177119L
Evolution Securities neutral on Enterprise Inns, target price 120p.
http://investegate.co.uk/Article.aspx?id=201106131017343154I
09-Jun-11 Enterprise Inns ETI Panmure Gordon Buy at 75.85p Target 110.00p - Reiteration
‎"Enterprise sold 212 pubs during the first half for £47million as part of plans to offload 500 this financial year to pay off debt". I make that an average of £221.7k per pub. Their estate is bonded at c£575k per pub, i.e. Assets <= Liabilities, INSOLVENT!!!
The Independent says some investors may be attracted to the potential dividend and will be pleased to note that Enterprise trades on a cheap forward earnings ratio of 3.6. However, given its high debt levels and sprawling estate, it doesn�t see much fizz in its shares for the foreseeable future. Sell, the newspaper advises