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Despite the ongoing pressures facing consumers and the hospitality industry, Wetherspoon's pubs are trading above pre-pandemic levels and the Group seems well set for further progress as it moves into a new financial year. Profitability has not recovered to the same extent, no surprise given the relentless assault on input costs.
The Group's been fighting hard to maintain its value offering. Prices were up around 4% last year and last we heard, it's hoping to keep price rises below inflation.
The budget credentials are intact for now, but we don't know how well customers will tolerate potentially significant price rises further down the line. There are some rays of light on the inflation front, but there's no guarantee prices will remain in check.
On that front, seeing a wider range of customers in its pubs is encouraging. The pivot towards a younger and more family-orientated demographic looks good. The strong brand perception holds it in good stead, with the customer base enjoying a slightly higher income than the 'average pubgoer'. But neither the Company nor the punters will be immune from continuing cost pressures.
The move to sell over 20 pubs as it seeks to increase their average size and the distance between them looks positive, and should help increase average footfall and profitability.
A return to cash generation has enabled further upgrades to the estate, and a decent reduction in net debt levels. We think debt repayment will remain the priority for some time and don't see a return to cash rewards to shareholders being on the cards anytime soon, though some analysts disagree.
Wetherspoon is proud of its progress towards sustainability, but we still have question marks over the G in ESG (environmental, social and governance). The Company disagrees with the guidance in the UK Corporate Governance Code on the length of board member tenure, board member independence, or the relative importance of shareholder engagement.
Over the long term we remain positive that Wetherspoon can emerge from the current economic gloom stronger than before and increase its market share. That and its improving financials have been recognised by a strong recovery in the valuation, which is now above the long-term average. This increases the likelihood of volatility in the event of either earnings disappointments or movements in the stock market.
Well, the answer turned out to be No. However the ups and downs allow for profit while we await the big one. Just don't trade your whole holding, imo.
Rammed here at Gatwick South terminal....spbumns must be raking the cash in.... results in October should be bumper.... Time to buy back in on Monday
I think that you right about JDW but wrong about BAE, which is surely fully valued by now, and the SP would be at risk if the Ukraine conflict was suddenly resolved. But this is the JDW board, and let's await the October results.
JDW was at £16/£17 in December 2019, right before Covid hit. After that it fell back to £4. I follow some big players like RIo and IHG and both of these are tracking back to pre Covid levels, Rio against the odds with the Chinese economy in the drains. I see no reason not to believe that JDW won’t follow a similar revival particularly one this year’s results are published in three weeks from now. Meanwhile, BAE are a good bet.
Very quiet bb this one....are we going to 800 ?
Having sold out months ago I'm back in at 709 ...if it's good enough for Tim then it's good enough for me.
I bought after Tim did sub 5 at 470 I sold out at 698 some months back only 2k profit....sellers remorse at the time and it went up again to just over 8 on that spike .. hhen the markets dragged it back to low 6s ...tempted to buy again but 720 feels abit high.
Time to load up if you have not already done so. Three weeks until annual financials published, the market monkeys have been playing with the price for the last three weeks as they accumulate to catch the rise.
Well I bought in at £6.825 earlier today, normally the signal for whatever I've bought to immediately drop by a percentage point or two. So I'm pleased to see that for once the reverse happened and it's nearly £7 at the close tonight. It would be good if the company could even out the quality between the very good outlets (eg Coronation Halls in Surbiton), and the crappy ones such as the Tailor's Chalk (Sidcup). But on balance the future for JDW looks to me to be more likely to be positive than negative - hence my purchase.
He got that sell right
Could buy it all back for £30M today
"Where do people get this kinda money lol"
From selling £50m at £11.50 in 2021, just after a placing.
https://www.thecaterer.com/news/tim-martin-sells-50-million-wetherspoon-shares
Certainly does.
Looks promising for the 6th October?
Better returns than savings expected then :)
Amazing purchase and well done that man. Need more buys like in the market place
Savings?
Almost £7m quids worth!!
Where do people get this kinda money lol
@milnrowmug
I rather think you’ll regret selling at £7. I see quick run-ups to £8 and £9 as being very possible in the coming weeks
Hi there, happy team. Sorry I'd never heard of the footballer, but apparently world-famous in the "Toon".
Back over £7 for a moment today, I sold a few at a tiny profit. If I'd paid attention I'd have got them back for less. I looked in after pizza shed poor news, seems it's another game, no ale. Gla.
The medium term price target is as prior to Covid, more than double todays price. Annual report early October when the best results ever will be published.
And now they're at it again, going off Friday's RNS. I don't get it, why would Mail readers even be interested in jdw? In my nearest branch, most fellow drinkers are either too intelligent to want to read it, or too thick to be able to; a friendly, if polarised crowd. Do lots of retail shareholders read the Mail, is that why Tim is even bothered?
News from the street
Cons - Bad Weather
Pros - The Ashes, Women's World Cup & Football season starting, (apparently footie fans like a beer)
Good Luck
DYOR
Seems they are still trading well “ Wetherspoon's annualised sales are now approximately £2 billion, the highest ever level, and are over £100m per annum more than in the year before the pandemic.
"Profits, as we said in our recent trading statement, are increasing and employment is also at a record level. That is certainly not the impression the Daily Mail article gave."
Doesn't seem to have boosted sp into close, ahh we'll give it time. The only good thing the Mail ever did was to "libel" Archer, so he could later be locked up. But many read it, I'm serious, not just houseprice and refugee obsessives. Thousands of investors and potential ones might have lost out. Others might have benefitted from lower buy in; swings and roundabouts?