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Https://www.telegraph.co.uk/business/2023/07/23/activist-investor-restaurant-group-wagamama/
What would be the impact on SP??
£200m for Brunning & price + rest of leisure feels low. … suggested this would be a good offer in article below. B&P are smashing it.
£200m would be a steal given the freehold valuation of B&P is £160m for about half the pub estate!
£200m is an opening gambit. The whole current value of the Co is £350m.
Isn't this a bit cheap then, all things considered?
Hopefully we get some sport here over the next few days/weeks.
Does anyone think Frankie and Benny’s is a liability
We know that all parts of the business have a similar level of profitability, (F&B) after recent closures, this was stated as the reason for not doing segmental accounting previously. This will be confirmed or not, when they show segmental accounts in the September interims.
Then if Frankie and Bennie’s is profitable combined with B&P should fetch at least 40p a share
Frankie and Bennies and Chiquitos are utter garbage. Getting rid of those and the lease and other liabilities just leaving us with Waga would be amazing. I believe in, and regularly eat at, Wagas and have done for years. Everything else in the stable, as I’ve said before, needs to be shot.
200million in the hand is worth 400million in the bush! Get rid of them.
I get the feeling the BOD think the portfolio dogs are performing quite well, running a profit and will command a price individually or a share price re rate by September. Maybe they think that B&P is worth 200mil on its own, and are willing to take a risk on the dross as its not worth anything anyway.
Waga is a jewel.
a diamond.
i think this is just beginning.
Don’t think it’s that great. Ability to grow it internationally is.
I have taken all my sell limits off. I think this will drift up to 45p possibly 50p again
I think we’re hanging around here until Sept update. Shame really as I thought interim update was positive and warranted a step up. Don’t see any activist shareholder action over August (hols) but as it happens that’s sometimes the best time to catch prey off-guard. Where do we think SP will be this time next year? I’d like to say ~100p but I’m always over optimistic so it’s probably 55-60p? Fingers crossed