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Canaccord Genuity bumps up Greene King target price

Thu, 03rd Dec 2015 10:35

(ShareCast News) - Accounting adjustments and increased synergies will boost Greene King's profits in the medium-term, but not the company's cash-flows, Canaccord Genuity said.That followed the company's announcement that it would take a £325.6m provision to replace its "onerous" £50m lease provision for the +100 pubs which resulted from the March 2004 sale and leaseback from Texas Pacific.Analyst Nigel Parson said that would flatter the company's profit&loss statement by £9.6m in fiscal year 2016.The company now also anticipated a £5m hike to synergy benefits.That led Parson to revise his forecasts for adjusted earnings per share in fiscal years 2016 and 2017 higher by 7.6% an 4.9%, respectively, to reach 69.0p and 75.7p.He also bumped up his estimate for 2018 adjusted EPS by 3.2% to 80.0p.However, the lion's share of the boost to earnings was solely the result of accounting fair value adjustments with no changes to cash-flow, the analyst emphasised.Nonetheless, "Greene King's fast-start is encouraging enough for us to push ahead our target price to 1100p from 1050p, implying 14% potential upside", Parson wrote.He left his 'buy' recommendation on the shares unchanged but increased his target price to 1,110p from 1,050p.
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2 Dec 2015 10:31

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2 Dec 2015 08:29

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2 Dec 2015 07:29

Greene King Interim Profit And Revenue Boosted By Spirit Acquisition

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2 Dec 2015 07:15

Greene King surges as Spirit Pub integration boosts interim profit

(ShareCast News) - Pub operator Greene King posted a rise in first half pre-tax profit and revenue thanks in part to the integration of Spirit Pub Company. For the 24 weeks to 18 October, statutory pre-tax profit increased 17.9% to £84.9m as revenue surged 49.2% to £917.7m. Chief executive officer

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1 Dec 2015 15:19

Wednesday preview: Eurozone inflation due, Greene King and Zoopla report

(ShareCast News) - Eurozone inflation may have improved in November compared to a year ago, according to analysts' forecasts ahead of consumer price index data on Wednesday. The flash estimate of CPI for November is expected to show a 0.2% year-on-year increase, compared to 0.1% in October. Core inf

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25 Nov 2015 16:05

Earnings, Trading Statements Calendar - Week Ahead

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15 Oct 2015 08:41

BROKER RATINGS SUMMARY: Liberum Raises Hargreaves Lansdown To Hold

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23 Sep 2015 14:41

FTSE 250 movers: Production figures boost Premier Oil, Petra Diamonds rebounds

(ShareCast News) - The FTSE 250 started to climb back on Wednesday to 16,687.19 - up 157.21 points (0.95%) Premier Oil rose after it announced year-to-date production had averaged 57,100 barrels of oil equivalent per day, ahead of a full-year guidance of 55,000. Petra Diamonds continued to rebound

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23 Sep 2015 14:37

Broker tips: British American Tobacco, Greene King, Mitchells & Butlers, Glencore

(ShareCast News) - The medium-term outlook for British American Tobacco is "strong" but the firm is facing earnings downgrades from analysts related to movements in foreign exchange markets and price roll-backs in Australia, one large broker said to clients after the company's Investor Day. Nonethel

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23 Sep 2015 12:24

HSBC downgrades Greene King, Mitchells & Butlers

(ShareCast News) - HSBC cut its stance on Greene King and Mitchells & Butlers as it took a look at the UK pubs sector. The bank downgraded Greene King to 'reduce' from 'hold' and cut its price target to 780p from 830p saying it was concerned about like-for-like sales growth. "We assume 2%, which is

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23 Sep 2015 09:41

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9 Sep 2015 08:39

BROKER RATINGS SUMMARY: Numis Upgrades Hargreaves Lansdown To Add

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8 Sep 2015 07:56

Greene King serves up tasty increase in like-for-like sales

(ShareCast News) - Pub operator and brewer Greene King posted an increase in like-for-like sales in the first 18 weeks of its financial year, helped by solid growth across all of its divisions. In the 18 weeks to 6 September, like-for-like retail sales climbed 1.3% year-on-year, with growth in the f

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8 Sep 2015 07:19

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