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Greene King Share News (GNK)
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Don't have an account? Click here to register.Goldman Sachs reinstates Greene King at 'buy', sees consolidation driving margins
Wed, 29th Jul 2015 14:48
(ShareCast News) - Goldman Sachs reinstated its 'buy' rating on Greene King with a 1,060p price target, saying it expects the company to deliver consistent earnings growth given its exposure to accelerating UK consumer discretionary spending, execution of synergies post its Spirit acquisition and investment in its estate.The bank also said it reckons earnings before interest and tax margin expansion from consolidation should more than offset cost headwinds, particularly increased minimum wage inflation due to the introduction of the UK National Living Wage from April next year.GS expects the company to achieve £37.5m in synergies from its acquisition of Spirit over the next three years, around £12m of which will be from a reduction in corporate overhead and £26m from procurement savings.It noted that the stock trades at a discount to pub peers despite above-average growth.It added that while Greene King's returns are slightly below peers, this differential should continue to compress over time.Goldman also highlighted the stock's attractive dividend yield and 25% upside to the bank's 12-month price target."Greene King's leverage is already the lowest of its asset-based pub peers, and we expect it to fall further, with excess cash being used largely for dividends," said GS.At 1355 BST, Greene King shares were 0.6% higher at 318.50p.
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15 Jan 2016 16:03
15 Dec 2015 08:22
14 Dec 2015 07:34
Greene King chief joins Morrisons board
(ShareCast News) - Wm Morrison Supermarkets has announced Rooney Anand will join its board as a non-executive director and as senior independent director on 1 January 2016. The FTSE 100 company said Anand, who is currently chief executive of Greene King, is a "highly experienced retail and fmcg (fas
Read more3 Dec 2015 12:11
Broker tips: Debenhams, Greene King, Glencore
(ShareCast News) - Debenhams shares were under pressure on Thursday after Goldman Sachs downgraded the stock to 'sell' from 'neutral', pointing to slowing space growth. "As one of the UK general retailers wrestling with the online channel shift dynamic, and in recent times suffering from store-based
Read more3 Dec 2015 10:35
Canaccord Genuity bumps up Greene King target price
(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 provisi
Read more2 Dec 2015 14:08
FTSE 250 movers: Greene King's half year profit keeps market balanced
(ShareCast News) - The FTSE 250 was still in the green on Wednesday before the London Stock Exchange was due to announce which companies would be promoted and demoted from the FTSE 100 and 250. The market was up 17.18 points (0.1%) to 17,533.94 by mid-afternoon, but trending downwards. Greene King
Read more2 Dec 2015 12:14
UPDATE 2-Greene King posts bigger profit after Spirit Pub deal
* To ship 50,000 IPA cases to China following Xi Jinping visit * Raises savings forecast from Spirit deal to 35 mln stg * First-half pretax profit rises 47 pct to 121.3 mln stg * Stock rises 10 pct, top gainer on FTSE's midcap index (Adds details, CEO, analyst comment, updates
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