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HSBC downgrades Greene King, Mitchells & Butlers

Wed, 23rd Sep 2015 12:24

(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 already high versus the peer group - and are concerned that minimum wage pressures could emerge," it said.The bank said it doesn't see huge downside, but noted that the price-to-earnings multiple is high compared with history, even once synergies from the acquisition of Spirit are factored in."As such, we believe the shares could come under pressure. The most obvious attraction is the dividend yield, but that's not especially well covered by free cash flows."HSBC cut Mitchells & Butlers to 'hold' from 'buy' and slashed the price target to 385p from 495p.It said that while the shares may look inexpensive on headline multiples, it is hard for the bank to see what the potential catalysts for a re-rating will be."The payment of a dividend - the most likely catalyst in our view - remains distant."HSBC said it had been hopeful of a turnaround at M&B and earlier in the year, LFL sales trends were improving. However, as the year has worn on, this has fizzled out.It said volumes as well as pricing are in decline, which leaves it wondering whether the group will be able to achieve price rises, as it hopes, next year.At 1235 BST, Greene King shares were down 3.3% at 779p and M&B shares were 0.3% higher at 328.20p.

More News

7 Sep 2018 07:30

Summer heat, World Cup add cheer to Greene King sales

(Sharecast News) - The hot summer spell and football World Cup boosted sales at Greene King in the first 18 weeks of the year as Brits inhaled 3.7m pints of beer during England's seven matches.

3 Sep 2018 12:39

Pubs sector 'in a precarious state' - Citi

(Sharecast News) - Many pub companies are in a "precarious state", Citi warned on Monday, as they have too much leverage and little surplus cash flow to bail themselves out as the increasingly indebted UK heads for a potential disorderly Brexit.

31 Aug 2018 16:07

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UK Earnings, Trading Statements Calendar - Next 7 Days

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16 Mar 2018 06:48

EUROPE RESEARCH ROUNDUP -BBA Aviation, Flughafen Zuerich, Greene King

March 16 (Reuters) - Securities analysts revised their ratings and price targets on several European companies, including BBA Aviation, Flughafen Zuerich and Greene King, on Friday. HIGHLIGHTS * :

16 Feb 2017 10:33

Spending on eating out remains resilient as inflation crunch looms

(ShareCast News) - In the normally quiet month for the pubs and restaurant sector, sales data for January was positive overall and showed casual dining chains enjoying a continued recovery. Industry like-for-like sales grew 1.9% in January 2017 compared to 2016, according to the Coffer Peach Busi

13 Feb 2017 09:29

BROKER RATINGS SUMMARY: Morgan Stanley Raises AB Foods To Overweight

10 Feb 2017 16:40

FTSE 250 movers: Elementis gains, Just Eat tanks

(ShareCast News) - The FTSE 250 closed up 0.47% to 18,715.36 points. Elementis was a top riser as it entered into an agreement to acquire specialty chemicals platform SummitReheis from an affiliate of One Rock Capital Partners for an enterprise value of $360m. SummitReheis - which is expected to re

10 Feb 2017 10:35

Friday broker round-up

(ShareCast News) - British American Tobacco: Berenberg upgrades to Buy with a target price of 5670p. Smith & Nephew: Jefferies reiterates Buy with a target price of 1350p. BT Group: UBS maintains Neutral with a target price of 325p. Ashmore Group: UBS maintains Buy with a target price of 390p. Da

10 Feb 2017 09:25

BROKER RATINGS SUMMARY: Berenberg Upgrades BAT To Buy From Hold

10 Feb 2017 09:21

Greene King's shares fall as Canaccord cuts target price, lowers guidance

(ShareCast News) - Greene King's shares fell on Friday as Canaccord Genuity reiterated a 'buy' rating but cut the target price to 850p from 900p and lowered its earnings guidance. The pub operator reported strong trading over the Christmas period on Friday as it sounded a confident note on its outlo

10 Feb 2017 07:47

London pre-open: Stocks set to track advance on Wall Street

(ShareCast News) - Shares were expected to start the session higher, tracking a record close overnight on Wall Street and on the heels of better than expected Chinese trade data. As of 0721 GMT the Footsie was being called to start the day higher by 23 points to 7,252. In parallel, the Shanghai Sto

10 Feb 2017 07:16

Greene King reports strong Christmas trading

(ShareCast News) - Pub group Greene King reported strong trading over the Christmas period on Friday as it sounded a confident note on its outlook. In the 40 weeks to 5 February, like-for-like sales grew 1.1%. Excluding Fayre & Square, LFL sales were up 1.6% over the period. Over the last 16 weeks,

9 Feb 2017 13:00

Friday preview: Greene King to report strong third quarter trading update

(ShareCast News) - Pub operator Greene King is expected to report a robust third quarter trading update on Friday during a strong performance across the rest of the sector. Numis anticipates the company will report a small recovery in Christmas trading, in line with the sector, but believes the pres

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