Less Ads, More Data, More Tools Register for FREE

Pin to quick picksGreene King Share News (GNK)

  • There is currently no data for GNK

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

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
15 Mar 2016 11:37

BUZZ-UK Budget: Liberum latest to warn of interest tax change

** Liberum latest broker to warn a possible change in the way UK allows cos to claim tax breaks could hit highly-levered stocks ** Government looking to cap tax breaks from interest payments on debt at 10-30 pct of EBITDA. Link: http://bit.ly/1MgJSoO ** Liberum screens for stocks with

Read more
14 Mar 2016 11:43

Greene King Vows To Take On 10,000 Apprentices By 2019

Read more
17 Feb 2016 08:51

London leisure spend lagging provinces, says Coffer Peach Tracker

(ShareCast News) - Trading at the UK's largest restaurant food-led pub chains saw an encouraging uplift last month, despite London falling behind its provincial cousins and casual dining outperforming pubs and bars in 'dry January'. Like-like-sales for January for the 31 companies monitored in the C

Read more
12 Feb 2016 15:35

Greene King's newest director buys in to company

(ShareCast News) - Greene King's newest director has put his money behind the company he'll chair later this year. Philip Yea joined the board last Tuesday, ahead of the retirement of chairman Tim Bridge who is due to step down in May when Yea will take up the role. Yea bought his first stake in th

Read more
12 Feb 2016 11:57

DIRECTOR DEALINGS: Incoming Greene King Chairman Buys First Shares

Read more
11 Feb 2016 09:37

BROKER RATINGS SUMMARY: Panmure Gordon Raises DCC To Buy After Update

Read more
10 Feb 2016 16:22

Wednesday broker round-up

(ShareCast News) - Virgin Money: Nomura starts coverage at buy with a target of 445p. Domino's Pizza: Credit Suisse upgrades to outperform with a target price of 1100p. BBA Aviation: Goldman Sachs downgrades to neutral with 181p target. Greencore: Societe Generale reiterates hold with a 386p targe

Read more
10 Feb 2016 11:53

IN THE KNOW: Analysts Call Greene King's Update "Reassuring"

Read more
10 Feb 2016 07:52

Greene King's third quarter sales boosted by festive season

(ShareCast News) - Greene King has posted a strong third quarter book, boosted by strong Christmas sales. The FTSE 250 pub operator and brewer said on Wednesday that for the 40 weeks to 7 February 2016, Greene King Retail like-for-like sales were up 2.2%, with a 5% increase in sales over the two Chr

Read more
10 Feb 2016 07:50

Greene King Sales Up In 40 Weeks With Record Trading On Christmas Day

Read more
9 Feb 2016 07:50

Northgate Appoints Former Spirit Pub CFO As Finance Director

Read more
5 Feb 2016 09:30

BROKER RATINGS SUMMARY: Barclays Cuts Enterprise Inns To Underweight

Read more
3 Feb 2016 16:05

Earnings, Trading Statements Calendar - Week Ahead

Read more
2 Feb 2016 08:12

Bridge steps down after 45 years with Greene King

(ShareCast News) - Greene King was losing its leading man on Tuesday, with the announcement that - after 45 years at the company, and 10 at the helm - Tim Bridge was stepping down as chairman. The FTSE 250 pub and brewing firm's board said Philip Yea would join the board on Tuesday as a non-executiv

Read more
2 Feb 2016 07:55

Greene King Chairman Tim Bridge Retires, To Be Replaced By Philip Yea

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.