We would love to hear your thoughts about our site and services, please take our survey here.
November
15 th
Autumn trading statement
DIVIDEND
The Group suspended dividend payments at the start of the pandemic to protect the balance sheet. This
enabled it to invest in its transformation priorities and trusted value. With the business generating an
improved operating performance and having a strengthened balance sheet with credit metrics consistent with
investment grade, the Board plans to restore a modest annual dividend to shareholders, starting with an
interim dividend at the results in November.
Each Director who is able to participate in the Rights Issue and/or vote at the General Meeting has confirmed in writing their intention to take up their entitlement in full, or in part, to subscribe for New Ordinary Shares under the Rights Issue in respect of their respective holding of Existing Ordinary Shares and intends to vote in favour of the Resolutions.
Shore Capital: Mitchells & Butlers is ‘inexpensive’
Shares in pub group Mitchells & Butlers (MAB) are inexpensive despite a strong balance sheet and building momentum, says Shore Capital.
Analyst Greg Johnson retained his ‘hold’ recommendation on the Citywire Elite Companies + rated stock, which was trading at 223p on Thursday.
A fourth-quarter update from the group showed ‘momentum during the year’ had pushed into the final three months of the financial year, with like-for-like sales in the 52 weeks to 23 September up 9.1%. Full-year results are expected to be near the top end of expectations.
‘The group continues to trade well, the balance sheet has significant property backing and the shares are inexpensive,’ said Johnson. ‘We have a “hold” stance, noting the limited cashflow relative to its bond amortisation schedule, with better value in the likes of Marston’s (MARS) and Restaurant Group (RTN).’
Shore Capital: Mitchells & Butlers is ‘inexpensive’
Shares in pub group Mitchells & Butlers (MAB) are inexpensive despite a strong balance sheet and building momentum, says Shore Capital.
Analyst Greg Johnson retained his ‘hold’ recommendation on the Citywire Elite Companies + rated stock, which was trading at 223p on Thursday.
A fourth-quarter update from the group showed ‘momentum during the year’ had pushed into the final three months of the financial year, with like-for-like sales in the 52 weeks to 23 September up 9.1%. Full-year results are expected to be near the top end of expectations.
‘The group continues to trade well, the balance sheet has significant property backing and the shares are inexpensive,’ said Johnson. ‘We have a “hold” stance, noting the limited cashflow relative to its bond amortisation schedule, with better value in the likes of Marston’s (MARS) and Restaurant Group (RTN).’
Poleaxe
They don't know how many will be taking up the rights yet, so they wont know if there is any rump for the underwriters to place until 12 October.
Nil Paid Ticker SYNN
Oasis Management took part of the stake in TRG from Columbia Threadneedle last week lifting its holding from 14.9 to almost 18 per cent.
Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found at https://www.ft.com/tour.
https://www.ft.com/content/cdd70929-c537-4b13-96eb-022cd8b198a7
Columbia Threadneedle, which had been TRG’s biggest shareholder and had backed the management in the face of a revolt at a recent annual general meeting, on Thursday cut its shareholding by 6.5 percentage points to around 10 per cent.
Shore Capital leisure analyst Gregg Johnson commented: ‘The first-half results demonstrated continued trading momentum, enhanced disclosure, and significant progress against the group's medium-term targets, which could see EBITDA build towards £130m or earnings per share of 7p.
‘We do not believe this is being reflected in the current valuation of 6 times EBITDA and see fair value closer to 70p/share, or 120p/share on delivery of the medium-term targets.’
Https://www.proactiveinvestors.co.uk/companies/news/1021455/s4-capital-shares-tumble-22-as-sorrell-sounds-the-earnings-alarm-tech-sector-spend-tanks-1021455.html
The shares dropped 30.4p to 107.5p in the first half hour of trading. Peel Hunt remains a bull on the stock with a price target of 250p.
It pointed out the stock is trading on a multiple of just nine times next year's earnings - and that was before Monday's slide.
Deutsche Bank raises Restaurant Group to 'buy' (hold) - price target 56.50 (42) pence
Https://uk.finance.yahoo.com/news/whitbread-explores-sale-beefeater-other-164109550.html
Whitbread is laying the groundwork for a sale of part of its £700m pub and restaurant arm in a move that could place its Beefeater steakhouse chain on the chopping block.
The FTSE 100 hospitality giant is understood to have hired advisers to explore options for the division, which also houses the Brewers Fayre pub chain, amid concerns that poor food and drink sales are weighing on the wider business.
The move marks the latest chapter in the sell-off of the one-time brewer as bosses focus on repeating the UK success of its flagship hotel chain Premier Inn, in Germany.
Wrong thread, I`ll go and have a lie down.
Better sound out the billionaires behind Odyzean who own 56% of MAB to see if they want a bit of pocket money first. So a hostile bid would be out of the question.
More likely they will offer us a few pennies for our shares.
JPMorgan reinitiates Synthomer with 'neutral' - price target 160 pence
Restaurant Group PLC (LSE:RTN) has “organic recovery potential” that’s according to Citigroup’s London-based analysts.
Citi, in a note today, stuck with a price target of 52p per share (current price: 38.42p) although revised down forecasts for the 2023/24 financial adjusting for margin guidance, following the Wagamama owner’s wider loss reported on Wednesday.