Category: Pubs

Euro 2016: Blessing or Blight….

Football benefits wet-led pubs. For virtually all other operators, it’s a negative Pubs: Wet led pubs perform strongly over football tournaments, food led units do not. Sports-led units will clearly perform well. Chameleon bars run the risk of alienating both groups of customers. Hence it’s not just a case of plugging in ‘football’ and getting…

Pubs & Restaurants – A slower market:

Note, a lot’s priced in. The sector is cheap. Some PERs are single digit & yields are near 5%. Recent data: It’s fast becoming official; the market is tougher. Peach Tracker for March & April (smoothing Easter) suggests LfL sales down c0.2% Marston’s yesterday alluded to tougher H2 comps (starting April) M&B today said that…

JDW versus RTN. Ten year tussle but I think we have a winner…

JD Wetherspoon & Restaurant Group; contrasting styles… Background: In 2013, 14 & 15 we ran side-by-side pieces comparing JDW w. RTN. Whilst the companies were broadly the same size, we much preferred JDW RTN had lower sales but higher margins Whilst JDW ‘invested’ its lost margin in staff, product and premises & had more freeholds…

Whitbread H1 Analysts’ Meeting

WHITBREAD (WTB): 4725p H1 numbers: Analysts’ Meeting:   Group reports it is on course to deliver results in line with expectations… Year to end-Feb PBT (£m) EPS (p) PER (x) DPS (p) Yield (%) 2015 (E) 480.9 211.6 22.3 81.8 1.7 2016 (E) 542.0 239.8 19.7 91.4 1.9 2017 (E) 613.0 270.0 17.5 103.2 2.2…

M&B Full Year update, CEO change 2015-09-22

MITCHELLS & BUTLERS (MAB): 351p FY update, CEO replaced:  Group changes CEO, reports recent LfL sales down 0.7% Year to end-Sep PBT (£m) EPS (p) PER (x) DPS (p) Yield (%) 2014 (A) 170.7 32.4 10.8 Nil Nil 2015 (E) *189.0 36.1 9.7 0.7 0.2 2016 (E) 206.0 39.3 8.9 5.9 1.7 Source: Company &…