Greene King Share Discussion Threads

[devymaster] 29/4/2011 11:12

Write direct to Chief Exec Rooney Anand or to MD of Destination Food Jonathan Webster at Abbot House, Bury St Edmunds!

[apad] 29/4/2011 08:38

No mention of Loch Fyne?
Anecdote:
The LF in Milton Keynes is impressive: great fish and chips that are also boxed for office workers.
LF in Beaconsfield is dreadful: worst example of bad pub fish and chips with poor service.
Eat out regularly in B'f'ld and wouldn't go there again - and I own the bloody place!
Anyone know how I can get anecdotal feedback to the company and ask why LF not mentioned in this statement?
apad

[wad collector] 28/4/2011 21:58

Trading update broadly positive yesterday .Don't think we will see the dizzy heights of £6 for a while again , but maybe in a couple of years.4% Yield will have to do in the meantime.

[wad collector] 27/4/2011 13:22

2011 2012
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Panmure Gordon
26-04-11 HOLD 137.00 47.00 23.60 146.00 50.00 25.10
Shore Capital
22-04-11 HOLD 140.00 48.10 23.00 149.00 51.20 24.60
Peel Hunt
21-04-11 BUY 138.34 47.22 22.58 145.88 50.47 23.70
Numis Securities Ltd
21-04-11 ADD 138.80 47.60 22.70 148.40 50.90 23.80
Altium Securities
15-04-11 HOLD 136.90 47.50 23.00 147.30 50.80 24.50
Execution Noble
01-04-11 BUY 139.00 47.60 23.00 149.00 51.10 25.00
Seymour Pierce
07-03-11 ADD 138.80 47.00 21.90 145.70 49.60 22.40
Charles Stanley Securities
07-03-11 BUY 137.90 47.27 22.06 147.80 50.70 22.83

[yf23_1] 27/4/2011 13:07

looking positive for a rerating

[nellie1973] 26/4/2011 16:35

Broker note out-BUY

[timbo003] 28/2/2011 08:09

Midas in the Mail on Sunday gave them a good write up at the weekend:

[nellie1973] 11/2/2011 15:25

Tipped in press today

[johnv] 09/2/2011 14:25

Looks like a chart breakout coming

[wad collector] 31/1/2011 11:27

Latest broker guesses ;


2011 2012
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Panmure Gordon
28-01-11 HOLD 137.00 47.00 23.60 145.00 49.70 25.00
Peel Hunt
27-01-11 BUY 138.36 47.23 22.58 147.37 50.30 23.70
Numis Securities Ltd
25-01-11 ADD 136.00 46.60 22.70 143.00 49.10 23

I am not sure we will see £4 again now.

[apad] 31/1/2011 11:01

Indeed brown....
but it puts my plan to buy more at £4 on hold!
apad

[timbo003] 31/1/2011 10:42

Crikey! It was a nice IMS thats for sure, but I wasn't expecting this sort of rise on an otherwise dull sort of day, I'm not complaining though.

[brownie69] 31/1/2011 10:39

Great update and smart strategic acqusition.

[apad] 21/1/2011 18:42

GNK falling into the range of (mild) interest.
£4 would be really nice - I'd really like £4.
Less than 2 pints a share.
apad

[essentialinvestor] 10/1/2011 18:05

Cash currently APAD, see little to tempt me at these levels.
I was looking for MRW in the approx 2.40 range, not sure that will happen now.

Yor are correct, its exporters where all the action is, and agree that
the re-ratings leave perhaps little value.

Good fortune.

[apad] 10/1/2011 17:44

I guess £4 is about an all time low (excluding the end of the world) and the pre Xmas run was from 420p. So, perhaps it was just that all of the bad news was in the price. Easy to say with hindsight. Also, there was the rights issue to depress the price until the influence of the Punch Taverns' buys worked through.
I'm 2.5% in GNK. I don't expect much overall trend until the UK economy is viewed as brighter and the spotlight moves off exporters.
If MRW is bouncy whilst GNK is depressed I might be tempted to cut loose from MRW:-)
In the meantime I am looking at specialist exporters - but their valuations are high since the run over the last 12 months and my companies keep getting taken over, which is extremely rude.
Where does your foresight point Essential?
apad

[essentialinvestor] 10/1/2011 17:26

AP, I was suprised by the aggressive run up in the sector pre Christmas,
as thought the focus would move to the likely erosion of consumer disposable incomes in 2011.

[apad] 10/1/2011 17:16

Prelims in July Essential - plenty of time for GNK to sink below the radar.

Must research Loch Fyne again.

apad

[essentialinvestor] 10/1/2011 16:57

Another couple of days like today, and I am be tempted to buy a few.
This came up very quickly from the 4.20 level, some clearly grabbing a profit

[apad] 03/12/2010 09:08

Well Jeff, something for everyone - including my looked-for reduction in debt.
I can only find one thing to quibble about - the small reduction in Loch Fyne.
Looks to be a superbly managed set of brands I own, and Mr. M allows me to get just under 5% yield if I want more!
A fickle fellow is Mr. M.

[apad] 02/12/2010 17:23

You make a valid point about the quality of the debt, Jeff...
Given the rights issue and the point you make it is not likely that there will be a big change - but I am a puritan in the matter of debt:-)
The price per cash flow figure is currently very good (about 6 years to buy the whole caboodle, depending on how one measures cash flow).
Full year EPS has held up pretty well cf. 3 years ago.
Sales I suppose is the other key interim I will be looking at - the paraphrase, as long as the sales are coming in I'm not too bothered about the profit.
Yup. Sales and not increase in borrowings will comfort me.
I had a chat with a Loch Fyne manager and was impressed about the post-takeover management style.
Maybe they will be a good place to put our IPR special divvy.....

[jeffian] 02/12/2010 17:00

I'm not sure that's going to happen, or necessary. They've been investing quite heavily, buying good pubs from distressed sellers like PUB, although they've also been selling bottom-end pubs, of course, so I don't know how that will net out. But, more to the point, people talk loosely of "debt" in relation to the pubco's without stopping to think about the form of borrowings. Like PUB, and to a large extent ETI, GNK doesn't have any bank debt, so it is neither at the whim of changes in interest rates nor early repayment calls. It's debt is in the form of securitised or corporate bonds, at fixed rates of interest and repayable over quite long periods like a mortgage - (from the AR

"Net debt at the year end stood at £1,348.1m, down £210.5m from the previous year end. There was no short term debt outstanding at the year end in relation to our £400m bank facility, which remains available until April 2012. Our high quality and primarily freehold assets support £1,380m of securitised bonds. These have a flat debt service profile, with £23.6m amortisation in the year."

Depending on their investment programme, good cash generation and sales of bottom-end pubs may well produce a reduction in net debt, but I wouldn't regard it as a "key parameter". My key parameter? Cash generation/cashflow, I think. As long as it's coming in, what they spend it on is optional!

[apad] 02/12/2010 16:24

Interims tomorrow. I'm looking for a reduction in borrowings.

Anyone else got a key parameter?

[wad collector] 24/11/2010 20:04

Nice idea, but somehow I doubt it will happen.