Mitchells & Butlers Share Discussion Threads

[retford1] 19/7/2011 10:21

Drop looks overdone, in for a few this morning, target 300p

[irenekent] 14/7/2011 09:18

Resignations at the top. Trouble brewing or is it takeover time?

[shanksaj] 02/7/2011 15:42

number of shares in issue 407m
sp 317p
market cap 1290m (say 1300m)
debt 1900m
market cap + debt = 3200m
share price equivalent = 786p
eps = 11.3p for 6 months, 22.6 estimate for year.

PE ratio equivalent = 34.78

Hardly a bargain IMO.

[careful] 20/5/2011 09:19

these results were solid.
it is good to see the divi passed, shows a prudent management.

[irenekent] 20/5/2011 08:50

This continues to disappoint - but, they are on path to rebalancing the business. When the time comes for the Murphea to think about an exit we will see the div re-instated as wonderful profits are announced. Meanwhile, long suffering shareholders can only sit and wait. On reflection, a timely exit yesterday would have been a good idea, at least in the short term.

[togglebrush] 20/5/2011 07:14

Interims extract (NO DIVI)

The Retained Estate represents the continuing operations of the group following the major disposals completed over the last year and before exceptional items and other adjustments.

- Sales up 4.2% with food sales up 7.5%
- For the first time, food sales overtake drink sales
- Operating profit in line with last year despite start-up costs
from brand roll-out and the movement of Easter into H2
- GBP53m of expansionary capital invested including 29 new openings
and 31 conversions
- 19% EBITDA returns achieved on expansionary capital invested
in FY10 and FY11
- Net debt reduced by nearly GBP400m; net debt:EBITDA now at 4.9x(2

- Like-for-like sales growth of 3.3% in the first 33 weeks(3)
- Like-for-like food and drink sales growth of 5.5% and 1.8% respectively
in the first 33 weeks


...before taking a decision on the timing and quantum of the resumption of dividend payments.

[hugh garss] 14/5/2011 07:52

Nice upward momentum ahead of results with positive broker sentiment and the Irish Murphia stakebuilding. Could we see 400p by month end?

[nellie1973] 28/2/2011 18:59

Broker note out-BUY

[irenekent] 27/1/2011 08:48

This has seen a turnaround in its fortunes. If they re-instate the dividend and continue to improve the food offer, the perception of this company as a safe bet should see a substantial re-rating.

[ukinvestor220] 26/8/2010 14:33

as opposed to being focused on loss making wet led facilities which are closing at the rate of ?? per week all over the country

[togglebrush] 20/8/2010 12:02

The recent sale of Lodges, Bowling, and now Non Core (drinking) pubs leaves the group being dangerously over focused on eating outlets.

[nellie1973] 11/8/2010 09:34

Times say BUY

[philanderer] 09/8/2010 13:13

BUY: Mitchells & Butlers

After pub and restaurant group Mitchells & Butlers announced the disposal of its Hollywood Bowl chain of bowling alleys for £27 million, Altium Securities rates the shares a buy.

"The company also intends to sell the remaining four freehold sites, which will raise an additional £12 million in due course," Altium notes. "This announcement is a further step towards to disposing of all non-core businesses."

The total deal will give Mitchells & Butlers more than £110 million to play with, analysts note, and "these funds are to be reinvested into the brand conversion programme over the next 18 months". Target is 355p.

[nellie1973] 23/7/2010 08:29

Broker upgrade

[lbo] 23/6/2010 11:13

Seymour Pierce maintained its "SELL" position for the pub operator Mitchells & Butlers (MAB), with a target price of 230p, following the appointment of Tim Jones as new finance director. The stockbroker believes that there is still much uncertainty at a management, ownership and balance sheet level. The shares dropped by 3.7p to 300.9p.

[togglebrush] 02/5/2010 11:54

Change of strategy worries me. Joe Lewis has a catering cafe style background. Most of the MAB estate came from old Bass Charrington empire which was split up in early 1990s.

I ran a fair size chunk of that empire for some 15 years up to that point. It was then a drink based business with possible 5% of Managed Houses with Company Catering. These had a very mixed profitability at that time which is why many were managers own catering. We had Toby Carveries, Vintage Inns, Toby Grills (Steak Houses) etc. I still see many of my old patch featuring in the Annual Report. But only some one sixth of takings in these houses then came from food.

I know things have changed and whole business is now different but I can understand the reluctance of the old board of directors to removing the centuries old core business. The much heavier staff costs of food business along with onset of a recession, with lower footfalls, could make this the wrong time to let go your established cash flow businesses.

Who is going to buy the pubs? Pubs are closing by the day. ETI and PUB are not in the greatest of health. A fire sale doesn't seem such a good idea.

Just my thoughts

[washbrook] 02/5/2010 10:54

Togglebrush-
I was looking at your spelling(hundeds)
But alas it's the Telegraph headline.
Does no one proof read these headlines.
I wonder how long it will take them to spot the error:-
M&B to raise £500m by selling hundeds of pubs

[togglebrush] 02/5/2010 07:49

Press



M&B to raise £500m by selling hundeds of pubs

Mitchells & Butlers, the owner of the All Bar One and Harvester chains, has hired advisers to sell hundreds of pubs in a move that could generate up to £500m for the group.

By Lawrie Holmes
Published: 9:55PM BST 01 May 2010

[careful] 21/4/2010 15:45

mab and punch having a good run today.
any reasons ?

[togglebrush] 12/4/2010 08:00

Press



Headline
From The Times
April 12, 2010
Mitchells & Butlers rejects suitors seeking All Bar One chain