Mitchells & Butlers Share Discussion Threads

[rob the slob] 10/8/2020 23:04

Just come back from checking the shop floor at my local Miller & Carter in Cardiff (thanks Rishi!):-Every other table blocked off for social distancing -Every available table taken-The new "reduced menu" as advertised in the email circular sent to regulars like me is indeed a hats off clever use of marketing terms. Technically reduced in that there is less choice but they have ramped UP their pricing about 15% from memory! Doesn't seem to have put off bookings but may affect customers menu decisions e.g. which bottle of wine shall I go for maybe?

[csmwssk12hu] 10/8/2020 12:00

Can’t get a table Monday Tuesday or Wednesday this week at any pub near me lol, I can’t imagine they were anywhere near that busy last year, people staying in U.K. on holidays eating and drinking out, nice weather, working from home/pub/beer garden and half price subsidised food and drink three days a week, no rates to pay and only 5% vat so another 15% on your bottom line, I think they will put out a trading statement at the end of August and I expect it to be phenomenal, I’m not sure it’s been picked up on yet, I very much doubt there will be a blanket closure of hospitality, local closures for local spikes yes, but no whole U.K. lockdown. I believe MAB will get through this and adapt to the environment and run profitably. Next year hopefully this will have all calmed down and there are so many delayed sports events coupled with we are overdue a really nice summer and these could be way above where they were all imho dyor

[csmwssk12hu] 06/8/2020 11:19

20% up on the flutter and still legs to go, nice weather weekend ahead, I bothered to go in pubs over the last three days, opening question ‘have you been in with us since lockdown’ majority said no, so it’s worked, more importantly yesterday they were fully booked including large beer garden and large indoor area so bodes well Imho dyor, also Bank of England today says clothing and furniture back above COVID levels, if you are out buying them you will be eating and drinking out, there’s value out there this is cheap imho dyor also just took a small punt on FCCN another value stock that’s too cheap imho, remember dot com boom all internet related stuff got to silly prices then big switch to value, I’ve noticed similar trend in last few days all imho dyor

[chris79] 05/8/2020 20:14

I've sold mine today, looking to trade and hope to get back in cheaper with the crazy moves. These do feel like they want to have bottomed though and are certainly looking cheap long-term.

[csmwssk12hu] 03/8/2020 09:10

In for a flutter, no mention on any of the pubs/restaurant bbs about the change to planning, effectively your local can now be flattened and housing can be put on it, a lot of big pubs and car parks out there, if they are losing money shut them and sell them off, their value has just risen significantly. Some pubs will be in areas which would have been impossible almost to get planning.

[danawinner] 18/7/2020 15:45

My local Stonehouse is open and must be losing money hand over fist. About 8 staff on duty and 10 customers. It shut at 8pm and they chucked out a full deck of food. I know the manageress of our local Miller and Carter and she says that bookings are good but lots of no shows. I think that things will get worse before they get better.

[lendmeafiver] 08/7/2020 16:42

Ridiculous fall this afternoon

[chris79] 08/7/2020 16:27

So the company is worth 10% less than it was at 1o'clock today (or this time yesterday)......and some claim markets are efficient!

[csmwssk12hu] 08/7/2020 13:23

If you are wondering if that worked the websites are crashing due to the volume of people booking tables

[seekthetech] 08/7/2020 10:52

Citadel having fun shorting every uk pub/restaurant/leisure business

[seekthetech] 08/7/2020 10:52

Citadel having fun shorting every uk pub/restaurant/leisure business

[csmwssk12hu] 06/7/2020 09:53

Well local pubs near me where busy, which was good considering poor weather, did notice Sunday lunch use to be under £7 now just over £10 so they have increased pricing to cover less sales and more costs, by the end of week the weather is changing and is due to be sunny and warm from Friday for a while so next weekend will be a lot busier, same with shopping centres, got progressively busier the longer open, now busier than normal as less competition, also this week expect government to cut vat on hospitality, extend rates holiday by an extra year and may extend furlough to hospitality sector. These will all drive share prices higher in all my opinion, anyone else any thoughts, all imho dyor.

[m_kerr] 03/7/2020 18:25

i wouldn't be so sure. plenty of people are still isolating, and some of those that aren't, are now saving a lot more money because they may be out of a job soon. even for those that go, capacity will be limited, and pubs won't be able to fully pass on their costs. one crumb of comfort for those that survive this, is that there will be closures on the horizon.

[csmwssk12hu] 03/7/2020 14:59

Try booking a table on app, full today and tomorrow at local, also lots of tables outside for capacity, pubs will be very busy for the rest of summer that’s a fact, UK loves it’s booze, no doubt prices will have risen to cover increased cost but people won’t care they want normality again, btw I know of someone who is camping outside a local so they can be first one in a pub after lockdown!

[m_kerr] 03/7/2020 12:28

this is not a very shareholder friendly company in terms of disclosure and engagement with shareholders - the presentation today is 5 slides, only 2 of which contain information. it's clear that these analyst presentations are seen by management as a pain in the backside to get over and done as quickly as possible. speaking of which, i've been trying for a few months to get access to the analyst Q&A section of the presentations, but no luck. their IR are totally unresponsive.

[skinny] 02/7/2020 09:24

FWIW :-

Peel Hunt Buy 194.70 191.60 300.00 - Reiterates

Liberum Capital Buy 194.70 191.60 300.00 - Reiterates

[buywell3] 02/7/2020 07:39

Net debt of £2.2bn including £543m of lease liabilities following adoption of IFRS 16

No forward guidance

Chart retest of 100p beckons IMO

dyor

[skinny] 02/7/2020 07:14

.

(For the 28 weeks ended 11 April 2020)

Highlights

Strong operational performance demonstrated before lockdown

Rapid and effective action taken to protect guests and team members and to reduce costs

New financing arrangements provide security and flexibility

Experience of German business provides clear path for re-opening

Well positioned to benefit from recovery on re-opening


Reported results

Total revenue of £1,039m (HY 2019 £1,186m)

Operating (loss)/profit of £(51)m (HY 2019 £140m)

(Loss)/profit before tax of £(121)m (HY 2019 £75m)

Basic (loss)/earnings per share of (25.0)p (HY 2019 14.3p)



Trading results

First half trading includes nearly four weeks of enforced closure due to Covid-19

Like-for-like salesa growth of 0.9% before closure remained consistently ahead of the marketb

Adjusted operating profita £108m (HY 2019 £151m)

Adjusted earnings per sharea 7.2p (HY 2019 16.1p)


Balance sheet and cash flow

Unsecured committed financing facilities extended by £100m to total £250m to 31 December 2021

Capital investment of £82m (HY 2019 £90m), including 2 new site openings and 166 conversions and remodels (HY 2019 208)

Cash flow of £58m (HY 2019 £23m)

Full property valuation and impairment review undertaken resulting in an overall decrease in book value of £524m

Net debt of £2.2bn including £543m of lease liabilities following adoption of IFRS 16



Phil Urban, Chief Executive, commented:

"The business was performing very well before the enforced closure in response to Covid-19, building on the strengths of our estate of mainly freehold properties, our diversified and well-loved brands and our team's industry leading operational skills. These assets, coupled with our early experience of re-opening in Germany, give us a clear plan for re-opening and ensure that we are well placed to continue to bring people and communities together and to keep Mitchells & Butlers at the forefront of the eating and drinking-out market."

[josh 32] 24/6/2020 11:29

Actually the opposite I stood outside supermarkets 2 meters apart once inside trying to walking past somebody even 1 meter apart was impossible and largely ignored by everybody

[hawaly] 24/6/2020 10:33

"Anybody with few brain cells knows will be largely ignored "

So it folows that those who believe they have more brain cells will stay away from Pubs.

[josh 32] 24/6/2020 08:52

So the share price was valued at 237 when 2 meter rule was in force and no pub opening date but is worth 10 percent less now that 2 meters has been reduced to 1 meter which anybody with few brain cells knows will be largely ignored as anybody who has tried to stick to 70 mph on fast lane of any motorways will tell you and pubs will be opened on july 4th

[davethehorse] 23/6/2020 13:41

GEMD hugely undervalued, once the seller has cleared it will add c30%+