Mitchells & Butlers Share Discussion Threads

[weemonkey] 26/11/2020 14:28

As Warren Buffet says "You buy the great company with temporary problems"

[topazfrenzy] 26/11/2020 13:22

Time to add, 2021 is only round the corner, this will be 50% up from here by spring

[phillis] 26/11/2020 13:09

Plenty of banking facilities

[bookbroker] 26/11/2020 12:34

Yes, but as impairments increase so does the net debt. And as most of the northern half in Tier 3 still no light at the end of the tunnel.

[weemonkey] 26/11/2020 12:31

They made an operating profit (operating profit the only profit that really counts at the end of the day)

Astonishing.

Markets are having an off day.. so this is how it is today.

But when the market regains it's composure and now that we exist in a post vaccine world I fully expect this to do well.

[phillis] 26/11/2020 08:25

yes
well on top of things and solidly financed
when customers return this will fly to historic levels

[netcurtains] 26/11/2020 07:51

We shall see what we shall see. I wonder if they are better than expected. I certainly feel they look good considering this years trading conditions.

[bookbroker] 26/11/2020 07:50

Likely more impairments down the line, only saving grace is that most establishments are food orientated, but Tier 3 lockdowns will continue the pain.

[bookbroker] 26/11/2020 07:48

An operating profit, nothing more, include asset writedowns, interest, etc and not inspiring.

[netcurtains] 26/11/2020 07:46

LOL - Amazing they actually made a profit!!!! (£8m and trading profit of £99m)

Total revenue of GBP1,475m declined by 34.1% (FY 2019 GBP2,237m)
- Operating profit of GBP8m (FY 2019 GBP297m)
- (Loss)/profit before tax of GBP(123)m (FY 2019 GBP177m)
- Basic (loss)/earnings per share of (26.2)p (FY 2019 33.5p)


Full year includes period of enforced closure due to Covid-19
from 20 March to 4 July
- Like-for-like sales(a) decline of 3.5% remained consistently
ahead of the market(b)
- Adjusted operating profit(a) GBP99m (FY 2019 GBP317m)
- Adjusted (loss)/earnings per share(a) (6.3)p (FY 2019 37.2p


Cash flow from operating activities of GBP127m (FY 2019
GBP266m) despite shortfall in trading
- Net debt of GBP1,563m flat across the year (FY 2019 GBP1,564m).
GBP2,104m including lease liabilities following the adoption
of IFRS16
- Net cash and cash equivalents of GBP158m and undrawn unsecured
facilities of GBP140m as at the year end
- Unsecured committed financing facilities increased by GBP100m
to total GBP250m to 31 December 2021
- Capital investment of GBP108m (FY 2019 GBP152m), including
167 conversions and remodels (FY 2019 240), primarily in
the first half
- Full property valuation and impairment review undertaken
in September resulting, subject to material uncertainty,
in an overall decrease in book value of GBP208m

[catsick] 26/11/2020 07:43

Results look good to me , even in the worst year ever in f+b they have generated cash, ok they have had to write down property assets a little but the business is bomb proof relative to most peers ....

[netcurtains] 24/11/2020 10:15

Thanks! Everyone - good views all round.

ps - the Standard Life holding RNS thing (today) - that is good news too.

[phillis] 24/11/2020 10:01

MAB is well financed
Eventually things will return to normal and the one shop competitors will have declined considerably

[flyfisher] 23/11/2020 08:20

Plus weekend press comment of extended hours on reopening.

[undervaluedassets] 23/11/2020 08:12

Funny ...

We could not catch a cold on Friday compared to the other pubs

Yet my Sharescope was telling me that this was the one to buy given assets.

Little bit of catch up with the other pubs this morning it would seem.

[phillis] 19/11/2020 18:39

Net
In case you are looking in
From the opening page of their website

“
Our whole business securitisation comprises around £1.66 billion of debt as at October 2019 in the form of tradeable, listed bonds secured over the assets and cashflow of the majority of the business.

You can find our debt reports in the information centre.

Securitisation
In September 2006, we raised £1.1bn via a bond issue to increase our securitised debt by £655m to £2.46bn and refinance existing Floating Rate Notes of £450m. The current cash interest cost is 6.1%.

The pubs within the securitisation are owned by Mitchells & Butlers Retail Limited, a 100% owned subsidiary of Mitchells & Butlers plc, which has a financial year end of end September in line with the Group. The performance of the securitisation pubs is reported half yearly on a quarterly basis in line with Mitchells & Butlers plc Interim and Final results in May and November respectively.

[undervaluedassets] 17/11/2020 12:53

net. Apologies. Maybe I overthought it.

Actually no. This recovers in the end now we have vaccine(s).

That remains my thought.

Nice and simple

[flyfisher] 17/11/2020 08:43

You made a profit, that is the objective, well done!

[netcurtains] 17/11/2020 08:26

I know - but I guess I got the 33% profit so not going to lock back too much. Well onwards and upwards!

I read their advice then thought well actually they have a point, they are not trading at all at present and I cant see the whole Christmas packed pub coming back this year. Then there is all the money they will need to pay out (mortgages).

Anyway - I guessed wrong.

[undervaluedassets] 17/11/2020 08:25

net, you have over-thought it..

[netcurtains] 17/11/2020 08:07

you convinced me EI and P: Sold two lots this morning - one just over 241 and the other at nearly 241.. Will buy back in if falls a bit.. But I've probably been shaken out too early. Good luck all holders.

[undervaluedassets] 16/11/2020 22:40

took a small stake this morning.

Don't pretend to know the stock as well as everyone on here.

However if it does trade under net asset value that is a huge plus.

I am not sure that the market even cares currently. In fact I am not sure that I even care. It is an obvious COVID-19 recovery play isn't it? .. I think that is all the market really cares about at the moment. And that makes sense to me

I have about a dozen similiar 'Covid-19 recovery plays' now. I think that it wise to spread my risk.

I am going to tuck them away and in 6 months or six years (don't much care which) I am sure I will see a full recovery in 90% of them.

Good luck all

[essentialinvestor] 16/11/2020 20:42

With Phillis on this one, current very rapid share price rebound already

discounts a lot imv.

[phillis] 16/11/2020 20:32

Read the audit report
There are several references