JDW’s trading performance for H1 FY22/23 was below our expectations. While the group’s lfl sales improved by 13.1% on a yoy basis, the figure remained in the red vs the pre-pandemic levels (-0.7%). JDW’s performance also looks weak when compared with close competitors like M&B and Marstons. We now see a worse-than-expected impact on the group’s profitability due to inflationary headwinds. We will revise our near-term EPS forecasts downwards. However, our positive stance on the stock is likely to ....
