It was a good quarterly performance but management’s outlook of weaker trading performance in FY18/19 has spooked investors. The outlook is a bit below our estimates but the company still remains well-placed among the branded publicans in the UK. We have reduced our earnings estimates but have assigned a premium in the relative valuation to factor in JDW’s strong position due to high reliance on drinks and ‘best-in-class’ prices in the country. No change in the stock r
13 Nov 2018
Good Q1 performance; cost pressure a concern
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Good Q1 performance; cost pressure a concern
J D Wetherspoon plc (JDW:LON) | 734 40.4 0.8% | Mkt Cap: 907.4m
- Published:
13 Nov 2018 -
Author:
Nishant Choudhary -
Pages:
3
It was a good quarterly performance but management’s outlook of weaker trading performance in FY18/19 has spooked investors. The outlook is a bit below our estimates but the company still remains well-placed among the branded publicans in the UK. We have reduced our earnings estimates but have assigned a premium in the relative valuation to factor in JDW’s strong position due to high reliance on drinks and ‘best-in-class’ prices in the country. No change in the stock r