M&B’s FY22/23 performance was slightly stronger than AV and the market’s expectations. Adjusted operating profit and EPS were ahead by c.2.5% and c.11%, respectively. While the publican sustained lfl momentum during the FY23/24, the stock price is down 8% as we write. Investors may have been spooked due to stronger cost headwinds for the FY23/24 and the £131m impairment on properties during the FY22/23. We see today’s share price decline as an over-reaction. We will improve the financial estimat ....
