Whilst we continue to have conviction in the new management turning around the group’s fortunes, the deterioration in the consumer and cost outlook for 2017 since the August interims influences us to revisit our FY17 and FY18 estimates. We put through 13%/12% PBT downgrades, though we believe the dividend can be held and note our revised SOTP of 434p is still above the current price. To better reflect the prospect of a turnaround being pushed out to FY18 we lower the basis of our 12m TP from 15x ....
30 Nov 2016
N+1 Singer - Restaurant Group - Our recovery expectations pushed out to 2018
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N+1 Singer - Restaurant Group - Our recovery expectations pushed out to 2018
- Published:
30 Nov 2016 -
Author:
Sahill Shan -
Pages:
5
Whilst we continue to have conviction in the new management turning around the group’s fortunes, the deterioration in the consumer and cost outlook for 2017 since the August interims influences us to revisit our FY17 and FY18 estimates. We put through 13%/12% PBT downgrades, though we believe the dividend can be held and note our revised SOTP of 434p is still above the current price. To better reflect the prospect of a turnaround being pushed out to FY18 we lower the basis of our 12m TP from 15x ....