We are upgrading from Hold to Buy and lifting our 12m TP from 280p to 480p. Restaurant Group has been a poor performer this year but we think the worst may be past. Recovery will take time but a new high calibre management team is a good starting point. As is Phase I of the strategic review from which we take comfort that most of the recent problems are self-inflicted than external. Notably, RTN’s woes are not unique and there is sector precedent of old established brands being turned around. RT ....
26 Sep 2016
N+1 Singer - Restaurant Group - Serving up stability and delivering shareholder value
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N+1 Singer - Restaurant Group - Serving up stability and delivering shareholder value
- Published:
26 Sep 2016 -
Author:
Sahill Shan -
Pages:
16
We are upgrading from Hold to Buy and lifting our 12m TP from 280p to 480p. Restaurant Group has been a poor performer this year but we think the worst may be past. Recovery will take time but a new high calibre management team is a good starting point. As is Phase I of the strategic review from which we take comfort that most of the recent problems are self-inflicted than external. Notably, RTN’s woes are not unique and there is sector precedent of old established brands being turned around. RT ....