Pinewood is effectively in play given today’s announcement of a Strategic Review to address the capital base and structure. Given the high structural growth, freehold backing and trophy asset characteristics of the group, we envisage strong 3rd party interest to either take an equity stake or fully acquire the business. There is also further positive trading newsflow this morning, prompting 7-8% EPS upgrades. We estimate a take out value between 550p-600p and lift our 12m TP from 530p to 575p - ....
