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Broker snap: Wetherspoon rating too low says Panmure
11-03-2010 11:22
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Pub owner JD Wetherspoon's interim results were 6% ahead of broker Panmure Gordon's forecasts, due to a lower net finance charge.
Wetherspoon is trading on a current year (2010) P/E of 13.9 times and an EV/EBITDA ratio of 7.1 times.
The broker believes this is too low for a compelling roll-out story with a stabilised cost base that is now well positioned to benefit from increasing LFL sales growth and improving margins. Its stance remains 'Buy' with a 600p price target.
Wetherspoon is trading on a current year (2010) P/E of 13.9 times and an EV/EBITDA ratio of 7.1 times.
The broker believes this is too low for a compelling roll-out story with a stabilised cost base that is now well positioned to benefit from increasing LFL sales growth and improving margins. Its stance remains 'Buy' with a 600p price target.
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