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Mitchells & Butlers is looking forward to new beer garden guests

Friday, 07/10/2020 9:49 AM from PERSONAL-FINANCIAL.COM editorial team

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Photo: Friso Gentsch – dpa

However, the recently published figures for the first half of the year (as of March 31) were only ultimately influenced by the pandemic. Revenue nonetheless fell 12.4% to £ 1.0 billion and operating income turned from a profit of £ 140 million to a loss of £ 51 million due to Mitchells & Butlers taking a special write-off of £ 148 million had to do the closed bars. Without this effect, the company would have remained profitable.


The British countered the business closings with cuts in salaries of 60 to 80% and they secured new loan commitments of GBP 100 million. In addition, the group has surely survived the dry spell with a good equity ratio of 30%. CEO Phil Urban is now justified in hoping that the recovery will take place as quickly as in Germany.

The associated German bar Alex has returned to 70% of its pre-crisis level after five weeks. However, Urban did not dare to look ahead with the half-year figures. The effects of Corona, which can hardly be quantified, are still too unclear. In addition, only 75% of pubs have reopened so far due to restrictions still in place in Scotland and Wales.

The share (155.95 GBp; GB00B1FP6H53) took a hard hit with a corona crash from 424.00 GBp to 92.30 GBp. In the meantime, the paper has caught up again with major fluctuations. We assume a gradual return to normal, which means that around 60% of the pre-crisis profits will appear possible next year. With a 2021 P / E ratio of 7, the share is very attractively valued.

The share (155.95 GBp; GB00B1FP6H53) took a hard hit with a corona crash from 424.00 GBp to 92.30 GBp. In the meantime, the paper has caught up again with major fluctuations. We assume a gradual return to normal, which means that around 60% of the pre-crisis profits will appear possible next year. With a 2021 P / E ratio of 7, the share is very attractively valued.

Risk-conscious investors start at Mitchells & Butlers up to 160.00 GBp. The stop lands at 124.00 GBp.

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