17/01/2003
P'n'B's like-for-like sales performance last year was reasonably good, with sales up 1.5% overall for the year, and Christmas and New Year sales showing a 3.4% increase over 2001. This is encouraging, but the news that the company is going to undertake an annual property review before releasing its results for the period is of particular interest, especially given that it claims to have received a number of 'unsolicited offers to purchase its pubs at prices substantially in excess of book value and is currently negotiating several disposals together with a number of acquisitions'. In the short term, this element of corporate activity is likely to be the main price driver. In the longer-term, P'n'B should deliver value to shareholders as it has performed reasonably well by operating its chain of unbranded pubs. The prospective p/e rating is not particularly demanding on forecasts of around £1.3m of pre-tax profit for 2002 and 3.9p of EPS, while the shares trade on a 36% discount to the last stated NAV (49.9p). This suggests that there is clear-to-see value in the shares. The main issue for prospective investors is whether, or how, this will be realised. But with total dividend payouts expected to hit 1.53p this year, the yield offers succour.
| Market cap: | £6.9m |
| PE Forecast: | 8.1 |
| Share price: | 32p |
| AIM | £2.79m |
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| Other company articles: |
| 09/06/2008 |
| 01/11/2005 |
| 02/08/2004 |
| 06/05/2004 |
| 02/05/2003 |
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