NICK BATRAM PEEL HUNT
Full year numbers were slightly ahead of our expectations. It is early days but the start to the current year looks relatively lacklustre. However, the group is moving in the right direction and whilst the share price is about right we would see any significant weakness as a buying opportunity.
GEOF COLLYER DEUTSCHE BANK
The timing of the Christmas and New Year holidays this year (falling in mid-week) is about as good as it gets for the pub sector, and one suspects that Mitchells & Butlers will be hoping that this plays to its food-led strengths. It needs all the help it can get.
VICTORIA GREER JP MORGAN CAZENOVE
Mitchells & Butlers has not declared a dividend for 2013, and discussions with the pension trustees following the triennial revaluation of the actuarial pension deficit are ongoing. Our 14 November price target is unchanged at 400p, with the increase to our forecasts offset by price moves across the sector.