SIMON FRENCH | PANMURE
The group will announce a finance director for Spirit and a chairman for Punch Taverns in due course. We reiterate our ‘Buy’ recommendation and 100p price target based on our sum-of-the-parts analysis. The group has made a good start to quarter-three in both managed and leased divisions.
JAMES DAWSON | CHARLES STANLEY
Having had the strategic review and quarter-two updates within the last month these results were always likely to be of lower significance, although it has reaffirmed the relative performance of the two divisions and the merits of a demerger. We retain our ‘Hold’ view.
PAUL HICKMAN| PEEL HUNT
These (results) serve as a reminder that management is right to focus on rationalising the tenanted estate. The main event remains the early July demerger, and meanwhile trading remains in line with previously indicated levels, as does our target valuation.