HOW DO YOU RATE THE RESULTS?

PAUL HICKMAN | KBC PEEL HUNT

They set the scene for a clearer identification of equity value in the managed pubs and group cash, while the necessary restructuring of securitisations around tenanted pubs may take its course without prejudice to the equity.

SIMON FRENCH | PANMURE GORDON

Current trading is better than expected with improved trading delivered in the final quarter of 2010 continuing into the early weeks of 2011. We remain positive on Punch given the potential to generate significant shareholder value.

HUGH-GUY LORRIMAN | SEYMOUR PIERCE

We remain sceptical on the break-up story. Results and forecasting for Punch Taverns will remain volatile while the business continues to go through a period of change and upheaval. Questions over the business model remain.